Home Business and Economics This Week In Business: Airbus, Facebook, and More

This Week In Business: Airbus, Facebook, and More

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Airbus Seeks More Partners

Airbus’ defense division is currently seeking new partners. They want to expand their growing presence in the US space market. They could also help build parts for a lunar program. Currently, they are ramping up production on nearly 640 large sized satellites. In addition, they are producing components for their European Support Module.

Airbus has long wanted to expand into the US market. However, they lost a key refueling plane contract to Boeing. Airbus is hoping that the new space market will launch them into the US market. Right now, there is only one company in talks with Airbus, but no decision has been made.

Facebook Launches New Cryptocurrency

Facebook recently announced Libra, their own take on a cryptocurrency, on Tuesday. This new global cryptocurrency has links to 28 different companies, including Paypal, Mastercard, and Uber. All of these companies form the Libra Association, which govern the new currency.

In addition, Facebook created Calibra, which will facilitate purchases with Libra. This new subsidiary will link digital wallets to Facebook, WhatsApp, and Messenger. Facebook also expects this system to launch in the first half of 2020.

Oil Prices Fall 1%

Oil prices fell nearly 1% on Monday. This comes after more bad economic figures from China hinted at low oil demand. In addition, prices have fallen nearly 20% since April, where there was a world high. Brent crude futures fell to $60.94 a barrel. In addition, U.S. West Texas Intermediate crude futures fell to 51.93 a barrel.

US Settles Antitrust Charges

The US Justice Department recently settled charges with CBS, Cox, Fox, and more. The companies were charged with sharing competitively sensitive information. “All five companies are alleged to have engaged in unlawful information sharing among their owned broadcast television stations,” the department said.

KPMG Fined $50M

US firm KPMG agreed to pay a $50M fine after prosecutors found out that former employees used stolen information to change audit work. Because of this, KPMG admitted to the charges and agreed to pay the fine. The fine is one of the largest that the SEC has imposed. However, the firm and any other involved parties will continue to be investigated.

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