News Daypop Archives

American Retailer Sears Files For Chapter 11 Bankruptcy

Sears has filed for Chapter 11 bankruptcy protection, after no longer being able to deal with its massive debt and losses. The company will close 142 stores before the end of the year and its CEO, Eddie Lampert, will step down, though he will remain its chairman. Lampert has blamed the company’s decline on the media, shifts in consumer spending, and the rise of e-commerce, among other reasons. In a statement on Monday, Lampert said: “Over the last several years, we have worked hard to transform our business and unlock the value of our assets.” Lampert said that Sears and Kmart stores “remain open for business” towards the holiday season, and that the bankruptcy process will allow the chain to “strengthen its balance sheet,” to “accelerate its strategic transformation,” and ultimately to “return to profitability.” Sears once dominated the American retail landscape. The company started out as a mail order catalog in the 1880s, but has lagged behind its competition and has incurred massive losses over the years. The operator of Sears and Kmart stores joins a growing list of retailers that have filed for bankruptcy or liquidated in the last few years.  ...Read more

President Trump’s Lawyers Preparing To Answer Questions In Russia Probe

On Thursday, sources close to the matter said that President Donald Trump’s lawyers are preparing answers to questions for the U.S. special counsel probing Russian interference in the 2016 U.S. presidential election. This new development appears to show progress after several months of talks between the special counsel, Robert Mueller, and Trump’s legal team in connection with the president answering questions in the investigation. President Trump’s attorney, Rudy Giuliani, said last month that Mueller wanted the president to commit to a follow-up interview to any written questions, which Trump’s legal team was resisting. But sources now say that Mueller is willing to accept written answers to questions without a commitment from Trump’s lawyers over what comes next. ...Read more

Hurricane Michael Death Toll Rises And Many Florida Residents Are Left Homeless

Hurricane Michael has left damage and destruction in Florida, where many homes have been destroyed. The storm also has brought flash flooding to hurricane-weary parts of North and South Carolina and Virginia. Florida’s Panhandle is a disaster zone after Michael brought catastrophic winds, heavy rain and devastating storm surge. Some of the worst damage was in Mexico Beach, where the hurricane crashed ashore Wednesday as a Category 4 monster with 155 mph winds and a storm surge of 9 feet. Michael was the third-most powerful hurricane ever to make landfall in the U.S. mainland, and the storm has been blamed for at least six deaths. As of Thursday evening, more than 900,000 homes and businesses in the Southeast had no electricity. Michael hit North Carolina and South Carolina as a tropical storm with heavy downpours and and threats of tornadoes.  ...Read more

Hurricane Michael Weakens To Tropical Storm As It Heads Across Georgia

The National Hurricane Center said Hurricane Michael weakened to a tropical storm Thursday, with 50 mph winds as it moved across Georgia. The eye of the storm was 30 miles west of Augusta, Ga., as of the NHC’s 5 a.m. EDT update. The storm was moving northeast at 21 mph with maximum sustained winds of 50 mph. Yesterday when it made landfall in the Florida Panhandle, Michael sustained 155 mph winds, 2 mph shy of a Category 5 storm. Storm surge watches are in effect from the Ocracoke Inlet to Duck in North Carolina. Michael is expected to head northeast through Georgia, South Carolina, North Carolina and Virginia on Thursday as a tropical storm. However, forecasters warn that Michael could intensify again when it reaches the Atlantic Ocean late Thursday or early Friday. Additionally, the NHC forecasts up to 7 inches for eastern Georgia and the Carolinas up to southern New England. Isolated areas could get 9 inches and life-threatening flash floods, and isolated tornadoes are possible Thursday in South Carolina, North Carolina and Virginia. ...Read more

Dow Drops More Than 800 Point In Worst Day Since February

U.S. stocks slumped to close sharply lower Wednesday as the Dow Jones Industrial Average sank more than 800 points and the S&P 500 had its worst day since February as technology stocks went into freefall. The Dow Jones Industrial Average went down 831.83 points, logging its worst one-day drop since February. Meanwhile the S&P 500 index lost 94.66 points, falling for its fifth straight day, the longest losing streak since November 2016.  Market action has been adversely affected by higher bond yields and interest rates, both of which could signal a new phase in post-crisis markets that have enjoyed a protracted period of ultra-low yields.  ...Read more

