Pentagon says Microsoft won $10B contract over Amazon fair and square

Tesla not added to S&P 500 in latest index changes

Sept 4 (Reuters) – Tesla Inc was not part of the companies to be added to the S&P 500 as per a list unveiled by the index’s manager S&P Dow Jones Indices on Friday.

Etsy Inc, Catalent Inc and Teradyne Inc will be added to the index effective Sept. 21. (Reporting by Akanksha Rana and Neha Malara in Bengaluru; Editing by Maju Samuel)

Even as people return to work, more find that layoffs are permanent.

By Ben Casselman

Neiman Marcus expects to emerge from bankruptcy by end-September

We do not want to acquire Neiman Marcus: Related Companies chairman

Related Companies chairman and Miami Dolphins owner Stephen Ross on the Hudson Yards project in New York City, the state of the retail and commercial real estate sectors, President Trump’s infrastructure plan, his reaction to the potential deal for the Florida Marlins and the future of the Miami Dolphins.

Neiman Marcus Group said on Friday it expected to emerge from Chapter 11 bankruptcy by the end of this month under a restructuring plan that is likely to eliminate more than $4 billion of its debt.

Continue Reading Below

HEDGE FUND FOUNDER ARRESTED IN NEIMAN MARCUS-LINKED CASE

The luxury department store chain filed for bankruptcy protection in May, in one of the highest-profile retail collapses during the COVID-19 pandemic.

The 113-year old company said certain institutional investors will fund a $750 million exit financing package that would fully refinance its debtor-in-possession loan and provide additional liquidity for its business.

NEIMAN MARCUS AT NYC'S HUDSON YARDS COULD BECOME OFFICE

The Bankruptcy Court for the Southern District of Texas, Houston Division, approved Neiman Marcus' reorganization plan.

Clothing company J.Crew Group Inc said last week it expects to emerge from bankruptcy in early September.

CLICK HERE TO READ MORE ON FOX BUSINESS

Marred by Tech Rout, Canadian Stocks Post Worst Week in 3 Months

A sell-off of technology shares in the U.S. is reverberating in Canada, even though the sector makes up only a 10th of the nation’s stock market.

The small contribution of tech stocks to Canada’s market helped the S&P/TSX Composite Index outperform its U.S. counterpart Thursday: Canada was down 1.5%, while the S&P 500 Index plunged 3.5%. But as the rout continued for a second day, the TSX became collateral damage.

The equity market fell for a second session on Friday as traders honed in on lofty valuations of tech stocks, brushing past solid jobs data from both the U.S. and Canada. The Canadian benchmark ended the week 2.9% lower, its biggest slump since June 12, while the S&P 500 fell 2.3%.

Adrop in the price of oil and gold also weighed on the nation’s stock market, with mining and energy stocks making up about 26% of the index.

With markets closed Monday for Labor Day, investors have a shortened week packed with central bank rate decisions and economic data releases. Commodities investors will be watching the European Central Bank’s rate decision due Sept. 10 as top central banks debate how best to execute monetary policy. Closer to home, the Bank of Canada will release its policy statement on Sept. 9 and Governor Tiff Macklem will give an economic progress report the next day.

Kanye West Has Put Up $6.8 Million So Far For Presidential Campaign

Kanye West has so far loaned his presidential campaign $6.8 million, with most of the spending going to efforts to secure his name on the November ballot.

West’s campaign filed its first report with the Federal Election Commission on Friday. It also showed that the campaign has spent about $5.9 million, with the bulk of the money going to consultants hired to secure a place on the ballot, a process that typically involves collection of signatures.

West has so far made the ballot in 10 states, including Colorado, Iowa and Minnesota, according to CNN. But judges this week rejected West’s effort to get on the ballot in Arizona and Virginia, and the Wisconsin State Elections Commission ruled that his campaign failed to file paperwork in time to make the ballot in that state.

West, who supported President Donald Trump, reportedly received some assistance from Republican operatives in securing ballot access in some states, and he himself has not denied that he would be a spoiler candidate.

According to the FEC filings, West’s campaign has paid $1.28 million to Atlas Strategy Group, which is run by Gregg Keller, a Republican operative who is the former executive director of the American Conservative Union, which hosts the annual Conservative Political Action Conference.

West’s campaign also reported $904,119 cash on hand at the end of the reporting period, which was August 31. In addition to the amount that West has loaned, his campaign reported $11,472.66 in contributions.

August’s slowdown in job growth spanned many industries.

By Ella Koeze

Pentagon says Microsoft won $10B contract over Amazon fair and square

The Department of Defense on Friday reiterated its stance that Microsoft was the best recipient of its $10 billion cloud-computing contract, dealing a blow to Jeff Bezos’ industry leader Amazon.

The Pentagon came to its conclusion following a four-month re-evaluation of the contract, which had been awarded to Microsoft over Amazon — long considered the favorite to win the contract thanks to its Amazon Web Services cloud business.

“Microsoft’s proposal continues to represent the best value to the Government,” the DoD said in its statement.

The contract, however, is still on hold following Amazon’s argument that President Trump caused it to lose out on the lucrative deal.

The March injunction put a freeze on the Joint Enterprise Defense Infrastructure, or JEDI, project, which aims to allow the US military to use artificial intelligence to beef up its fighting capabilities as well as improve communications with soldiers on the battlefield.

Defense Secretary Mark Esper has denied there was bias and said the Pentagon made its choice fairly and freely without external influence.

Amazon Web Services previously said it was seeking to depose Trump and Esper in its lawsuit over whether the president was trying “to screw Amazon” over the contract.

Amazon also looked to question other officials involved in the decision and alleged that Trump had a history of inappropriately intervening in governmental decisions.

Share this article: