Economy / 128

Lyft is suing over New York's minimum pay for drivers law

February 04, 2019

The companies say New York's measure is "inherently flawed and fundamentally unfair" and would make it impossible for them to gain ground against Uber, which dominates the USA market. "They've failed repeatedly, and the TLC should not assist them in their efforts". Lyft communications manager Campbell Matthews said in an emailed statement, "Our lawsuit does not target the law passed by City Council, but instead addresses the specific way the TLC plans to implement the rules, which would ...

Foxconn says it will build plant in Wisconsin after talk with Trump

February 03, 2019

The news is embarrassing for the Trump administration, which had hailed Foxconn's investment in Mount Pleasant as an early success for its brand of economic nationalism, with Trump describing it as "the eighth wonder of the world ". Some in the state have blamed Evers for the alleged shifting of Foxconn's plan. "Terry is a friend of mine, and I recommended Wisconsin [to him]", Trump said at a groundbreaking ceremony for Foxconn's Wisconsin campus previous year.

GM poised to lay off more than 4000 workers on Monday

February 03, 2019

A statement from GM Canada to the Toronto Sun stated reductions in salaried workers were announced as part of their November 26 restructuring plans, and that these layoffs would begin in the first quarter of 2019. Automotive industry outlets, including Automotive News , has referred to Monday's layoff plan as "Black Monday", which are expected to begin at 7:30 a.m.

Donnelly Group opens doors at new £6million Jaguar Land Rover showroom

February 03, 2019

A Land Rover spokesperson said the car's cancellation is not down to a lack of demand - though he wouldn't confirm how numerous 999 the company planned to build had actually been sold. The extra money saved by not building the custom Range Rover will be spent on its electric vehicle range and the upcoming Defender . The shorter wheelbase and all sheetmetal behind the A-pillar are all unique to this model - it's more than just a Rangie with two fewer doors.

The U.S. Files 13 Felony Charges against Chinese Smartphone Maker Huawei

February 03, 2019

Huawei announced the news on a conference call that started 25 minutes late due to the company issuing invalid passwords. January 24: Huawei announces plans for a next-generation smartphone that will use its own technology instead of USA components.

BP joins Shell in making plans to combat climate change

February 03, 2019

It seems that BP, the energy giant, has bowed to the intensifying pressure from investors, including the Church of England as the company announces that will get behind a shareholder effort which would require the company to work towards the objectives of the Paris climate change agreement.

Reliance Communications to go for insolvency as it fails to repay debt

February 03, 2019

Outlining the reasons behind the decision to go to the NCLT , RCom said that there is an absence of complete approval and consensus among 40 lenders, Indian and foreign, even after 45 meetings over the course of 12 months, as well as numerous legal issues pending at high courts, TDSAT and the Supreme Court.

Mike Ashley sitting pretty with Sofa.com takeover

February 03, 2019

LGT European Capital owns Sofa.com and has appointed KPMG to handle the bids, although it is not clear what figure the online business is priced at. Mr Ashley also owns stakes in French Connection, Findel, Game Digital and Debenhams , where he has tightened his grip by ousting the chairman.

USA job gains largest in 11 months; unemployment rate rises

February 03, 2019

Glassdoor saw a 10 percent bump in federal workers looking for jobs on its website two weeks after the government shutdown started - when they missed their first paychecks. But the shutdown was also a driver of the rise in the unemployment rate, since the separate survey of households used to determine the joblessness counted furloughed workers as well as contractors as unemployed.

In 2018, AWS delivered most of Amazon's operating income

February 03, 2019

Amazon's revenue of nearly $72.4 billion in the period also exceeded Street forecasts of $71.7 billion, according to Zacks Investment Research. While Amazon may have slowing growth and may still have traditional valuation metrics that are not easy to justify, many analysts and investors are believers of the long-term opportunity and outright dominance that CEO Jeff Bezos may deliver in the years to come.

