Alphabet: Google parent company’s shares drop after latest earnings report

Report comes as company faces internal worker turmoil, and a recent $1.7bn fine from the EU Google shares slumped on Monday after the company failed to beat analyst predictions, following a year of internal turmoil, privacy concerns, and several international fines. The companys stock was down 7% in after-hours trading after it reported first quarter revenue of $36.34bn, lower than the $37.33bn revenue forecast by analysts. The quarter one earnings represent a 17% increase from the same time last year, in which it reported $31.15bn in revenue. In a call with investors on Monday, Googles CEO, Sundar Pichai, said the company would continue to invest more in algorithms on YouTube, following recent incidents that saw the platform offering hate speech, …

Daimler says it has no idea how North Korea got hold of limousines

Kim Jong-un is using stretch limousines despite UN ban on sale of luxury goods The parent company of Mercedes-Benz has said it has no idea how the North Korean leader, Kim Jong-un, got hold of armoured limousines manufactured by the German company and said it had no business dealings with the UN-sanctioned country. Kim has raised eyebrows by using stretch limousines manufactured by Stuttgart-based Daimler AG at high-profile summits, including his meeting this week with Vladimir Putin and both of his earlier summits with Donald Trump. The sale of luxury goods, including limousines, is banned under UN sanctions intended to put pressure on North Korea to abandon its nuclear weapons. Kim nevertheless had two limos waiting for him at Vladivostok …

The kings of capitalism are finally worried about the system that created them | Dominic Rushe

Now that the political debate has shifted, Bridgewater founder Ray Dalio is the latest in a bank of billionaires to talk about the gap between rich and poor Two years ago on a chilly Saturday in March, some of the least well-off people in Connecticut went on a tour of the homes of the wealthiest. according to Forbes, became the latest in a bank of billionaires to go public about his fears of widening income inequality. The yawning gap between rich and poor is a national emergency, Dalio wrote in an In (where else?) that poses an existential risk for the US. I believe that all good things taken to an extreme can be self-destructive and that everything must evolve …

Asia will feel the pain if US sanctions shut down Iran’s oil exports

Dubai (CNN Business)Asia’s biggest economies are scrambling to find new sources of oil after the United States said it would no longer grant exemptions to sanctions on Iranian crude exports. Some countries that were granted waivers have already found alternative suppliers. Italy, Greece and Taiwan haven’t loaded any Iranian barrels since November, according to the International Energy Agency, which cited data from Kpler, a company that tracks oil shipments. China, India and South Korea are still buying from Iran. India, for one, appears to have a plan to replace its lost Iranian oil. “There will be additional supplies from other major oil producing countries,” Minister of Petroleum Dharmendra Pradhan tweeted on Tuesday. Some of those could come from America, or …

Airbus lands a massive deal with China as Boeing battles its 737 Max crisis

Hong Kong (CNN Business)As Boeing struggles with the 737 Max crisis, its big rival Airbus has announced a huge order from China. The massive Airbus order contrasts starkly with the problems facing Boeing, whose bestselling jetliner, the 737 Max, has been idled worldwide after being involved in two deadly crashes in less than five months. China was the first country to ground the 737 Max earlier this month following the crash of an Ethiopian Airlines flight. The 737 Max competes directly with Airbus’ A320neo. The two single-aisle aircraft, which fly short- and medium-haul routes, have each amassed thousands of orders from carriers around the globe. Indonesian airline Garuda said last week that it is seeking to cancel a multibillion-dollar order …

Starbucks’ newest drink is made with egg-white powder

New York (CNN Business)Starbucks just unveiled its latest coffee drink: The cloud macchiato, made with egg-white powder. The cloud macchiato comes in caramel and cinnamon flavors. The coffee company first teased the cloud macchiato during its investor day in December as an example of how the company is innovating its iced beverages. Cold drinks “have contributed to more than 80% of our beverage growth over the last two years,” Starbucks Chief Operations Officer Rosalind Brewer said at the event. Starbucks’ new cloud macchiato also may have a celebrity tie-in. Rumors swirled that pop singer Ariana Grande may be involved in the product launch after Grande and Starbucks posted matching tweets. “We’ve long been fans of Ariana Grande’s and were excited …

More women in the workplace could boost economy by 35%, says Christine Lagarde

Exclusive: IMF managing director presses for female empowerment in interview to mark International Womens Day Employing more women and tackling sexism in the workplace is the key to making the world economy richer, more equal and less prone to devastating financial collapses, according to the head of the International Monetary Fund. In an interview to mark #MeToo movement but added that tackling sexual harassment was part of a bigger problem. I didnt see #MeToo coming but I welcome it immensely, Lagarde told the Guardian. Sexual harassment is only scratching the surface. Violence against women is still a massive issue and we are not just talking about low income countries: it is in all societies. It has to be discussed, addressed …