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Trump's tariffs on imported steel, aluminum and solar panels have already cost thousands of jobs in the US. His proposed 20% tariffs on imported automobiles and auto parts could lead to much higher car prices and the loss of more than 600,000 jobs. And if other nations retaliate with tariffs of their own, even more US jobs will be lost.
Trump auto tariffs may cost hundreds of thousands of US jobs
https://www.cbsnews.com/news/trump-a...s-of-u-s-jobs/
General Motors is one of many hundreds of US companies objecting to Trump's proposal to slap 20% tariffs on imported autos and auto parts. In a filing with the Department of Commerce, GM is warning of job cuts, pay reductions, lower output and much higher automobile prices.
General Motors warns Trump's tariffs may lead to 'a smaller GM' and fewer jobs
https://www.cbsnews.com/news/general...nd-fewer-jobs/
Here is today's troublesome tale about Trump's terrible tariffs: AutoWise has estimated how much prices would increase for the ten best-selling vehicles if Trump imposes 25% tariffs on imported steel and aluminum:
Toyota Corolla: $1,162
Toyota Camry: $1,762
Toyota RAV4: $3,676
Honda Civic : $947
Honda Accord : $1,178
Honda CR-V: $970
Nissan Rogue: $3,410
Fiat Chrysler Dodge Ram 1500: $1,910
Ford F150: $1,038
Ford Escape: $1.017
Here's what Trump's auto tariffs may cost you at the dealer
https://www.cbsnews.com/news/heres-w...ight-cost-you/
Michael Dell launched PC's Limited in 1984. It became Dell Computer Corporation in 1987, had an IPO in 1988 and was publicly traded until 2013. And now -- cue the dramatic music -- Dell is returning to the NYSE.
Dell stock will trade publicly again, five years after leveraged buyout
http://www.latimes.com/business/la-f...702-story.html
Parneros, who joined Barnes & Noble in April 2017, has been fired as CEO and removed from the board of directors and will not receive severance pay. The company has not explained the reason. This is a real mystery! Someone should write a book about it.
Barnes & Noble fires CEO Demos Parneros, citing violations of company policies
http://www.businessinsider.com/r-bar...arneros-2018-7
Will the Campbell Soup Company be put up for sale? Will Kraft Heinz be the buyer? I guess we can say Mm-mm-maybe, Mm-mm-maybe.
Activist investor Dan Loeb planning major shakeup at Campbell's Soup
https://nypost.com/2018/07/02/dan-lo...ampbells-soup/
The announcement of a $5-a-month price hike came soon after AT&T increased their "administrative fee" for wireless service. Guess who is paying for the AT&T-Time Warner merger -- We are.
AT&T hikes price of DirecTV Now streaming service after saying Time Warner deal would likely lower consumer costs
http://www.latimes.com/business/holl...703-story.html
So DirecTV is raising the price of its streaming service. When one domino falls, eventually every domino falls, if you get my meaning.
Netflix testing pricier new 'Ultra' streaming service at $16.99 per month
https://www.msn.com/en-us/money/comp...zVJo?ocid=AMZN
In 2010 the USPS printed three billion stamps depicting the Statue of Liberty -- or so they thought. They had actually used a photo of a Statue of Liberty replica that graces the Las Vegas strip. The sculptor was not amused. Today, however, he is happy.
Postal Service ordered to pay $3.5 million for Statue of Liberty stamp mix-up
https://www.upi.com/Top_News/US/2018...6791530820875/
After the Telecommunications Act of 1996 became law, allowing media companies to own a greater number of radio stations than before, iHeart Media, then known as Clear Channel, bought more than 70 other radio stations and broadcasting companies, including Capstar, Chancellor, Evergreen and Jacor. iHeartMedia was not "too big to fail." They filed for Chapter 11 bankruptcy in March 2018 and now iHeartMedia can be yours if the price is right.
iHeartMedia could find a buyer soon
The New York Post, Jul 5 2018 9:57 PM
Interest in the country’s largest radio company is growing. Private equity firm Silver Lake Partners has recently shown interest in buying the bankrupt iHeartMedia operation — challenging John Malone, according to two sources familiar with the situation. Silver Lake is in talks with iHeart creditors, which are in line to take over control of the company once it emerges from Chapter 11.
If Silver Lake were to make an offer for iHeart — and buy the San Antonio company — it may look to form a partnership between iHeart and arena venue manager Oak View Group. iHeart bought a stake earlier this year in Oak View, which manages the New York’s new Islanders arena and for a fee books events into Madison Square Garden, the Prudential Center and Los Angeles’ Forum.
iHeart is on pace to emerge from bankruptcy in early October, at which time it will reduce its debt from $20 billion to $10 billion and likely seek a buyer. The company has 849 radio stations across the country. Malone’s Liberty Media on June 15 withdrew its proposal to buy 40 percent of iHeart for $1.16 billion, which, when factoring in the company’s $10 billion of remaining debt, values iHeart at $12.9 billion.
https://nypost.com/2018/07/05/iheart...-a-buyer-soon/
We know thousands of Russians created fake accounts on Facebook, Twitter and Google for the purpose of spreading spread false stories and pro-Trump propaganda prior to the 2016 Presidential election -- but the problem of fake accounts has turned out to be much worse than we thought.
