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New Yorkers are reportedly tipping less for takeout orders

As vaccinations rise, restaurant tips are going in the opposite direction, according to a new report.

Credit card data captured by two payment system companies shows that the generous gratuities New Yorkers lavished on restaurant workers throughout the pandemic are starting to wane.

Food delivery workers who had been pocketing tips averaging 16 percent at the height of the pandemic in April 2020 are now seeing tips of closer to 14 percent of each order, according to a New York Times report, which culled data from two payment service providers, Square and Toast.

Andrew Rigie, executive director of NYC Hospitality Alliance, said he’s not surprised that tipping is on the decline. Restaurant workers were hailed as heroes at a time when most workers in the state were ordered to stay home because they were deemed non-essential.

Restaurant workers who prepare takeout orders are getting about 13 percent tips, down from 15 percentGetty Images

But with the economy reopening, they are more likely to be viewed as just another person with a job to do.

“Some people continue to leave extra big tips, but I’m not surprised that as COVID rates go down, more people get vaccinated, and the city reopens, gratuity levels are normalizing,” Rigie told The Post.

There’s also a bright side to the news, he said: “With indoor and outdoor dining now open and the curfew lifted, it also provides an opportunity to earn more tips from more customers, with fewer stresses than working during the height of the pandemic.”

The extent of the decline may be even more severe than reported, in part because some of the most jaw-dropping tips were paid in cash. In February, for example, a YouTuber grabbed headlines by dropping $5,000 worth of $1,000 tips to restaurant workers in hard-hit Chinatown.

Delivery workers in NYC were earning 16 percent tips last year. Getty Images

And in March, New York waiters were reveling in tales of generous diners who were dropping C-notes like dinner mints as indoor dining was finally getting back underway in the Big Apple, according to The Post’s Steve Cuozzo.

“100% of the time, we tip way more than we did b4. Even tip when we pick up food ourselves,” Chinatown furniture gallery owner Jan Lee tweeted at the time.  

But while overall tips are declining, New Yorkers are still more likely to tip quick-service restaurant workers than before the pandemic, the report said.

Before the outbreak, just over 50 percent of Big Apple diners tipped these restaurant employees, but that rose to nearly 70 percent last year and has only dipped to 65 percent as of April 2021, according to the report.

Furious iPhone users say Apple’s latest update is killing battery life

iPhone users who have installed Apple’s latest software update, iOS 14.6, are complaining that it’s draining their batteries — sometimes killing a full charge in mere hours.

Apple customers slammed the company’s Community Forum and Twitter this week with gripes about the May 24 update.

“My battery life on iOS 14.6 is terrible… is it just me or anyone is experiencing this thing too??” wrote one user.

Another chimed in, “after iOS 14.5 and 14.6 updates, my device has been awful. Mostly the battery life. But iOS 14 was a TOTAL TRAIN WRECK.”

Many owners of older iPhone models complained about the update’s destructive impact on battery life.

“The situation is so bad that I can not work with the iPhone 7 for 2 hours and it runs out of charge,” one said.

But the issue is reportedly hitting even Apple’s most recent iPhone models. “14.6 is draining my iPhone 12 Pro battery……………………,” one user wrote.

Apple typically releases major software updates each fall to go with a new iPhone model.WireImage

Another agreed, “you are not alone. The ios 14.6 reduced drastically my iPhone 12 Pro battery life.”

“Come on, Apple—release a fix soon!!!!” another used pleaded.

“Hey @Apple the new iOS14.6 is DESTROYING my battery life. Not even 2.5 hours unplugged with light use and I’m already at half battery,” tweeted @MrClimaCool.

“@Apple your update to 14.6 is killing my battery. Glad to see you are once again forcing people to get new phones. Fix it. #Fail,” wrote @PearlJam2021.

Hey @Apple the new iOS 14.6 is DESTROYING my battery life. Not even 2.5 hours unplugged with light use and I’m already at half battery— Ferny Acevedo (@MrClimaCool) June 4, 2021

“I began having battery performance trouble after the 13.5.1 update last summer, and after the 14.6 update finally accepted that Apple doesn’t intend to fix this issue for existing phones, and had the battery replaced. Nothing else I tried helped, but this seems to have worked,” tweeted @AcqExp.

