Oath is new name for AOL-Yahoo combined company
Verizon plans to combine AOL and Yahoo into a new company called Oath, after completing the acquisition of Yahoo. AOL chief executive Tim Armstrong confirmed the move on his personal Twitter account ahead of a planned publicity campaign. The tweet read: “Billion+ Consumers, 20+ Brands, Unstoppable Team. #TakeTheOath. Summer 2017.” However, the new name is already being ridiculed online, with one site saying, “At least it’s better than Tronc.” Tronc, formerly known as Tribune Publishing, is a US company which owns the Los Angeles Times, Chicago Tribune and other newspaper titles. Verizon is buying Yahoo’s internet business for about $4.8bn (£3.6bn) in cash. The deal is expected to close in the current quarter. The remaining parts of Yahoo, which includes its 15% stake in Alibaba and Yahoo Japan, will be called Altaba.
Eurozone unemployment rate drops to near eight-year low
The eurozone’s unemployment rate has continued to fall, dropping to a near eight-year low in February. Figures from the Eurostat agency showed the jobless rate fell from 9.6% in January to 9.5% – the lowest since May 2009. The lowest unemployment rates were in the Czech Republic (3.4%) and Germany (3.9%), while the highest were in Greece (23.1%) and Spain (18%). France, the second-biggest economy in the eurozone, was stuck at 10%. At the height of the financial crisis, unemployment in the eurozone peaked at 12.1%.
‘Pink Star’ diamond sells for record $71.2 million at auction
A rare diamond known as the Pink Star has been sold in Hong Kong for more than $71m (£57m), setting a new world record for any gemstone at auction. The oval-shaped 59.6 carat stone was bought after just five minutes’ bidding at Sotheby’s, reports said. It is the largest polished diamond in its class to go under the hammer. It sold for $83m in Geneva in 2013 but the buyer later defaulted. The record until now was held by the Oppenheimer Blue, which sold for $50m last May. Bidding for the gem, which was found by De Beers at a mine in Africa in 1999 and cut over a period of two years, began at $56m. Sotheby’s said the buyer was Hong Kong jewellery retailer Chow Tai Fook Jewellery. Alexander Breckner, head of diamonds at jewellers “77 Diamonds”, told the BBC that the stone was exceptional. “It’s the largest pink diamond ever found in the history of humankind. It’s an incredible colour to it. “And the sheer size of the stone already makes it so rare and so beautiful.”
Mobile banking is saving us ‘billions’ in charges
Mobile banking has changed the way we manage our money for good, and is saving us billions in bank charges, tech start-ups say. Charlie Kingston, a 22-year-old software engineer based in London, banks with mobile-only newcomer Starling Bank. “I joined a mobile bank to get more control over my money,” he says. “The in-app ‘pulse’ gives me a quick and insightful overview about how I’m spending and the real-time alert really helps me to keep on top of things.” International money transfer service Azimo says Europeans could be saving up to £7bn a year in financial fees because mobile banking apps are helping them switch money more quickly and avoid overdraft charges. Two-fifths of UK consumers say they have avoided up to £100 in debt or charges by using tech to manage their money.
Tesla’s market value overtakes Ford
Tesla’s stock surged nearly 6% on Monday to an all-time high after the maker of electric cars reported strong sales of its Model S and Model X vehicles. Ford’s shares sank 3% following a weak sales report for March. As a result, Ford’s (F) market value is about $45 billion, while Tesla’s (TSLA) has climbed to almost $48 billion. Tesla also inched closer to GM (GM), whose stock fell 4% after it reported both a sales increase that was well below forecasts and higher inventories. GM’s market value is $50.8 billion. And Tesla is inching closer to Japan’s Honda (HMC). It’s worth about $54 billion. Shares of GM and Ford are now both lower for the year, while Tesla’s stock has soared more than 35%. Tesla doesn’t sell nearly as many cars as Ford, GM or Honda — or other auto giants like Fiat Chrysler (FCAU), Toyota (TM) and Volkswagen (VLKAF). Tesla said Sunday that it sold about 25,000 of its Model S and Model X vehicles worldwide in the first quarter. Ford sold more than 617,000 just in the United States. GM sold nearly 690,000 cars and trucks in the first three months. And Tesla, unlike GM and Ford, is still losing money. It’s expected to report a loss for the next few quarters and all of 2017.