<![CDATA[NBC 7 San Diego - Business News]]>Copyright 2018https://www.nbcsandiego.com/news/business http://media.nbcnewyork.com/designimages/KNSD+RSS+Feed+logo+blue.png NBC 7 San Diego https://www.nbcsandiego.comen-usWed, 21 Mar 2018 10:04:11 -0700Wed, 21 Mar 2018 10:04:11 -0700NBC Owned Television Stations <![CDATA[WhatsApp Co-Founder: Time to Delete Facebook]]> Tue, 20 Mar 2018 18:50:29 -0700 https://media.nbcsandiego.com/images/213*120/AP_17069609994890.jpg

Amid the turmoil of the Cambridge Analytica data scandal, WhatsApp co-founder Brian Acton on Tuesday told his Twitter followers to delete Facebook, CNBC reported.

"It is time. #deletefacebook," he tweeted.

Facebook acquired WhatsApp for $19 billion in 2014. Acton remained with the company for several years before quitting to start the Signal Foundation earlier this year. His WhatsApp co-founder, Jan Koum, still leads the company and sits on Facebook's board.

Facebook has come under fire this week after reports emerged that political data analytics company Cambridge Analytica accessed thedata of over 50 million users of the social media network without their permission.

Photo Credit: AP Photo/Patrick Sison, File]]>
<![CDATA[Facebook Security Chief to Leave in Wake of Scandal: Report]]> Mon, 19 Mar 2018 17:40:49 -0700 https://media.nbcsandiego.com/images/213*120/GettyImages-490832273.jpg

Facebook Chief Information Security Officer Alex Stamos is reportedly leaving after disagreements over how the social media network should handle the spread of disinformation, the New York Times reported.

In a tweet, Stamos said he was still employed, but that his role had changed to "exploring emerging security risks and working on election security."

Stamos has been a strong advocate for disclosing Russian activity on Facebook. 

The Times report said that Stamos's roles had been reassigned in December, but Facebook persuaded him to stay on until August. In a tweet, Reuters independently reported that Stamos would leave in August. 

Facebook did not immediately return CNBC's request for comment.

Photo Credit: Win McNamee/Getty Images, File]]>
<![CDATA[Musk Projects Mars Spaceship Ready for Short Trips in 2019]]> Mon, 12 Mar 2018 06:45:21 -0700 https://media.nbcsandiego.com/images/213*120/elonmuskteslawala_1200x675.jpg

Tesla and SpaceX founder Elon Musk spoke Sunday about the timeline for sending a space vehicle to Mars, CNBC reported. 

Musk told the audience at the South by Southwest festival held in Austin, Texas, that the milestone for sending a space vehicle to Mars is as early as next year. The venture, announced in 2017, aims to send a cargo mission to the Red Planet by 2022. SpaceX's ultimate objective is to plant the seeds to put a human colony on Mars.

A flight on SpaceX's BFR rocket system could cost in the $5 to $6 million range. 

The billionaire told the audience that "we are building the first Mars, or interplanetary ship, and I think well be able to short trips, flights by first half of next year."

Photo Credit: Getty Images/Mark Brake]]>
<![CDATA[Claire's Preparing to File for Bankruptcy: Report]]> Fri, 09 Mar 2018 18:20:12 -0700 https://media.nbcsandiego.com/images/214*120/claGettyImages-482282693.jpg

Claire’s Stores Inc., the fashion accessories chain that has apparently pierced more than 100 million ears since 1978, reportedly plans to file for bankruptcy.

The company is about $2 billion in debt, according to a Bloomberg report. Seeking Chapter 11 protection would be a way to keep stores open, at least for now, while executives figure out a longer-term plan.

The company did not respond to requests for comment from Bloomberg and Today.com. 

Photo Credit: Bloomberg via Getty Images]]>
<![CDATA[Toys R Us May Liquidate US Operations: Sources]]> Fri, 09 Mar 2018 05:23:20 -0700 https://media.nbcsandiego.com/images/213*120/909835098-Toys-R-Us.jpg

Toys R Us is considering liquidating its operations in the United States, sources told CNBC.

But the situation remains fluid, according to one of the sources.

In September, the popular toy retailer filed for bankruptcy with nearly $5 billion in debt. It announced in Janurary plans to close up to 182 stores by mid-April as part of its bankruptcy reorganization plans. 

But in February, after a disappointing holiday season, CNBC reported that it was at risk of breaching the covenant on a $3.1 billion loan.

Photo Credit: Scott Olson/Getty Images, File
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<![CDATA[Elon Musk Sides With Trump on Trade With China]]> Thu, 08 Mar 2018 19:16:36 -0700 https://media.nbcsandiego.com/images/213*120/elonmuskchinatrade_1200x675.jpg

The auto executive Elon Musk tweeted that China puts a 25 percent import duty on American cars while the U.S. import duty is only 2.5 percent for Chinese cars, CNBC reported.