Apple responded on Twitter, saying, “We can understand wanting more battery life and can assist with what you’re seeing. Which model iPhone are you using? If you check Settings > Battery > Battery Health, what number is there? Let us know in DM, please, and we’ll continue there.”

YouTube channel iAppleBytes found “terrible results” in battery performance with the new update, and demonstrated the battery performance in a video test.

Rather mindlessly ran the @Apple iOS 14.6 update on iPhone this morning. Watch battery totally drained in 5hrs despite only function used was to track 30 minute indoor bike session. Belated search on any reported issues around update show battery drain is widespread 🤦‍♂️— Mike Harris (@MikeHarrisGolf) June 4, 2021

The video shows seven iPhone models running iOS 14.6 as they lose battery power. Five die within five hours.

Two of the earliest models tested, the iPhone SE and the iPhone 6S, died within three hours, while the iPhone SE2020 died in just over three hours.

“This is the still worst battery result I have ever seen on my devices,” iAppleBytes concluded at the end of the video, which was posted on May 24. “Your experience may be different, but this is not something I have seen on a similar scale before. Fingers crossed for a quick iOS 14.6.1…”

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Apple typically releases major software updates each fall to go with a new iPhone model, but it rolls out incremental updates throughout the year to provide new features and patch bugs or other defects.

Apple could reveal its next major update at its annual Worldwide Developers Conference, which is scheduled to run all next week.

Representatives for Apple did not return The Post’s request for comment on the complaints.

Ackman’s Pershing Square in talks to buy 10 percent of Universal Music for $4B

Billionaire investor Bill Ackman confirmed Friday that his blank-check company Pershing Square Tontine Holdings is in talks to buy a 10-percent stake of Universal Music Group for about $4 billion.

The transaction would value the Vivendi-owned Universal Music, which is the home to singers like Taylor Swift, Lady Gaga and Kanye West, at around $42.4 billion, making it the largest target ever for a special purpose acquisition company, or SPAC.

The deal is a structured stock purchase, according to Ackman, and would not result in a merger. As a result, Universal would continue as planned to list on the Euronext Amsterdam exchange in the third quarter of 2021.

French media giant Vivendi is the majority owner of Universal Music, which is the world’s biggest music label. Chinese tech company Tencent is a minority stakeholder.

Universal Music Group, the world’s biggest music label, is home to artists like Taylor Swift and Lady Gaga.Alamy Stock Photo

“Universal Music Group is one of the greatest businesses in the world,” said Bill Ackman, chief executive of PSTH. “Led by Sir Lucian Grainge, it has one of the most outstanding management teams that I have ever encountered,” he continued. “Importantly, UMG meets all of our acquisition criteria and investment principles as it is the world’s leading music company, with a royalty on the growing global demand for music. We are delighted to work with Vivendi on this iconic transaction, and look forward to its consummation.”

In the last year, there has been a frenzy of SPAC deals, but the market has cooled somewhat as the Securities and Exchange Commission has opened an inquiry into the activity in recent months.

Pershing Square’s SPAC has been one of the more closely watched as it raised $4 billion in July 2020 in what was at the time, the biggest listing by a blank-check firm.

Vivendi, which confirmed talks with the SPAC, owns 80 percent of Universal. The company said in May that it had already flagged it could sell an additional 10 percent of the group to a US investor prior to the IPO.

Pershing Square’s SPAC is in talks to buy a 10 percent stake in UMG for approximately $4 billion. Alamy Stock Photo

According to Reuters, bringing in Ackman will diminish the stakes held by Vivendi, at the end of the distribution-in-kind, giving Vivendi 10 percent, Pershing 10 percent, and Vivendi owner Vincent Bolloré 16 percent and the Tencent-led consortium 20 percent.

Vivendi shareholders are set to vote on the deal at a June 22 investor meeting. Meanwhile, even before news of the SPAC, activist hedge fund Bluebell has called on French market watchdogs to examine disclosures around the IPO, Reuters said.

