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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 29, 2014
Page
9
FDIC data show U S banks earned 37.2 billion in Q1 down from 40.3 billion a year earlier as higher rates damp mortgage refinancing and mortgage revenue. Long term rates hover near highs while trading income falls and loan balances rise modestly.
Apple announces a 3 billion acquisition of Beats Electronics, paying 2.6 billion in cash and 400 million in Apple stock. The purchase, to close before October, pairs Tim Cook with Jimmy Iovine and Dr. Dre as Apple aims to boost its music profile and youth appeal. Beats generates 1.1 billion in revenue and dominates the high end headphone market.
Google plans a limited rollout of 100 two seat self driving cars on public streets within a year. The vehicles will operate without a wheel gas or brake pedals and will be provided to select operators for testing. Prototypes will be built in Detroit area with no firm cost disclosed. By summer 2015 California regulators must publish rules for driverless use.
Rex Tillerson said U S sanctions against Russia have not affected Exxon Mobil activities in Russia and questioned sanctions as imprecise and ineffective. He noted ongoing Rosneft ties including an Arctic and Siberia exploration and production agreement and said discussions with U S officials support their views at high levels. The piece also covers Target shareholder actions and a PwC led cybercrime survey.
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