Musk added American car companies are not "allowed to own even 50% of their own factory" in China but Chinese auto firms can own their companies in the U.S, CNBC reported.

President Trump has rattled allies across the globe and raised questions at home about whether his tariff on industrial products could affect the American economy.

Photo Credit: Getty Images/Scott Olson]]>
<![CDATA[Here Are All The Forbes Billionaires In Southern California]]> Tue, 06 Mar 2018 16:07:19 -0700 https://media.nbcsandiego.com/images/163*120/money11+mini.jpg

Two live in Riverside County, one in Los Angeles County, and one in Orange County. 

<![CDATA[Here Are All The Forbes Billionaires In Southern California ]]> Tue, 06 Mar 2018 18:05:53 -0700 https://media.nbcsandiego.com/images/213*120/Mexican_Billionaire_Sentenced_for_Illegal_Contributions.jpg

The annual list of the top wealthiest men and women of 2018 is out in Forbes Magazine. Looking at the top 100 billionaires, four of them currently live in southern California. 

First, there's Larry Ellison, who was #10 on the list. The co-founder of Oracle lives in Rancho Mirage in Riverside County. 

Forbes estimates Ellison's net worth at $58.2 billion. 

Next, there's Phil Knight, the co-founder of Nike. He is the 28th richest person in the world, according to the list. 

Knight has a home in the Coachella Valley in Riverside County. 

His net worth is estimated to be $29.6 billion. 

Coming in at #54 on the list is the eccentric CEO of SpaceX and Tesla, Elon Musk. 

SpaceX headquarters is in Hawthorne, California in Los Angeles. Musk lives in Bel Air. 

Musk's net worth is around $19.9 billion. 

Finally, coming in at #80 on the list is Newport Beach resident, Donald Bren. He is the chairman of the Irvine Company, a real estate development business in Orange County. 

His net worth is estimated by Forbes to be at $16.3 billion.

<![CDATA[3 Things Millennials Can Teach About Asking For a Raise]]> Fri, 02 Mar 2018 14:54:37 -0700 https://media.nbcsandiego.com/images/213*120/Working-in-Office.jpg

Millennials are taking the old adage "ask and you shall receive" to heart when it comes to workplace pay, and older generations should take a hint from the willingness of Generation Y to step up.

As NBC News reported, one earning trick that can be learned from millennials is to be more open about salary and talk about what you earn with trusted friends and colleagues. This doesn't mean to go trumpeting what you earn to anyone who will listen but to think strategically about what you share and with whom. Opening up about pay with colleagues you trust can help determine whether or not you’re being compensated fairly and how much your skills are worth on the open market. 

And know your worth. More than half of employers are expecting you to negotiate when they send out an offer letter. So whether you’re evaluating a new job offer or your salary at your current company, pay transparency sites like Glassdoor and PayScale can show you the typical going rate for your position in the city you live in.  Do your research, print out the numbers and get comfortable talking about them. Practice conversations in a mirror or with people you trust.

Know your numbers too. Stefanie O’Connell, author of "The Broke and Beautiful Life," says that millennials aren't afraid to ask for a raise if they have the metrics to back it up.  "If more workers become familiar with the job description and the way success is measured," she says, "there’s no limit to what we can ask for."  

Photo Credit: Billy H.C. Kwok/Bloomberg via Getty Images, File]]>
<![CDATA[McDonald's Reunites With Disney on Happy Meals]]> Wed, 28 Feb 2018 17:26:48 -0700 https://media.nbcsandiego.com/images/213*120/mcdonalds25.jpg

More than a decade after severing ties with the fast food chain, Disney is re-partnering with McDonald’s with plans to bring Disney-brand toys back to children’s Happy Meals.

The two brands originally parted ways at a time when rising childhood obesity was making headlines and sparking concern over the high-calorie kids’ meals typically offered by fast food chains like the iconic McDonald’s Happy Meal.

The chain once known for its cheeseburgers and fries is making efforts to shape up its image and in February announced a revamp of the Happy Meal menu, trading the burgers and chocolate milk for selections lower in calories, sodium, saturated fat and sugar, CNBC reported.

The companies plan to be back together in time for the release of of Disney’s ”Incredibles 2." The burger chain plans to promote "Wreck-It Ralph 2: Ralph Breaks the Internet" in November.

Photo Credit: Getty Images]]>
<![CDATA[Companies That Changed Policy Over Gun Control Debate]]> Fri, 02 Mar 2018 09:05:33 -0700 https://media.nbcsandiego.com/images/213*120/Dicks-Sporting-Goods1.jpg In the wake of the mass shooting that killed 17 at a Florida high school, these companies have responded by announcing changes to their gun sales policies and cutting their NRA discount programs.

