Amazon stock drops from Trump threat
The market value of Amazon.com Inc. fell by more than $30 billion Wednesday after a report that President Donald Trump is “obsessed” with the e-commerce giant and wants to “go after” the company.
News site Axios reported that Trump brings up Amazon when discussing tax policy and antitrust cases. The president reportedly hears from real estate friends that the online giant is destroying shopping malls, mom-and-pop stores and brick-and-mortar retailers – and he believes them.
According to an unidentified source that spoke to Trump, the president has “wondered aloud if there may be any way to go after Amazon with antitrust or competition law,” Axios reported.
Trump’s ire has also extended to The Washington Post, which is owned by Amazon CEO Jeff Bezos. The president has frequently referred to the Post as the “Amazon Washington Post.”
Amazon stock fell $65.63 per share, or nearly 4.4 percent, to close Wednesday at $1,431.42.
BMW, Daimler join forces in car-sharing
FRANKFURT, Germany – The German carmakers Daimler and BMW said on Thursday that they will merge their car-sharing businesses as they try to compete better with Silicon Valley companies out to upend the traditional automotive industry.
Daimler, the maker of Mercedes-Benz cars, and BMW said they would put their respective mobility services – an array of apps and services that provide transport options for people who may not own cars – into a joint venture in which they will own equal shares.
The alliance is a major departure for BMW and Daimler, longtime rivals for the affections of affluent car buyers. Along with Volkswagen’s Audi division, the pair dominate the global market for luxury vehicles. Still, they are in danger of being overwhelmed by the superior financial firepower of new competitors from the tech world. Alphabet, Google’s parent company, which has invested in autonomous car technology, has a stock market value ten times Daimler’s.
In addition to BMW’s DriveNow and Daimler’s Car2Go, which are like rental agencies but allow customers to book on short notice and use cars for brief periods, the agreement announced on Wednesday includes services that help customers hail taxis, find parking spots, and charge electric vehicles.
“As pioneers in automotive engineering, we will not leave the task of shaping future urban mobility to others,” Daimler CEO Dieter Zetsche said.
Massachusetts cancels hydro-electric project
Massachusetts abandoned plans Wednesday to get its clean energy from a $1.6 billion hydropower project, dealing a blow to a proposal that has sparked controversy in New Hampshire over plans to deliver the power through nearly 200 miles of transmission lines across the state.
The Massachusetts Office of Energy and Environmental Affairs said it will reverse course and terminate the earlier selection of Eversource’s Northern Pass project. The state will instead move toward an agreement with New England Clean Energy Connect, a hydropower project proposed by Central Maine Power Co. Both projects would get their hydropower from Canada.
There have been concerns about the viability of the project after New Hampshire regulators rejected it in February. Concerns were raised about negative impacts on the tourism industry and local businesses.
Santee Cooper chided for lobbying efforts
Saying it’s “egregious” that a state-owned utility lobbied against its own sale following a multibillion dollar nuclear construction debacle, South Carolina’s governor on Wednesday called on Santee Cooper to halt its lobbying efforts and instead focus on securing the most economic rates for its customers.
“This must end,” Gov. Henry McMaster said. “It is not in the best interest of the ratepayers, and it is an egregious situation, which I call for a stop to right now, at this moment.”
McMaster has long railed against Santee Cooper, co-owner in the now-defunct effort to build two new reactors at the V.C. Summer Nuclear Station. Shortly after the $9 billion project’s failure last summer, the governor began trying to recruit someone to buy the utility. McMaster has said he could recoup some of the $4 billion Santee Cooper sunk into the project by selling the utility – and potentially getting the buyer to restart construction of the reactors.