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Author: Dominic Rushe

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Amazon faces new headache as Nashville deal enrages locals left and right



Unlikely alliance of free-market libertarians and union-backed activists argue $100m-plus in subsidies handed to retailer are a bad investment for the city

Nashville has a way of bringing people together – usually through music. This time it’s through a shared antipathy for the $100m-plus in subsidies this booming city has just handed to Amazon, the world’s most valuable retailer.

The ink has barely dried on a deal that the state of Tennessee and the city awarded Amazon and there are now only a few small hurdles remaining before Amazon starts moving in to a downtown office complex planned for Nashville Yards.

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Lyft stalls as shares slip below IPO price on second day of trading



Taxi company’s shares dropped about 12% on Monday, ending the day at $69.03 after selling shares at $72 on Friday

Shares in Lyft, the ridesharing company, stalled on Monday, falling below their initial public offering (IPO) on their second day of trading.

Lyft became the first of a new wave of giant tech companies to go public last Friday, selling shares at $72 a piece. The hotly anticipated sale saw Lyft’s share price leap to $78.89 on the first day of trading.

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Cryptocurrency investors locked out of $190m after exchange founder dies



QuadrigaCX, Canada’s largest exchange, was unable to access password or recovery key after Gerald Cotten died last December

About $190m in cryptocurrency has been locked away in a online black hole after the founder of a currency exchange died, apparently taking his encrypted access to their money with him.

Related: Bitcoin: after 10 wild years, what next for cryptocurrencies?

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Apple stocks tumble after company cuts forecasts for key quarter



Tim Cook cites unforeseen magnitude of economic slowdown in China in a letter to shareholders explaining the change

Apple cut its sales forecasts for its key end of year period on Wednesday, citing the unforeseen “magnitude” of the economic slowdown in China.

Related: US markets start 2019 with a whimper as Trump blames ‘glitch’ for 2018 losses

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Jeff Bezos tells employees ‘one day Amazon will fail’



Tech giant’s founder made surprise warning in staff meeting when addressing question about Sears, according to a recording

Amazon is going to fail, Jeff Bezos, the tech company’s founder, told staff recently.

Related: What cities offered Amazon: helipads, zoo tickets, and a street named Alexa

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Amazon shares sink despite record profit of nearly $3bn



Company sees fourth quarter of profits greater than $1bn but revenue growth is lower than expected

Amazon has announced a record profit for the last three months of close to $3bn. But the news on Thursday of a $1bn-a-month bonanza was not enough for Wall Street and shares sank on lower-than-expected revenue growth.

The online retail and cloud computing giant long worried investors by losing cash quarter after quarter but now appears to be raking in money, thanks largely to its cloud computing services. In the last quarter the company made a profit of $2.88bn, the fourth quarter that Amazon’s profits have been greater than $1bn.

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Tesla announces high profits in quarter where Musk was embroiled in scandals



Company made profit of $312m and revenues were at $6.82bn in period where Musk called diver ‘pedo’ and was fined by SEC

The last three months have been the worst of times and the best of times for Tesla. The troubled electric car company announced a surprisingly high profit on Wednesday, the same quarter in which it’s founder Elon Musk has spun way out of control.

Related: Elon Musk says ‘Teslaquila’ is ‘coming soon’ as Tesla files trademark

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Elon Musk says ‘Teslaquila’ is ‘coming soon’ as Tesla files trademark



Billionaire tweets ‘visual approximation’ of bottle as company applies to use the name for tequila branded after the electric cars

Elon Musk is hitting the bottle – well, probably. Tesla has trademarked “Teslaquila”, a tequila branded after his electric car company.

The product started as an April Fool’s joke when Musk claimed Tesla was going bankrupt and that he had been found “passed out against a Tesla Model 3, surrounded by ‘Teslaquilla’ bottles, the tracks of dried tears still visible on his cheeks”.

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End of the road: will automation put an end to the American trucker?



America’s 2 million truckers have long been mythologised in popular culture. But self-driving trucks are set to lay waste to one of the country’s most beloved jobs – and the fallout could be huge

Jeff Baxter’s sunflower-yellow Kenworth truck shines as bright and almost as big as the sun. Four men clean the glistening cab in the hangar-like truck wash at Iowa 80, the world’s largest truck stop.

Baxter has made a pitstop at Iowa 80 before picking up a 116ft-long wind turbine blade that he’s driving down to Texas, 900 miles away.

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Scholar says Google criticism cost him job: ‘People are waking up to its power’



Barry Lynn has spent years studying the growing power of tech giants such as Google, and asking if they are monopolies. He believes the answer is yes

Every second of every day Google processes over 40,000 search queries – that’s about 3.5bn questions a day or 1.2trn a year. But there’s one question that Google apparently doesn’t want answered: is Google a monopoly?

Barry Lynn, until this week a senior fellow at Washington thinktank New America Foundation, has spent years studying the growing power of tech giants like Google and Facebook. He believes the answer is yes. And that opinion, he argues, has cost him his job.

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