Economy / 32

Another school district is suing e-cigarette maker

September 29, 2019

Both companies said Wednesday that they will remain separate entities. Officials said the litigation, which they hoped to see filed as soon as possible, would have no financial cost to the district. The Olathe School District comprises schools in Olathe, Overland Park and Lenexa with more than 30,000 students. Most speakers at the forum which brought together senior managers in big tobacco companies, global health, market regulators, finance and the nicotine industry said vaping was under ...

Wells Fargo names BNY Mellon's Charles Scharf as CEO

September 29, 2019

Shares of Wells Fargo & Co. surged 3.1% in premarket trading Friday after the bank named Charles Scharf as its new chief executive, effective October 21, to end a 6-month search for a head of the bank. Most recently, Scharf was the CEO at Bank of New York Mellon. BNY focuses nearly entirely on being what's known as a custodial bank - holding large amounts of assets on behalf of clients.

IAG profits to take €215m hit from BA pilots' strike

September 29, 2019

Responding to the IAG comments, BALPA said: "The airline's tactic to lay the blame for a fall in profits at the door of the pilots, and without any mention of the impact their IT issue or GDPR fine, is completely disingenuous". British Airways, whose offer of a 11.5 per cent pay rise over three years has been rejected by pilots, has yet to resume talks with their unions, IAG said.

McDonald's to test veggie burger in Canada

September 29, 2019

The PLT - plant, lettuce and tomato - burger is made with a Beyond Meat patty, created exclusively by McDonald's . The entry of McDonald's, the world's largest burger chain, into the alternative meat arena has largely been seen as a question of when, and not if.

Endeavor Group Postpones IPO Amid Sour Market

September 28, 2019

Endeavour had been trying to sell its shares right until it made a decision to pull the IPO Thursday night. The company has long-term debt of $4.6 billion and total liabilities of $7 billion, according to a MarketWatch report. The treadmills come with an HD touchscreen where customers can stream classes. Many consumers are anxious about a coming recession, so investing in fitness equipment and workout classes may not be on most people's radar.

Wrightbus set to go into administration, MP warns

September 28, 2019

Now DUP MP Ian Paisley has confirmed the Northern Irish firm's administration process will begin on Wednesday. However, Johnson's successor as mayor, Sadiq Khan, cancelled further orders, although Wrightbus did recently win a TfL order for 20 new hydrogen-powered buses which cost around £500,000 each.

Trump considers delisting Chinese firms from US stock markets

September 28, 2019

But the prospect of further limiting USA investment in China underscores the challenge that the two sides will continue to face even as they try to de-escalate a trade war that has shaken the global economy. The source said there are longstanding concerns about USA capital enabling these activities, especially as the lines blur between state-owned and private companies in China.

Jetstar to Withdraw from Regional Flying in New Zealand

September 28, 2019

The airline began flying to the regional centres in December 2015 and now offers up to 130 return services a week during the peak season across five routes - Auckland and Nelson , Napier, New Plymouth and Palmerston North and flights between Nelson and Wellington .

Phoenix airport ranks high on 2019 consumer satisfaction report

September 27, 2019

Overall, J.D Power found customer satisfaction with most major airports isn't increasing as major projects seem to be interrupting good service. Airport rankings are separated by passenger volume, with mega airports handling 33 million-plus annual passengers, large airports handling between 10 million and 32.9 million annual passengers and medium airports handling between 4.5 and 9.9 million annual passengers.

Plane makes pit stop after passenger got stuck in lavatory

September 27, 2019

A broken bathroom door created a travel nightmare for passengers on a United Airlines flight on Wednesday - including the one flier who was stuck inside the restroom. Flight 1554 was originally scheduled to arrive in San Francisco at 8:38 p.m. Wednesday night. Kimber shared an update said: 'Passenger got out of the bathroom thanks to @DenverFireDept and is ok.

Deal made for purchase of Jimmy John's brand

September 27, 2019

The parent company of Arby's is buying Champaign-based Jimmy John's Sandwiches , hoping to reverse sluggish sales at the chain that was founded in central IL. "I couldn't be prouder of the company we've built, and I can't wait to see what Jimmy John's is able to accomplish under Inspire's leadership". The acquisition is another coup for Inspire Brands, which has become one of the largest restaurant operators in the U.S.in a hurry.

Census shows income inequality has hit highest level in 50 years

September 27, 2019

Bernie Sanders and Elizabeth Warren, are pitching a " wealth tax " on the nation's richest citizens as a way to reduce wealth disparities. The separation between the rich and poor between 2017 and 2018 is greater than ever, with nine states seeing spikes in the divide, including California, Alabama, Arkansas, New Mexico, Texas, Nebraska, Kansas and Virginia.