BP to come clean on climate pledges

February 03, 2019

The company said Friday that it would support a resolution from activist investors that calls on BP to align its goals with the 2015 Paris Agreement, which aims to keep global warming "well below" 2 degrees Celsius. The move from BP builds on the firm's Advancing the Energy Transition (AET) strategy, which has a headline aim of generating reductions of 3.5m tonnes of Carbon dioxide equivalent annually throughout the businesses by 2025.

The new BMW 7 Series Plug-in Hybrid

February 03, 2019

BMW presents a particularly contemporary and technologically advanced form of automotive luxury. The new BMW 745e needs just 5.2 seconds to go from zero to 100 km/h (62 mph); the 745Le version takes 5.3 seconds, while the BMW 745Le xDrive needs only 5.1 seconds.

GE to combine renewable and grid assets

February 03, 2019

Overall, Saudi Arabia aims to create a renewable energy capability of more than 200GW over the next decade, it added. Worldwide demand for renewable energy and the associated grid integration continues expanding apace. All offerings will be complemented with digitally-enabled services. Streamlining its Onshore Wind structure, eliminating its headquarters layer and elevating its current regional teams-Americas, Europe/Africa, MENAT and APAC - to improve competitiveness, speed, customer ...

Chinese Factory Activity Contracts For Second Straight Month - PMI

February 03, 2019

Data from the National Bureau of Statistics on Thursday shows that the official Manufacturing Purchasing Managers' Index rose slightly to 49.5, up 0.1 point from December. China's week-long Spring Festival holiday will start on February 4 this year, during which tens of millions of Chinese will travel at home or overseas for family reunions and celebrations.

TSA agent falls from hotel balcony inside OIA

February 03, 2019

Along with other government workers, TSA officers worked without pay during the 35-day shutdown. The closure began on began on December 22 and lasted for 35 days. The TSA confirmed: 'At the time of the incident, several passengers scattered into the sterile area unscreened. "We are working closely with our partners at @ TSA and @ MCO to restore normal airport operations.

Italy in recession after economy shrinks in Q4

February 02, 2019

The Italian economy contracted in the fourth quarter of 2018, dragged down by slowing European growth and global trade tensions, plunging the country into a technical recession, official data showed Thursday. "The sell-off in Italian assets and rise in yields is now feeding through into tighter lending conditions and weaker macro data", he said. The German government says its economy will expand just 1 per cent in 2019, the slowest pace in six years.

New video captures moment of deadly dam collapse in Brazil

February 02, 2019

The same amount was frozen on Monday, after the state's Public Ministry of Labor requested a total of 1.6 billion reals (about 440 million US dollars) be frozen to cover costs related to the accident, which has so far killed 110 people, mostly Vale employees.

Amazon forced to pull products in India as new rules bite

February 02, 2019

Over the last few weeks, both Amazon and Flipkart had been extensively lobbying - directly as well as through associations and trade bodies - with government officials seek an extension in deadline. This creates a barrier for India's Shopper's Stop to sell on Amazon India, as Amazon's investment arm has a minority stake in the department store chain.

Unilever's results disappoint as new CEO takes charge

February 02, 2019

It was the Anglo-Dutch consumer giant's first set of results since Alan Jope took over as chief executive on January 1. Previous year the company abandoned plans to leave its United Kingdom headquarters and move its primary listing to the Netherlands following a backlash from shareholders.

European Union irks Britain by calling Gibraltar a 'colony'

February 02, 2019

The original version requested by Spain was to be more strongly worded, given that nation's territorial desires over Gibraltar, but that was rejected by France who also have territories so described by the United Nations, reports The Guardian .

Tesla's share price hits turbulence as electric vehicle giant's CFO departs

February 01, 2019

Tesla has said that it wants to start production at its Shanghai plant in the second half this year and is aiming to build 3,000 Model 3 vehicles per week. The company says it is snagging customers from beyond conventional notions of its segment. We last heard about the Model Y crossover mid-size SUV vehicle a year ago and it sounded like it was going to be revealed sooner rather than later.

