Chriss W. Street

Chriss W. Street

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Saudi Arabia Has World’s Worst Negative Cash Flow

Saudi Arabia is still rich, but they are burning through their foreign reserve cash at a record pace due to lower oil prices and an unwillingness to cut the domestic spending that ensures the survival of the royal family. With the nation hemorrhaging cash, Saudi Arabia’s total foreign reserves fell by 5 percent, or $36 billion in just the last two months.

AP Photo/Ng Han Guan

Tesla’s Energy Battery Back-Up System Finally Unveiled

Tesla Motors Inc. CEO Elon Musk unveiled a line of home and industrial battery packs at an event late Thursday afternoon. Musk said that Tesla is “trying to change the fundamental energy infrastructure of the world.” Although the system announced appears favorable compared to the numerous competitor’s battery solutions currently offered, Tesla’s high reliability stand-by power is much more expensive than generators and has a commercially unfavorable investment recapture period of eight to ten years.

Soros (Associated Press)

George Soros to Enjoy ‘Shared Sacrifice’ of Paying $6.7 Billion Tax

George Soros is often called the “Godfather of the Left” for supporting a worldwide network of progressive causes with over $550 million in donations. But the world’s 27th wealthiest person–according to Forbes–with a net worth of about $30 billion has allegedly used tax deferral to prevent paying any taxes on $13.3 billion profit. Now, according to an Irish regulatory filing by Soros, he will soon be enjoying the shared sacrifice of paying a 50 percent tax that will wipeout a quarter of his net worth.

AP Photo

Lawyers That Won NCAA Anti-Trust Case May Receive $50 Million Fee

U.S. Judge Nathanael Cousins, at a San Jose hearing on Wednesday, called the ground-breaking case against the National Collegiate Athletic Association (NCAA) an “adventurous and risky lawsuit.” The judge signaled he is likely to award the $50 million requested by plaintiffs’ lawyer Hausfeld LLP, who won what Cousins called “the most significant antitrust case of the era.”

Airbnb Pride (Quinn Dombrowski / Flickr / CC)

Airbnb Calls SF Led Union Ballot Measure a ‘Trojan Horse’

In response to San Francisco’s new vacation-rental law to allow unlimited short-term rentals when a host is present, a powerful group of unions, landlords, housing activists and traditional hotels are preparing a November ballot initiative to severely constrict Airbnb and other “sharing economy” companies’ ability to help individuals secure short–term rentals from part or all of their homes or apartments.

California Pumpjack (Joel Pollak / Breitbart News)

US GDP Temporarily Stalls Out, Similar to 1986 Oil Crash

U.S. economic growth stalled out in the first quarter of 2015 as the domestic energy boom caused a short-term collapse in capital spending, large lay-offs in the oil industry, and a 15 percent jump in the exchange rate of the US dollar. A pattern of slowing GDP just before a consumer spending boom takes off is consistent with what happened the last time a big rise in U.S. crude oil production tanked gasoline prices beginning in 1986.

AP Photo

CA Native Americans help ‘i-Poker’ Bill Move to Legislative Vote

The Assembly Governmental Organization Committee voted unanimously this week in favor of advancing AB 431. The positive vote marks the first time that the legislature has moved a digital gambling bill towards a floor vote that could allow widespread sponsorship by Native American casinos, horse tracks and poker of online gambling.

Long Beach Port (Jae C. Hong / Associated Press)

Teamsters Crank Up Labor Strife at LA, Long Beach Ports

Despite a continuing backlog of freight following the nine months of bitter labor strife between the Pacific Maritime Association and members of the International Longshore and Warehouse Union(ILWU), who settled their disputes two months ago, the International Brotherhood of Teamsters has started a

Fake Apple watches in China take a bite out of latest technology

Apple Earnings Powered by Rise of China’s Middle Class

Apple’s earnings vaulted by 27.5% for the first three months of 2015 compared to the same period last year, on the phenomenal Chinese sales driving profit margins for the iPhone 6. The virtuous smartphone tailwind and buzz about the Apple Watch spiked store traffic that also goosed Mac sales. With an operating margin of over 30 percent and $194 billion in the bank, Apple deserves to be the world’s most valuable company.