TritonExec accelerates growth with opening of new Miami Office

MIAMI, June 4, 2021 /PRNewswire/ — TritonExec, a global executive search firm specializing in Technology & Professional Services, is pleased to announce the opening of their new Miami Office.Miami will now serve as the company’s US headquarters, led by Partner Natalie Zingo. In addition to the global headquarters in London and offices in New York, Atlanta, and Gurgaon, this new state of the art space expands TritonExec’s physical footprint in the US in support of the company’s growth strategy.”We are very pleased that Natalie will lead our US operations from Miami,” said Jonathan Morris, Co-Founder & Partner of TritonExec. “Natalie and our team bring an impressive track record in C-suite and multi-hire programs across our Technology & Professional Services Practices. Miami has become a major center of commerce, finance and technology, and boasts a strong international business community.”In addition to extending the scope of their US operations, this new office will accommodate the rapid growth of their Fintech Practice. “Miami is fast becoming a hot spot for hyper-growth Technology firms. We are excited to build our business here, supporting our global clients and the local community,” said Partner Natalie Zingo.About TritonExecTritonExec is a global Executive Search Firm who specialize in Technology & Professional Services. With offices in UK, US, and India, TritonExec provide executive search, multi hire programmes and executive level RPO services. Simply put, we enable growth.

View original content:https://www.prnewswire.com/news-releases/tritonexec-accelerates-growth-with-opening-of-new-miami-office-301306083.htmlSOURCE TritonExec

Benzinga's Top Ratings Upgrades, Downgrades For June 4, 2021

Upgrades

According to Argus Research, the prior rating for Diageo PLC (NYSE:DEO) was changed from Hold to Buy. The current stock performance of Diageo shows a 52-week-high of $195.03 and a 52-week-low of $127.12. Moreover, at the end of the last trading period, the closing price was at $192.88.
According to DA Davidson, the prior rating for FormFactor Inc (NASDAQ:FORM) was changed from Neutral to Buy. For the first quarter, FormFactor had an EPS of $0.38, compared to year-ago quarter EPS of $0.33. The stock has a 52-week-high of $52.39 and a 52-week-low of $22.37. At the end of the last trading period, FormFactor closed at $33.31.
According to Stephens & Co., the prior rating for Dick’s Sporting Goods Inc (NYSE:DKS) was changed from Underweight to Equal-Weight. Dick’s Sporting Goods earned $3.79 in the first quarter, compared to $1.21 in the year-ago quarter. At the moment, the stock has a 52-week-high of $101.30 and a 52-week-low of $34.66. Dick’s Sporting Goods closed at $95.77 at the end of the last trading period.
Citigroup upgraded the previous rating for Mirati Therapeutics Inc (NASDAQ:MRTX) from Neutral to Buy. For the first quarter, Mirati Therapeutics had an EPS of $2.67, compared to year-ago quarter EPS of $2.02. The current stock performance of Mirati Therapeutics shows a 52-week-high of $249.42 and a 52-week-low of $91.90. Moreover, at the end of the last trading period, the closing price was at $154.86.
For Wells Fargo & Co (NYSE:WFC), B of A Securities upgraded the previous rating of Neutral to Buy. Wells Fargo earned $1.05 in the first quarter, compared to $0.80 in the year-ago quarter. The current stock performance of Wells Fargo shows a 52-week-high of $48.13 and a 52-week-low of $20.76. Moreover, at the end of the last trading period, the closing price was at $46.46.
According to Wells Fargo, the prior rating for Bank OZK (NASDAQ:OZK) was changed from Equal-Weight to Overweight. Bank OZK earned $1.11 in the first quarter, compared to $0.09 in the year-ago quarter. The stock has a 52-week-high of $45.83 and a 52-week-low of $20.10. At the end of the last trading period, Bank OZK closed at $42.95.
William Blair upgraded the previous rating for Inogen Inc (NASDAQ:INGN) from Market Perform to Outperform. Inogen earned $0.03 in the first quarter, compared to $0.07 in the year-ago quarter. The stock has a 52-week-high of $69.00 and a 52-week-low of $26.57. At the end of the last trading period, Inogen closed at $59.49.
For Penumbra Inc (NYSE:PEN), BTIG upgraded the previous rating of Neutral to Buy. In the first quarter, Penumbra showed an EPS of $0.27, compared to $0.00 from the year-ago quarter. At the moment, the stock has a 52-week-high of $314.22 and a 52-week-low of $163.48. Penumbra closed at $256.66 at the end of the last trading period.
Stifel upgraded the previous rating for Northrop Grumman Corp (NYSE:NOC) from Hold to Buy. In the first quarter, Northrop Grumman showed an EPS of $6.57, compared to $5.15 from the year-ago quarter. At the moment, the stock has a 52-week-high of $378.61 and a 52-week-low of $282.88. Northrop Grumman closed at $366.51 at the end of the last trading period.
UBS upgraded the previous rating for United States Steel Corp (NYSE:X) from Sell to Neutral. United States Steel earned $1.08 in the first quarter, compared to $0.73 in the year-ago quarter. The current stock performance of United States Steel shows a 52-week-high of $29.97 and a 52-week-low of $6.58. Moreover, at the end of the last trading period, the closing price was at $25.89.

