Big Business
Associated Press/Photo by Marcio Jose Sanchez (file)

Facebook profits surge despite privacy scandal

by Leigh Jones
Posted 4/26/18, 11:02 am

Facebook shrugged off the cloud of Russian election interference Wednesday with the release of its first quarter profits. Revenue soared 49 percent to $12 billion, while profit jumped 63 percent, to $5 billion. The world’s most popular social media platform also increased its user reach, boosting by 13 percent the number of people who checked the site at least once a day. In 2017, Facebook brought in $39.94 billion, about 17 percent of total online ad spending, according to data firm eMarketer.

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Associated Press/Photo by Ben Margot (file)

Regulators hit Wells Fargo with $1 billion fine

by Onize Ohikere
Posted 4/20/18, 10:24 am

Federal regulators on Friday slapped Wells Fargo with a $1 billion combined fine for mortgage and auto loan abuses. The fine includes a $500 million payment to the office of the Comptroller of the Currency—the bank’s main regulator—and $500 million to the Consumer Financial Protection Bureau (CFPB). This marks the first penalty issued since Mick Mulvaney took over as CFPB director in late November under the Trump administration. Wells Fargo has faced several scandals in recent years.

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Associated Press/Business Wire

Amazon, Best Buy join up to sell TVs

by Lynde Langdon
Posted 4/19/18, 12:02 pm

Amazon and Best Buy have formed a partnership to sell TVs engineered by the online retail giant. Toshiba and Best Buy’s brand, Insignia, will make the TVs, which will be powered by Amazon’s Fire TV software and its Alexa voice-activated assistant. Amazon has made increasing efforts to establish a presence in brick-and-mortar retail stores in recent years by buying the Whole Foods grocery chain and opening more than a dozen bookstores. Best Buy investors welcomed the news, and its stock rose 4 percent Wednesday.

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