Toyota And Subaru Officially Confirm To Jointly Work On New 86 / BRZ

September 27, 2019

In the announcement, the automakers said they will combine their strengths to "jointly develop all-wheel-drive models". "During this once-in-a-century period of profound transformation, even if CASE changes how cars will be, driving enjoyment will remain an inherent part of automobiles and is something that I think we must continue to strongly preserve".

$250,000 theft at JFK International results in Delta employee arrest

September 27, 2019

According to an anonymous law enforcement agent that spoke to theNew York Post , the $300,000 in cash Thorpe allegedly swiped had been brought to the airport in an armored auto earlier in the day and was scheduled to be loaded onto a flight headed for Miami Thursday morning.

VW Group CEO charged for market manipulation, will remain in role

September 27, 2019

German prosecutors said yesterday that they have charged Volkswagen's chief executive and chairman as well as its former CEO with market manipulation in connection with the diesel emissions scandal that erupted in 2015. Winterkorn resigned not long after the scandal broke. The new vehicle is aimed at bringing zero-emissions driving to the masses. Just days ago, Diess stood on stage at the Frankfurt Motor Show with the company's new battery-powered vehicle, the ID.3, and showed off a new ...

Imperial Brands shares tumble as vaping crisis hits revenue

September 27, 2019

The tobacco company expects full-year sales growth of 2% vs. a prior range of growth at the upper end of a 1% to 4% range. But with the recent consumer and regulatory backlash brought about by a series of vaping-related illnesses that have claimed the lives of 11 people in the U.S., the industry is likely to see e-cigarette sales slump.

Huawei already producing 5G base stations without US parts: CEO Ren Zhengfei

September 27, 2019

The ruling has impacted both Huawei's smartphone and networking divisions, while the U.S. is urging its allies to ban the company from participating in the rollout of 5G. He said the company was working with Google but had not yet found an alternative if, as is expected, the ban on Android remains. It is expected that by the end of this year, the company's phone business will reach around Dollars 10 billion.

Ford Super Duty Takes Heavy-Duty Torque and Towing Crowns

September 27, 2019

Furthermore, Ford says the Super Duty can also tow the most with a conventional hitch: 24,200 pounds, with the diesel V8 engine. Well, the 2020 Ford Super Duty can haul up to 7850 pounds of payload. Super Duty also introduces new technology to help improve towing convenience and confidence. ( Ford loves a long tease , don't forget.) The 2020 Super Duty gets a number of new driver-assistance features, like Ford's Pro Trailer Backup Assist, precollision braking with pedestrian detection, ...

Dish customers lose Fox sports channels amid carriage dispute

September 27, 2019

In a statement released yesterday (Thursday), Dish said that Fox is demanding a "double-digit percentage rate increase" for continued coverage of its local channels. The outage comes after Dish and Fox failed to reach a new carriage agreement for the channels in what is the latest chapter in a bitter dispute between the two companies.

GM tells striking workers they will continue to get coverage

September 27, 2019

Terry Dittes, vice president and director of the UAW's General Motors Department, said in Thursday letter to Scott Sandefur, vice president of GM North America Labor Relations, that company's actions in terminating that benefits initially were "irresponsible" and served the goal of "toying with the lives of hundreds of thousands of our UAW families".

Airline introduces ‘child icon’ that lets passengers avoid crying babies

September 27, 2019

A new tool shows where passengers with kids between 8 days and 2 years old are sitting. It's not fool-proof though, Japan Airlines warns. The new feature enables customers of the airline to view a virtual seating plan of aircraft, with the reservations for any young children clearly identified by the software.

Match.com Sued by the FTC

September 27, 2019

The owner of dating app Match.com is being sued by United States regulators for allegedly tricking people into subscribing to its service. And it withheld messages from those accounts to its members - while freely forwarding them to non-members, the lawsuit said .

GM reverses course, says strikers will keep health coverage

September 27, 2019

Specialists state the top bargainers would need to choose petulant monetary issues, for example, compensation, benefit sharing, giving impermanent laborers a way to all day employments, items for plants GM needs to close and different issues that could take a great deal of time.

Sydney to London in four hours? The tech is almost here

September 27, 2019

The UK Space Agency announced its plans for a "space plane" capable of carrying passengers from NY to London in just one hour. CEO of the UK Space Agency Graham Turnock spoke recently about his department's latest research at the UK Space Conference, in particular regarding a new high-powered rocket-like engine called "Sabre".

US Federal Reserve announces second interest rate cut of the year

September 27, 2019

In the face of slowing United States growth and market uncertainty, seven out of ten members of the Federal Reserve's Open Markets Committee voted to shift the target range for the rate to between 1.75% and 2%. The price action over the past several months indicates that Japanese Yen investors have been more sensitive or reactive to tweets from President Trump than they have been to policy moves by the BOJ.