See all analyst ratings upgrades.

Downgrades

According to Wolfe Research, the prior rating for ArcBest Corp (NASDAQ:ARCB) was changed from Outperform to Peer Perform. ArcBest earned $1.01 in the first quarter, compared to $0.36 in the year-ago quarter. At the moment, the stock has a 52-week-high of $93.96 and a 52-week-low of $22.18. ArcBest closed at $76.87 at the end of the last trading period.
B of A Securities downgraded the previous rating for Alliance Data Systems Corp (NYSE:ADS) from Buy to Neutral. In the first quarter, Alliance Data Systems showed an EPS of $6.28, compared to $0.75 from the year-ago quarter. At the moment, the stock has a 52-week-high of $128.16 and a 52-week-low of $38.88. Alliance Data Systems closed at $122.82 at the end of the last trading period.
For Pentair PLC (NYSE:PNR), Morgan Stanley downgraded the previous rating of Equal-Weight to Underweight. Pentair earned $0.81 in the first quarter, compared to $0.52 in the year-ago quarter. The current stock performance of Pentair shows a 52-week-high of $70.76 and a 52-week-low of $35.61. Moreover, at the end of the last trading period, the closing price was at $69.57.
Cowen & Co. downgraded the previous rating for Workhorse Group Inc (NASDAQ:WKHS) from Outperform to Market Perform. Workhorse Group earned $1.04 in the first quarter, compared to $0.07 in the year-ago quarter. At the moment, the stock has a 52-week-high of $42.96 and a 52-week-low of $2.73. Workhorse Group closed at $14.77 at the end of the last trading period.
According to Truist Securities, the prior rating for AvalonBay Communities Inc (NYSE:AVB) was changed from Buy to Hold. In the first quarter, AvalonBay Communities showed an EPS of $1.95, compared to $2.39 from the year-ago quarter. The current stock performance of AvalonBay Communities shows a 52-week-high of $213.67 and a 52-week-low of $131.38. Moreover, at the end of the last trading period, the closing price was at $213.10.
Jefferies downgraded the previous rating for Grocery Outlet Holding Corp (NASDAQ:GO) from Buy to Hold. In the first quarter, Grocery Outlet Holding showed an EPS of $0.23, compared to $0.36 from the year-ago quarter. The current stock performance of Grocery Outlet Holding shows a 52-week-high of $48.87 and a 52-week-low of $31.81. Moreover, at the end of the last trading period, the closing price was at $34.43.
Jefferies downgraded the previous rating for Constellation Pharmaceuticals Inc (NASDAQ:CNST) from Buy to Hold. Constellation earned $0.84 in the first quarter, compared to $0.61 in the year-ago quarter. The current stock performance of Constellation shows a 52-week-high of $40.84 and a 52-week-low of $17.00. Moreover, at the end of the last trading period, the closing price was at $33.84.

See all analyst ratings downgrades.

 

