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Daimler Truck braces for possible strike in 3 southern US states

Around 7,200 workers with Daimler Truck in three southern US states were poised Friday for a potential strike as labor contract talks headed down to the wire. Representatives for the United Auto Workers and Daimler Truck have been in talks over a new contract to replace the one that expires at midnight Friday night for workers who build long-haul trucks and buses.

2024-04-26T19:13:42Z

Kushner’s Affinity Takes Board Seat at Brazil Fast-Food Operator

Jared Kushner’s Affinity Partners joined the board of Brazilian fast-food operator Zamp SA after making an investment of about $200 million earlier this year.

2024-04-27T03:45:37Z

Snap Signals Ad Revamp Is Finding an Audience; Shares Surge

Snap Inc. offered positive signs that its efforts to revamp its digital advertising business are gaining popularity with marketers — boosting revenue and providing stronger competition with powerhouses Google and Meta Platforms Inc. The shares surged the most in more than two years on Friday morning.

2024-04-25T20:45:38Z

Ford tapped the brakes on EVs and bet on hybrids. It's paying off.

Ford announced in its earnings on Wednesday that hybrid sales rose 36% in the first quarter of 2024.

2024-04-26T09:02:27Z

It isn't just Boeing that's bleeding billions — major US airlines are hemorrhaging cash too

Southwest Airlines and American Airlines reported losses in the first quarter of 2024.

2024-04-26T08:32:22Z

Adnoc Distribution's AI-powered robotic pump attendant turns heads

Adnoc’s AI-powered fuelling robot turns heads

2024-04-26T10:20:02Z

Meta's median pay for employees is $379,000 a year

Meta's median salary is significantly higher than many tech jobs, though on par with rivals like Google and Amazon.

2024-04-26T19:28:38Z

US regulators seize troubled lender Republic First, sell it to Fulton Bank

(Reuters) -U.S. regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, underscoring the challenges facing regional banks a year after the collapse of three peers. Philadelphia-based Republic First, which had abandoned funding talks with a group of investors, was seized by the Pennsylvania Department of Banking and Securities. The Federal Deposit Insurance Corp (FDIC)

2024-04-27T02:55:32Z

L3Harris cuts 5% workforce in cost-saving measure

(Reuters) - U.S. defense contractor L3Harris cut 5% of its workforce earlier this month in a bid to streamline its business and save costs, CEO Chris Kubasik said in a post-earnings conference call on Friday. The announcement confirms a Reuters report from Tuesday which said the company would cut 5% of its workforce this year, citing an email sent to employees. Though U.S. defense contractors

2024-04-26T21:44:53Z

Oil set for weekly gain on supply risks and shrinking US crude stockpiles

Oil prices rose on Friday and were on track to record a weekly gain amid a surprise drop in US crude stocks and persisting Middle East supply risks a market awaits key US inflation data. Brent, the benchmark for two thirds of the world’s oil, rose 0.49 per cent to close at $89.5 a barrel. West Texas Intermediate, the gauge that tracks US crude, sur...

2024-04-26T10:49:48Z

US regulators seize troubled lender Republic First, sell it to Fulton Bank

(Reuters) -U.S. regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp said on Friday, underscoring the challenges facing regional banks a year after the collapse of three peers. The Philadelphia-based bank, which had abandoned funding talks with a group of investors, was seized by the Pennsylvania Department of Banking and

2024-04-26T23:19:57Z

PCE: Inflation rises as Fed signals delay in cutting US interest rates

US inflation rose higher than anticipated last month, dealing another setback for the Federal Reserve's ambitions of a soft landing. The Personal Consumption Expenditures (PCE) Price Index 0.7 per cent per cent last month, the Commerce Department reported on Friday. On an annual basis, headline inflation rose 2.7 per cent. Core PCE, which excludes ...

2024-04-26T13:05:06Z

The FTC says Jeff Bezos and Amazon execs used Signal to talk business — and it wants to know more

The Federal Trade Commission is seeking more information about Amazon employees' use of the messaging app. The company says its claims are "baseless."

