CNN Money's Maribel Aber has your top business and financial news on this Friday, March 28.
NEW YORK, NY (CNN) - CNN Money's Maribel Aber has your top business and financial news on this Friday, March 28.
When last Arkansas Business checked on the rising costs related to Wal-Mart Stores Inc.'s bribery investigation, the retailer projected that it would have spent more than $400 million by the end of its fiscal year in January. And Wal-Mart was correct. In its latest filing with the U.S. Securities and Exchange Commission, Wal-Mart says it's now spent $439 million in the past two years to investigate allegations that it paid foreign bribes.
After years of speculation, Microsoft Office is finally on the iPad. In his first public appearance since being named Microsoft's (MSFT, Fortune 500) new CEO, Satya Nadella unveiled the next evolution of Office. The ubiquitous productivity suite, which includes apps such as Office and Excel, has been optimized for use with touch screens and fingers. Microsoft had done some work on Office 2013 to make it more finger friendly, but with Office for iPad, it's a full-fledged step forward. The look of Office isn't radically changed, but many features have been subtly streamlined to make things less painful.
One of the big trends from the Game Developers Conference (GDC) in San Francisco last week was virtual reality. Oculus Rift, which was conceived by 21-year-old Palmer Luckey and raised $2.4 million in crowdfunding on Kickstarter back in July 2012, wowed convention attendees for the second year in a row. Oculus VR debuted its Developer Kit 2, which adds more immersive technology including OLED displays and positional tracking. One of the companies Oculus VR impressed was Facebook, which had its own, much smaller, booth at GDC. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate," Facebook (FB) CEO Mark Zuckerberg said in his statement announcing the social giant would acquire Oculus for $2 billion.
Maybe Ellen DeGeneres broke Twitter after all? I'm being glib (that's for you Tom Cruise and Matt Lauer!) of course. The fact that shares of Twitter (TWTR) are down more than 15% since the selfie seen around the world is a coincidence. As Twitter phenom @ritholtz (and pretty much every economics and statistics professor) is fond of saying, correlation is not causation. And Twitter was falling even before the Academy handed out the golden statues. Shares are down almost 30% this year! That makes it the second-worst performer in CNNMoney's Tech 30 index. Only Sina (SINA), which owns Chinese Twitter equivalent (and future IPO) Weibo, has fallen harder.