Bezos's comments give a rare glimpse into his interest in the auto industry. Amazon recently invested in two self-driving start-ups.Technologyread more
While investing often seems like a contrarian game where going against the flow feels like the better bet, the reality is that investors who bought the most-favored stocks...Hedge Fundsread more
"We are now embarking on a new Long March, and we must start all over again!" Xi Jinping said.Marketsread more
The launch comes as Apple's laptops have been criticized for a keyboard design that users say breaks easily and results in key presses resulting in doubled-up characters or...Tech Driversread more
Craig Irwin of Roth Capital Partners said Apple tried to buy Tesla six years ago for a higher price than where the stock now trades.Technologyread more
The White House has threatened to slap tariffs on apparel and footwear, leading retailers to speak out about how this would hurt business.Retailread more
Connecticut state Sen. Alex Bergstein's divorce case with her husband, Morgan Stanley managing director Seth Bergstein, has exposed her new romantic relationship with her...Politicsread more
Former Facebook executive Alex Stamos said Mark Zuckerberg should hire a new CEO and turn his focus to building products.Technologyread more
As shopping has shifted online and styles have evolved, Ascena has been grappling with sagging sales and a large debt-load. Looking to stem the losses, Ascena is turning to...Retailread more
During the first week of June, Turkey must cancel a multibillion-dollar deal with Russia and buy the U.S.-made Patriot missile defense system or face removal from Lockheed...Politicsread more
Comcast is working on a device to monitor people's health at home, as well as some media and communications services, according to people familiar with the plans.Technologyread more
Amazon's spokesperson told CNBC on Thursday that the bulk of the 25,000 jobs that the company had promised to create in New York City for HQ2 will now go to other corporate offices and tech hubs owned by Amazon across 17 North American cities, including Boston, San Francisco and Vancouver.
New York will still get a small portion of the new jobs created, as Amazon has a huge presence in the city with roughly 5,000 employees. But it's unclear exactly how much of the new jobs will go to New York City, as the 25,000 jobs were scheduled to be created over a 15-year period, the spokesperson said.
The loss of most of the new jobs is a major setback for New York as Amazon's new headquarters and its additional workforce were expected to further accelerate the city's economic growth, especially in certain sectors like technology and advertising. New York Governor Andrew Cuomo previously said the deal would bring in approximately $27 billion in revenue in exchange for the roughly $3 billion incentive package.
"Amazon's decision to withdraw its New York City HQ2 is a setback for the city that illustrates politics and anti-business sentiment can derail economic development despite competitive strengths," said Nick Samuels, VP at Moody's Investors Service.
Amazon announced on Thursday in a stunning reversal that it would cancel its plan for a second headquarters in New York City, following mounting opposition from local leaders and policymakers. The company announced in November that it would create 25,000 "high-paying" jobs over 15 years in Long Island City, an industrial and residential neighborhood of Queens.
Amazon's spokesperson said that the company will continue to create jobs in Seattle as there are multiple new office buildings under construction. It is also committed to creating 25,000 new jobs in Northern Virginia for its other HQ2 location, and 5,000 new jobs in Nashville. There will not be another HQ2 search process to replace New York City, Amazon said in a blog post.