(Reuters) – Amazon.com Inc (AMZN.O) said on Thursday it would build a $5 billion second headquarters in North America, kicking off a competition between cities and states to offer tax cuts and incentives that could bring 50,000 new jobs.
The largest e-commerce company said it intended to create “HQ2”, a headquarters that would be a “full equal” to its Seattle office, Chief Executive Jeff Bezos said in a statement. The company wants a metropolitan area of more than a million people with an international airport, good education and mass transit.
Amazon was likely to land its second headquarters in a cheaper city than Seattle and score subsidies. The company promised up to 50,000 jobs averaging more than $100,000 in annual compensation over the next 10 to 15 years.
Cities and states immediately began saying they would bid. Dallas, Houston, Toronto, St. Louis, Kentucky and Miami are a few that are committed to bid. Chicago Mayor Rahm Emanuel has made a case for his city in discussions with Bezos, a Chicago spokesman said.
Companies with two headquarters are rare and distance could challenge the management abilities of Bezos and other leaders, but some investors and analysts also saw the geographical diversification as a way to cut costs and risk. It would also make it easier for the conglomerate to break up down the line if it so chooses.
“The company is changing radically and it depends so heavily on disruptive thinking. Moving to a new city and finding a new talent pool is a good idea,” said Antony Karabus, chief executive of HRC Retail Advisory.
Incentives from land to fee cuts to relocation packages will be a major part of the decision, Amazon said.
Local governments have gone to great lengths to secure jobs and investment. Wisconsin’s legislature, for instance, recently voted to give Taiwanese manufacturer Foxconn a $3-billion incentive package to build a $10-billion liquid crystal display factory in the state.
Amazon’s plan will also boost its political leverage at a time when it has been blamed for the decline of bricks-and-mortar retailers. President Donald Trump has criticized Amazon as doing “great damage”, costing jobs in cities and states. The Wisconsin Foxconn factory will be in the home district of Paul Ryan, Speaker of the U.S. House of Representatives.
Amazon said it was seeking proposals by Oct. 19 and would select the location next year.
More than 50 cities have the 1-million metropolitan area population Amazon targets. Likely contenders could include U.S. Midwest states, where Amazon has many warehouses; Texas, which is the base of the Whole Foods Market grocery chain it acquired this year; and other business-friendly states.
Amazon has been awarded more than $1 billion in state and local subsidies since 2000, according to estimates by watchdog Good Jobs First. Texas leads the way with the value of subsidies to Amazon, followed by Illinois, Kentucky, and Ohio, it said.
FILE PHOTO: An Amazon.com Inc driver stands next to an Amazon delivery truck in Los Angeles, California, U.S. on May 21, 2016. REUTERS/Lucy Nicholson/File Photo – RC117144E570
Seattle has become an expensive city, ranking 44th on the Economist Intelligence Unit global cost-of-living ranking.
“The high cost of living and the high cost of real estate, all of that adds up to why expanding in that market is not viable,” said Burt Flickinger, managing director of retail consultant Strategic Resource Group.
Amazon may be looking for “more affordable” locations such as Detroit or Atlanta, said Daniel Morgan, vice president and senior portfolio manager, at Synovus Trust Company in Atlanta. Synovus holds a “large” position in Amazon, he added.
Amazon’s shares closed up 1.2 percent at $979.47.
TWO AMAZONS, EVENTUALLY?
Amazon began as a bookseller and grew into the internet’s biggest retailer. It built an award-winning movie studio and has expanded around the world. Its workforce has exploded to more than 380,000 from under 25,000 since it moved to downtown Seattle in 2010.
Total revenue was $136 billion at the end of last year, up sharply from $34 billion in 2010. Amazon recently snatched up Whole Foods Market for $13.7 billion.
Ashim Mehra, an analyst who works on the $256 million Baron Opportunity Fund, said the dual-city strategy pushed Amazon toward an eventual split between its Amazon Web Services business and its retail business.
Such a move would ease the threat of increased regulations on the company and cut internal competition for the best engineers, he said.
The “HQ2” project would initially need more than 500,000 square feet and up to 8 million square feet beyond 2027, Amazon said. Its Seattle campus spreads across 8.1 million square feet in 33 buildings and employs more than 40,000 people.
The second headquarters also allows the company to lower its operational risks should a natural disaster hit Seattle, said Josh Cummings, an analyst who works on several funds at Denver-based Janus Henderson funds.
He also saw the potential for an eventual split. “I think that immediately this is about staging the next leg of growth at Amazon as it exists today, but down the road this gives them an additional degree of freedom if they decide or are forced to separate the company,” he said.
Writing by Peter Henderson, Additional reporting by Karen Pierog in Chicago, Supantha Mukherjee and Aishwarya Venugopal in Bengaluru, Richa Naidu and Karen Pierog in Chicago, Stephanie Kelly, Caroline Valetkevitch, David Randall and Daniel Bases in New York; Editing by Saumyadeb Chakrabarty, Nick Zieminski and David Gregorio
For I am convinced that neither death nor life, neither angels nor demons, neither the present nor the future, nor any powers, neither height nor depth, nor anything else in all creation, will be able to separate us from the love of God that is in Christ Jesus our Lord.
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Original video :
zero-project presents “The ISS HD Earth Viewing Experiment”
by “Zero project” 17 okt. 2014
Song title: “Silence”
Album title: “e-world: The ultimate edition”
Release date: February 1st 2015
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Volatile Reaction Kevin MacLeod (incompetech.com)
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“I am the light of the world. He who believes in me shall not perish.”