Hurricane Michael Upgraded To Category 3 As It Approaches Florida’s Gulf Coast

Hurricane Michael strengthened to a Category 3 storm on Tuesday as it headed toward Florida’s northeast Gulf Coast. By the time the storm makes landfall, it could be near Category 4 strength, forecasters said, bringing with it catastrophic storm surge, torrential rain and heavy winds. “Hurricane Michael is forecast to be the most destructive storm to hit the Florida Panhandle in decades,” Gov. Rick Scott warned on Tuesday. The storm is expected to move across the eastern Gulf of Mexico through Tuesday and make landfall in the Panhandle on Wednesday afternoon, according to the National Weather Service. By Tuesday afternoon, Michael’s top sustained winds had risen to 120 mph, and the National Hurricane Center said some additional strengthening is expected before Michael hits Florida. Governor Scott on Tuesday morning urged residents in the path of the storm to evacuate, saying the effects of the storm would start well before landfall. ...Read more

UN Ambassador Nikki Haley Resigns; To Leave Post At End Of Year

President Donald Trump announced on Tuesday that US Ambassador to the United Nations Nikki Haley has resigned, and will be leaving her position by the end of the year. Appearing together in the Oval Office, Trump praised Haley as a “fantastic person” who has “done an incredible job” and said he would gladly welcome her back into his administration down the line. The President said that Haley had informed him about six months ago that at the end of a two-year period on the job, she’d want to take a break,  but the announcement caught many White House officials by surprise. Haley said she was leaving because she needed to take time out after an intense six years as governor of South Carolina, directly followed by two years at the U.N. President Trump has a working list of contenders to succeed Haley, according to senior White House officials. The President said he plans to name a successor for the US’s top diplomatic post at the United Nations in two to three weeks. Among the names floated as possible replacements for Haley are: Trump’s former deputy national security adviser Dina Powell, US Ambassador to Germany Richard Grenell and senior adviser and daughter of the President, Ivanka Trump. ...Read more

President Trump Says He Has No Plans To Fire Justice Department’s Rosenstein

President Donald Trump said he had a “good talk” on Monday with Deputy Attorney General Rod Rosenstein, the Justice Department official in charge of the federal investigation of Russian meddling in the 2016 presidential election, and has no plans to fire him. There has been widespread speculation that Trump might fire Rosenstein after a New York Times report that he had made negative remarks about Trump and offered to record conversations with him. Rosenstein traveled with Trump on Air Force One to Orlando on Monday, and Rosenstein was seen smiling as he walked down the front stairs of Air Force One alongside Trump’s chief of staff, John Kelly. Rosenstein oversees Special Counsel Robert Mueller’s Russia investigation. Russia denies interfering and Trump says there was no collusion between his campaign and Moscow. ...Read more

Google+ Shutting Down After User Data Exposed

Google said on Monday that it is closing it’s “Google Plus” social network following the discovery of a software glitch this past spring that may have exposed user information of up to 500,000 customers between 20015 and 2018. Ben Smith, Google’s vice president of engineering, confirmed in a blog post the company had detected a “bug” in March that impacted the profiles of as many as 500,000 Google Plus users. While it immediately fixed the security flaw, Google executives opted not to disclose the problem at the time because they feared trouble from regulators after the criticism encountered by Facebook over its privacy issues. The Google Plus data potentially exposed includes names, email addresses, occupations, dates of birth, genders and profile photos. According to Google, 438 third-party applications may have used the application programming interface that allowed possible access to the data. The company will wind down the Google Plus network during a 10-month period expected to be done by the end of next August. Meanwhile, news of the shutting down of Google Plus sent shares down $9.35, or 0. 8 percent, to $1,148.00, on Monday. ...Read more