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America’s fastest 4G network company, Verizon Wireless, is planning this summer to begin forcing smartphone customers with unlimited data plans to switch to tiered plans when they upgrade, according to the company’s chief financial officer who spoke with Wall Street analysts on Wednesday. At the JP Morgan Technology, Media and Telecom conference in Boston, Verizon CFO Fran Shammo said the company will reveal a “data share” pricing model by mid-summer, which will give customers the ability to purchase an allotment [...]
Housing foreclosure filings fell for the third straight month in April to the lowest level since July 2007. According to RealtyTrac, total foreclosure activity for April, including default notices, scheduled auctions, and bank repossessions, were down 5 percent from March. In April, there were 51,415 repossessions, which is down 26 percent from a year ago, and about half the 102,000 monthly repossessions at the peak of September 2010.
The improvement, however, is attributed to the declines in only a handful [...]
JPMorgan Chase announced on Monday that Chief Investment Officer Ina Drew has left the firm after revelations of a $2 billion trading loss sustained over the past six weeks. In a statement issued by the company, they said Drew made the decision to retire; a move that was widely expected when the company disclosed the units she managed had suffered a major loss.
Drew’s group had been making trades designed to hedge against risk, but had collected a large position [...]
Yahoo CEO Scott Thompson is out after it was discovered that he padded his resume with an embellished college degree, concluding his term at the company after only four months. In a statement posted late on Sunday, Yahoo confirmed Thompson “has left the company.” The tech blog AllThingsD was the first to report on the news, and the New York Times followed up with its own article.
Yahoo’s interim CEO will be media chief Ross Levinsohn, according to the company. [...]
In a surprise announcement on Thursday, JPMorgan Chase said it has suffered trading losses of $2 billion since the beginning of April. The group that suffered the losses is reportedly part of the bank’s corporate unit, and had been making trades designed to hedge against risk. According to CEO Jamie Dimon, after factoring other security gains, net losses are expected to surpass $800 million by the end of the second quarter, and could possibly increase depending on market conditions and [...]
The April jobs report concluded that as hiring slowed, workers dropped out of the labor force in droves, which is not a good sign for the job market going forward. The U.S. economy added only 115,000 jobs in the month, which is down from March when employers created 154,000 jobs, the Labor Department reported on Friday. Meanwhile, the unemployment rate fell to 8.1 percent as 342,000 workers dropped out of the labor force. The participation of the adult population in [...]
Mark Zuckerberg, the founder and CEO of Facebook, is expected to make his company public on May 18, in one of the most highly anticipated tech initial public offerings (IPO) since Google in August 2004, according to a published report. On Tuesday, The Wall Street Journal reported the billion dollar social networking company was set to begin its roadshow on Monday, according to insiders familiar with the dealings. Facebook’s roadshow will be a series of meetings with prospective institutional investors [...]
Delta Air Lines on Monday announced its plans to purchase an oil refinery outside of Philadelphia, which would help reduce its fuel costs. A spokesman for Delta said the company believes the investment is the first of its kind by a major U.S. airline. Delta is expected to purchase the Trainer refinery for $150 million from Phillips 66, a company that is set to be spun off from the energy firm, Conoco Phillips, on Tuesday.
According to a statement, Delta [...]