Corinthian Everest (Jose Luis Magana / Associated Press)

Corinthian Colleges Shut Down with 1.2 Billion in Student Debt

Corinthian Colleges is officially shutting down all of its remaining 28 ground campuses, displacing about 16,000 students. The action comes less than two weeks after the U.S. Department of Education announced it had fined the for-profit institution $30 million for misrepresentation. According to the Colleges’ latest SEC filings, their schools generated $1.2 billion in government loans last year.

AP Photo/Charles Dharapak

Report: Russian Hackers Read Obama’s Emails

After a week of vigorous denials, the New York Times just reported President Barack Obama’s email correspondence was captured by Russian cyber-hackers last year in a breach of what the White House is calling its “unclassified computer system.” The breaches

Marcio Jose Sanchez/AP

Apple Watch: Mixed Response from First Customer Deliveries

Friday marked the beginning of the Apple Watch era, as worldwide pre-order customers received their first official deliveries. Many who ordered on the April 10th launch date expected the Watch would expand those cool little human interface experiences Apple mastered for laptops and phones. But some are complaining that this evolutionary device is just a complicated and annoying wrist-mounted iPhone notification display.

TurboTax (Mike Mozart / Flickr / CC)

Potential TurboTax Class Action Lawsuits Allege Mass Online Tax Fraud

Millions of TurboTax users will be troubled by a lawsuit that was filed Monday in San Francisco against Intuit, Inc. claiming that when the firm knew TurboTax’s lax software security protections were allowing a huge spike in tax refund theft, TurboTax failed to correct weaknesses or notify customers about ongoing risks.


NASDAQ Hits New High, After 15-Year Recovery

15 years after the Dot-Com Bubble burst, the Nasdaq Composite Index leapt by 20.89 points, or 0.4%, to close at 5056.06 on Thursday, a record high. The strength of the index is being driven by the Silicon Valley 150 tech companies that have provided the juice to lift the NASDAQ by 6.8%, despite U.S. stock performance trailing major world markets.

AP Photo

SCOTUSblog: Cal Raisin Farmers Had a Good Day at the U.S. Supreme Court

The U.S. Supreme Court held oral arguments on April 22 regarding the constitutionality of a federal law that requires raisin farmers to transfer a portion of any raisin crop surplus to the federal government at a severe discount, or pay a fine. The law was passed during the Great Depression as a “New Deal” for agriculture to keep prices up. But the farmers call the law an “illegal taking” under the Fifth Amendment–and they appeared to have a very good day in Court, according to the SCOTUSblog.

Airbnb Pride (Quinn Dombrowski / Flickr / CC)

California Plans to Tax Airbnb; Company Fights Back

For California cities and counties, Transient Occupancy Tax (TOT) for short-term hotel rentals rose from $1.38 billion in 2010 to $1.67 billion in 2012. Collection of the 13 percent average tax on short-term occupancies would have been much higher, except that Airbnb online rentals has never collected a dime. Now, State Senator Mike McGuire (D-Healdsburg) os pushing Senate Bill 593 legislation to require “online vacation rental sites” to collect TOT and report big data–such as number of guests or length of stay– to cities and counties. And Airbnb and hosts are warning about consumer privacy.

Clear app (Screenshot /

‘Clear’ App Purges Tweets Before they Purge your Career

Going “clear” is in this year. First as a perfect score for horse jumping; then in Alex Gibney’s Going Clear: Scientology and the Prison of Belief, which premiered at the Sundance Film Festival; and now as the new project of Ethan Czahor, who had to resign as Chief Technical Officer (CTO) of the Jeb Bush Presidential campaign over some nasty old offensive tweets. Czahor has just launched a new iOS app called “Clear” to purge offensive “stuff” you may have posted on social media.

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