Business News Roundup, May 17
Warren Buffett has always avoided technology companies because he said it was too hard to pick which ones would prevail long term, although he made an exception to that rule to buy a major IBM stake in 2011.
[...] Buffett told CNBC Monday he would only act as a potential financing partner for Quicken Loans founder Dan Gilbert’s bid.
The driver originally named to lead a class-action lawsuit over pay and benefits against Uber Technologies Inc. is opposing the ride-share company’s $100 million settlement, saying he was duped by the drivers’ lawyer into signing on to the deal.
While O’Connor describes himself in the filing as the lead plaintiff, his claims are false, said Shannon Liss-Riordan, the attorney for drivers.
On Friday, he ordered Liss-Riordan to provide more details of the settlement, including a breakdown of the hours worked by her and her firm.
Amazon is expanding its horizons by launching several private-label brands in coming weeks, according to one report.
The e-commerce giant could be launching food and household products under brands such as Happy Belly and Mama Bear by early June, the Wall Street Journal reported, citing anonymous sources.
Amazon has been aggressively pushing into areas outside its traditional business as a marketplace for other companies’ products, producing its own entertainment content such as the Golden Globe-winning TV show “Transparent.”
The Seattle company is also teaming up with Tyson Foods to launch a line of meal kits this fall.
The Journal reported that the private label push will center on categories with higher profit margins, such as baby products, the report said.
The new products will be offered only to shoppers who have signed up for Amazon’s Prime membership, which offers free shipping and other perks for a fee of $99 a year, the Journal reported.