Photo Credit: Robyn Beck/AFP/Getty Images ]]>
<![CDATA[If You Have a Citibank Card, You Might Be Getting $200 Back]]> Tue, 27 Feb 2018 09:17:15 -0700 https://media.nbcsandiego.com/images/213*120/CitigroupLogo-GettyImages-168782994.jpg

Citigroup recently announced that it would issue refunds to some 1.75 million credit cardholders who had been charged interest rates that were too high. The refunds will total $335 million, or an average of $190 per account.

Fixing the error was mandated by the CARD Act, legislation introduced almost a decade ago aimed at protecting bank customers, NBC News reported. Prior to the CARD Act’s implementation, a customer unlucky enough to miss a payment could be saddled with a much higher penalty APR for an indefinite — and often long — duration.

Financial watchdogs say this story has a happy ending, but they worry that the White House's open hostility to the Consumer Financial Protection Bureau could diminish enforcement and erode compliance in future cases.

The Bureau’s current director, Mick Mulvaney, appointed by President Donald Trump, has made no secret of his desire to make the agency he leads less powerful. “We do worry that if the cop is no longer on the beat, then companies would have less incentive to be careful about what they’re doing and take aggressive steps to fix problems,” said Lauren Saunders, associate director at the National Consumer Law Center.

Photo Credit: Bloomberg via Getty Images]]>
<![CDATA[Snap Shares Fall 7 Percent After Kylie Jenner Slams Redesign]]> Thu, 22 Feb 2018 14:36:37 -0700 https://media.nbcsandiego.com/images/213*120/kyliejennerevent_1200x675.jpg

Tech giant Snap shares dropped nearly 7 percent on Thursday, after reality star Kylie Jenner tweeted to her 24.5 million Twitter followers that she is no longer using the popular app due to design changes, CNBC reported.

Jenner tweeted: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad."

Soon after Snap lost over an estimated $1 billion in market capitalization.

The new layout first debuted in November and was rolled out gradually. It is a drastically different design from its previous design changes and many users felt it became confusing to use.

Photo Credit: Nicholas Hunt/Getty Images/Huffington Post, File]]>
<![CDATA[Should Hillcrest Have More Parking Spots or Safer Bicycle Lanes?]]> Tue, 20 Feb 2018 18:47:51 -0700 https://media.nbcsandiego.com/images/213*120/DR_HILLCREST_BICYCLE_1200x675_1166115395791.jpg

NBC 7's Danielle Radin talked to people in Hillcrest about a debate that is dividing small business owners in the area and cyclists. 

<![CDATA[Should Hillcrest Have More Parking Spots or Safer Bicycle Lanes?]]> Tue, 20 Feb 2018 19:08:49 -0700 https://media.nbcsandiego.com/images/213*120/Hillcrest_May_Move_Parking_for_Bike_Lanes.jpg

The debate between cyclists and small business owners continues in Hillcrest as the question remains: should there be more parking spots or safety features added to the bicycle lanes in the area? 

Fourth and Fifth Avenues in Hillcrest will soon have protected bicycle lanes, removing roughly 23 to 24 parking spots on the two streets. 

Dozens of business owners in the area are concerned they will lose customers and profits. With a lack of parking in the area already, some are concerned this new development will make them have to move or even shut down. 

“If you went to any of these businesses and said you’re going to lose 24 parking spaces within a block of you, they would immediately think, ‘I can’t stay in business,'" said Benjamin Nicholls, executive director of the Hillcrest Business Association. 

Nicholls said he is for pedestrian safety, but would like to see a parking structure built in the area so that businesses do not suffer. 

“We have fine dining, retail and furniture stores, you’re just not going to go there on a bicycle," added Nicholls. 

The San Diego Association of Governments, or SANDAG, a regional planning agency that is overseeing the project said it is currently in the final design phases of the protected bicycle lanes. Construction is set to start this year. 

“When you’re driving by a bike, they’re sometimes hard to see and they look so easy to hit so you have to be careful,” said Kevin Sneed, a resident of Hillcrest. 

Those for the project say many cars do not stop near the Hillcrest sign at Fifth Avenue and University Avenue.

“I come here every single day on my way to the gym,” said pedestrian Chef Dennis on Tuesday. "And every day I almost see someone getting hit or run over, like myself. Many times I’ve almost been hit.” 

There's also plans to add bicycle lanes to University Avenue. Angled parking would be added on Eighth Avenue and Tenth Avenue. 

"Parking is a major problem with customers around here," said Zia Nasery, a restaurant owner in Hillcrest. "You have to drive four or five times around just to find somewhere to park." 

The project is expected to cost about $13.2 million. 

