Ford begins final round of US layoffs

Business / Business News /

DETROIT -- The first of 500 U.S. Ford Motor Co. salaried employees are expected to be notified in meetings Tuesday that they're being let go.

Ford's operations in Dearborn were quiet Tuesday morning ahead of the last round of white-collar job cuts, with parking lots filling and employees filing in as usual.

CEO Jim Hackett notified employees ...Read more

GM's car-sharing service Maven to start exiting certain cities

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DETROIT -- General Motors' app-based car sharing service known as Maven is exiting some markets after nearly three years of expansion.

Maven's move to leave or reduce its services in some of the 24 markets it's in globally started earlier in May and will take a few months to complete.

"This is not an announcement, just the course of business,"...Read more

Trump held off punishing Huawei until China trade talks stalled

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WASHINGTON -- The Trump administration held off on blacklisting Huawei Technologies Co. out of concern the move could disrupt trade negotiations with China and only took action after the last round of talks hit an impasse, according to people familiar with the matter.

Plans to target the Chinese telecommunications equipment maker over security ...Read more

Illinois' marijuana market could rival Colorado's in the coming years, report finds

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CHICAGO -- The cannabis industry in the U.S. has long been centered around states like Colorado and Oregon, but now, marijuana sales in Illinois and its neighboring states east of the Mississippi River are poised to rival those out west.

The U.S. cannabis market is staring down massive growth, with sales that are expected to reach $22.7 billion...Read more

'Dark clouds over Fremont': Tesla enters survival mode and stock price drops

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Elon Musk's growth story is looking more like a fable as Tesla Inc. enters survival mode.

Just over two weeks ago, Musk boasted to stock analysts and big investors that the company was on course to reach half a trillion dollars in market value. Since then, Tesla's stock price has dropped 19.5%, vaporizing $8.8 billion in market value. The ...Read more

Michael Hiltzik: Black unemployment is rising again, undermining a Trump boast on economic growth

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One aspect of American life that President Trump never tires of taking credit for is economic growth -- specifically, job growth. So you won't hear him pointing out the disturbing discrepancy in the employment figures between white and black workers.

Economists and economic commentators have started to notice however, because it's hard to miss....Read more

Life in Trump's trade war brings chaos for corporate America

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NEW YORK -- For Columbia Sportswear Co., President Donald Trump's escalating trade war has snatched away the most finite resource of all: time.

Although the outdoor-gear maker was largely spared financial pain in the first tariff rounds, the dispute has still sucked up hours and resources that it hadn't planned for. Budget meetings and strategy...Read more

Consumer Confidential: The bogus-check scam is back, in the form of a car-wrap offer

Business / Business News /

LOS ANGELES -- Scammers aren't dumb -- they stick with what works. It's always interesting, though, when a classic ruse gets dressed up in new clothes.

In this case, we're looking at a variation on a well-traveled bogus-check scam, rejiggered to attract people open to pimping their rides for advertising purposes.

Pay attention to how this ...Read more

Alarming lessons from Facebook's push to stop fake news in India

Business / Business News /

BENGALURU, India -- The world's largest election has become something of a test case in how technology giants handle fake news after years of scandal. It's not working out so well.

India has as many as 900 million voters in an election that culminates this week, with Prime Minister Narendra Modi's ruling coalition headed for apparent victory. ...Read more

Employees are pressuring Amazon to become a leader on climate. Here's how that could work

Business / Business News /

SEATTLE -- Amazon is preparing to do something it's never done before: disclose its companywide greenhouse gas emissions.

The commerce giant has an extensive list of renewable energy and sustainability programs underway, but in this fundamental area, it has been a laggard. Other top technology companies and retailers, including Walmart and ...Read more

Huawei will make do without Google, but how well?

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BEIJING -- Life without Google is normal in China. About 1.4 billion Chinese people wake up each day to check WeChat instead of Gmail, navigate with Baidu instead of Google Maps, and watch videos on Youku instead of YouTube.

But will the rest of the world want to buy phones that use only these Chinese alternatives?

Under a Trump administration...Read more

Kirkland consultant questioned for six hours in criminal probe of Boeing 737 Max crashes

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While Boeing's push to lift the grounding of the 737 Max is making headlines, federal prosecutors have been quietly gathering information to determine if criminal conduct contributed to two deadly crashes of the troubled jetliner.

The prosecutors have been tight-lipped about the investigation, which only became known when they began issuing ...Read more

ESPN President Jimmy Pitaro is fighting the cord-cutting wave

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When the 2019 NFL draft took over downtown Nashville last month, ESPN became a city within the city, with more than 600 staffers and freelancers on site, and its top executive, Jimmy Pitaro, surveyed the scene like its mayor.

Pitaro shook hands and introduced himself to every ESPN employee in his path as he toured the red brick brewery on Honky...Read more

Michael Hiltzik: A billionaire shows his peers a better use of their wealth than buying crummy art

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On this side, art dealer and former Goldman Sachs executive Robert Mnuchin, who just spent $91 million of a client's money on a stainless steel statuette of a rabbit.

On that side, billionaire private equity investor Robert F. Smith, who just announced to the graduating class of nearly 400 at the historically black Morehouse College that he ...Read more

Facial recognition bans: What's next in Oakland, at Amazon and more

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Efforts to rein in government use of facial recognition have a big couple of weeks ahead, days after San Francisco approved a first-of-its-kind ban on use of the technology by police and other city agencies.

Across the bay, Oakland is expected to consider a similar ban for the city's agencies, possibly next week. Up north, Amazon investors will...Read more

Erin Arvedlund: US infrastructure plays may be rebuilt if Congress can pass new bill

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Repairing America's infrastructure may be the one thing Congress can agree on.

So let's look at different ways investors can take advantage of possible government-sponsored funding for infrastructure, whether through paving roads, building bridges, imposing tolls, dredging rivers, creating logistics, and even operating computer server farms.

...Read more

Are Elon Musk's 'sci-fi projects' becoming a drag on Tesla?

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Is Elon Musk spending too much time away from Tesla's assembly line?

That's the opinion of a Wall Street analyst whose new view on where Musk is putting his attention these days led many investors to start the week by dumping their Tesla shares as soon as they woke up Monday.

Tesla shares fell as much as 6.5%, to $196.75 -- the stock's lowest ...Read more

FCC chairman recommends approval of Sprint merger with T-Mobile, giving deal a boost

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Federal Communications Commission Chairman Ajit Pai on Monday recommended approval of the proposed $26 billion merger of Sprint and T-Mobile, giving the deal better prospects of clearing regulatory hurdles.

In a statement, Pai said that pledges by both companies to deploy fifth generation, or 5G, broadband speeds across most of the United ...Read more

A nationwide tax on soda? Economists say it would be good for the country, and here's their 'optimal' rate

Business / Business News /

PHILADELPHIA -- A federal tax on soda could benefit the public good, according to an economic analysis released Monday.

"What we're trying to do is evaluate whether soda taxes are good or bad overall for society," said Dmitry Taubinsky, an assistant professor of economics at the University of California-Berkeley, and one of the authors of the ...Read more

Lower pay and higher costs: The downside of Lyft's car rental program

Business / Business News /

It was an advertisement for Lyft that convinced Chris Berry to leave his small town and head to Nashville.

He could make a comfortable living driving for the ride-hailing service, the Craigslist post read, and Lyft would even rent him a car that met the company's specs.

So Berry, an Iraq war veteran who had struggled to find steady work since ...Read more