Fiat Chrysler boss shakes up global car business

Mary Barra, chief executive of General Motors, received a lengthy and unusual email back in March from one of her direct competitors, Sergio Marchionne.

Ms. Barra had never met Mr. Marchionne, CEO of Fiat Chrysler Automobiles. And she was in no way expecting their first contact to be an offer to discuss a potential blockbuster of a merger.

The email, according to two people familiar with it, laid out in detail how global car makers needed to consolidate to save money and suggested that a combination of GM and Fiat Chrysler could cut billions of dollars in costs and create an automotive superpower.

His analysis did not interest Ms. Barra or other GM executives and board members. Instead, Mr. Marchionne’s request for a meeting on the subject was turned down, according to people who spoke on the condition of anonymity.

It was a rare rejection for Mr. Marchionne, the mastermind behind the merger between the Italian automaker Fiat and Chrysler, the American car company that required a government bailout to survive the last recession.

Mr. Marchionne, however, is not one to be put off by rejection.

A month later, on April 29, in a routine analyst conference call, he doubled down.

Instead of following the usual script, in which chief executives discuss the current state of their operations, Mr. Marchionne stunned the Wall Street analysts by devoting the entire call to his sudden and intense appeal to automakers to merge.

“I think it is absolutely clear that the amount of capital waste that’s going on in this industry is something that certainly requires remedy,” he said. “A remedy in our view is through consolidation.”

Amazon's sales reporting change could raise tax bill

Amazon, the global online retailer, is changing the way it records sales in a move that could see it paying more tax.

Transactions carried out in European markets were previously recorded in Luxembourg, with which Amazon had a low-tax agreement.

Now sales made through subsidiaries in the UK, Germany, Spain and Italy will be registered in those countries, the retailer has said.

Amazon had received heavy criticism for its tax avoidance policies.

"More than two years ago, we began the process of establishing local country branches of Amazon EU Sarl, our primary retail operating company in Europe," the company said in a statement.

"As of 1 May, Amazon EU Sarl is recording retail sales made to customers through these branches in the UK, Germany, Spain and Italy.

"Previously, these retail sales were recorded in Luxembourg."

Amazon added that it was "working on opening a branch for France".

In recent years, the European Union has intensified its investigations into the tax deals negotiated by global companies with countries such as Ireland, Luxembourg and the Netherlands.

It suspects that such deals amount to illegal state aid and distort competition.

Last year, the European Commission - the EU's executive arm - launched a formal investigation into Amazon's tax arrangements with Luxembourg.

And the EU is also looking into tech giant Apple's tax dealings in Ireland, coffee-shop chain Starbucks' dealings in the Netherlands, and Italian carmaker Fiat's agreement with Luxembourg.

At least 104 people died due to ignition switch defect.

The failure of the automaker General Motors or GM about ignition switch defect resulted in loss of life of at least 104 people.

The unveiling could make General Motors to pay a record fine in addition to what it is paying to victims and to cover the cost of replacing 2.6 million switches in older model cars.

The Justice Department found General Motors of criminal wrongdoing. Company has accepted the defect and carrying out investigation which can act in company’s favor.

This makes them separate from Toyota, who hid reports of unintended acceleration in vehicles and had to pay $1.2 billion as fine.

In the investigation, it was seen that whether or not GM has intentionally not disclosed the issue.

General Motors said, “We are cooperating fully with all requests, but we are unable to comment on the status of the investigation including timing.”

Mary Barro, GM CEO has repeatedly apologized for the switch defect. She has also brought in independent counsel, Kenneth Feinberg to go through the claims and know who are eligible for compensation.

The number has increased to 104 deaths from 13 deaths and more cases are under review.

The defective switches could easily move from run position to accessory position while the car was being driven.

The change disabled the brakes, power steering and also deactivated the air bags.

GM is cooperating with the inquiry, but its penalty will be considerable seeing the 104 deaths taken place due to the defect.

Last year some of the company employees were dismissed, and former employees were also under investigation and they are chances that they may face criminal chance.

In 2014, GM has sent around $3 billion on recalls and other safety issues and $600 million have been set aside for compensation of victims.

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Forget politics and religion. One of the biggest debates on Wall Street these days is whether oil and energy stocks are toxic or terrific.

In some ways, it looks like a smart move. Oil plunged below $45 a barrel in January. Back then, people couldn't seem to sell energy stocks fast enough. In recent weeks, oil has staged a mini-rally. Now it's trading around $60 a barrel.

