A major Construction firm with multiple contracts across the globe has collapsed. Carillion, which employs 43,000 people worldwide reported that the talks it was having with stakeholders fell apart, and it has no other choice than to close. Carillion has roughly 19,000 employees in the UK and 10,000 in Canada. 3 quarters of its revenue come from the UK, where it holds major building contracts with the government. Back in late 2007, shares of Carillion were worth $6.30, but last week that dropped to about $0.17.
Late last year, Apple issued an apology for deliberately slowing down old iPhone models through software updates. Many of its customers had suspected this for years, and now legal action has been taken against Apple for its actions. Apple apologized, but said that it slowed down the phones to prolong the life of older phone models with failing batteries. But now, Apple is under investigation in France. It is the third country to investigate Apple following Israel and the US, but it is the only country where the alleged offence is a crime. If found guilty, Apple may have to pay a penalty of up to 5% of their annual turnover, which is huge for a multi-billion dollar company, and some of its executives may even face jail time.
Intel has made a great for itself over the years. It has expanded incredibly fast. Before it was in almost every PC in the market, and now it is in every Apple computer as well. It is estimated that over 95 percent of all cloud services and corporations have computers with Intel processors in them. So the revelation of potential security threats in their microprocessors has wide reaching consequences. In 1994 Intel faced its biggest crisis since its founding. A mathematics glitch that was present in their Pentium computer chips affected the accuracy of calculations run by computers with the chips inside them. The result of that crisis was an all out recall of the chips that cost the company $ 475 million. But today, with the information coming in about the 2 newly discovered security gaps in the chips, makes their 1994 crisis pale in comparison.
Following a pipeline explosion in Libya, crude oil prices have risen to over $60 a barrel. This marks the highest oil has been in 2.5 years. Reports from Libya’s state-run National Oil Corporation stated that the explosion jeopardized output by 100,000 barrels a day. U.S. crude oil rose by 2.5% on Tuesday; this was following a spike it had last month when the keystone pipeline was shut down due to an oil spill. But prices still remain low compared to the $100 per barrel price seen 3 years ago. The past couple of years have been tough for the oil industry, and it has been trying to rebound for some time now.
Today, the house and the senate will vote on the final version on the tax bill proposed by the GOP. There have been many changes to the bill since the bill was first drafted. In essence the bill will give everyone a tax break in the near future, and then rates are expected to rebound in 2027. The bill will change the tax brackets, lowering personal taxes for unmarried individual filers and married joints filers anywhere between 1 to 3 percent. But the tax bill won’t just affect individuals, it will also affect businesses across every industry. However, the effect may not be proportional across every industry. For example the tax bill will greatly reduce the tax cuts available to financial firms and real estate companies, but not as much for manufacturing and mining. Part of this is because both mining and manufacturing already have a relatively low effective tax rate. Alternative energy will also benefit from the new tax bill. In the final draft, the bill will preserve beneficial tax breaks for wind and solar power.