BRUSA's Weekly News Roundup: June 1st Edition

By Bizclik Editor

 

The price of oil dropped below $88 a barrel this week—the lowest price in seven months. – CNN

Nest’s fancy thermostat, considered the “iPod of thermostats” for its self-adjustment and Wi-Fi remote control capabilities, will now be sold in Apple stores nationwide. – Mashable

The US housing recovery is still unsteady—statistics show that the number of Americans signing contracts to buy previously owned homes dropped in April by the most in a year. – Bloomberg

According to sources close to the matter, Facebook will definitely be purchasing facial recognition tech site Face.com. – TechCrunch   

DirecTV has announced that Dan York will succeed Derek Chang as the company’s chief content officer. Chang will leave the company at the end of the year. – Bloomberg

Facebook’s shares continue to perform poorly. This week they fell dramatically, at one point to nearly ten dollars below its initial offering price of $38. – Washington Post

Groupon’s shares aren’t faring much better. On Friday, Groupon shares dropped to $9.65 a share—less than half of its offering price of $20. – NY Times

 A job market report released Friday shows that US economic recovery has slowed. The unemployment rate rose in May to 8.2 percent from 8.1 percent last month and job gains have slumped as well. – NY Times

Japanese automakers have lots of reasons to celebrate. Toyota, Hyundai and Nissan have all rebounded from the earthquake and tsunami that ravaged the company last year and sales for all three automakers are up in the US. – LA Times

General Motors is following in the footsteps of Ford by offering about 42,000 retirees lump-sum buyouts. The planned move will cut GM’s pension obligation by $26 billion. – Bloomberg

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