That's still far from the glory days of over $100 a barrel that the industry saw as recently as last summer, but for drillers, it's a lot easier to make a profit when oil is back around the $60 mark. Bank of America thinks "the bottom is well behind us."

Stay away from oil?

But there are still plenty of naysayers. Goldman Sachs (GS) just predicted that oil will return to $45 a barrel in the fall. Cheap gas prices should make many Americans happy and help boost the U.S. economy, but they won't aid corporate energy profits.

Prominent investor Jeffrey Gundlach has gone as far as saying that it "makes no sense" to buy oil or energy stocks now.

"Too many people think it's cute to make a distressed play on energy," said Gundlach, founder of DoubleLine Capital, which manages over $63 billion. "Usually the people who buy because they think it's clever end up selling to other people at a lower price."

Valuations are still high

Oil prices may be lower than they were a year ago, but the stocks don't look that cheap, according to research by investment strategist Ed Yardeni.

"The energy earnings outlook still remains pretty dismal compared to a year ago" says Yardeni.

How to play it...safe

Most investors already have exposure to energy because they own mutual funds that invest in many U.S. stocks from different industries. So if energy rebounds, you get a win. And if it plummets again, you are protected somewhat.

If you want to go further than that, you will probably want to do your homework and only buy certain energy stocks (that's what the hedge funds did) or buy a fund that just tracks the crude oil price.

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The president of the European Central Bank reiterated his call on Friday for euro zone countries to reform their economies, warning that future growth would remain modest.

Easy financing should not stop reform, he said.

"It should ... be clear that the argument that accommodative monetary policy constitutes an excuse for governments and parliaments to postpone their reform efforts is incorrect," Mario Draghi said.

In making his appeal, Draghi warned countries that Europe still faced difficult times ahead, despite the boost that the ECB's money printing is giving the economy.

"The economic outlook for the euro area is brighter today than it has been for seven long years," he said, before pointing to high levels of debt in parts of the euro currency bloc and entrenched high unemployment that he said "haunts too many countries".

"A cyclical recovery alone does not solve all of Europe’s problems," Draghi told an audience of central bankers and academics at an event organized by the ECB in Portugal.

"While some of the effects of the crisis on investment and employment are expected to unwind, potential growth is projected to remain well below pre-crisis growth rates," he said.

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Facebook recently launched cross platform video calling in Messenger, offering a new service to their more than 600 million active users. At launch, the service was restricted to just under 20 countries, though not Australia but that’s now changed with users now able to make video calls across Android and iOS.

David Marcus, vice president of messaging products, announced the addition of more countries in a Facebook post today, saying:

“We’re happy to share we’ve now rolled out the capability globally, with the exception of a few countries we’re still working on improving quality for. So make sure you get the latest and greatest version for iOS and Android, give it a try, and as always… tell us how we can make it even better for you!”

Facebook has been building out their Messenger platform of late, introducing ways for companies to add functions through apps plugging into the service. This has perhaps been in response to a bit of backlash that Facebook suffered when they separated the app from the main Facebook app. Adding the ability to video chat with other Facebook users brings Messenger on par with a number of other competing services.

If you’ve not had a chance to try it out, you can install Messenger now and start video chatting right now.

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1. Avoiding work is often the No. 1 priority, even if it means hiding.

2. Getting called in on the weekends = cranky, hungover staff members.

3. Getting hit on at the drive-thru window is an everyday experience, and we laugh at you as you drive up to the next window.

4. Getting teased by your “friends” is also a common experience.

5. Sometimes we actually love the Happy Meal toys… but we would n

ever, ever admit it.

6. We have all tried, and failed, to make a burger that looks like they do in the ad.

7. Breaks are a great time to sit down and ask yourself why you work at McDonald’s.

8. If its 10 minutes before closing and an entire drunk house party turns up, this is literally all of us behind the counter:

9. We have all experienced performance anxiety over creating the perfect soft serve.

10. When the register doesn’t add up at the end of the night, this is what it feels like as you get told off.

11. Yeah, we know we smell like grease. We’re too tired to really do anything about it at the end of the night, though, so we’ll probably just turn up to your house party like this:

12. Literally though that grease doesn’t come off; it has the ability to survive multiple showers with soap.

13. We’d only charge people for sauce if they were rude.

14. Working at a 24-hour store is literal hell.

15. There is a weird divide between McDonald’s workers and McCafé workers.

16. If you bring your kids in to eat multiple times a week, we’re probably judging you out the back.

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Multiple reports from Chinese news site United Daily News (UDN) have claimed that Apple is moving the release of its upcoming iPhone 6S up from September to August.

