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Feb 19, 2019
According to lawmakers in the UK, Japanese automaker Honda will announce the closure of its only plant in the country by 2022. According to the report, the shutdown would cut 3,500 jobs, and the company made this decision because its market share in the UK has reduced as a result of the global economic climate. Japanese car manufacturers have long seen the country as the gateway to the European market, but Honda cars represent less than 10% of the total cars sold in the UK. The company didn't confirm or denied these reports and stated that it would be irresponsible to disclose this news without talking to employees first.
Feb 19, 2019
According to sources, British authorities don't see the Chinese telecom giant as a threat to its national security. This follows concerns by the U.S. that the Chinese government could use Huawei's equipment to spy and steal state secrets. Although no evidence has been provided, several countries have put on hold the deployment of 5G technology and have limited the work of Huawei, which is the world's largest telecom company. However, sources familiar with the matter say that British officials believe they can mitigate any threat to their national security and are capable of testing Huawei equipment to confirm it's not a threat, this is based on concerns that banning Huawei would be worst for the country.
Feb 19, 2019
After a video surfaced of an American Airlines flight attendant singing the song "big spender" and dancing to a gentleman during a private party, the union that represents the attendants has demanded an investigation into the skit for considering it sexist. The Airline has said that the incident happened during a party at a private residence and that they didn't have anything to do with the agenda. The union has stated that flight attendants have faced over half a century of abuse and sexual harassment and that such incidents hurt the image of the profession. A recent survey revealed that 68% of flight attendants have been sexually harassed.
Feb 19, 2019
Last year, global automakers saw declining sales in the Chinese market as the country entered an economic slow down after decades of uninterrupted growth. Sales of passenger cars declined by 18% this January compared to last year, sales started dropping in July and have been in decline for 7 consecutive months. Annual car sales have reached their lowest point in more than 20 years, and some of the world's biggest automakers are seeing the consequences of the slowdown. GM has reported a decline in sales of 10%, and Ford has said that sales have dropped by nearly a third, but perhaps the most worrying is that the slow down doesn't seem to have an end in sight.
Feb 19, 2019
The auto industry urged the Trump administration not to impose more steep tariffs on the auto industry for fears that the tariffs would hurt the industry and not help it as the government has promised. This statement follows a confidential report sent by the Commerce Department that has brought uncertainty to the industry for not knowing what to expect. Some trade organizations have also criticized the Commerce Department for keeping the content of the report confidential, claiming that companies won't know what to do during the 90 days that President Trump has to review the report. The industry also stated the importance of explaining how the tariffs would put jobs at risk.
Feb 19, 2019
CVS and Walgreens, the two biggest pharmacy chains in the U.S., have started testing some changes in their stores as both companies work to stay competitive in the current climate. The companies have stopped offering traditional pharmacy products like greeting cards and other seasonal products and are focusing more on medical equipment like apnea masks. In addition to medical equipment, CV has introduced spaces to offer health seminars and yoga classes at some locations in Houston, Texas, and Walgreens now offers hearing and eye exams at some stores, services that the company considers more personal and impossible to get online.
Feb 18, 2019
After the arrest of former chairman Carlos Ghosn for fiscal misconduct, the leadership of the Japanese automaker has been in the air, but now there are reports that a special committee will be in charge of designating an external director to serve as board chairman. This role is different from company chairman as the company is looking to decentralize power and create a better structure. Under the company's charter, the board chair automatically becomes head of the board, and Ghosn had filled both positions before he was arrested, which made the company realize that granting him so much power contributed to his alleged misconduct.
Feb 18, 2019
Johnson & Johnson CEO Alex Gorsky said in an interview that his company's partnership with Apple has the potential to save the lives of cardiac patients. The company is collaborating with Apple on ways to detect heart irregularities with the use of the Apple Watch. Both firms are working on a study regarding the early detection of atrial fibrillation, a cardiac disease that could ultimately lead to strokes and other conditions. The results of the study could help patients recognize the symptoms of the disease a find the right medication and medical attention before it's too late. Apple had already introduced an electrocardiogram function on the Watch, which Gorsky says is the basis of the new study.
