Category: Companies

World Shares Up, Extending Wall Street Gains as US Wages Slow

January 9, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World shares were mostly higher Monday following last week’s rally on Wall Street, where investors bet that slow U.S. wage gains may augur a cooling of the inflation that has led the Federal Reserve to hike interest rates. In Europe, Germany’s DAX gained 0.3 percent to 14,647.16 and the CAC 40 in Paris edged less…

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UAW Workers Reject CNH Offer, Extending 8-month Strike

January 8, 2023
Business & MarketsCNHCompaniesstrikeWorker
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More than 1,000 striking CNH Industrial workers in Iowa and Wisconsin rejected the “last, best and final offer” from the maker of construction and agricultural equipment Saturday night, extending their eight-month stoppage. In a statement, the United Auto Workers union announced the result of the vote by members who work for CNH and said the…

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Seattle Schools Sue Tech Giants Over Social Media Harm

January 8, 2023
Business & MarketsCompaniesHarmmediaMedia & Big TechSocialTechTech News
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SEATTLE—The public school district in Seattle has filed a novel lawsuit against the tech giants behind TikTok, Instagram, Facebook, YouTube, and Snapchat, seeking to hold them accountable for the mental health crisis among youth. Seattle Public Schools filed the lawsuit Friday in U.S. District Court. The 91-page complaint (pdf) says the social media companies have…

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Musk Says He Can’t Get Fair Trial in California, Wants Texas

January 8, 2023
Business & MarketsCaliforniaCompaniesLocal NewsMedia & Big TechMuskNorthern CaliforniaRegional-Local NewsSouthern CaliforniaTexasUS
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WASHINGTON—Elon Musk has urged a federal judge to shift a trial in a shareholder lawsuit out of San Francisco because he says negative local media coverage has biased potential jurors against him. Instead, in a filing submitted late Friday—less than two weeks before the trial was set to begin on Jan. 17—Musk’s lawyers argue it…

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McDonald’s CEO Warns Layoffs for Corporate Staff Are Coming

January 8, 2023
Business & MarketsChris KempczinskiCompanieslayoffsMcDonaldUSUS News
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McDonald’s CEO Chris Kempczinski revealed in a memo to staff on Friday that he is planning to cut some corporate staff as part of the company’s new business strategy. The fast-food giant CEO said the job cuts are intended to help the company innovate faster and work more efficiently. “We will evaluate roles and staffing…

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Tech Firms Leading Job Cuts in Corporate America

January 8, 2023
Business & MarketsCompaniescuteconomiceconomyemployeeinflationInflationaryjobsMedia & Big Techrecession
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Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Persisting inflation leading to interest rate hikes, weak consumer demand, and an economic slowdown in China have forced firms from Amazon to Walt Disney and banks to trim their workforce….

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Tech Firms Lead Job Cuts in Corporate America

January 8, 2023
Business & MarketsCompaniescuteconomiceconomyemployeeinflationInflationaryjobsMedia & Big Techrecession
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Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Persisting inflation leading to interest rate hikes, weak consumer demand, and an economic slowdown in China have forced firms from Amazon to Walt Disney and banks to trim their workforce….

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WhatsApp Announces New Proxy Support Feature to Bypass Internet Shutdowns

January 8, 2023
Business & MarketsCompaniesMedia & Big TechproxySocial MediaTechTech NewsWhatsapp
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Meta Platforms Inc.’s WhatsApp said on Thursday users of the messaging app will now be able to use proxy servers to access the service in countries where the app is blocked. A proxy server is an intermediary between users and web services and acts as a web filter that allow netizens to circumvent restrictions and…

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American Airlines to Drop Services in 3 Cities Due to Pilot Shortage and Soft Demand

January 8, 2023
American AirlinesBusiness & MarketsCOLUMBUSCompaniesDel RioLocal NewsLong BeachNorthern CaliforniaRegional-Local NewsSouthern CaliforniaTexasUSUS News
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American Airlines will drop service in three cities starting this Spring because of pilot shortages and sluggish demand. “In response to the regional pilot shortage affecting the airline industry and soft demand, American Airlines has made the difficult decision to end service in Columbus, Georgia (CSG), Del Rio, Texas (DRT), and Long Beach, California (LGB)…

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Coinbase Agrees to $100 Million Settlement With New York Regulators

January 7, 2023
Business & MarketscoinbaseCompaniesCrime and Incidentscryptocurrencyfinancial regulatorJudiciaryLocal NewsMarketsMedia & Big TechNew YorkRegional-Local Newssettlement dealUS
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Coinbase has agreed to pay a $100 million settlement with New York state’s financial regulators. The crypto industry was hit with a wave of bad news in 2022, with the collapse of crypto exchange giant FTX, hedge fund Three Arrows Capital, along with the failure of several key lenders. The DFS accused Coinbase on Jan….

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