2024-04-26T12:42:59Z

Paramount Board Weighs Removing CEO Amid Sale Talks, WSJ says

Paramount Global’s board is considering removing Chief Executive Officer Bob Bakish and putting the film and TV company under a committee of top executives while it evaluates a possible sale, according to a person familiar with the matter.

2024-04-26T19:09:43Z

Space42 to drive business and tech advancement, top official says

Artificial intelligence-powered space technology company Space42 is set to expand business and drive technological innovation as it looks to unlock new global opportunities, its managing director designate Karim Sabbagh has said. The new entity, created through the merger of Bayanat and Yahsat, will also facilitate the democratisation of space tech...

2024-04-26T07:34:12Z

Walmart heir Rob Walton just retired from the retailer's board after 4 decades. He and his 2 siblings are worth a combined $228 billion — more than Jeff Bezos or Elon Musk.

Rob, Jim, and Alice Walton's fortunes have more than doubled to more than $72 billion each, making them richer as a trio than Jeff Bezos or Elon Musk.

2024-02-25T12:07:15Z

Planemaker Embraer CEO says supply chain has been improving

By Gabriel Araujo SAO JOSE DOS CAMPOS (Reuters) -The chief executive of Brazil's Embraer said on Friday that supply chain issues impacting planemakers have been improving but some challenges remain. Francisco Gomes Neto told reporters at an event in Sao Jose dos Campos, where the company is based at, that Embraer is in a "very good place" right now after overcoming some difficult years. Last

2024-04-27T00:30:25Z

Amazon UK Workers Challenge Use of QR Codes for Quitting Union

Five Amazon.com Inc. workers at a UK warehouse are challenging the company’s introduction of posters with QR codes that let employees cancel their union membership in seconds.

2024-04-26T16:49:13Z

Facebook cofounder accuses Tesla of being the next 'Enron'

Asana founder Dustin Moskovitz called Tesla the next "Enron" and speculated that people "are going to jail at the end."

2024-04-27T02:20:15Z

UAW Reached Tentative Pact With Daimler Truck, Averting Strikes

The United Auto Workers said it reached a tentative agreement with Daimler Truck Holding AG ahead of a contract expiring midnight on April 26 and following a strike threat.

2024-04-27T04:20:44Z

Tesla to lay off 693 employees in Nevada, government notice says

SAN FRANCISCO (Reuters) -Tesla plans to lay off 693 employees at its facilities in Sparks, Nevada, a government notice showed, as part of its plan to cut more than 10% of its global workforce amid dropping sales and rising competition. The notice was submitted to the Nevada Department of Employment, Training, and Rehabilitation earlier this week. A U.S. labor law requires companies with 100 or

2024-04-26T20:49:51Z

CVS Omnicare staff in Las Vegas vote to join new union

(Reuters) - Staff at CVS Health's unit Omnicare in Las Vegas voted to join the Pharmacy Guild, becoming the first location at the national pharmacy chain to join the union. About 87% of workers at CVS Omnicare, a provider of pharmacy services to long-term care facilities, in Las Vegas voted on Thursday in favor of unionization. WHY IT'S IMPORTANT The vote comes months after some employees at

2024-04-26T18:49:30Z

Daimler Truck reaches deal with United Auto Workers, averts U.S. strike

By Nathan Gomes and Ben Klayman (Reuters) -Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike at the 11th hour. "For months, we said that record profits should mean a record contract with no concessions," UAW President Shawn Fain said in a late-night appearance

2024-04-27T04:11:03Z

Deutsche Bank to be hit by legal provision related to Postbank takeover

(Reuters) - Deutsche Bank on Friday said it expected to be impacted by a legal provision in the second quarter of 2024 after the Higher Regional Court of Cologne indicated it may find claims of certain former Postbank shareholders linked to the unit's takeover valid. The court's statements will impact Deutsche Bank's estimation of the probability of a future outflow and result in a legal

2024-04-26T21:44:54Z

Chipotle says its service is much faster now, and it means fewer people are bothering to order ahead

During the pandemic, many fast-food and fast-casual chains rolled out ways for customers to order ahead so that customers could skip the line.