Initiations

With a Buy rating, Colliers Securities initiated coverage on Performant Financial Corp (NASDAQ:PFMT). The price target seems to have been set at $10.00 for Performant Financial. In the first quarter, Performant Financial showed an EPS of $0.05, compared to $0.04 from the year-ago quarter. The current stock performance of Performant Financial shows a 52-week-high of $4.12 and a 52-week-low of $0.55. Moreover, at the end of the last trading period, the closing price was at $4.11.
Citigroup initiated coverage on 9 Meters Biopharma Inc (NASDAQ:NMTR) with a Buy rating. The price target for 9 Meters Biopharma is set to $3.00. 9 Meters Biopharma earned $0.03 in the first quarter, compared to $0.09 in the year-ago quarter. The stock has a 52-week-high of $2.26 and a 52-week-low of $0.45. At the end of the last trading period, 9 Meters Biopharma closed at $1.29.
With an Overweight rating, Cantor Fitzgerald initiated coverage on Cerecor Inc (NASDAQ:CERC). The price target seems to have been set at $7.00 for Cerecor. For the first quarter, Cerecor had an EPS of $0.32, compared to year-ago quarter EPS of $0.36. At the moment, the stock has a 52-week-high of $4.50 and a 52-week-low of $1.98. Cerecor closed at $2.73 at the end of the last trading period.
Alliance Global Partners initiated coverage on TRACON Pharmaceuticals Inc (NASDAQ:TCON) with a Buy rating. The price target for TRACON Pharmaceuticals is set to $13.00. For the first quarter, TRACON Pharmaceuticals had an EPS of $0.33, compared to year-ago quarter EPS of $0.78. The stock has a 52-week-high of $12.20 and a 52-week-low of $1.55. At the end of the last trading period, TRACON Pharmaceuticals closed at $6.10.
With an Outperform rating, Baird initiated coverage on Cerence Inc (NASDAQ:CRNC). The price target seems to have been set at $122.00 for Cerence. For the second quarter, Cerence had an EPS of $0.69, compared to year-ago quarter EPS of $0.43. The stock has a 52-week-high of $139.00 and a 52-week-low of $34.23. At the end of the last trading period, Cerence closed at $101.58.
With a Buy rating, UBS initiated coverage on Extra Space Storage Inc (NYSE:EXR). The price target seems to have been set at $168.00 for Extra Space Storage. For the first quarter, Extra Space Storage had an EPS of $1.50, compared to year-ago quarter EPS of $1.24. The stock has a 52-week-high of $154.31 and a 52-week-low of $88.88. At the end of the last trading period, Extra Space Storage closed at $153.78.
UBS initiated coverage on Regency Centers Corp (NASDAQ:REG) with a Neutral rating. The price target for Regency Centers is set to $66.00. Regency Centers earned $0.90 in the first quarter, compared to $0.98 in the year-ago quarter. The current stock performance of Regency Centers shows a 52-week-high of $67.59 and a 52-week-low of $33.29. Moreover, at the end of the last trading period, the closing price was at $66.81.
With a Buy rating, Goldman Sachs initiated coverage on Avantor Inc (NYSE:AVTR). The price target seems to have been set at $40.00 for Avantor. Avantor earned $0.35 in the first quarter, compared to $0.17 in the year-ago quarter. At the moment, the stock has a 52-week-high of $33.99 and a 52-week-low of $16.37. Avantor closed at $30.68 at the end of the last trading period.
With a Neutral rating, Goldman Sachs initiated coverage on Twist Bioscience Corp (NASDAQ:TWST). The price target seems to have been set at $110.00 for Twist Bioscience. In the second quarter, Twist Bioscience showed an EPS of $0.78, compared to $0.85 from the year-ago quarter. At the moment, the stock has a 52-week-high of $214.07 and a 52-week-low of $35.50. Twist Bioscience closed at $96.12 at the end of the last trading period.
Goldman Sachs initiated coverage on Quanterix Corp (NASDAQ:QTRX) with a Sell rating. The price target for Quanterix is set to $53.00. In the first quarter, Quanterix showed an EPS of $0.29, compared to $0.41 from the year-ago quarter. The stock has a 52-week-high of $92.57 and a 52-week-low of $24.22. At the end of the last trading period, Quanterix closed at $53.56.
Piper Sandler initiated coverage on Shift Technologies Inc (NASDAQ:SFT) with an Overweight rating. The price target for Shift Technologies is set to $14.00. In the first quarter, Shift Technologies earned $0.55. The current stock performance of Shift Technologies shows a 52-week-high of $12.34 and a 52-week-low of $6.17. Moreover, at the end of the last trading period, the closing price was at $7.43.
With a Buy rating, HC Wainwright & Co. initiated coverage on Protara Therapeutics Inc (NASDAQ:TARA). The price target seems to have been set at $40.00 for Protara Therapeutics. In the first quarter, Protara Therapeutics showed an EPS of $1.20, compared to $1.81 from the year-ago quarter. At the moment, the stock has a 52-week-high of $67.08 and a 52-week-low of $8.54. Protara Therapeutics closed at $9.26 at the end of the last trading period.
HC Wainwright & Co. initiated coverage on Yumanity Therapeutics Inc (NASDAQ:YMTX) with a Buy rating. The price target for Yumanity Therapeutics is set to $39.00. Yumanity Therapeutics earned $0.85 in the first quarter, compared to $3.47 in the year-ago quarter. The current stock performance of Yumanity Therapeutics shows a 52-week-high of $23.47 and a 52-week-low of $13.52. Moreover, at the end of the last trading period, the closing price was at $15.20.
With an Outperform rating, Oppenheimer initiated coverage on Windtree Therapeutics Inc (NASDAQ:WINT). The price target seems to have been set at $8.00 for Windtree Therapeutics. In the first quarter, Windtree Therapeutics showed an EPS of $0.51, compared to $0.48 from the year-ago quarter. The stock has a 52-week-high of $10.06 and a 52-week-low of $1.58. At the end of the last trading period, Windtree Therapeutics closed at $1.98.
With a Buy rating, HC Wainwright & Co. initiated coverage on C4 Therapeutics Inc (NASDAQ:CCCC). The price target seems to have been set at $63.00 for C4 Therapeutics. C4 Therapeutics earned $0.49 in the first quarter. The current stock performance of C4 Therapeutics shows a 52-week-high of $48.98 and a 52-week-low of $22.40. Moreover, at the end of the last trading period, the closing price was at $38.15.

