The Idaho authorities recently took the first-class passenger into custody after the woman tried to pry open the plan’s emergency door mid-flight. The unidentified passenger was subdued by the flight crew and was later taken to a hospital for a psychiatric evaluation by Idaho Department of Health and Welfare agents.

Passenger Kept Repeating Nonsensical Phrases Before Opening Emergency Door

The event occurred on Monday, during the SkyWest flight 5449 from San Francisco to Boise. According to several eyewitnesses, a passenger seated at the back of the plane started acting in a peculiar manner soon after the plane took off.

One of the passengers told the authorities that the woman kept repeating nonsensical phrases referring to God who holds all the data. At one point, the woman seemed terrified at the thought that she does not hold sufficient data compared to the divinity.

Perhaps one of the most peculiar things uttered by the passenger was that the plane landed sooner than expected in Boise although was far from reaching the destination. At one point, feared seemed to have encompassed the woman, who got up from her seat while screaming that she wanted to die and kept begging someone to get her off the plane.

Reportedly, the woman rushed down the corridor and made her way to the plane’s emergency door which she tried to pry it open while repeating chanting ‘I am God!’. The woman was later restrained by the flight crew.

Scott T. Smith, one of the passengers who witnessed the woman’s odd behavior, declared that he and the rest of passengers kept calm during the incident, as everyone knows that you need to have superhuman strength in order to open the emergency door after the plane has been pressurized.

Image source: Wikipedia

The Indian government announced it would pour $32 billion into the struggling state-controlled banking system by 2020. The bulk of the money would go to the banks via recapitalization bonds, while a small portion would come from the market and budgetary support.

U.S. experts compared India Prime Minister Narendra Modi’s efforts to the U.S. Troubled Asset Relief Program which was rolled out in the context of the 2008 financial crisis.

The new program will not affect the country’s fiscal deficit, expert said, because the amount of the debt is considered as “below-the-line” financing by the IMF. But since the country’s laws require bonds to be included in the budget deficit, we may see them listed separately as off-balance sheet items. The Indian government has done so in the 1990s with the bonds it issued back then.

Lending Unlikely to See Revival

It is highly unlikely that the government’s helping hand would boost lending as local banks need to first get rid of $191 billion in toxic assets before focusing on lending. What’s more, demand has been low in the last two decades, even though 70 percent of banks would like lending to experience a revival. That could help offset the costs of some low-performing loans.

It wasn’t immediately clear how the new bonds would look like and how much they would cost. After the government releases these details, analysts will be able to tell whether India faces a liquidity shortage. If the latest plan revives lending, Indians may have to cope with accelerated inflation, which could put on hold efforts to decrease the policy rate.

Most of the bonds will be likely bought by the banks as it had happened in the past. The funds could be later turned into equity in the long run, which is a win-win situation for bankers.
Image Source: Pixabay

After President Donald Trumps wealth was trimmed by $600 million, he lost 92 spots on Forbes’ annual list of America’s wealthiest people.

The President now holds the 248^th position, with an estimated wealth of $3.1 billion. Forbes unveiled this year’s list Tuesday. In 2016, the president held the 156^th position with a wealth of $3.7 billion.

Forbes investigators had to sift through heaps of public records like financial disclosure forms and interview dozens of persons familiar with the matter to calculate Trump’s net worth, which has been a controversial issue for years.

Trump once said that his fortune stands at $10 billion, but since he repeatedly refused to release his tax returns it is unclear if his claim holds water. Trump is the first U.S. president not to disclose the financial data since Richard Nixon.

Trump Lost Money Last Year

Forbes has been keeping an eye on the President’s wealth since 1982, which marks the beginning of the list. The magazine thinks that the recent loss of wealth can be attributed to a softening in the retail and real estate markets in New York City. Forbes has found that Trump’s Manhattan properties have lost so much value that they slashed his fortune by $400 million. The most affected properties were those located around Fifth Avenue.