2024-04-26T08:56:46Z

Air China Orders Homegrown C919s in Challenge to Jet Duopoly

Air China announced plans to buy 100 Comac C919 airliners, a major boost to the home-grown planemaker seeking to disrupt the commercial aircraft duopoly locked down by Airbus SE and Boeing Co.

2024-04-26T12:38:04Z

Darktrace Agrees Sale to Thoma Bravo for $5.32 Billion

UK cybersecurity company Darktrace Plc agreed to sell itself to private equity firm Thoma Bravo for an equity value of about $5.32 billion.

2024-04-26T07:42:39Z

Palmer Luckey's start-up Anduril just proved it can challenge legacy defense contractors and win

The defense tech start-up beat legacy names like Boeing and Lockheed, proving just how important AI and autonomy are to national security.

2024-04-26T12:32:53Z

Android Cupcake's 15th birthday: A Google treat that keeps on giving

In 2008, the smartphone world had already been turned on its head after Apple unveiled a mobile device without a physical keyboard a year earlier, a move infamously mocked by Steve Ballmer, Microsoft's chief executive at the time. The iPhone's design was not original – remember the Palm devices and other personal digital assistants? But it was the ...

2024-04-27T03:07:37Z

Daimler Truck reaches deal with United Auto Workers, averts U.S. strike

By Nathan Gomes and Ben Klayman (Reuters) -Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike, the union's president said. "For months, we said that record profits should mean a record contract with no concessions," Shawn Fain said in a late-night appearance on

2024-04-27T03:51:01Z

Walmart's CEO made almost 1,000 times the median employee last year

Walmart CEO and President Doug McMillon's total compensation was over $26.9 million last year. The median compensation for workers was $27,642.

2024-04-26T21:09:06Z

American Airlines to adjust routes amid Boeing 787 delivery delays

(Reuters) - American Airlines will be making adjustments to certain routes in the second half of 2024 and the first quarter of 2025, the carrier said on Friday, citing ongoing Boeing 787 delivery delays. "We're making these adjustments now to ensure we're able to re-accommodate customers on affected flights," the company said. The carrier added that it was proactively reaching out to impacted

2024-04-26T20:49:46Z

What is Iraq's Development Road and will it challenge US and China trade routes?

Iraq's ambitious $17 billion Development Road project, which could rival the region’s only existing international maritime route via the Suez Canal, has made significant progress in recent weeks. On Monday, Iraq, Turkey, Qatar and the UAE signed a preliminary agreement in Baghdad for joint co-operation on the project. The signing took place during ...

2024-04-26T06:49:16Z

Walmart heir Rob Walton is stepping down from the retailer's board after four decades

Rob Walton first joined Walmart in 1969, served on the board for more than 40 years, and will step down in June, the company said Thursday.

2024-04-26T14:48:04Z

Planemaker Embraer CEO says supply chain has been improving

By Gabriel Araujo SAO JOSE DOS CAMPOS (Reuters) - The chief executive of Brazil's Embraer said on Friday that supply chain issues impacting planemakers have been improving but some challenges remain. Francisco Gomes Neto told reporters at an event in Sao Jose dos Campos that the company is in a "very good place" right now after overcoming some difficult years. (Reporting by Gabriel Araujo;

2024-04-26T22:40:02Z

EU toughens safety rules for online retailer Shein

The European Union on Friday added Chinese-founded online retailer Shein to its list of digital companies that are big enough to come under stricter safety curbs. The company joins Facebook, TikTok, X, YouTube and others on a list of "very large online platforms" which have more than 45 million monthly active users in the European Union.

2024-04-26T10:36:27Z

A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.

Galena, a Utah cat, was found in a California Amazon warehouse after being accidentally shipped in an return box by her owners.

2024-04-26T10:42:24Z

Facebook Scams Demand Stricter Online Rules, Japan Lawmaker Says

Japan must implement laws to better regulate companies like Meta Platforms Inc. when they fail to address social media scams, the head of the ruling party’s digital promotion working group said.

2024-04-26T06:48:50Z

What happens if TikTok is sold without the algorithm that drives the 'For You' page? It might not be so bad.

Maybe it actually wouldn't be SO bad if TikTok's video-recommendation engine doesn't come along with a possible sale.

