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Delta CEO calls Georgia voting law ‘unacceptable’

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The CEO of Georgia-based Delta Air Lines said Wednesday that the state’s new election law overhaul is “unacceptable” and “based on a lie,” after the company faced criticism that it didn’t speak out forcefully enough in opposition to the bill when it was being considered by the state’s Republican leaders.

CEO Ed Bastian offered his assessment of the new Georgia law in a memo sent to employees less than a week after Delta officials joined other corporate lobbyists to shape the final version of a sweeping measure that could make it harder for some Georgia citizens to cast ballots.

The memo, obtained by The Associated Press, comes amid a smattering of calls for consumer boycotts of Delta and other Georgia-based brands, including Coca-Cola, UPS and Home Depot. The Major League Baseball players union also has raised the possibility of moving the summer All-Star game from the Atlanta Braves home stadium.

Delta Air Lines initially issued a statement touting some parts of the law, such as expanded weekend voting, but said “we understand concerns remain over other provisions in the legislation and there continues to be work ahead in this important effort.”

But Bastian spoke more forcefully in Wednesday’s memo to employees.

“The entire rationale for this bill was based on a lie: that there was widespread voter fraud in Georgia in the 2020 elections. This is simply not true,” Bastian wrote, alluding to former President Donald Trump’s claims that his loss was due to fraud. “Unfortunately, that excuse is being used in states across the nation that are attempting to pass similar legislation to restrict voting rights.”

Bastian repeated that Delta “joined other major Atlanta corporations to work closely with elected officials from both parties, to try and remove some of the most egregious measures from the bill. We had some success in eliminating the most suppressive tactics that some had proposed.”

But, he emphasized, “I need to make it crystal clear that the final bill is unacceptable and does not match Delta’s values.”

The new law was signed last week by Republican Gov. Brian Kemp, hours after it cleared the state legislature. It is part of a tide of GOP-sponsored election bills introduced in states across the country after Trump’s false assertions about the 2020 elections. President Biden won Georgia’s 16 electoral votes by about 12,000 votes out of almost 5 million cast, and Democrats won two Jan. 5 Senate runoffs to give the party control of the chamber on Capitol Hill.

Georgia officials, including Kemp and Secretary of State Brad Raffensperger, also a Republican, have vouched for the accuracy of the election counts even as they backed some changes that could make it harder for Georgians to cast absentee ballots, a method that more than a fifth of the November electorate used.

The Georgia law adds a photo ID requirement for voting absentee by mail, cuts the amount of time people have to request an absentee ballot and limits where drop boxes can be placed and when they can be accessed. It also bans people from handing out food or water to voters waiting in line and allows the Republican-controlled State Election Board to remove and replace county election officials while curtailing the power of the secretary of state as Georgia’s chief elections officer.

Republicans in Georgia insist the changes are needed to restore voters’ confidence.

Civil rights and voting rights groups have filed multiple federal lawsuits challenging the Georgia law. Activists also have turned their attention to congressional Democrats’ push for sweeping federal action on voting rights. Democrats’ measures in Washington could effectively override many of the changes being enacted in Georgia and considered in dozens of other state legislatures led by Republicans.

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Glasses retailer Warby Parker eyeing IPO as soon as this year

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Hipster glasses retailer Warby Parker is eyeing an initial public offering.

The 11-year-old business, which started out as an e-tailer before rolling out some 130 stores across the US, is considering an IPO as early as this year, Bloomberg reported on Wednesday.

The New York-based company has amassed a huge customer following by offering less expensive prescription glasses. Warby Parker raised $120 million in its most recent funding round giving it a $3 billion valuation, according to the report.

“We’ve always explored various financing opportunities in both the debt and equity markets,” the company said in a statement. “To date, we have successfully and deliberately raised money within the private market on favorable terms and have plenty of cash on our balance sheet. We’ll continue to make strategic decisions in line with our commitment to sustainable growth.”

Founded by college buddies Dave Gilboa and Neil Blumenthal, who met at the Wharton School at the University of Pennsylvania, Warby Parker has attracted some large investors including the mutual fund company, T. Rowe Price.

It turned it first profit in 2018, Gilboa told The New York Times at the time.