Twitter is sweeping out fake accounts like never before, putting user growth at risk
Twitter suspended more than 70 million accounts in May and June and the pace has continued in July.
https://www.washingtonpost.com/techn...r-growth-risk/
Starbucks is joining Hilton Hotels, Alaska Airlines and other big corporations in getting rid of plastic straws. Joni Mitchell's song Big Yellow Taxi predicted a day when the only trees left on earth would be in a tree museum. Maybe someday we'll have a straw museum. "Daddy, what are those things? What were they used for?"
Starbucks to eliminate plastic straws globally by 2020
https://www.usatoday.com/story/money...020/764343002/
Donald Trump said last month that pharmaceutical companies would be making "massive" cuts in drug prices. Apparently he didn't bother to check with the pharmaceutical companies before making the announcement. Last week, Pfizer raised prices on around 100 drugs and today the President responded. On Twitter, of course:
"Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!"
Following Trump's tweet, Merck shares fell 46 cents and Pfizer shares fell 15 cents. Pfizer recovered, closing today 0.13% higher but Merck was down 0.29%.
Trump tweet slams Pfizer over drug price hikes
https://www.cbsnews.com/news/trump-t...-shares-today/
Today's Chinese language lesson: "Tesla" is 特斯拉 (Te-si-la) and "factory" is 工厂 (gong-chang).
Tesla to build its first foreign factory in China
CBS News, Jul 10 2018 4:38 PM
Tesla signed a deal today to build its first factory outside the US in Shanghai, making it the first wholly foreign-owned automaker in China. The announcement comes amid mounting US-Chinese tension over technology and joint ventures and follows Beijing's April promise to end restrictions that required foreign automakers to work through local partners. Tesla said the China factory would not affect production in the United States, which is forecast to increase.
Production is expected to begin two to three years after official permits are obtained, with an eventual goal of 500,000 vehicles output annually. Tesla began selling cars in China in 2014, shipping them from its California factory, which added a 15% import duty to the price. Despite that, China quickly became its number two market after the United States.
https://www.cbsnews.com/news/elon-mu...china-factory/
For those of us who refuse to pay to read The Wall Street Journal online, we can simply wait for other websites to share WSJ stories. This is from Talkers.com, July 10:
Liberty still interested in iHeartMedia
The Wall Street Journal is reporting that Liberty Media, after taking its offer of $1.2 billion for 40% of iHeartMedia off the table a couple of weeks ago, is "working on revamping its original offer.” The story goes on to say that Liberty’s return to the table could signal a bidding war between it and private equity firm Silver Lake. The Wall Street Journal story says Silver Lake has made an offer for 20% of the reorganized iHeart, though a dollar figure is not being reported.
Both Liberty – owner of a controlling interest in SiriusXM and a minority interest in Pandora – and Silver Lake are also said to be in talks with iHeartMedia creditors Franklin Advisors Inc. and Pacific Investment Management Company, both of which are expected to control the post-reorganization iHeartMedia. For Liberty, the obvious synergies make it an attractive suitor with iHeart itself stating in a recent filing that Liberty’s original offer didn’t take into account some $500 million in annual synergies.
http://www.talkers.com
Comcast and Disney were fighting to buy Fox. Disney won. Now Fox and Comcast are fighting to buy Sky. Disney will own Sky unless Comcast buys the 61% that Fox doesn't already own. Ooohhh.....my head is spinning.
Fox strikes $32.5-billion deal for Sky TV service, topping offer from Comcast
http://www.latimes.com/business/holl...711-story.html
Pfizer CEO Ian Read is postponing the latest round of price hikes until 2019 to give Trump time to "strengthen the healthcare system and provide more access to patients." If Read really thinks Trump will strengthen the healthcare system, maybe he needs to up the dosage of his medications!
Pfizer buckles under pressure from Trump, delays drug price increases
http://www.latimes.com/business/la-f...711-story.html
Build-A-Bear Workshop's "Pay Your Child's Age" sale probably sounded like a good idea but ultimately it, um, didn't work.
Build-A-Bear mayhem: Company cancels 'Pay Your Age' sale amid massive crowds, safety concerns
https://www.cbsnews.com/news/build-a...fety-concerns/
A judge ruled on June 12 that the Justice Department failed to prove the AT&T-Time Warner merger would violate antitrust laws. He approved the merger and gave the Justice Department 60 days to appeal. Well.......guess what.
Justice Department to appeal $85 billion AT&T-Time Warner merger
http://www.businessinsider.com/att-t...rt-says-2018-7
"justice, noun: just behavior or treatment; the condition of being morally correct or fair. Synonyms: fairness, justness, evenhandedness, impartiality, objectivity, neutrality." Under the Trump administration, those definitions no longer apply.
AT&T chief Randall Stephenson questions DOJ challenge of takeover: 'We own Time Warner'
Los Angeles Times, Jul 13 2018 12:35 PM
Analysts today puzzled over why the US Justice Department would try to unravel AT&T’s purchase of Time Warner after the government suffered a stinging defeat in court — and a full month after the acquisition closed. AT&T Chief Executive Randall Stephenson, was dismissive of the government’s chances on appeal. "It’s a very narrow path that would have to be traveled to get this thing reversed," Stephenson said in an interview with CNBC. "The merger is closed. We own Time Warner."
AT&T prevailed over the Justice Department following a six-week trial that unfolded in a Washington DC courtroom. Judge Richard Leon tried to discourage the government from mounting an appeal.
http://www.latimes.com/business/holl...713-story.html