Apple's new flagship is rumored to be pushed up a month as a result of an excessive component yield. Of course, this would be a pleasant change of pace for Apple loyalists.

According to the reports, Apple has upped the amount of components ordered by a staggering amount, which could indicate the preparation for an early release.

Rumors of a new handset a month early sound enticing, but there are a few things to bear in mind before you say "au revoir" to your current iPhone. For one, there's a distinct possibility that Apple won't have iOS 9, which is expected to be announced at WWDC next month, tweaked to its liking in time for an August release.

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Greece's labor minister said on Tuesday Athens would soon conclude a deal with its foreign creditors that could unlock further loans to the cash-starved country.

Greece's new government has been in talks with its European Union and International Monetary Fund lenders over the past four months about the release of around 7.2 billion euros ($8.1 billion) in aid.

Asked on Greek TV when Athens would reach the cash-for-reform deal, Labour Minister Panos Skourletis said: "De facto, in the coming days."

"There's a deadline, which is June 5," he said - the date on which Greece's next repayment of a loan to the IMF falls due. "We all know that if there is no solution, let's say until then, in relation to funding, things will be difficult.

Greece faces payments of about 1.5 billion euros to the IMF next month. It made its last repayment of about 750 million euros to the IMF last week by emptying a holding account at the Fund.

Speaking on a late-night talk show on Monday, Finance Minister Yanis Varoufakis said the government hopes it can both make debt repayments and pay wages and pensions in June, but if it has to choose, it will choose the latter.

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The owner of several of the world's best-known luxury brands has filed a fresh lawsuit against Alibaba Group Holding Ltd., the latest challenge to the Chinese e-commerce giant's assertions that it fights the sale of counterfeit goods on its platforms.

The lawsuit, filed Friday in federal court in Manhattan by Gucci, Balenciaga, Yves Saint Laurent and other brands owned by Paris-based Kering SA, indicates that the company is unsatisfied with Alibaba's efforts to address the problem of counterfeiting of its brands.

The suit alleges that Alibaba and its associated companies "knowingly encourage, assist, and profit from the sale of counterfeits on their online platforms," according to a copy of the filing reviewed by The Wall Street Journal.

Alibaba said the complaint had no basis and that it has a "strong track record" of helping brands fight counterfeits.

"Unfortunately, Kering Group has chosen the path of wasteful litigation instead of the path of constructive cooperation. We believe this complaint has no basis and we will fight it vigorously," an Alibaba spokesman said.

It is the second time Kering's brands have sued Alibaba. Last July, a few months before Alibaba launched its initial public offering in the U.S., the luxury brands filed a similar lawsuit against Alibaba but then withdrew it two weeks later.

Alibaba and Kering had said that they would work together to reduce the counterfeiting of Kering's brands. The brands said in the latest filing that the claims made last July were now being reasserted.

Among the lawsuit's allegations are that Alibaba permits and encourages "numerous counterfeiters" to operate on its various platforms even when the merchants openly state that they are selling fake goods.

The suit alleges that Alibaba helps counterfeiters by providing them marketing and logistical services on its various platforms, including the international wholesale trading site Alibaba.com, the global shopping site AliExpress.com and Taobao, its bazaar-like online marketplace.

Alibaba sells keywords to counterfeiters that include the names of Kering brands, allowing the merchants to attract more customers to buy fake goods that bear the brands, the lawsuit alleges. Also, it alleges, Alibaba's search engine will suggest terms such as "cucchi" and "guchi" when "Gucci" is typed into search bars, directing customers to sellers of fake merchandise and enabling Alibaba to profit from the sales of such keywords.

The Kering brands are seeking unspecified damages based on sales or profit from the items and a court order preventing Alibaba from participating in the sale, marketing and distribution of counterfeit products, among other measures.

Such complaints underscore one risk for Alibaba, which in September raised $25 billion from global investors in the world's largest initial public offering.

Alibaba has long grappled with allegations that its online shopping platform Taobao is full of counterfeit merchandise, which could damage the company's reputation and image among investors and brands.

The issue was a key focus of a Chinese government report in late January that criticized Alibaba for not doing enough to address the sale of fake goods, bribery and other illegal activity on its sites. Chinese officials later removed the report in what Alibaba called a vindication.

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Prime Minister Narendra Modi on Friday emphasised the need to urgently resolve the long-standing border dispute with China.

"We must address issues that lead to doubts, mistrust in our relationship," he said while addressing students at the Tingshua University in Beijing on the second day of his three-day visit to China.

"We must ensure that our relationships with other countries do not become a source of concern for each other," the PM said.