2024-04-26T09:07:11Z

Google asks court to throw out US advertising case

WASHINGTON (Reuters) -Alphabet Inc's Google on Friday asked a federal court in Virginia to reject a U.S. government lawsuit accusing the advertising and search giant of anticompetitive practices in the online advertising marketplace. The Justice Department, which filed the advertising lawsuit in January 2023, accused the company of abusing its dominance of the digital advertising business and

2024-04-26T20:49:50Z

Why avoiding temptation is an investor's most important skill

Smart long-term investors generally have a good understanding of the mindsets and behaviours that lead to financial success. They diligently act on a solid plan and have thought through the various trade-offs that all financial decisions demand. However, even the best of us are still human. While the principles of smart investing may be simple to u...

2024-04-26T07:19:11Z

Google files motion for summary judgment in U.S. ad tech case

WASHINGTON (Reuters) -Alphabet Inc's Google on Friday asked a federal court in Virginia to reject a U.S. government lawsuit accusing the advertising and search company of anticompetitive practices in the online advertising marketplace. The government, which filed the ad tech lawsuit in January 2023 along with eight states, accused the company of abusing its dominance of the digital advertising

2024-04-26T19:49:38Z

RedBird IMI to Drop Telegraph Bid, Leaving UK Paper for Sale

RedBird IMI is set to walk away from its takeover of the Telegraph, according to a person familiar with the matter, in a move likely to trigger another bidding war for the UK newspaper group.

2024-04-26T16:03:37Z

Railroad CEO Isn’t Ruthless Enough for Investors After Toxic Crash

Ancora Holdings is pushing for a new CEO at Norfolk Southern to boost efficiency, but Alan Shaw advocates a balanced approach.

2024-04-26T10:18:17Z

Deutsche Bank to make provision for Postbank suit that will hit Q2 profit

BERLIN (Reuters) - Deutsche Bank AG said a court ruling in a years-long litigation over its takeover of Postbank will require it to make a legal provision that will impact its second quarter and full-year profitability. Germany's flagship lender said that the Higher Regional Court of Cologne had on Friday assessed the claims of certain former Postbank shareholders that a higher offer price should

2024-04-26T22:40:07Z

Ex-McKinsey partner sues firm, claims he was made opioids 'scapegoat'

By Nate Raymond (Reuters) - A former McKinsey & Co partner sued the global consulting firm on Friday and accused it of defaming him and making him a "scapegoat" to distract attention from its work advising OxyContin maker Purdue Pharma and other manufacturers of opioid pain medications. Arnab Ghatak, who was fired in 2021, filed the lawsuit in New York state court just two days after Reuters and

2024-04-27T00:10:23Z

Microsoft and Alphabet prove the AI boom has more room to run

Microsoft and Google's parent company both beat Wall Street's Q1 expectations. Their CEOs say that's thanks to AI.

2024-04-26T02:36:13Z

China Industrial Profits Drop as Demand From Overseas Stalls

China’s industrial companies’ profits fell in March as exports flagged and deflationary pressures persisted, suggesting the economy’s stronger-than-expected growth early this year might be tough to maintain.

2024-04-27T03:20:31Z

NYCB faces tough choices on CRE loans, balance sheet diversification

(This April 24 story has been corrected to clarify that the bank spokesperson was referring to previous remarks by the CEO Joe Otting, in paragraph 12) By Niket Nishant and Manya Saini (Reuters) - New York Community Bancorp will have to lure buyers for its commercial real estate (CRE) loans with steep discounts and diversify its revenue as it races to shore up its finances. The bank's new

2024-04-26T22:40:08Z

US Air Force awards Doomsday plane contract to Sierra Nevada

(Reuters) - The U.S. Air Force said on Friday that it has awarded a contract to Sierra Nevada Corp to develop a successor to the E-4B, known as the Doomsday plane, due to its ability to survive a nuclear war. The Survivable Airborne Operations Center (SAOC) project is intended to replace the aging 1970s-era aircraft, which is approaching end-of-service life, a Air Force spokesperson said in a

2024-04-26T21:45:00Z