Trump also lost some money after heavily investing in his presidential campaign last year. According to official records, the campaign efforts cost him $66 million. And there was also the Trump university scandal which cost him $25 million in legal fees and compensation.

Experts believe that Trump’s numerous golf courses also hemorrhaged money. Yet, the loses have been partially offset by the revenues brought by Trump’s tower in Las Vegas and an office building in San Francisco.

On this year Forbes list, Microsoft boss Bill Gates holds the first spot, with an $89 million net income, and Amazon’s founder Jeff Bezos the second spot, with a net worth of $81 billion.
Image Source: Gage Skidmore/Wikimedia

Germany’s finance chief Wolfgang Schäuble thinks that a larger amount of liquidity and higher global debt can only herald a new financial crisis in the coming years. He added that the world could face “new bubbles” because of the cash central banks have invested in their countries’ economies.

Schäuble is also concerned about instability affecting the European Union mainly because the problem of non-performing loans has not been properly addressed by banks since the last financial crisis.

Schäuble, a longtime Europhile, criticized England’s Brexit vote warning of “demagogues” who claim that we’re paying too much to be part of the E.U. He believes those people helped even more with the European integration.

Germany is facing a rise in the number of rightwing politicians and, as Schäuble will leave his government position to join the German parliament as Speaker, 92 new members of the parliament with right wing views are expected to occupy their seats in the German Bundestag.

World’s Economists Worried about a New Financial Crisis

The outgoing finance minister is expected to assure his European counterparts on Monday that the rise of the Alternative for Germany (AfD), which won 12.6 percent of votes for the German parliament last month, will not affect Germany’s commitment to a liberal democracy.

“There’s no chance Germany will ever relapse into nationalism,”

he told the Financial Times in a recent interview.

He explained that AfD’s backers are just angry at the injustices seen in today’s politics and how the global changes affected them, but we should be more worried about new bubbles in the global economy. Schäuble, who is one of the lead architects of the Greek austerity plan, noted that the world’s experts warn about increased liquidity and public and private debts. He added that he is concerned about these two matters too.
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Netflix said it needs to raise the price for its best-selling plan in the U.S. by 10 percent because it needs more money to create shows that can rival Amazon’s and HBO’s. The price change will affect 53 million people in the United States.

Subscribers of the HD video streaming plan that enables them to watch Netflix shows on two different devices at the same time would have to shell out $11 in the coming months. The price for Netflix’s 4K video streaming service will jump from $12 to $14, which is a 17% increase. The $8 plan that enables users to watch the shows on only one Internet-connected device will not see any price changes.

Netflix announced that the price increase is the first since 2015. Longtime subscribers, however, may disagree with the claim since their prices were frozen when the company hiked rates the last two times.

Original Shows Aren’t Cheap

This time, the video streaming service won’t spare anyone as it said it would start emailing all subscribers about the new prices in mid-October. Subscribers will have 30 days to refuse or accept the changes. They’ll have to either buy a cheaper plan or scrap the service.

Netflix said that the price increases are needed to boost its profit margins, which had to suffer because of massive investments in original shows like “Orange Is the New Black,” “The Crown,” or “House of Cards.”

The original programming enabled the company to secure more Emmy award nominations than any of its competitors except HBO. Between 2013 and 2017, the number of Netflix’s subscribers nearly doubled, which is mainly due to its original shows.

The video streaming network said that original programming didn’t come cheap. This year, the company expects to fork out $6 billion on exclusive TV series. The costs may rise even more as the competition against Amazon, YouTube, HBO, and Hulu is fierce.
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According to a Bloomberg report, Tesla is donating hundreds of solar-powered battery packs to Puerto Ricans affected by power outages in the wake of a major tropical storm.

Authorities confirmed that the tiny island has been facing power supply issues before Hurricane Maria made a landfall last month. Tesla plans to alleviate the troubles with the power grid by sending Powerwalls to the affected areas.

At least 60,000 people were left in the dark when the island’s sole power supplied filed for bankruptcy in spring. In the aftermath of Maria, 3.5 million were left without power. The issue could persist for weeks or even months, officials said.

