Business

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Amazon has requested the court to issue a halt judgment on Microsoft's contract with the Pentagon, worth over 10 billion USD over 10 years. Amazon was initially favored to win the bid, which involves transitioning the Department of Defense's data to a cloud-based storage and analysis system. The contract was instead awarded to Microsoft, a decision which has been challenged in courts by Amazon.

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Ripple CEO, Brad Garlinghouse hinted that the Ripple could file for an IPO as soon as by December 2020. Speaking at the World Economic Forum in Davos, Galinghouse mentioned that in the next 12 months you'll see a lot of crypto companies filing for IPOs, and I expect Ripple to be on the leading side as its a natural evolution for our company.

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Dave Calhoun, the newly appointed CEO of Boeing, has stated that the company will go back to the drawing board amid the deepening MAX 737 crisis which is set to cause the company billions of dollars in losses. The new plane will be midsize, designed for seating 220-270 passengers. Calhoun believes digital technology will help massively speed up the design and production of the plane.

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Billionaire inventor Elon Musk's electric car manufacturer Tesla has surpassed 100 billion USD in valuation, after having exceeded the combined value of Ford and General Motors earlier this month. The company's stock has more than doubled in the past three months.Tesla's shares gained 1.4 percent to close at 555 USD per share, making it the highest valued car manufacturer in US history.

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The head of Coca-Cola's sustainability department has said that the company will continue to produce and sell plastic bottles as consumers still want them. Coke is one of the world's largest producers of plastic waste but has promised to recycle as many bottles as it produces by 2030. The company fears changing the bottle could reduce sales.

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Uber has announced that it will be testing a brand new feature that will allow some drivers to charge more than the fare set by the company. They hope that this feature will prove that the drivers are independent contractors, not employees and thus Uber will not have to improve working conditions.

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Australia's KFC, owned by Yum! Brands Inc, has issued an apology after Collective Shout, an activist group against the objectification of women, called out their latest Australian commercial for promoting sexist tropes. The ad features two young boys gawking at a woman's breasts as she asks them: "Did someone say KFC?". KFC has removed the ad from all but its YouTube channel, where it has gathered more than 28,000 views.

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South Korean electronics giant Samsung has appointed senior executive Roh Tae-Moon as the new chief for its smartphone division, replacing co-CEO DJ Koh who will remain head of mobile communications and IT. The move comes as Samsung faces increasing competition from Chinese firms like Huawei, Oppo and Vivo, especially in the lower and mid tier smartphone range.

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Corie Barry, the 44-year-old CEO of US retail giant Best Buy, is under scrutiny from the company's board for maintaining an inappropriate romantic relationship with Karl Sanft, Best Buy's former senior vice president of US retail operations. The board was informed of this in an anonymous letter, which it has declined to reveal fully, and has invited Sanft, now a fitness company executive, to cooperate in the investigation.

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Disney has announced that it is going to omit the name "Fox" from 20th Century Fox Studios and Fox Searchlight Pictures, which will henceforth be 20th Century Studios and Searchlight Pictures, properties that it acquired from the Fox Corporation last year. Though unconfirmed, the reason is thought to be so that Disney's family-friendly brand is not associated with the rest of the Fox Corporation's politically charged brands.

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Toyota has announced its new plan to shift all production of the Tacoma midsize pickup from Texas to Mexico. The company said that there will be no job loss in the US as it will also be investing $13 billion in the US to boost manufacturing. Toyota hopes to reduce costs with this move.

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Four different tech companies took Facebook to court on Thursday, accusing the social media giant of ant-competitive behavior. They said that Facebook restricted access to its user data for some apps while placing no restrictions on others. Facebook allegedly did this because it felt that these apps were a threat to it.

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A British think tank has said that Netflix is almost certainly avoiding taxes by structuring itself in a way that all revenue from outside the US is sent to tax haven countries such as the Netherlands. Netflix is already receiving a $1 million tax break from the British government but avoiding tax in this way is common amongst large tech companies.

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Toyota has recalled around 700,000 vehicles due to a flaw in the fuel pump that could cause the engine to suddenly stop working. The company said that the flaw could cause a crash if the car is traveling at high speeds and that it will need to be corrected before the cars return to the market.

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Amazon CEO Jef Bezos has announced that the company will be investing $1 billion in small businesses in India. This announcement came after these same business owners fired a barrage of criticism towards the company for allegedly violating Indian laws and running them out of business. The government has already launched an investigation into these allegations.

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The president of Indonesia, Joko Widodo, announced via Twitter that the country had successfully entered into business agreements with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed for investments in the energy and property sectors in Indonesia's Aceh province. The agreement includes 11 different deals, worth a total of 314.9 trillion INR or 23 billion USD.

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Ford Motor Co has seen a decline in its sales in China for the third year in a row with sales dropping by 26.1% in 2019. The company has been trying to revitalize its sales in the country by increasing its vehicle lineup. The company intends to sell 30 new models in China within the next three years.

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Saudi Arabia's state-owned Aramco, currently by far the the most valuable company in the world at 1.87 trillion USD, has revealed that it exercised its 'greenshoe option' to raise its IPO to a record 29.4 billion USD. The greenshoe option, also called over-allotment, allows a company to issue more shares in its IPO when there is greater demand from initial investors.

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Uber has been ordered by Colombian courts to cease operations in the country, a decision the company is saying violates its right to due legal process and will cause enormous harm to the entrepreneurial potential in the country. The court ruled that Uber's operations were detrimental to competition, with Uber replying it will challenge the decision through the appropriate legal avenues.

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Boeing's ex-CEO, Dennis Muilenburg, has been fired and replaced. It was announced that the company denied him severance pay as he was leaving, however he will still get a fortune from the company as he walks out the door. He will be getting around $60 million in benefits, stock, and pension.

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According to some recently released documents, Boeing employees were aware of a number of problems with the 737 MAX jets and intentionally misled regulators to prevent them from spotting these issues. Although the names of these employees were redacted Boeing distanced itself from them claiming these documents did not represent its standard practices.

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German car manufacturer Daimler's Mercedes-Benz family of cars is expected to be this year's bestselling premium car brand, with record sales in Germany, China ,and the US totaling 2.34 million units. Rival company BMW sold more cars as a group than Daimler, with total sales of 2.52 million cars compared to Daimler's 2.46 million.

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For the first time in the company's history, billionaire inventor Elon Musk's electric car company Tesla's stock increased 5 percent to take the company's per-share price to 492.14 USD, with a total market capitalization of 89 billion USD, more than the combined value of General Motors and Ford at 50 and 37 billion USD respectively. GM and Ford still far outweigh Tesla in total numbers of sales.

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After Iranian forces attacked US bases in Iraq to avenge the US assassination of Qassem Soleimani, the S&P 500 fell by 1.7 percent in the span of a few hours, but with the United States' measured response, no US casualties and no further escalations from Iran, the market appears to have stabilized, and is on the upturn again.

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Samsung, the South Korean smartphone and television giant and also the largest semiconductor manufacturer in the world, is reporting a sharp decrease in quarterly profits for the second consecutive year. The company's fourth quarterly profits are expected to be 7.1 trillion KRW, a decrease of 34 percent from last year, when Samsung reported a decline of 29 percent in operating profits.

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