The Associated Press
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People pass by Samsung Electronics’ shop in Seoul, South Korea, Wednesday. Samsung’s founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year’s death of chairman Lee Kun-Hee.
SEOUL, South Korea Samsung’s founding family will donate tens of thousands of rare artworks, including Picassos and Dalis, and give hundreds of millions of dollars to medical research to help them pay a massive inheritance tax following last year’s death of chairman Lee Kun-Hee.
The Associated Press
NEW YORK American Express Co. saw its first-quarter profits rise sharply, but the company saw a significant drop in revenue as fewer customers used their credit cards and those with balances paid down debt.
The New York-based company said it earned a profit of $2.24 billion, or $2.74 a share, compared with a profit of $367 million, or 41 cents a share, in the same period a year earlier. This quarter’s results included a one-time $675 million benefit from AmEx’s loan-loss reserves. Like other financial companies, AmEx set aside funds to cover potentially bad loans in the pandemic, but as the economy has improved, those funds are coming out of those rainy day funds and returned to shareholders.
The Associated Press
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Sen. Lisa Murkowski, R-Alaska, greets Transportation Secretary Pete Buttigieg before a Senate Appropriations Committee hearing on Capitol Hill, Tuesday in Washington.
WASHINGTON A group of Senate Republicans on Thursday unveiled a public works proposal with a much smaller price tag and a narrower definition of infrastructure than what President Joe Biden has proposed, highlighting the stark differences between the two sides that will be difficult to bridge in the coming months.
The price of the Republicans’ two-page outline came in at $568 billion over five years, compared to the $2.3 trillion that Biden has called for spending over eight years. The lawmakers framed their counter proposal as a “very, very generous offer.”
The Associated Press
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This Aug. 13, 2020 photo shows a logo for Netflix on a remote control in Portland, Ore. Netflix’s rapid subscriber growth is slowing far faster than anticipated
SAN RAMON, Calif. Netflix’s pandemic-fueled subscriber growth is slowing far faster than anticipated as people who have been cooped at home are able to get out and do other things again.
The video-streaming service added 4 million more worldwide subscribers from January through March, its smallest gain during that three-month period in four years.
The performance reported Tuesday was about 2 million fewer subscribers than both management and analysts had predicted Netflix would add during the first quarter.
The Associated Press
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This 2019 file photo shows a sign bearing the company logo outside a Tesla store in Cherry Creek Mall in Denver.
DETROIT The fiery crash of a Tesla near Houston with no one behind the wheel is drawing scrutiny from two federal agencies that could bring new regulation of electronic systems that take on some driving tasks.
The National Highway Traffic Safety Administration and the National Transportation Safety board said Monday they would send teams to investigate the Saturday night crash on a residential road that killed two men in a Tesla Model S.
Local authorities said one man was found in the passenger seat, while another was in the back. They’re issuing search warrants in the probe, which will determine whether the Tesla’s Autopilot partially automated system was in use. Autopilot can keep a car centered in its lane, keep a distance from cars in front of it, and can even change lanes automatically in some circumstances.