Must Read Money Stories For August 9, Tuesday

by August 9, 2016

Power outage equals outraged customers

A global computer systems outage wracked havoc on employees working at Delta Airlines which left thousands of passages delayed and stranded in the wee hours on Monday morning. CNN Money reported Delta flights were grounded six hours with flights delayed or canceled throughout the day. Delta, the world’s second largest airline, said the outage occurred at its Atlanta, Georgia hub. Experts predict the problem will cost Delta tens of millions of dollars, not to mention inevitable disruption and dismay for its passengers. At end of day Monday, August 8, Eastern time, the airline canceled 650 flights, and Delta’s CEO, Ed Bastian, spoke to its customers directly through this video. 

Walmart purchases Jet

In a surprising move, mammoth retailer Walmart purchased Jet.com, the e-commerce startup, to help boost its online retail sales via Walmart.com. Analysts predict this move, which cost Walmart $3 billion, can help Walmart better compete with the likes of Amazon. Business Insider reports Jet.com typically prices its products 10 to 15 percent less than its competitors. In a statement, Walmart said Walmart and Jet will maintain distinct brands — Walmart remains focused on its every day low-price strategy while Jet will provide a “unique and differentiated customer experience with curated assortment.” The acquisition will close later this year.

Burger King unleashes a Whopperito

In a latest move within the fast-food wars, Burger King will soon unleash a cross between a burrito and a hamburger called the Whopperito. The new tasty treat, if you’re game, comes complete with ground beef layered with tomato, lettuce, cheese, creamy queso sauce — all wrapped in a flour tortilla. All of this is yours for $2.99 or $4.99 as part of the combo meal.  The official launch date: August 19 after a record two-month test phase. Burger King says the customers loved it. Business Insider reports this move comes as restaurants encounter overall weakness in the restaurant industry. McDonald’s, Wendy’s and Burger King are among the restaurants competing for customers through innovative combo meals, Business Insider reports.

Trump turns to the economy

BBC News reported the Republican nominee, Donald Trump, promised prosperity to the U.S. economy, should he become president. Trump, speaking at the Detroit Economic Club on Monday, stated he plans to revise his former plan to include making child care costs tax deductible. He also wants to end the estate tax, also known as the “death” tax and plans to reduce the number of tax brackets from seven to three. His critics insist the sentiment is only meant to distract voters from shortcomings in his campaign.

“Delayed Flight” by Creative Commons/Flickr user Craig Sunter. License 2.0 Generic (CC By – ND 2.0).