Stranded in the middle of nowhere five strangers find themselves marooned in a deserted roadside diner. An arrogant businessman, a lonely single woman, a couple on the verge of divorce, and a youthful runaway all come face to face with a diner owner who serves them more than temporal nourishment. This genial host is a certain Nazarene, who knows all of their secrets and possesses the answers to all of their problems – if only they would trust him. It is a miraculous Encounter that will leave them all changed.
Daniel 12 New International Version (NIV)
The End Times
12 “At that time Michael, the great prince who protects your people, will arise. There will be a time of distress such as has not happened from the beginning of nations until then. But at that time your people—everyone whose name is found written in the book—will be delivered. 2 Multitudes who sleep in the dust of the earth will awake: some to everlasting life, others to shame and everlasting contempt. 3 Those who are wise[a] will shine like the brightness of the heavens, and those who lead many to righteousness, like the stars for ever and ever. 4 But you, Daniel, roll up and seal the words of the scroll until the time of the end. Many will go here and there to increase knowledge.”
5 Then I, Daniel, looked, and there before me stood two others, one on this bank of the river and one on the opposite bank. 6 One of them said to the man clothed in linen, who was above the waters of the river, “How long will it be before these astonishing things are fulfilled?”
7 The man clothed in linen, who was above the waters of the river, lifted his right hand and his left hand toward heaven, and I heard him swear by him who lives forever, saying, “It will be for a time, times and half a time.[b] When the power of the holy people has been finally broken, all these things will be completed.”
8 I heard, but I did not understand. So I asked, “My lord, what will the outcome of all this be?”
9 He replied, “Go your way, Daniel, because the words are rolled up and sealed until the time of the end. 10 Many will be purified, made spotless and refined, but the wicked will continue to be wicked. None of the wicked will understand, but those who are wise will understand.
11 “From the time that the daily sacrifice is abolished and the abomination that causes desolation is set up, there will be 1,290 days. 12 Blessed is the one who waits for and reaches the end of the 1,335 days.
13 “As for you, go your way till the end. You will rest, and then at the end of the days you will rise to receive your allotted inheritance.”
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(Reuters) – Wall Street ended little changed on Thursday after a moderate late-day rally as media stocks, which slumped on negative business updates from Walt Disney and Comcast, were offset by gains in healthcare shares.
Comcast (CMCSA.O) dropped 6.2 percent after the cable operator warned of subscriber losses, while Disney shares fell 4.4 percent after the company cautioned about its profit growth. The S&P 500 media index .SPLRCME ended down 3.6 percent.
Gains in healthcare stocks such as AbbVie (ABBV.N) and Bristol-Myers Squibb (BMY.N) buoyed indexes, while strength in Microsoft (MSFT.O) and Amazon (AMZN.O) helped keep the tech-heavy Nasdaq in positive territory.
Investors were tracking Hurricane Irma, which was bearing down on Florida on the heels of devastation in Texas caused by Hurricane Harvey. Irma plowed past the Dominican Republic toward Haiti after devastating a string of Caribbean islands.
With Irma looming, shares of insurers were weaker, with the Dow Jones U.S. Insurance index off 1.9 percent.
“There’s further uncertainty because of Hurricane Irma that is supposed to be hitting Florida. You don’t know what kind of damage it is going to do,” said John Praveen, managing director at Prudential International Investments Advisers in Newark, New Jersey.
Combined with Harvey, in the short term, Praveen said, “maybe it will have a negative impact upon U.S. GDP growth and it might hurt U.S. earnings, and that’s probably why the markets are reacting negatively.”
The Dow Jones Industrial Average .DJI fell 22.86 points, or 0.1 percent, to 21,784.78, the S&P 500 .SPX lost 0.44 points, or 0.02 percent, to 2,465.1 and the Nasdaq Composite .IXIC added 4.56 points, or 0.07 percent, to 6,397.87.
Irma is the latest macro event to keep pressure on U.S. equities following concerns earlier this week about geopolitical tensions involving North Korea, which sparked the biggest one-day drop for the S&P 500 in about three weeks. Adding to concerns, September historically has been the worst month for stocks, according to the Stock Trader’s Almanac.
FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 6, 2017. REUTERS/Brendan McDermid
Still, the benchmark S&P remains near all-time highs, with market watchers pointing to strong earnings growth and solid economic data as helping to support stocks.
“For being in such a nervous world right now, the market has done exceptionally well,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Investors were also digesting comments from European Central Bank President Mario Draghi, who said the euro’s strength was already weighing on inflation and will be a key factor for the ECB next month when it decides how to proceed with its massive stimulus program.
General Electric (GE.N) shares sank 3.6 percent, dragging on the S&P and the Dow, after a bearish analyst note.
Apple (AAPL.O) shares also weighed on major indexes, falling 0.4 percent after a report that the company’s new iPhone was hit with production glitches.
Financial shares .SPSY slid 1.7 percent amid a drop in U.S. Treasury yields.
Healthcare .SPXHC was the best-performing sector, rising 1.1 percent. AbbVie (ABBV.N) shares surged 6.1 percent and Bristol-Myers Squibb gained 5.0 percent after the drugmakers separately reported positive developments for their respective medicines.
Eli Lilly (LLY.N) shares rose 1.3 percent after it said it would lay off about 8 percent of its employees.
Advancing issues outnumbered declining ones on the NYSE by a 1.07-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored decliners.
About 6.4 billion shares changed hands on U.S. exchanges, above the 5.8 billion daily average over the last 20 sessions.
Additional reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva and Dan Grebler
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