Business News at a Glance

Fed Officials Worry the Economy Is Too Good. Workers Still Feel Left Behind.

Many Americans are still waiting to feel the effects of an improving economy nearly a decade after the Great Recession. Yet some Federal Reserve officials are beginning to worry about the economy running too hot and setting off a rapid escalation in wages and prices. Others say it is way too early to turn down the heat. While both camps say they are concerned for workers, one official acknowledged that if the Fed raises rates the ones laid off first will be "the people who feel already like they’re not keeping up with the rest of the economy.”

Amazon’s Profit Swells to $1.6 Billion, Lifted by Its Cloud Business

Amazon founder Jeff Bezos singled out the performance of the company’s cloud computing business for the company's “remarkable acceleration” in growth in its first quarter. The company reported its net income for the quarter was $1.63 billion, compared with net income of $724 million in the same period last year. Revenue jumped 43 percent to $51 billion, which included a big lift from its acquisition of Whole Foods Markets last year. Amazon also said it was raising the price of its Prime membership service 20 percent to $119 from $99.

Microsoft’s Cloud Has Business Booming Again

Microsoft, which has swiftly made the shift to delivering software as an internet service, reported Thursday it was making the transition profitably. The company posted strong gains in profits and sales in its fiscal third quarter, led by the rapid growth of its cloud software business. The company’s net income rose 35 percent from a year earlier, to $7.4 billion. Revenue rose 16 percent to $26.8 billion in the quarter. Microsoft now ranks No. 2 with 13 percent of the cloud infrastructure services market, behind Amazon, which held 34 percent.

Unlike in U.S., Facebook Faces Tough Questions in Britain

Facebook’s chief technology officer, Mike Schroepfer, faced more than four hours of questions from a British parliamentary committee over the company’s data-collection techniques, oversight of app developers, fake accounts, political advertising and links to the voter-targeting firm Cambridge Analytica. The grilling contrasted with that faced by Facebook CEO Mark Zuckerberg, who largely escaped tough questioning during congressional testimony in part because U.S. lawmakers were not well versed in the technology. While U.S. politicians were lampooned as Luddites, the British Parliament’s Digital, Culture, Media and Sport Committee has built a reputation for detailed questioning and efforts to protect consumer privacy.

Mexican Election Could End the Welcome for U.S. Oil Giants

As President Donald Trump moves to recast trade relations with Mexico, U.S. oil companies are worried about the energy policies of Andrés Manuel López Obrador, the leading candidate in Mexico’s July 1 presidential election. López Obrador, a former mayor of Mexico City, wants to reverse energy production and consumption policies and promised to make sure that oil never falls “back into the hands of foreigners.” His proposals may threaten refinery profits in the United States, slow down oil production in Texas and in the Gulf of Mexico, and jeopardize the U.S. energy trade surplus with Mexico.

MoviePass Says All Is Well. Even Some of Its Customers Are Skeptical.

MoviePass, a cut-rate, subscription-based service for movie theater tickets, has had a hard few months as furious customers have flooded social media sites with complaints, technology glitches have caused headaches and an auditor’s report expressed “substantial doubt about its ability to continue as a going concern.” But Ted Farnsworth, chief executive of Helios and Matheson Analytics, which majority owns the service, arrived at a convention in Las Vegas with a sunny message: "I’m not worried about the viability of MoviePass at all,” he said, citing service improvements “and we have plenty of money to get through the next year.”

With Billions to Spend, Walmart Seeks Flipkart E-Commerce Site in India

Walmart is nearing a deal to acquire a majority stake in India’s leading online retailer, a move that would open another front in its war with Amazon. The Indian company, Flipkart, is a startup that sells everything from clothing to smartphones in the country’s blossoming e-commerce market. The two sides are in discussions and a deal could be announced soon, according to people briefed on the matter. Exact terms are not yet final and the talks are fluid, but sources said that the deal would value Flipkart at about $20 billion and Walmart was looking to acquire a majority stake.