Feb 18, 2019
Payless ShoeSource is one of an increasing number of retailers that have filed for bankruptcy after years of poor management and bad decisions. Payless had managed to stay afloat while retailers like Toys R Us went under, but its luck seems to have run out. Payless has begun liquidation and expects all stores to remain open until the end of March, and most stores until May. The company's issues are similar to those of other retailers, ranging from outdated business policies to the rise of online retailing, which makes experts believe that the current market is only suitable for giants like Walmart that have the means to adapt, or regional shops that cover smaller markets.
Feb 18, 2019
Amazon announced its decision last week to walk away from the plans to build half of its headquarters in Queens, New York City, citing as the main reason the growing opposition that it faced before it could start working. Now, non-profit organization Partnership for New York City, the main supporter of bringing Amazon to the city, has said that the withdrawal makes other potential investors doubt their plans to invest in the city, thus hurting the image that New York City is the best place for business. The group also said that New York has the highest taxes in the country, so it was hard to compete against other cities that were competing for the honor.
Feb 18, 2019
Southwest Airlines have told all the mechanics that they must report to work as soon as possible under risk of losing their jobs. The reason behind this is what the company has declared an "operational emergency," which has caused the company some trouble over the past week since many planes have been taken out of circulation. The company usually expects to remove about 20 airplanes daily due to unexpected issues, but last week the daily average doubled for each day, and the company says the problems with the aircraft are varied and don't follow a pattern. Southwest had to cancel 100 flights on Friday, and nearly 1,000 were delayed due to this emergency.
Feb 18, 2019
Funko is a collectibles maker that has become popular by selling miniature versions of iconic characters from movies, music, sports and more. Now, the company says that the closure of Toys R Us didn't hurt its business because the company never relied too much on the doomed retailer. While manufacturers like Hasbro and Mattel struggled with the loss of the retailer, which handled more than 15% of all toy sales in the country, Funko says that it never lets any retailer represent more than 10% of its total sales, choosing to offer its products to a wide range of stores, adding that the company's online platform has also become more important.
Feb 18, 2019
Alexandria Ocasio-Cortez is a Democrat Representative who opposed the construction of Amazon's headquarters near her district in New York City and has said that Amazon's mentality forces employees to work for meager salaries and dehumanizing conditions that help the company stay profitable. After the Rep's claims, Dave Clark, vice president of worldwide operations, said that Ocasio-Cortez was welcome to take a tour of the company's facilities, adding that the employees have dignified salaries and the company offers other benefits like educational programs. Ocasio-Cortez also stated that Amazon demanded too much from the city, while companies like Google were able to move into New York without disruption.
Feb 18, 2019
Uber has filed a lawsuit against the City of New York to revert the city council's decision to put a year-long cap on the number of new taxi licenses that are granted. This is part of the City's effort to reduce congestion and help taxi drivers who say their work has been affected by the arrival of these services. Uber's lawsuit states that the city decided without actually thinking about the people since anyone who doesn't live in Manhattan has a tough time finding a yellow cab. The city, on the other hand, states that eight drivers have committed suicide due to how difficult it has become to be a taxi driver in the city.
Feb 18, 2019
According to reports, Russia's Gazprom bank has frozen the accounts of Venezuela's state oil firm PDVSA for fears that the bank might be affected by the sanctions that the U.S. has imposed on the oil company. PDVSA has denied these reports, but a number of entities have denied the company support due to the sanctions that could affect their business. Russian officials have expressed their support to Maduro's regime, who has faced widespread Western opposition, and Maduro's government had asked joint ventures to make deposits at this bank in Russia to avoid U.S. sanctions, but if the report is accurate, then Maduro wouldn't be able to access those funds.
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