See all analyst ratings initiations.

Ex-Make-A-Wish Iowa CEO admits to stealing funds meant for sick kids

The former CEO of Make-A-Wish Iowa has pleaded guilty to charges of embezzling tens of thousands of dollars meant to help sick and dying children.

Jennifer Woodley admitted in a written guilty plea last week to the unauthorized use of a credit card for the months-long theft, which began in the summer of 2019.

Woodley, 40, who became president of the Iowa chapter in August 2019, also admitted to giving herself an unapproved bonus and salary increases, and to making false entries in foundation records to cover those expenses.

She pleaded guilty to two counts of first-degree theft and one count of fraudulent practices, all felonies. Under a plea agreement, prosecutors will recommend a sentence of five years of probation, along with fines and restitution, which have yet to be set.

A sentencing hearing is scheduled for July 20.

Woodley’s attorney, Nicholas Sarcone, said he would ask for a deferred judgment at sentencing. If granted, that means the case would be expunged from her record, so long as Woodley completes her probation and the other parts of her sentence.

Two months after Woodley became CEO of the organization, she granted herself a $10,000 bonus that wasn’t approved by the group’s board, according to the criminal complaint.

She also used the organization’s credit card to spend $23,000 on herself during a 10-month span, without reimbursing the group, the charging document said.

Woodley turned herself in to police in January and was released after posting $30,000 bond. 