Apple Engineer Accused of Stealing Autonomous Car Secrets

February 01, 2019

Earlier last week, Apple pushed out over 200 employees from its electric auto project codenamed "Titan" to different parts of the company. Apple didn't catch on to Chen's alleged espionage activities until January 11, when another Apple employee spotted him snapping pictures inside a secure Apple workspace.

Recall of infant ibuprofen sold at Walmart, CVS expanded over dosage concerns

February 01, 2019

The recall says that nausea, vomiting, epigastric pain, or more rarely, diarrhea are possible adverse effects. The company said Tuesday it had not received any reports of adverse effects pertaining to the recall. Sold under the "Equate" label. At Family Dollar, it's sold under the "Family Wellness" label with the NCD 55319-250-23 and lot number 00717024A. Anyone with questions should call Tris customer service at 732-940-0358.

Amazon shares fall after first-quarter sales forecast misses estimates

February 01, 2019

Revenue for the unit surged 45.3 percent to $7.43 billion, beating an average estimate of $7.26 billion. Amazon Web Services , which includes the company's cloud computing platform, generated quarterly revenue of $7.4 billion, up from $5.1 billion in the same period one year ago.

Facebook Surges After Big Q4 Earnings Beat (NASDAQ:FB)

February 01, 2019

In response to a question during the earnings call regarding Stories ad adoption, Facebook chief operating officer Sheryl Sandberg reported two million advertisers were now using Stories ads - but did not clarify if those were Facebook Stories or Instagram Stories ad units.

Consumers Energy customers asked to lower thermostats after fire

January 31, 2019

A " polar vortex " event brought record-cold, subzero temperatures into the Midwest on Wednesday. General Motors Co said late on Wednesday it will temporarily suspend operations at 11 MI plants and its Warren Tech Center after a utility made an emergency appeal to users to conserve natural gas during extreme winter cold.

General Business: Microsoft shares slip on Azure slowdown

January 31, 2019

Here's the operating income breakdown. Microsoft reported a strong second quarter for FY19 , but one of the areas were the company posted lower-than-anticipated revenue is the Windows division. Consumer Office revenue was nearly flat, growing by just 1 percent. "We continue to make strategic investments to capture expanding market opportunities to drive growth across our businesses".

Trump upbeat on China trade talks

January 31, 2019

As part of the deal, Trump agreed to postpone the planned increase in tariffs on $200 billion worth of Chinese goods. " They are correct ", Trump said on Twitter. Administration officials and other people familiar with the state of play, however, say the two sides remain far apart on key issues, with the US side still engaged in an internal debate over how to proceed and ill-prepared for this week's meetings.

Volkswagen electric Dune Buggy concept brings the 60s to the present

January 31, 2019

Just like the MQB platform that now forms the underpinnings of anything from a hatchback to a premium sedan, MEB is just as flexible. Taking its cues from popular American dune buggies, the concept vehicle is based on the modular electric drive matrix (MEB), demonstrating how multifaceted the new platform is.

Alibaba profit up 37%, shares rise more than 6%

January 31, 2019

Mobile active users in Alibaba's China retail marketplaces reached 699 million users, increasing by 33 million sequentially. Register to read this article for free. On Jan. 31, Alibaba Group announced its financial results for the quarter ended on December 31, 2018. Net income was up 33 percent from the same time a year earlier at $4.5 million, beating estimates and sending the stock of Alibaba $9.83 higher to $166.82 per American depositary share in NY.

Indias unemployment rate hit four-decade high after demonetisation

January 31, 2019

India's unemployment rate hit a 45-year-high of 6.1 per cent in 2017-18, as per the National Sample Survey Office's (NSSO's) periodic labour force survey (PLFS) of the Ministry of Statistics and Programme Implementation. The data is significant because this was the first comprehensive assessment of India's employment situation conducted after Modi's decision in November 2016 to implement demonetisation overnight.