Some DoorDash users affected by data breach, company says

September 27, 2019

DoorDash said an investigation was launched earlier this month after the company became aware of unusual activity involving a third-party service provider. DoorDash says that the full numbers and CVV codes were not taken. DoorDash at the end of a year ago was the leading U.S. service to use a mobile app to match restaurant take-away orders with people willing to deliver the meals for a price.

'Liquidity is no problem,' says Sitharaman after meeting bankers

September 27, 2019

Issues such as liquidity , rate cut and credit disbursal were on the top agenda of discussions between the Finance Minister and the lenders, an official statement said. Many of them have expressed interest in the initiative. While there are some issues in the wholesale lending, retail lending is not facing any liquidity challenge, she said.

The Beyond Meat burger is coming to McDonald’s

September 26, 2019

Sales rose by 28 percent in April, the month that Burger King welcomed its meat-free Whopper. Syracuse-based Carrols Restaurant Group, the largest Burger King franchisee in the country, operates more than 1,000 restaurants nationwide. Impossible Foods announced in May that it was making meatless "sausage" crumbles for the Little Caesars pizza chain in some states. Charette added that other draws were the Canadian market's diversity, and its familiarity with plant-based products.

Tesla Model S police vehicle almost runs out of range in midpursuit

September 26, 2019

That's what happened in Northern California last week, when a Fremont police officer driving a Tesla Model S patrol auto led the pursuit of a felony suspect at speeds reaching 120 miles an hour - then noticed his electric vehicle was running out of power, and relayed to dispatch that he might have to give up the chase, the East Bay Times reported.

ADB sharply cuts India's GDP growth forecast to 6.5% for FY20

September 26, 2019

In the ADB's Asian Development Outlook 2019 Updatepublished on September 25, ADB said that despite the moderation of Vietnam's GDP in the first half of 2019 and the weaker external environment, the economy will remain resilient this year and next year.

Formal impeachment inquiry against Donald Trump to take place

September 26, 2019

The former president's comments come on the back of news on Tuesday, when Speaker Nancy Pelosi announced that the House will launch a formal impeachment inquiry after news that Trump possibly pressuring Ukraine to investigate 2020 presidential candidate and former Vice President Joe Biden .

NY Fed to pump another US$75 bn into money markets Friday

September 26, 2019

Japan's central bank opted Thursday to keep its monetary policy unchanged despite the growing signs of trouble that prompted the Federal Reserve to cut its benchmark rate. But the latest move wasn't enough for Trump, who had demanded the Fed lower its key interest rate to "zero or less". No 'guts, ' no sense, no vision! "A awful communicator!" the president tweet.

Wall Street Rises as Investors Look Past Impeachment Risk

September 26, 2019

But US stock investors appeared to be taking the news in stride after House Democratic Leader Nancy Pelosi formally announced the probe. Tim Ghriskey, chief investment strategist at Inverness Counsel in New York, New York, said investors would watch the Democrats' next move.

Japan, US ink trade deal

September 26, 2019

He said Japan wanted further discussions on this issue. Trump said Japan will open new markets to approximately $7 billion in USA agriculture products, and tariffs would "now be significantly lower or eliminated entirely" on American beef, pork, wheat, cheese, corn, wine and more.

CEO of eBay steps down as company seeks to sell assets

September 26, 2019

The company said that Chief Financial Officer Scott Schenkel will become the interim chief executive as it seeks a permanent replacement for Wenig, who has been CEO since 2015. "As the Board conducts a search, we will continue to focus on our strategic plan and product initiatives, while also ensuring a great customer experience and a smooth transition.

Trump says trade deal with China could happen sooner than people think

September 26, 2019

Despite earlier tough words on Iran, he seemed to be in a more conciliatory mood. "But as I said very clearly, I will not accept a bad deal for the American people", he said. In an attack on Venezuela, which he said was "trapped in [a] nightmare", Trump also appeared to take a veiled dig at China's ruling Communist Party, saying that "the events in Venezuela remind us all that socialism and communism are not about equality, they are not about lifting up the poor, and they are certainly not ...

Modi is India’s prime minister, but to Trump he’s the ‘king’

September 26, 2019

He said Indian Prime Minister Narendra Modi has now boxed himself into a blind alley by his August 5 decision to revoke the special status of held Kashmir, with no way out, and a whole population turned against India. Trump reciprocated Modi's praise, saying India has "never had a better friend" than him. Following the meeting, Bank of America CEO Brian Moynihan said that it is always great to hear from the Prime Minister about his vision for India.

Amazon's sweeping plan to reach climate goals 10 years early

September 25, 2019

And lo and behold, Jeff Bezos - who has never been one to lag behind an important trend - called a press conference yesterday to announce. that Amazon would use 100 percent green energy by 2030, among other actions to help fight climate change .