<![CDATA['Black Panther' Smashed Thursday Night Box Office Records]]> Sat, 17 Feb 2018 21:25:18 -0700 https://media.nbcsandiego.com/images/213*120/blackpanthermoview_1200x675.jpg

Marvel Studios' "Black Panther" has already had a record-breaking night and the movie can expect to triple or more its numbers in the coming week, CNBC reported.

The first solo movie featuring Marvel's African avenger took in over $25 million.

"Black Panther" performed even stronger than expected Friday, bringing the first-day domestic estimate to $75.8 million, according to industry sources.

The Ryan Coogler-directed film stars Chadwick Boseman as Black Panther also featuring Michael B. Jordan and Lupita Nyong'o.

Photo Credit: Matt Kennedy/Marvel Studios-Disney via AP]]>
<![CDATA[Qualcomm, Broadcom Hold Talks Over Revised $121 Billion Bid]]> Thu, 15 Feb 2018 01:26:51 -0700 https://media.nbcsandiego.com/images/213*120/qualcommchipCES2017_1200x675.jpg

Qualcomm Inc top executives met with Broadcom Ltd Wednesday for the first time to confer the revised $121 billion bid as a possible deal, CNBC reported. 

The meeting was attended by Chief Executive Officer Steve Mollenkopf, Chief Financial Officer George Davis and Chairman Paul Jacobs, among others, according to Qualcomm, CNBC reported. 

It is the first meeting since Qualcomm rejected Broadcom's revised cash-and-stock bid of $82 per share last week, CNBC reported. 

Quallcom said the new offer still undervalues it and falls short on firm commitments on regulatory issues, CNBC reported

Photo Credit: Getty Images/David Becker]]>
<![CDATA[Dow Bounces More Than 300 Points Friday]]> Fri, 09 Feb 2018 14:39:52 -0700 https://media.nbcsandiego.com/images/213*120/AP_18037566146805.jpg

The Dow Jones industrial average rebounded more than 300 points Friday, paring deep losses for investors in what still amounted to the worst week in two years.

The Dow ended the day up 330.44 points, or 1.38 percent, closing at 24,190.90. The S&P 500 rallied 1.49 percent to finish at 2,619.55, while the Nasdaq composite added 1.44 percent to close at 6,874.49. The index swung more than 1,000 points in volatile trading Friday.

The Dow and the S&P 500 both lost 5.2 percent on the week, while the Nasdaq shed 5.1 percent as rising interest rates spooked investors. The Dow average experienced two drops of more than 1,000 points and two gains of more than 300 points during this volatile week. At their lows this week, all three major indexes were in correction territory from the record highs reached in January.

The Dow dropped 1,032 points Thursday and the aveage posted its worst point drop in history on Monday, closing 1,175 points lower. Monday's decline of 4.62 percent was also its worst daily percentage drop since Aug. 10, 2011, when it also fell 4.62 percent.

Photo Credit: AP Photo/Richard Drew]]>
<![CDATA[Toys R Us Begins Liquidation Sales Ahead of Store Closings]]> Wed, 07 Feb 2018 14:08:54 -0700 https://media.nbcsandiego.com/images/213*120/Mission-Bay-ToysRUS-GoogleMaps.jpg

Bankrupt Toys R Us has received court approval to move forward with its plans to shutter about 180 stores, under both the Toys R Us and Babies R Us banners, across the U.S.

The liquidation sales at those locations are beginning as soon as Wednesday, the company said. Discounts on items will be as much as 30 percent off, to start. Closures are also set to begin this month and run through mid-April of this year.

As Toys R Us restructures its assets, the company will also refresh a number of existing locations to be co-branded as Toys R Us and Babies R Us stores.

The company said these efforts all have the goal of making Toys R Us "more viable and competitive" in the retail industry today. Toys R Us has lost market share from competitors including Amazon, Target and Walmart, and more toy brands are selling directly to consumers.

Photo Credit: Google Maps]]>
<![CDATA[Stock Indexes End Lower After Wobbly Day]]> Wed, 07 Feb 2018 14:22:14 -0700 https://media.nbcsandiego.com/images/213*120/913495592-NYSE.jpg

Stocks closed lower on Wednesday after trading in a wide range again as interest rates climbed back toward multi-year highs, CNBC reported.

The S&P 500 pulled back 0.5 percent to 2,681.66 after rising as much as 1.2 percent, logging its biggest one-day reversal since February 2016. The Dow Jones industrial average closed 19.42 points lower at 24,893.35, notching its biggest reversal since August 2015. The index rose as much as 381 points and fell as much as 127 points.

Stocks had sold off sharply in the last five days on fears over a coming rise in interest rates, obscure volatility-tracking funds and computer-driven trading.

Photo Credit: Drew Angerer/Getty Images, File
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