Harley-Davidson Suffers Eighth Consecutive U.S. Sales Loss

January 31, 2019

Girard Prtn Ltd invested in 0.01% or 1,000 shs. Captrust Financial Advsrs invested in 978 shs or 0% of the stock. (NYSE:HOG) for 445 shs. Cubist Systematic Strategies Lc holds 15,950 shs or 0.04% of its capital. HOG has also 882,543 shares volume. For a total of shares it increased its holding in by shares in the quarter, and has risen its stake in. At the end of the most recent trading day, Harley-Davidson, Inc.

No Renegotiation: EU, UK Leaders React to Brexit Amendment Vote

January 31, 2019

Michel Barnier told France's RTL radio that the two-year divorce negotiations had looked for an alternative to the "Irish backstop", created to ensure that the border between European Union member Ireland and the British province of Northern Ireland, long a scene of sectarian violence, remains free of border posts.

Tesla CFO leaves as automaker promises profits and cheaper cars

January 31, 2019

Following Elon Musk's recent warning of a "very difficult" time ahead for Tesla , the electric auto maker on Wednesday reported a much smaller profit for the fourth quarter than it saw during the previous three months. Musk noted that after a year that was both challenging, and its most successful, Tesla had grabbed 80 per cent of the EV market in the U.S., with the Model 3 being the most successful premium auto of any type.

PG&E, owner of biggest United States power utility, files for bankruptcy

January 31, 2019

PG&E must also contend with anxious suppliers. John Simon, who assumed the role of PG&E Corp. interim CEO after Geisha Williams stepped down earlier this month, said in the release that safety remains the company's focus and it is "fully committed to enhancing our wildfire safety efforts, as well as helping restoration and rebuilding efforts" across California.

Wall Street surges after Fed signals patience on rates

January 31, 2019

Continued U.S. economic growth was still "the likeliest outcome", Powell said, but was now less certain than a month ago when the Fed said the economy was just as likely to grow faster than expected as it was to face a sharp downturn. In support of these goals, the Committee made a decision to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. Powell's press briefing on Wednesday inaugurates a new approach of briefing the media after every meeting of the FOMC ...

Japan's Nikkei: Ghosn says arrest due to plot within Nissan

January 31, 2019

But this is understood to have ruffled feathers at Nissan - with Mr Ghosn claiming it eventually led to his arrest as opponents sought to block the plan. The plan was to bring Nissan, Renault and Mitsubishi closer together and ensure they had "autonomy under one holding company", he told Nikkei .

Foxconn may shelve plan to make LCD panels at $10B Wisconsin factory

January 31, 2019

Foxconn CEO Terry Gou, centre, and special assistant Louis Woo, right, celebrate a signing agreement on August 27 up on announcing the investment of $100 million in engineering and innovation research at the University of Wisconsin-Madison.

Sanctions on Maduro Are Pressuring Him to Seek Talks

January 31, 2019

Years of corruption and economic mismanagement under Maduro left the economy in tatters and the people facing shortages of food and medicine amid hyperinflation, while Maduro consolidated power and cracked down on political opposition. On Monday, the USA imposed sanctions on Venezuela's state-owned oil company, Petroleos de Venezuela SA, that could potentially deprive the Maduro government of $11 billion US in export revenues over the next year.

China Threatens US After DOJ Indicts Huawei On 23 Criminal Charges

January 31, 2019

Huawei has repeatedly denied accusations of spying, pointing out that it works with security agencies around the world and that it sells products to more than 500 operators in 170 countries without issue. This will eventually establish - or strip away - trust in Huawei's leadership. His squad revamped a clothing factory in the northeastern city of Liaoyang, where they slept outside on the grass as temperatures dipped to minus 20 degrees Celcius, Ren said.

U.S. lifts sanctions on Rusal, other firms linked to Russia's Deripaska

January 31, 2019

But the Treasury Department is removing restrictions on Rusal, En+ Group and EuroSibEnergo. China's aluminum exports jumped to a record in 2018. Aluminum users around the world will pay less for their material after the United States lifted sanctions on major producer Rusal, but us tariffs on imports of the metal mean limited gains for the country's consumers.

