6 Most Important Things in Business Today
The CEO of scandal plagued Samsung will step down. Chief Executive and Vice Chairman Kwon Oh-hyun said the company faced an “unprecedented crisis” and needed new leadership.
The FAA ordered Airbus to inspect engines on all of its largest passenger jets after a serious incident that involved an engine failure. According to MarketWatch:
U.S. air-safety regulators have issued an emergency order requiring airlines to inspect engines on roughly 120 Airbus A380 superjumbo jets world-wide, prompted by an engine that violently broke apart during an Air France flight at the end of September.
The safety directive issued Thursday by the Federal Aviation Administration covers all engines manufactured for Airbus SE A380s by a joint venture comprising General Electric Co. and United Technologies Corp.’s Pratt & Whitney unit. The partnership supplies engines for roughly 60 percent of the global A380 fleet, with Emirates Airline operating the majority of the affected four-engine, double-decker aircraft.
There are more Uber cars in New York than taxis, ending a multi-decade period during which taxis controlled the streets. According to The New York Times:
The ride-sharing app has recently shifted its focus to the city’s other boroughs, leading it to a milestone: More people are using Uber than the city’s fabled yellow cabs.
The head of Amazon.com Inc.’s (NASDAQ: AMZN) studio faces sexual harassment charges. According to Bloomberg:
Amazon.com Inc. put Roy Price, the head of its film and TV unit, on a leave of absence after a producer told the Hollywood Reporter he sexually harassed her, days after a series of similar accusations led to the ouster of Harvey Weinstein as head of the production company he co-founded.
Isa Hackett, who worked on the Amazon Prime Video show “The Man in the High Castle,” told the publication that Price made inappropriate advances to her at an event two years ago. Price couldn’t be reached for comment.
“Roy Price is on leave of absence effective immediately,” Amazon said in a statement. Albert Cheng, chief operating officer of Amazon Studios, has been named interim head of the division, the company said in a separate email.
Bitcoin prices rose again. According to CNBC:
Bitcoin hit another record high on Friday, continuing the rally seen in the previous day amid renewed bullish sentiment from investors.
The price of the cryptocurrency hit an all-time high of $5,856.10 in the early hours of Friday morning, according to data from industry website CoinDesk. But profit taking from investors saw the bitcoin price fall as low as $5,396 in the following hours.
Its market capitalization — the total value of all bitcoin in circulation — hit $97 billion. Bitcoin is up over 480 percent year-to-date.
A public official in Louisiana said the will not buy Ford Motor Co. (NYSE: F) vehicles because the company buys ads on NFL television coverage. CNBC reported:
A sheriff in Louisiana is taking a stand on the issue of whether NFL players should stand for the national anthem. Bossier Parish Sheriff Julian Whittington has told a local Ford dealership his department will stop buying Ford police vehicles as long as the automaker advertises with the NFL.
In a letter to Hixson Ford in Alexandria, Louisiana, Whittington wrote, “Yes, the NFL players have a right to protest as they deem necessary, but we, the Bossier Sheriff’s Office and taxpayers of Bossier Parish have a right to spend our money elsewhere.”
Last year, the Bossier Parish sheriff’s office spent $346,519 buying 14 Ford police vehicles from Hixson Ford. In 2015, the department spent $400,612 buying 15 Ford models at an average price of $26,700.