Generators are being used just for emergency situations like hospitals or police stations. The population will get power back on over the next six months. But Tesla’s battery packs could make residents’ lives a little easier in areas where the electrical grid is being repaired.

Purto Rico Hit By Power Outages

Tesla deployed an army of employees to install the Powerwalls and repair solar panels if any. The company’s generosity may be handy as there is still no power on the U.S. territory.

Without power, cell phone towers are out of service for half a year. Some residents are using gas-based generators, but the fuel is scarce. The government insisted that the problem is caused by supply issues, not a shortage. Every day, residents must wait in line for six hours to refuel as many gas stations are depleted.

The population is running dry on water and food supplies as well. Puerto Ricans cannot shower, flush their toilets, or drink tap water. In other words, the island is struggling with all the common issues triggered by a major storm.

Tesla’s Powerwall is a lithium-ion battery which can be installed in one’s home and store energy generated by rooftop solar panels. The device can even store energy from the grid when rates are good. The battery pack retails for $6,200 in the U.S.
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London regulators have just rejected Uber’s request for a five-year license to operate within the city’s limits. The ride-hailing service will not be (legally) available in the city starting next week.

The Transport For London (TFL) refused to renew the U.S. company’s private hire license which expires Sept. 30. The TFL declined to renew the license amid mounting pressure from licensed cab drivers operating in London.

Business Insider had anticipated the outcome since taxi drivers have always opposed Uber because its on-the-spot drivers put them out of business without having to pay any fees and without any knowledge of the city’s roads.

What’s more, the public is concerned about the many safety issues posed by Uber drivers, with many not trusting the company’s background checks of its partners. There are countless reports of Uber drivers stalking and even sexually assaulting their customers worldwide.

Uber Raises Serious Safety Concerns

Some members of the British Parliament are pushing for a bill to ban the app in the country entirely following reports that the taxi service had failed to report all the instances of sexual assaults on riders. The British MPs recently deemed the firm an “unfit and improper operator”.

The TFL sided with the MPs and argued that the recent refusal is due to Uber’s failure to accurately report “serious criminal offense”. The agency also criticized the company for the way it obtains medical certificates and the Enhanced Disclosure Barring Service (DBS) checks.

Uber will be able to appeal the decision within the next 21 days.

Shortly after the decision was announced, Uber’s GM for London Tom Elvidge criticized the TFL for putting thousands of drivers out of work and stripping millions of Londoners of a convenient means of transport. Elvidge added that the company plans to challenge the decision in court.
Image Source: Pixabay

A group of former Google employees named their latest start-up “Bodega” after the name of the very business they want to destroy. Their plan, however, drew a lot of criticism especially in New York where bodegas are commonplace.

Paul McDonald and Ashwath Rajan say their new concept offers nonperishable goods in an “unmanned pantry box”. While the term may seem so fancy that only a hipster could use, it refers to the good ol’ fashioned vending machine.

Customers will be able to buy the products via a special app. The vending machines will be placed in key locations so the system can beat any two-hour delivery. The company’s owners claim that their system is better even than the half-hour delivery.

McDonald thinks his startup could soon make bodegas obsolete.

Twitterers Are Enraged

The idea in itself sparked a tweetstorm, with people identifying several major issues with the startup. First, the term used to describe the concept – “unmanned pantry box” – is meant to lure in investors for a vending machines-based business. This is one of those ideas that look superb on paper but fail in the implementation phase.

Second, it is hard to believe that a high-tech glass case can replace bodegas. Twitter users argued that bodegas also sell fresh egg sandwiches and allow people communicate, two things an unmanned box would never do.