With Post wires

Google is moving parts of YouTube to its cloud service

Sundar Pichai, Alphabet CEODavid Paul Morris | Bloomberg | Getty ImagesGoogle is moving parts of its popular YouTube video service from the advertising company’s internal data center infrastructure to the company’s cloud service, the head of Google’s cloud said.The effort indicates Google is looking inward as it seeks to expand its share of the growing cloud-computing market and become less reliant on advertisements appearing on its web search engine and other properties.Historically, Google has leaned on its own systems to run its most widely used applications across computer servers in its data centers. The Google Cloud Platform offering has coexisted separately, and Google has not undertaken the effort to migrate its eponymous search engine, for example, to the Google public cloud. But the company’s perspective on the value of having its top products use the cloud just like third-party applications has shifted.”Part of evolving the cloud is having our own services use it more and more, and they are,” Thomas Kurian, CEO of Google Cloud, told CNBC in an interview last month. “Parts of YouTube are moving to Google Cloud.”The change will bring Google more in line with its main U.S. competitors, Amazon and Microsoft.In 2019 Amazon said its consumer business had turned off its final Oracle database in favor of databases from Amazon Web Services, after years of work. Microsoft has sought to make its LinkedIn social network and Minecraft video game more dependent on the company’s own Azure public cloud.The Google Workspace bundle of productivity apps formerly known as G Suite, the Waze navigation app and the DeepMind artificial-intelligence research group all draw on Google cloud infrastructure, Kurian said.YouTube is different. It’s the second largest website on the internet, according to Amazon’s Alexa analytics tool, with over 2 billion users each month. Google bought the property in 2006 for $1.65 billion.Google’s decision to consume public-cloud resources for YouTube and other consumer services might make life easier for the company’s salespeople, who are constantly trying to persuade large companies to try building on the Google cloud or running existing applications on the Google Cloud Platform. Salespeople will be able to say the Google cloud is good enough for the company’s business-critical workloads.That, over time, could boost Google’s cloud revenue. In the first quarter nearly 58% of Google parent Alphabet’s revenue came from the Google Search and Other category, which includes advertising displayed on Google’s web search engine, Gmail, Google Maps and other online destinations it operates. Google’s cloud business, which includes the public cloud and Google Workspace, delivered 7% of revenue but grew faster.The cloud unit has narrowed Alphabet’s operating margin with billions in annual losses for at least three years, but the largest cloud infrastructure provider by revenue, Amazon Web Services, has become a key source of profit.Google held 5% of the cloud infrastructure market in 2019, while Amazon had 45% and Microsoft had about 18%, according to technology industry research company Gartner. Gartner has not released more recent figures.WATCH: Google Cloud’s Thomas Kurian on the future of cloud and Google

Puma Biotechnology Presents Data from the EGFR Exon 18-mutant NSCLC Cohort of the Phase II SUMMIT Trial at the 2021 ASCO Annual Meeting

Puma Biotechnology, Inc. (NASDAQ: PBYI), a biopharmaceutical company, presented interim results from the Phase II SUMMIT basket trial, assessing the efficacy of neratinib in patients with EGFR exon 18-mutant non-small cell lung cancer (NSCLC), including patients with central nervous system (CNS) involvement, at the virtual 2021 ASCO Annual Meeting. The presentation, entitled “Neratinib efficacy in […]

US added 559,000 jobs in May as companies scrambled to hire new workers

The US added 559,000 jobs last month — fewer than the 671,000 expected by economists — as Americans continued to emerge from the pandemic and businesses scrambled to hire new workers, the feds said Friday.

The unemployment rate ticked down to 5.8 percent, according to Friday’s much-anticipated jobs report from the Bureau of Labor Statistics. That’s still far higher than the 50-year low of 3.5 percent reported in February before the pandemic gutted the economy.

Economists expected to see the unemployment rate fall to 5.9 percent.

Mark Hamrick, senior economic analyst at Bankrate, noted that there are a lot of kinks in the economy right now, making for unpredictable data through this summer. A nationwide shortage of workers is likely holding back some of the economic recovery as companies are forced to raise wages, with many still unable to staff up enough to meet surging demand, he noted.

A woman speaks with a potential employer during a job fair at Hembree Park in Roswell, Georgia.REUTERS/Chris Aluka Berry

The new federal data follows a report Thursday from payroll processing firm ADP that showed private-sector hiring picked up at its fastest pace in almost a year in May as companies hired almost 980,000 workers.

Taken together, both sets of data offer some hope that the labor crunch is easing after the economy added just 266,000 new jobs in April.

Some business owners and Republican politicians have blamed the labor shortage on the federal program that provides an extra $300 in additional unemployment benefits every week.

Joe Biden speaks about jobs and the economy at the White House in Washington, DC.REUTERS/Kevin Lamarque/File Photo

Other factors, such as fears of COVID-19 and child-care concerns, are also likely keeping people home economists caution.

But critics of the program say the extra benefits add up to more than what businesses can afford to pay people, particularly for entry level jobs.

Now, 25 states are looking to lure workers back into the labor market by withdrawing early from the federal program, which is set to expire after Labor Day.

People seen in line, resumes in hand, while waiting to apply for jobs during an outdoor hiring event in Las Vegas.AP Photo/John Locher

On top of the labor shortage, the economy is also grappling with a spike in costs that’s ripping across industries and driving prices up all throughout the country.

Federal officials have voiced hope that the inflation is only temporary, but economists have increasingly said it may be here to stay at least through the summer.