Speaking on the issue of terrorism, the Prime Minister said it is a threat that both countries face. "The spreading tide of extremism and terrorism is a threat we both face; for both, its source is in the same region," Modi said.

In his address, he also mentioned that India and China are linked through ancient civilisations.

Modi spoke about the sojourn of Hiuen-Tsang, the Chinese Buddhist pilgrim who travelled to India in the seventh century to gain knowledge. He also spoke of the silk and cotton trade.

He also spoke of his government's initiatives in the financial sector. "We have launched major schemes on financial inclusion of all," he said.

Lauding China's economic growth, he said: China's success over the last three decades changed the character of global economy; India is the next frontier of the global economic revolution."

Earlier in the day, Modi urged the Chinese leadership to adopt a fresh approach to contentious issues affecting relations between India and China so that the two sides could play a greater role on the world stage.

Modi described the India-China relationship in recent decades as “complex” but said both sides are committed to set a "new direction between the two largest Asian countries".

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Alibaba Group Holding Ltd will invest heavily in existing and new ventures abroad, making its push beyond the China market a top priority, the Chinese e-commerce leader's new CEO, Daniel Zhang, said.

Zhang's comments come at a time when Alibaba aims to maintain its rapid growth even as the prospect of e-commerce saturation at home looms over the company.

"We must absolutely globalize," Zhang said in his first speech since taking up his new post this week, according to a report on Thursday on Alibaba's news and commentary website, Alizila.

The vast bulk of Alibaba's revenue comes from its dominant domestic online marketplaces, but the company has been investing in a range of sectors abroad. Just this week it announced it would set up a cloud computing base in Dubai, and boosted its stake in U.S. e-retailer Zulily Inc.

"We will organize a global team and adopt global thinking to manage the business, and achieve the goal of 'global buy and global sell'," Zhang was quoted as saying.

Alibaba, which handles more transactions on its platforms than Amazon.com Inc and eBay Inc combined, would continue to invest heavily in new and existing overseas operations, Zhang was quoted as saying. Those included AliExpress, a platform for overseas consumers to buy Chinese goods, and Tmall Global, a marketplace for overseas goods to be sold online in China.

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Verizon sits on mountains of personal data about consumer habits and preferences. It's all dressed up with almost nowhere to go.

By acquiring AOL in an all-cash deal valued at roughly $4.4 billion, Verizon stands to be better positioned to leverage the data it collects on more than 100 million wireless subscribers, data that represent a veritable gold mine for prospective advertisers.

Rather than trying to add more Internet subscribers as Comcast (CMCSA) hoped to do by buying Time Warner Cable  (TWC) or AT&T (T) aims to do by acquiring DirecTV (DTV), Verizon is hoping AOL's sophisticated advertising platform will generate more revenue off its existing customer base. AOL has spent nearly $1 billion over the past three years building an automated advertising platform aimed at selling inventory on Web sites and television channels in real time.

"For Verizon, it's all about monetizing personal data," said Ken Doctor, media analyst at Newsonomics, an independent research firm. "The access that Verizon has to its customers' habits, preferences, their buying patterns is enormous, and with AOL it sees the opportunity to monetize those even better than it's doing right now."

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11

May

1. There’s a secret size that’s not on the menu: the 8-ounce “short” cup.

2. Starbucks owns Teavana.

3. The average Starbucks customer visits the store six times a month.

4. The original name was Pequod’s.

5. Starbucks has created more than 40 different kinds of Frappuccinos.

6. The round tables were created so that solo coffee drinkers would feel less alone.

7. The Chantico is the company’s biggest beverage flop.

8. There are over 87,000 drink combination possibilities.

9. More than 10 million people use the Starbucks mobile app.

10. And it’s the first brand to reach 10 million likes on Facebook.

11. The 30.9-ounce Trenta size cup is larger than the human stomach.

12. Starbucks has opened an average of two stores daily since 1987.

13. The company’s “10-Minute Rule” requires each store to open its doors 10 minutes before the posted time and close 10 minutes following the closing time.

14. A Starbucks cheese danish has 420 calories and 25 grams of fat, vs. a McDonald’s Sausage McMuffin, which will net you 380 calories and 22 grams of fat.

15. Starbucks spends more on health care for its employees than it does on coffee beans each year.

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This is a screenshot of our current trades from today just after the NFP annoucnement. As you can see, We're doing very well, with almost all of the trades winning.

Register now to start receiving our signals and make money.

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One poor U.S. jobs report is cause for concern. Two bad reports in a row is reason to panic.