Wall Street starts the week sharply lower amid disappointing revenue figures

January 30, 2019

Caterpillar fell 7.8 per cent to $126.12. 3M fell 19 per cent past year, worse than the 15 percent slide in a Standard & Poor's index of industrial stocks. Lawrence De Maria, a William Blair analyst, said the 2019 forecast was "indicative of slowing growth and a maturing cycle that implies peak markets, and effectively may put a lid on any cyclical industrial rally for now".

Tyson Foods recalls chicken nuggets due to possibility of rubber inside

January 30, 2019

Safety officials said they are concerned that some potentially contaminated products may remain stashed inside households' freezers. Consumers should look for the case code 3308SDL03 marked on five-pound bags of the nuggets and discard or return them to the place of purchase.

Venezuela's Opposition Leader To Appoint Parallel PDVSA, Citgo Boards

January 30, 2019

The measures are the latest in an worldwide pressure campaign on Venezuelan President Nicolas Maduro to cede power after opposition leader Juan Guaido declared himself interim leader last week. White House national security adviser John Bolton fuelled such speculation this week when reporters saw a notepad he was carrying had the words "5,000 troops to Colombia" written on it.

The US Postal Service to raise prices for stamps, packages

January 30, 2019

This is a 10 percent increase, the largest single price jump in the history of the U.S. Postal Service. The price of a Forever Stamp is now 55 cents. The price of a stamp was last raised in January 2017, when it increased by a penny. The postal service lost almost four billion dollars in 2018, reportedly from lower mail volume and pension and health care costs.

Ocala Taco Bell reopens after bomb squad investigates grenade

January 30, 2019

Police say the man put the grenade in the trunk of his vehicle and drove to the restaurant in Ocala, about 15 miles (25 kilometres) away, where he called authorities to report finding the small explosive device. The Ocala Police Department says it was removed without incident and will be disposed of properly. In social media updates yesterday, officials from the Ocala Police Department advised citizens to avoid the area after it was verified that the device was an "authentic WWII hand grenade".

SEC Investigating Nissan Over Carlos Ghosn's Pay

January 30, 2019

The charges form the backbone of the explosive allegations that triggered the November 19 arrest of Ghosn at Tokyo's Haneda airport and his eventual ouster as chairman of not only Nissan but Mitsubishi and Renault. A representative for Ghosn could not immediately be reached for comment. In 2016 the executive known as a "cost-killer" for slashing outlays and jobs took home a combined 15.4 million euros (US$17.6 million) from his roles at Renault, Nissan and Mitsubishi.

No United States Postal Service delivery on Wednesday

January 30, 2019

The freezing cold temperatures forced the U.S. Postal Service to cancel delivery service across much of the upper Midwest and into the Great Plains states. The Kansas City area is under a wind chill advisory until noon Wednesday, when wind chills as low as -20 degrees are expected. USPS is also suspending mail deliveries Wednesday in Minnesota , western Wisconsin, Iowa and western IL.

Five engineers arrested in Brazil over deadly dam collapse

January 30, 2019

Three employees of Brazilian miner Vale SA and two other engineers working on behalf of the company have been arrested, state prosecutors say, deepening a crisis for the company after another deadly disaster at one of its mines. In terms of human loss, this latest disaster was worse. "My thoughts are with the victims and the missing people and their families". Greenpeace said the latest spill "is a sad outcome of the lessons not learned by the Brazilian government and the mining ...

Trump to meet China's vice premier over trade

January 30, 2019

Souring US-China relations roiled global markets for much of previous year, and have now started to hurt world growth, one reason the US Federal Reserve has signalled it will be patient on policy after raising rates four times in 2018. Apparently seeking to manage expectations in the trade talks, USA officials have alternated between saying the two sides are "miles and miles" from reaching an agreement and projecting optimism that common ground can be reached.

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