Indian Rupee Rises to Three-Month High on Strong Inflows

Tech CEOs From Amazon, Facebook, Apple, Alphabet To Testify Before Congress

A Congressional antitrust investigation will have some star power testifying at hearings later this month, as the CEOs of Amazon, Apple. Alphabet (Google/YouTube) and Facebook have agreed to talk to the legislators.

Congress has been casting a wary eye at the four tech giants, concerned that their market power is growing beyond acceptable limits. Jeff Bezos of Amazon, Tim Cook of Apple, Mark Zuckerberg of Facebook and Sundar Pichai of Alphabet will try to assuage those fears and temper any potential curtailment of their businesses.

No date has been set for the tech testimony, and it has not been determined if some will appear virtually or in person.

Federal regulators and state attorneys general have multiple investigations running on various antitrust issues surrounding the four tech companies. Their four CEOs may also face questions on other practices, including labor issues and restraint of political content.

Amazon’s Bezos has never testified before Congress, but the others have.

 

Vernon planning for new pool as Coldstream pumps the brakes

The City of Vernon, B.C. is forging ahead alone with planning for a new recreation facility.

The city had hoped other neighbouring jurisdictions would help shoulder the cost of the multi-million dollar proposed project.

Intel Capital invests ₹1,894.50 crore in Jio Platforms

The investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis

Intel Capital, the investment arm of Intel, has agreed to invest ₹1,894.50 crore in Jio Platforms at an equity value of ₹4.91 lakh crore and an enterprise value of ₹5.16 lakh crore, Reliance Industries Ltd, the parent of Jio Platforms, said.

Intel Capital’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis.

Intel Capital joins the list of marquee firms which have recently invested in Jio Platforms, taking the total investment amount to ₹117,588.45 crore.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “Intel Capital has an outstanding record of being a valuable partner for leading technology companies globally. We are, therefore, excited to work together with Intel to advance India’s capabilities in cutting-edge technologies that will empower all sectors of our economy”.

Wendell Brooks, Intel Capital president, said, “Jio Platforms’ focus on applying its impressive engineering capabilities to bring the power of low-cost digital services to India aligns with Intel’s purpose of delivering breakthrough technology that enriches lives.”

“We believe digital access and data can transform business and society for the better. Through this investment, we are excited to help fuel digital transformation in India, where Intel maintains an important presence,” he said.

Byron “Reckful” Bernstein Dies: YouTube And Twitch Personality Was 31

Streaming sensation and World of Warcraft pro Byron “Reckful” Bernstein died on Thursday at age 31. His death was confirmed by his girlfriend, who said he committed suicide.

Reckful had almost a million Twitch followers and amassed more than 250,000 YouTube subscribers. He was known for broaching sensitive subjects in his online communications, something that endeared him to his many followers, who took to social media to mourn his loss.

Bernstein was best-known for his World of Warcraft streams on Twitch. He also was attempting to launch his own video game, “Everland,” later this year.

 He raised some alarms with social media posts on Thursday.

ahh, i feel bad for anyone who has to deal with my insanity

— Reckful (@Byron) July 2, 2020

 

Boeing announces next wave of job cuts

Fox Business Flash top headlines for July 2

Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.

Boeing has reportedly announced that the company is undergoing another round of layoffs.

Continue Reading Below

The company notified approximately 1,030 employees companywide that they will lose their jobs by Aug. 28, according to The Seattle Times.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The layoffs will affect 668 workers in Washington state.

These layoffs are part of a previously announced plan to to reduce the workforce by 10 percent, due to the impact of the COVID-19 pandemic.

This second round of cuts will bring the Boeing's overall jobs losses in Washington to 10,500 by the end of summer.

BOEING 737 MAX TAKES OFF ON FIRST CERTIFICATION TEST FLIGHT

Boeing announced the first round of cuts in May, saying that almost 12,300 U.S. jobs would go.

Job cuts in Australia and Canada brings the total to 13,000 employees, or about 8 percent.

CLICK HERE TO READ MORE ON FOX BUSINESS

The second round of layoffs bumps up the reduction to almost 14,000 employees overall.

Business advocates ask Alberta government to supply non-AHS doctors with PPE, according to CFIB survey

The costs of extra masks and other protective gear are starting to add up for private-sector health-care providers across Canada, so much so that some are worried about going out of business.

Canadian Federation of Independent Business’ latest survey shows that 88 per cent of doctors who work outside of provincial health-care systems are concerned about how much they’ll have to spend on PPE.

Indian Rupee Rises to Three-Month High on Strong Inflows

The Indian rupee rose to the highest in more than three-months as strong inflows continued to buoy the currency amid expectations that the central bank may be slowing its dollar purchases.

The rupee rose as much as 0.6% to 74.5562 to a dollar, its highest since March 27, before paring gains to 0.3%. The currency had the best gains to dollar in Asia on Friday.

The currency had rallied 0.8% on Thursday, with traders attributing gains to inflows from Reliance Industries Ltd.’s stake sales in its digital unit and the central bank stepping away from purchasing dollars.

“Unless RBI steps in to buy dollars during the first half, USD/INR can witness further losses as stop losses are hit, and corporates look to sell USD,”Anindya Banerjee, currency strategist at Kotak Securities wrote in a note.