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TECHNOLOGY
Verizon Oath CEO retires
A senior Verizon executive who has struggled to turn the telecommunications giant into an advertising rival for Google and Facebook will be replaced next month and intends to leave it by the end of the year.
Tim Armstrong, who was the general manager of AOL when Verizon bought his company in 2015, was responsible for the management of Verizon's Oath, which contains AOL and Yahoo.
Armstrong will be replaced on Oct. 1 by K. Guru Gowrappan, president and chief operating officer of Oath, Verizon said Wednesday in a statement. Armstrong will be advising Verizon before leaving at the end of the year.
The announcement comes a year after Verizon finalized its acquisition of Yahoo in an attempt to create a digital advertising giant capable of conquering Silicon Valley. His goal was to use the behavioral data of Internet users to sell highly targeted advertising, especially on video.
But the company has struggled to gain ground. Earlier this year, it closed its brand new proprietary video application, Go90, targeting young audiences with short, shareable clips. And reports last week suggested that Verizon was struggling to muster the kind of user data needed to create a more competitive advertising industry.
Brian Fung
Also in business
McDonald's workers have voted to hold a strike day next week in the restaurants of 10 cities in hopes of lobbying the direction for it to take more drastic action against sexual harassment. Among the main organizers are several women who filed complaints with the US Equal Opportunities Commission in May, alleging widespread harassment of certain McDonald's franchises. The organizers said the strike, scheduled to begin at noon on September 18, would target restaurants in each of the 10 cities.: Chicago; Durham, N.C .; Kansas City, Mo .; Los Angeles; Miami; Milwaukee; New Orleans; Orlando; San Francisco and Saint Louis.
Americans eat more meat imitation. Sales of substitute products to replace all types of animal products are up and now represent a $ 3.7 billion market, according to Nielsen data released Wednesday. The research was commissioned by the Good Food Institute, which represents the plant-based food industry. Sales of imitations of herbal meat increased by 23% during the year, from 11% to 684 million dollars. About one-eighth of all store-bought milk does not come from a cow, but from plants. Yogurt, cheese and non-dairy ice cream rose by more than 40%.
US wholesale prices Last month, the number of cases dropped unexpectedly for the first time since February 2017. The decline suggests that inflationary pressures may be easing despite the strength of the US economy. The Ministry of Labor said Wednesday that its producer price index – which measures inflation before it reaches consumers – fell 0.1% in August after being stable in July. Producer prices rose 2.8% from August 2017. Wholesale prices for services fell by 0.1 percent; commodity prices were stable. If we exclude the volatility of food and energy prices, so-called core wholesale inflation also fell by 0.1% compared to July.
Reports
Coming today
8:30 am: The Ministry of Labor publishes the consumer price index for August.
10 hours: Freddie Mac, the mortgage company, publishes weekly mortgage rates.
14h .: The Treasury releases the federal budget for August.
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