Warby Parker co-founder Neil Blumenthal
Warby Parker co-founder Neil Blumenthal
Brian Ach/Getty Images

Customers can get prescriptions through their apps on their smartphones and use cameras to pick out frames. The company also has an optical lab in Sloatsburg, NY where it produces lenses.

While Warby Parker is not the least expensive option, it beats Costco in a recent comparison with Costco charging as little a $126 for a pair of prescription glasses compared with Warby Parker’s least expensive pair at $95.

“As consumer walk into a LensCrafters or Sunglass Hut, they see 50 different brands of glasses but don’t realize that all those brands are owned by the same company that owns the store that they’re standing in, that probably owns the vision insurance plan they’r using to pay for those glasses,” Gilboa said in a recent CNBC interview.

“And so, it’s no surprise that a lot of those glasses are marked up 10 to 20 times what they cost to manufacture,” he said.

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Dogecoin hits new high boosted by DogeDay hashtags

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Dogecoin prices hit an all-time high on Tuesday, with a market capitalization above $50 billion, after social media fans used hashtags to fuel a rally in the meme-based cryptocurrency.

An 8,000 percent price surge this year has seen Dogecoin, which was launched as a satirical critique of 2013′s cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Tether to become the fifth-largest coin.

While Dogecoin, whose logo features a Shiba Inu dog at the center of the meme, a represents only a fraction of bitcoin’s $1 trillion value, it can be traded on crypto exchanges and more popular mainstream trading apps.

“The Doge rally represents an interesting convergence,” said Diana Biggs, CEO of crypto start-up Valour, after Dogecoin’s price soared by more than five-fold in the last week to a record 42 cents, according to CoinMarketCap.

“A meme coin created as a joke for early crypto adopters whose community found that kind of thing to be fun, with now a new generation of retail investors for whom memes are a native language,” Biggs added.

Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, referring to the informal April 20 holiday to celebrate cannabis which is marked by smoke-ins and street parties.

“GIMME THAT DOGECOIN LAMBO!!! #DogeDay” one tweeted, referring to the Lamborghini car popular in crypto culture.

Dogecoin’s rise has come amid a surge in online trading of stocks and crypto by retail investors, stuck at home with extra cash because of the COVID-19 pandemic. It has not coincided with a growth in usage of the coin for payments or in commerce.

The same trend has spurred a boom in usage of online trading apps like Robinhood, and also fueled the social-media driven rally in GameStop stock that pitted retail investors against hedge funds earlier this year.

“It’s an extension of the same phenomenon that has led Tesla stock to be valued well beyond fundamentals and more recently to the GME (GameStop) short squeeze,” said Ajit Tripathi, head of institutional business at decentralised finance startup Aave.

Like other cryptocurrencies, Dogecoin’s price is heavily influenced by social media users including Tesla chief Elon Musk, whose tweets on the cryptocurrency in February sent its price soaring over 60 percent.

“If this goes as planned and everybody including Mr. Musk go ahead and just pour money into Doge on April 20th all at once Doge will reach prices that originally were not even conceptual,” a TikTok user said in a video promoting the coin.



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Amazon is opening a beauty salon in London

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Amazon is opening a hair salon in London — its latest odd lurch into new businesses as the pandemic continues to fuel the e-commerce giant’s torrid growth.

The Amazon Salon, unveiled in a Tuesday blog post, will occupy a two-story, 1,500-square-foot space in Spitalfields, a trendy neighborhood in East London that is also home to Amazon’s UK headquarters, which houses about 5,000 employees.

Indeed, the new salon, which will be open seven days a week, initially will only cater to Amazon workers. Members of the public will be able to make bookings in “the coming weeks” by calling, emailing or visiting the salon, the company says.

“This will be an experiential venue where we showcase new products and technology,” Amazon said in a blog post on Tuesday, adding that there are no plans to open other salons.

That will include making Amazon’s Fire tablets available at each station, allowing customers to use augmented reality technology to see what they look like as a platinum blonde, brunette or with highlights, the company said.

The salon is located at Amazon’s UK headquarters, which houses about 5,000 employees.
The salon is located at Amazon’s UK headquarters, which houses about 5,000 employees.
Amazon

The salon will also test new “point-and-learn” technology, where customers can point at a product they are interested in on a display shelf and the relevant information, including brand videos and educational content, will appear on a display screen.

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