It’s been a difficult week of news. So why not catch up quickly on the biggest stories in business and tech and then give yourself a few hours away from the headlines? Put down your phone, eat a lobster roll, read some Toni Morrison and enjoy these final weeks of summer as best you can.
What’s Up? (Aug. 4-10)
Epstein Dies in Jail
Jeffrey Epstein, the financier indicted on sex trafficking charges that involved girls as young as 14, was found dead by suicide in a Manhattan jail on Saturday morning. Mr. Epstein was known for his opulent lifestyle of private jets, lavish homes and access to elite circles even after he was convicted of sex crimes in 2008. (At the time, he managed to avoid federal criminal charges and serious prison time after prosecutors brokered a widely criticized plea deal.) Since the new charges were brought against him in May, the case has ensnared two banks that did business with him, Deutsche Bank and JPMorgan Chase, as well as other powerful figures, including Leslie Wexner, the billionaire mogul behind Victoria’s Secret and Mr. Epstein’s most prominent financial client.
Actually, I’ll Just Walk, Thanks
Uber broke two undesirable records last quarter: It posted its largest loss ($5.2 billion) and slowest revenue growth rate. To be fair, a big chunk of that loss came from stock-based compensation that Uber paid its employees after going public (disappointingly) in May. Either way, the numbers don’t look good. Uber’s smaller rival, Lyft, also lost money this quarter, albeit less than predicted. What does this mean for the once-booming business of ride-hailing apps? Diversification may be the best way forward. Uber’s food delivery service, Uber Eats, is doing well. And the company has also been partnering with cities and transit agencies to supplement public transportation.
Article source: https://www.nytimes.com/2019/08/11/business/a-financiers-end-and-uber-hits-the-skids.html?emc=rss&partner=rss
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