For now, virtually no one on Wall Street or at the White House is panicking. Forecasters predict job creation in April will bounce back in a big way after a disappointing 126,000 increase in March that was the smallest in 15 months.

Economists polled by MarketWatch predict a healthy 245,000 gain in April, restoring the level of hiring close to the 2014 average. Last year the U.S. added the most jobs since 1999.

The unemployment rate, meanwhile, is seen falling a tick to 5.4% in April. That would mark the lowest level since May 2008.

The April employment report is the only one that truly matters on this week’s economic calendar after a miserly 0.2% increase in first-quarter growth and the disappointing job gains in March. The big bet on Wall Street is that the economic slowdown early in the year reflects an unusually harsh winter and other temporary impediments that will soon fade.

A snapback in hiring would confirm that view. Former Federal Reserve Chairman Ben Bernanke, in his new blog, asserts the pace of employment gains gives a much better sense of how the economy is performing than quarterly reports on the nation’s growth.

In other words, forget about the first quarter.

But all bets are off if the employment spigot in April is reduced to a trickle for the second month in a row—it would signal a broader softness in the U.S. economy.

The early signs are not exactly encouraging. Consumer confidence fell in April to the lowest level in four months, for one thing. And a survey of U.S. manufacturing executives indicates that they stopped hiring last month to cope with a sales slowdown.

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U.S. crude stocks fell last week for the first time since the week ending Jan. 2, while gasoline and distillate inventories rose, data from the Energy Information Administration showed on Wednesday.

Crude inventories fell by 3.9 million barrels in the last week, compared with analysts' expectations for an increase of 1.5 million barrels.

Crude stocks at the Cushing, Oklahoma, and delivery hub fell by 12,000 barrels, EIA said.

Refinery crude runs rose by 247,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.7 percentage points.

Gasoline stocks rose by 401,000 barrels, compared with analysts' expectations in a Reuters poll for a 867,000-barrel gain.

Distillate stockpiles, which include diesel and heating oil, rose by 1.5 million barrels, versus expectations for a 117,000-barrel drop, the EIA data showed.

U.S. crude imports fell last week by 905,000 barrels per day.

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1. Apple iPad’s retina display is actually manufactured by Samsung.

2. Some fake Apple stores in China are so realistic, even employees are convinced.

3. Smoking near Apple computers voids the warranty.

4. Apple sold 411,000 iPhones per day in 2013.

5. Apple owns the patent for the “slide to unlock” feature.

6. The iPod’s code name was Dulcimer. The iPhone’s was “M68.”

7. Apple once had more operating cash in the bank than the U.S. Treasury.

8. Jonathan Ive has worn the same T-shirt in every Apple product intro video since 2000.

9. The original Apple 1 computer sold for $666.66.

10. Employees at Apple headquarters in Cupertino earn an average of US $125,000 a year.

11. The very first image shown on the Macintosh was of Disney character Scrooge McDuck.

12. Steve Jobs eliminated all corporate charity programs in 1997.

13. Everything you say to Siri is sent to Apple, analyzed, and stored for up to two years.

14. Apple’s iPhone has higher sales than everything Microsoft has to offer.

15. Carl Sagan sued Apple for defamation, but lost.

16. Apple’s original logo featured Isaac Newton.

17. Steve Wozniak sold 80,000 of his own Apple shares for cheap prices to employees who otherwise wouldn’t have gotten any after the IPO.

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All UK is celebrating the newborn princess and finance world celebrates a great opportunity of profit in the Beginning of trading near by Monday.

Although the first imagination that GBP will get stronger and rise in the next several days is sounds as a good idea, our analysts predict Strong start for GBP on Monday and from that moment will be downfall, the market is reacting on the news of a New baby in a royal family with a trick of it’s own while the assumption that GBP will get stronger – in reality it will lose it grip and will be getting weaker.

The digital crown is the little button that sticks out of the side of the Apple Watch, and is used for scrolling through apps, emails, and lots of important functions on the device. But customers are complaining that their digital crown keeps getting sticky.

Mac Rumors reports that the digital crown has been getting sticky for some customers, refusing to move or sometimes requiring effort to make it turn.

It's not completely clear what could be causing the sticky crowns. The issue is probably due to dust or sweat sticking in the indentation.

Apple has some unusual advice for people who are experiencing sticky crowns: Hold your watch under a tap for 15 seconds. Now, the Apple Watch isn't actually waterproof, so the advice does seem a little strange. But Apple says that running water over the crown will free up any dirt and get it moving again.

If this solution Apple suggested won’t help enough customers, this might hurt Apple’s stock.

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