Can their bodega app make this? I think not. pic.twitter.com/qbKIortMrS

— This Is How I Mom (@howimom) September 13, 2017

Weird that they’re calling this heinous vending machine “Bodega” and not “Gentrification Box” https://t.co/xPCozclRRD

— Tristan Cooper (@TristanACooper) September 13, 2017

What’s more, the startup’s logo is a cat which is a reference to the many cats that populate bodegas. But New Yorkers love cats and don’t want them put out of work:

I don’t understand why they don’t understand that customers get this when they walk into a bodega and it’s awesome. pic.twitter.com/CAeySIFj8z

— Patty (@PattyLibrarian) September 13, 2017

tfw you just heard about Bodega pic.twitter.com/0HVVRaARq4

— Daniel Radosh (@danielradosh) September 13, 2017

also think of all the bodega cats. bodega cat in my old hood had *2* stores. they want to put him out of not one but TWO jobs

— Tracy Clayton (@brokeymcpoverty) September 13, 2017

And last but not least, the ‘Bodega’ could leave without food on the table millions of recent immigrants and their families, which is to say the least heartless.
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Big-box retailers are pressing prepackaged food companies to lower their prices in their efforts to lure in more shoppers.

Campbell Soup Co recently announced that its sales would be badly hit this winter following a failed deal with an unnamed retailer over pricing for its most important product, canned soup.

Campbell’s failed negotiations refer to Walmart, which accounts for 20% of the American canned soup producer. Other retailers including Target and Sprouts Farmers Market are also looking for new ways to attract new customers.

Brick-and-mortar retailers are also concerned that Amazon Inc. may become a success in the grocery business after its acquisition of Whole Foods Market.

Packaged-food producers have experienced lower sales in recent years as customers have become more interested in fresher and healthier food options than older brands. Now, retail giants are making things worse for those companies.

Campbell Chief Executive Denise Morrison recently noted that the retail landscape has changed “dramatically”. Morrison made the comment Thursday after the group reported its eleventh quarter of continual sale declines.

Walmart Eyes 15% Lower Prices 80% of the Time

Campbell unveiled that the current negotiations with retailers focus mainly on promotional pricings and product assortment. On Thursday, the company’s stock slipped seven percent.

Walmart is squeezing lower prices in its effort to become more competitive. The company’s executives want prices to be at least 15 percent lower than other retailers’ 80 percent of the time.

Meanwhile, Walmart is investing millions in the price war, which has taken a heavy toll on its own margins. Walmart is reportedly reducing prices without announcing brands beforehand. When one major retailer lowers prices, brands will have to lower prices when dealing with other retailers as those will add pressure on suppliers as well.

If things continue at this pace, experts expect the degradation of some large, more mature brands for especially struggling products like canned soup.
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Google and Walmart decided to take their rivalry with Amazon to the next step, so they decided to start a partnership which they hope will help them beat their adversary. Near the end of September, Walmart will start selling many of its products on Google Express. Also, Google Home Assistants will support voice shopping from Walmart.

Google and Walmart build a new online shopping alternative

This move will be welcome by thousands of customers, as they have one more alternative to go shopping from the comfort of their couch. If things weren’t already good enough, Google made another exciting announcement. The Google Express fee is gone.

Google used to charge Google Express users a $95 membership fee. Now, the fee is gone. This means they can order anything and get it delivered to their homes for free, as long as they reach the minimum order set by the store.

Intense efforts to overcome Amazon

Google and Walmart picked the perfect time to start a partnership. Amazon currently owns the supremacy of the e-commerce market, with about 43 percent of all online sales which take place in the US. This is given mainly by the Amazon Prime membership and, more recently, by its Whole Foods purchase.

Walmart is the biggest grocery store in the US, but its business is greatly threatened by Amazon. At the same time, Amazon is a threat for Google as well. The company’s inventory became so big that people started using it as a shopping search engine. Besides, Amazon started mingling with online ads as well, which is a bit hit for Google.

Lately, both Google Express and Walmart have started growing, and are making progresses in their fight to take over Amazon. This new partnership might really be successful, by offering people another shopping alternative. Google Express has already been collaborating with Costco and Target, while the chain store greatly increased its inventory and purchased other online shopping platforms.
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