Juul CEO to Exit; Philip Morris, Altria End Merger Talks

September 25, 2019

The advisory states that an average of 1 in 5 high school students and 1 in 20 middle school students use e-cigarettes, which can lead to nicotine addiction and impact their neurological development. "We must strive to work with regulators, policymakers and other stakeholders, and earn the trust of the societies in which we operate". Altria and Philip Morris said last month that they were in discussions to become a single company, more than a decade after splitting into two as lawsuits ...

Gold holds near 3-week peak as Trump probe knocks risk appetite

September 25, 2019

United States gold futures were down 0.2% at $1,528.50 per ounce. "No significant news is coming out of the trade war ... until and unless we have some clarity on the negotiations, gold will be supported", said Hareesh V, head of commodity research at Geojit Financial Services.

WeWork Directors Want to Oust CEO Adam Neumann

September 25, 2019

Support to oust him comes from leading investors, according to CNBC , which reported that SoftBank Group CEO Masayoshi Son is in favor of the move. WeWork limited Neumann's voting powers by slashing his high-vote stock from 20 votes per share to 10. SoftBank and WeWork declined to comment.

US home prices rise at slowest pace in 7 years

September 25, 2019

Data reported Tuesday shows that compared to July past year, prices changed nearly not at all, down 0.06%. "Annual home price growth continued to cool in July, but more-recent data suggest the market may have begun to turn over the summer, showing modest acceleration in growth compared to earlier in the year", Matthew Speakman, economist for Zillow.

The Trump Doctrine: Freedom Requires Sovereignty

September 25, 2019

Mr. Trump put North Korea on notice during his first address in 2017, threatening to "totally destroy" the country if the US was forced to defend itself or its allies from Kim Jong-un's "suicide mission". Trump says those who do so threaten human rights under the cover of championing social justice. Trump a year ago pulled out of the agreement and imposed sanctions, sending tensions soaring with Iran which in June also shot down an unmanned USA spy drone.

WeWork's Adam Neumann to step down as CEO

September 24, 2019

The move is created to salvage an initial public offering , which had been met with immediate scorn from public investors. A litany of apparent conflicts of interest and Neumann's propensity to burn through capital were chief concerns. The company will conduct a search for a permanent chief executive. The embattled founder made the decision to quit after a lengthy call with WeWork's board on Tuesday, a person familiar with the decision told the New York Times .

Kansas reports 2nd death from vaping-related lung disease

September 24, 2019

The Massachusetts Department of Health said last week that there has been a steady rise in vaping-related illnesses since a mandate was issued requiring clinicians across the state to report all suspected cases of unexplained e-cigarette or vaping-associated pulmonary disease.

Kik shuts down messaging app in fight with SEC CNET

September 24, 2019

To win this battle, founder Ted Livinston said in a blog post , Kik Interactive has chose to shut down the app and lay off dozens of employees. "These are hard decisions", Livingston said in a Medium post. In a post announcing the move, company chief Ted Livingston revealed that Kik worked with the SEC to resolve the issue for 18 months. The CEO stated that the SEC is "working to characterize nearly all cryptocurrencies as securities" - thus forcing token operators to abide by ...

Banks depositors panic as RBI bars PMC Bank from business transactions

September 24, 2019

PMC Bank is a scheduled urban co-operative bank with its area of operation in the states of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. He accepted that the bank was not fulfilling a few RBI norms, against which the central bank took the required steps. The notices posted outside the bank's branches, however, left many customers confused earlier today.

European Union court confirms Fiat must pay millions in back taxes

September 24, 2019

The Dutch cabinet backs the use of advance price agreements because, it says, they encourage job-creating multinationals to set up shop in the Netherlands and stop long disputes about tax bills. Both the company and the Dutch government appealed the decision . If member states give certain multinational companies tax advantages not available to their rivals, this harms fair competition in the European Union'.

First group of stranded Thomas Cook passengers to leave Tuesday

September 24, 2019

The government has said that customers will be brought home "as close as possible" to their booked return date. The British government has pledged to get an estimated 150,000 stranded British holidaymakers home in the biggest such repatriation operation since World War Two, but that is no consolation for many others whose holiday plans lie in ruins.

Nissan, Carlos Ghosn settle SEC claims over undisclosed compensation

September 24, 2019

Despite a $1 million fine from the Securities and Exchange Commission, former Nissan Chairman Carlos Ghosn appears to be getting fairer and better treatment than he's received from Japanese regulators during the past year. In a suit filed in NY, the SEC also alleged Ghosn participated in a scheme to hide more than $90 million in compensation. Emphasizing that the SEC claim is separate from the criminal trial in Japan, Kitamura said that the prosecution was "extremely discriminatory, ...

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