The Miami Marlins sign Giancarlo Stanton to a $325 million contract; the United States is blanketed by cold, and Buffalo could get 50 inches of snow. Here is the news of the day for Nov. 18, 2014.
Free Wi-Fi in New York
At a Monday press conference at City Hall, New York City officials announced a new program that will offer free Wi-Fi to anyone in the city. The program is called LinkNYC, and it will set up thousands of kiosks around the city where internet routers will be set up. Anyone within 150 feet of a kiosk will be able to receive one gigabit of service per second. The city is also offering free domestic voice calls to all 50 states through the kiosks, which will be set up at locations that previously held pay phones. The city’s Department of Information Technology and Telecommunications is in charge of the program, which will be supported by as much as $500 million in advertising revenue over the first 12 years, so that taxpayers will pay nothing.
Producer Price Index Rises Unexpectedly
The Labor Department Tuesday said the U.S. producer prices rose in October by 0.2 percent, driven by a significant increase in prices in the service sector. The PPI declined in September by 0.1 percent, and economists had expected the October PPI to drop 0.1 percent again. The PPI marks prices received by farms, factories and refineries in the United States. In the 12 months through October, producer prices increased 1.5 percent, which is the smallest year-to-year total since February.
Solar Buys Into Wind
SunEdison, a national solar power company, announced it is going to buy First Wind for $2.4 billion, which would be the company’s first move into the U.S. wind power market. The deal included a $1.9 billion upfront payment and $510 million in earn-outs. First Wind, a Boston-based company, is operating or building renewable energy projects in the Northeast, the West and Hawaii, with a combined capacity of nearly 1,300 megawatts, which is enough to power more than 425,000 homes each year.
Winter Expands Its Reach
If you are suffering through cold weather right now, take heart: You are not alone. All 50 states were expected to have below freezing temperatures Tuesday and up to 100 record lows were in line to be broken, between low high temperature for the day to low temperatures Tuesday night. Meanwhile, communities south of Buffalo, New York were on alert that they could receive up to five feet of snow in an “historic but highly localized lake effect snow event,’’ according to Bill Karins, an NBC News meteorologist. The winter weather has already caused 17 deaths nationwide since Saturday.
Baseball Reaches New Contract Landmark
Giancarlo Stanton, the 25-year-old slugger with the Miami Marlins, has agreed to terms on a $325 million 13-year contract to play for the National League team. Team owner Jeffrey Loria confirmed the deal Monday afternoon, and it is the most lucrative contract for an athlete playing in an American sport. It tops the $292 million, 10-year deal Miguel Cabrera signed in March with the Detroit Tigers. Stanton’s contract includes a no-trade clause, and he can opt out of the deal after six years. Stanton turned 25 on Nov. 8, so he will be 38 at the conclusion of the contract. He was due to become a free agent after the 2016 season.
Home Depot Still Searching
While Home Depot continues to investigate the cost of its recent consumer data breach, the company Tuesday announced better-than-expected quarterly profits. The net income for the third quarter rose to $1.54 billion, or $1.15 per share, which is an increase from $1.35 billion one year earlier. Same store sales rose 5.2 percent, beating the average analyst estimate of 5 percent. The company reaffirmed its 20145 sales growth forecast of about 4.8 percent and profit forecast of $4.54 per share. The company did state that legal action related to the breach of consumer data could have an impact on fourth quarter results and future periods. The retailers if acing at least 44 civil lawsuits related to the breach, which first occurred on Sept. 18.