Atlanta Leaders Seek More Details on Amazon-Sized Project
As Amazon.com prepares to select its site for a second headquarters, Atlanta leaders want to know more about plans for a colossal development project downtown.
Atlanta city council members want to know how much public money will be spent to develop an underused site known as “The Gulch.” More details could emerge at their Tuesday meeting.
Planning documents show the project could fit Amazon’s criteria for its second headquarters. Plans from earlier this year revealed it could include 9.3 million square feet (87 million square meters) of office space — more than three times the space in the Empire State Building.
The projected completion date is 2027, which is when Amazon has said it needs up to 8 million square feet (743,000 square meters) of office space for a second headquarters outside Seattle.
“The Gulch” properties now include parking lots, abandoned buildings and railroad tracks surrounded by Mercedes-Benz Stadium, CNN Center and government towers.
Ex-Employee Sues Pratt & Whitney Over Jet Engines
A former engineer for jet engine maker Pratt & Whitney has filed a federal false claims lawsuit alleging the company knowingly sold “flawed” engines to the U.S. Air Force, which resulted in the likelihood of premature wear or even “catastrophic failure.”
The Journal Inquirer reports that Peter Bonzani Jr., of Bolton, filed the suit in 2016, but unsealed last week.
The suit also alleges Connecticut-based Pratt & Whitney, a division of United Technologies Corp., fired Bonzani after he brought his concerns to company officials.
The engine in question was used in the F-22 Raptor fighter.
The suit seeks triple damages for the Defense Department and back pay and unspecified damages for Bonzani.
Pratt & Whitey in a statement said “There is absolutely no merit to these claims.”
Franklin C. Turner, a lawyer who specializes in complex government contract cases, tells The Hartford Courant that the government has not intervened in the lawsuit, which is “a pretty strong indication that there is some sort of fatal deficiency in the case.”
Debate Over Longest Bull Market Centers on Rounding
It could become the longest bull market ever … perhaps with an asterisk.
S&P Dow Jones Indices, which compiles the benchmark S&P 500 index, and other research firms say the current bull market that began on March 9, 2009, is on track to become the longest in history on Wednesday, at 3,453 days.
Other market analysts say not so fast. They say this bull market would have to run until June 2021 to set the record, claiming the longest bull market ran 4,494 days between 1987 and 2000.
The debate centers around whether a downturn in 1990 should be considered a bear market — generally accepted by stock market geeks to be a 20 percent decline from a previous high. It also involves the familiar mathematical concept of rounding.
Venezuelans Confused Over New Bills Coming From Bank ATMs
Residents of Venezuela’s capital say they’re confused by banknotes coming out of ATMs as the country’s new currency starts circulating.
The reality of President Nicolas Maduro’s economic plan kicks in Tuesday as Venezuela battles runaway inflation and a plummeting economy.
Businesses in Caracas appear slow to begin reopening following a bank holiday a day earlier to allow for the conversion.
Opposition politicians have called for a work stoppage and protests Tuesday to show dissatisfaction with Maduro’s leadership.
Streets appear calm so far.
Venezuela’s new money has five fewer zeros, a move critics say doesn’t address deeper economic troubles.
Homemaker Maritza Vargas says she took a 5 bolivar bill from her bank in Caracas but has no idea what it would buy.
Medtronic’s Fiscal 1Q Earnings Top $1B
Medtronic PLC (MDT) on Tuesday reported fiscal first-quarter net income of $1.08 billion.
On a per-share basis, the Dublin-based company said it had net income of 79 cents. Earnings, adjusted for one-time gains and costs, were $1.17 per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The medical device company posted revenue of $7.38 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $7.23 billion.
Medtronic shares have climbed 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 7 percent. The stock has increased nearly 8 percent in the last 12 months.
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