Business

/

ArcaMax

GM will be a leaner company post-coronavirus, Barra says

Business / Business News /

General Motors CEO Mary Barra said the next several weeks are critical for the automaker to rebuild pickup inventory, keep workers healthy and apply a "laser-like focus on our cost structure."

Barra made those comments during a Virtual Fireside Chat with Credit Suisse Tuesday. Joining her on the chat was GM's CFO Dhivya Suryadevara.

GM ...Read more

VW completes $2.6B self-driving deal connected with Ford

Business / Business News /

Volkswagen has finalized a deal that will see it invest the equivalent of $2.6 billion in Argo AI as part of a partnership with Ford to develop self-driving technology.

The news was announced Tuesday.

Ford, in a posting by executive John Lawler, said the arrangement finalized Monday involving the Pittsburgh-based startup would allow the ...Read more

Bank of America announces $1 billion commitment to address racial inequality in midst of pandemic

Business / Business News /

Bank of America is committing $1 billion over the next four years to help communities address economic and racial inequality accelerated by the COVID-19 pandemic.

The bank said the programs will be focused on assisting people and communities of color that have experienced a greater impact from the health crisis. The Charlotte-based bank listed ...Read more

Trump sued over executive order targeting social media companies

Business / Business News /

President Donald Trump's executive order targeting social media companies was challenged in court by a nonprofit group that claims the edict violates free speech protections guaranteed by the First Amendment.

The Center for Democracy and Technology sued in Washington federal court Tuesday, claiming the order is an unconstitutional retaliation ...Read more

Facebook's Zuckerberg defends Trump content decisions to staff

Business / Business News /

Facebook Inc. Chief Executive Officer Mark Zuckerberg told staff at a companywide meeting that he won't change his mind about a decision to leave up posts shared by U.S. President Donald Trump last week that many workers felt violated the company's policies against violent rhetoric.

At an all-hands meeting via video chat on Tuesday, Zuckerberg ...Read more

Amazon delivery drivers say they fear becoming target of looters

Business / Business News /

An Amazon.com Inc. delivery driver in Long Island, N.Y., was told to abandon his van and call 911 in the event of looting and avoid "high crime" areas. A driver in Chicago encountered a heavy police presence and road closures. In Washington, another driver canceled his shifts for the week after seeing video of an Amazon van in Santa Monica, ...Read more

Enbridge says current oil market freefall doesn't alter need for Minnesota pipeline

Business / Business News /

COVID-19's battering of the oil market is a "short-term" disruption that doesn't alter the need for Enbridge's Line 3 pipeline across northern Minnesota, the company told utility regulators in a filing Monday.

Pipeline opponents last month called on regulators to reverse their approval of the $2.6 billion Line 3, saying it was even more ...Read more

One-third of America's record unemployment payout hasn't arrived

Business / Business News /

Almost one-third of unemployment benefits estimated to be owed to the millions of Americans who lost their jobs as a result of the coronavirus slump haven't been paid yet, as flagship policies struggle to cope with the unprecedented wave of layoffs.

The Treasury disbursed $146 billion in unemployment benefits in the three months through May, ...Read more

Some nursing homes get virus aid but don't pay infected workers

Business / Business News /

Renee Morgan, a housekeeper at a nursing home in St. Louis, caught Covid-19 in late April and considered herself lucky. Her case was mild.

Her quarantine wasn't. Morgan, 57, was stunned to learn that her employer, Blue Circle Rehab and Nursing, would not give her sick pay while she was out. She's had to figure out how to cover her bills while ...Read more

First US gold coin might fetch $15 million in private sale

Business / Business News /

One of the world's most coveted coins is coming to the market.

The Brasher Doubloon, the first gold coin struck in the U.S., is being offered privately at a $15 million asking price, according to numismatic adviser Jeff Sherid. His firm, Los Angeles-based PCAG Inc., is marketing the coin on behalf of a collector he would only identify as a ...Read more

Solidarity, or joining the 'bandwagon'? Some corporate activism backfires amid protests

Business / Business News /

It was a cascade of solidarity messages from some of the biggest players in entertainment and tech.

Netflix, CBS and Amazon were among those that took to social media and sent heartfelt messages to employees this weekend to demonstrate their support for the Black Lives Matter movement as protests ran through the country. But it didn't go as ...Read more

Seattle area corporations respond to protests over police brutality with messages of solidarity, but few specifics

Business / Business News /

Seattle-area corporate giants lined up to decry racially motivated violence as protests denouncing police brutality against Black Americans have swept through the Seattle area and across the nation in the last week.

As demonstrators filled city blocks to decry the killing of George Floyd in the custody of Minneapolis police, Amazon tweeted a ...Read more

A cable alternative to CNN? WGN America prepares for national newscast in a crowded market

Business / Business News /

Many viewers across the country won't be familiar with Joe Donlon, Marni Hughes and Rob Nelson, the lead anchor team of cable network WGN America's new national newscast "News Nation" set to debut Sept. 1.

But WGN America Executive Vice President Sean Compton says that the trio's lack of a national profile is part of the strategy for the three-...Read more

Bank robberies could rise due to mask mandates, top banking regulator warns

Business / Business News /

The novel coronavirus pandemic could have a new side effect: more bank robberies.

That's the argument from the new acting Comptroller of the Currency, Brian Brooks, in a letter he sent to multiple local and state government associations Monday. In the letter, Brooks argued that extended economic lockdowns could pose risks to the banking system....Read more

Michael Hiltzik: Trump's attack on Twitter is a complete fake

Business / Business News /

You may not have noticed, what with America's COVID-19 deaths passing the 100,000 mark and cities in an uproar coast-to-coast over police tactics against black residents, but President Trump last week staged a completely fictional attack on Twitter and other online services.

The fiction was embodied in an executive order Trump signed on May 28,...Read more

Consumer Confidential: Stores may be insured for looting. But guess who pays in the end (hint: you)

Business / Business News /

Randle Frankel, who runs a commercial-property insurance brokerage with clients throughout Los Angeles County, could only shake his head when some people looting stores over the weekend said this won't hurt anyone because the businesses are insured.

Yes, most retailers are covered for such criminal activity, Frankel told me, but not necessarily...Read more

CNN improves ratings while increasingly turning lens on itself

Business / Business News /

Since becoming the first 24-hour cable news channel 40 years ago this week, CNN has covered natural disasters, wars and political campaigns. But increasingly it's become the story itself.

Between having one of its reporters arrested while on camera, demonstrators descending on its Atlanta offices, and its anchors clashing with President Donald ...Read more

Workplace infection rule could backfire, Labor Department says

Business / Business News /

Forcing the Labor Department to adopt an emergency temporary standard to protect workers against COVID-19 infections could result in an "ineffective or counterproductive" regulation that would be difficult to modify if necessary, the department said in court documents.

And ordering the Occupational Safety and Health Administration to issue such...Read more

Ford restarts all its operations south of the border, FCA adds shifts

Business / Business News /

Ford Motor Co. has restarted its plants in Mexico after weeks of shutdown due to the coronavirus, it said Monday.

The automaker offered little detail on exactly when it restarted its four plants in Mexico or how many shifts it would operate, other than to say the restart is gradual.

"The safety of our workforce is our top priority," said Ford ...Read more

UnitedHealth to donate $10M to George Floyd family, rebuilding causes

Business / Business News /

UnitedHealth Group said it will pay for the college education of George Floyd's children and donate more than $10 million to help Twin Cities neighborhoods hurt by the riots of the last week.

After Floyd died while in Minneapolis police custody, an offshoot of peaceful protests turned violent, resulting in days of looting and destruction in ...Read more