Category: US
-
U.S: Lilly to lay off 8 percent of employees in bid to cut costs
Eli Lilly and Co (LLY.N) said on Thursday it would lay off about 8 percent of its employees as the drugmaker, which has suffered setbacks over the past year in the development of two potential blockbuster drugs, works to cut costs. Lilly will cut about 3,500 positions around the world, resulting in yearly savings of…
-
U.S. cable firms embrace former foe Netflix as TV viewing shifts
A growing number of U.S. cable operators are forming alliances with Netflix Inc NFLX.O, a shift that is helping the streaming pioneer add customers as its largest single market matures. No. 3 distributor Charter Communications Inc CHTR.O is expected to make Netflix available through its set-top boxes, joining more than a dozen top U.S. pay…
-
iconic U.S. brand making cars in India
An iconic American brand is setting up shop in India. Jeep officially launched its first vehicle produced in India — the 2017 Compass — at an event in Mumbai on Monday. The Compass started rolling off the assembly line near Pune, a city known for its automobile manufacturing, in June. Some of the vehicles produced…
-
Snapchat’s moment of truth is here
Snapchat has seen much of its market value disappear since going public in March. Now the situation could go from bad to worse. Snap(SNAP), the parent company of Snapchat, fell as much as 5% in early trading Monday to a new low as some company insiders finally get the chance to cash out. The stock…
-
Hyundai Motor profit slumps, warns China, U.S. sales malaise to persist
Hyundai Motor posted its smallest quarterly net profit in five years, falling dismally short of estimates, and warned the second half of 2017 would be challenging as political headwinds hit sales in China and slow U.S. demand continues. The South Korean firm – which together with affiliate Kia Motors is the world’s No.5 automaker –…
-
Trump says Apple will build three ‘big’ new plants in US
Apple’s boss has promised to build three new manufacturing plants in the United States, according to an interview President Donald Trump has given to the Wall Street Journal. President Trump told the Journal he had a phone conversation with Apple’s chief executive Tim Cook. “I spoke to (Cook), he’s promised me three big plants –…
-
U.S: Elliott proposes $18.5 billion Oncor deal to top Buffett
Elliott Management Corp, the largest creditor of the bankrupt parent of Oncor Electric Delivery Co, unveiled a plan on Monday to best Berkshire Hathaway Inc’s (BRKa.N) deal for the Texas utility with a bid worth $18.5 billion, including debt. Elliott revealed in documents published on its website it was unhappy with the recovery to some…
-
Elon Musk tweets photos of first Tesla Model 3 to roll off the line
Tesla Inc (TSLA.O) Chief Executive Elon Musk on Sunday tweeted pictures of the first Model 3 sedan to roll off the assembly line. Tesla board member Ira Ehrenpreis was the first to put down a $1,000 deposit on the Model 3 and gifted the car to Musk for his 46th birthday, Musk said in a…
-
U.S: Snap shares fall below $17 IPO price for first time
Snap Inc (SNAP.N) shares slipped below their initial public offering price of $17 for the first time on Monday, signaling waning investor confidence in the social media company’s growth potential as it faces fierce competition. The stock fell as low as $16.95 in late afternoon trading before closing at $16.99 on the New York Stock…
-
Let’s make a deal: Automakers, U.S. auctions align to prop up used car prices
Two lanes apart at a noisy, fast-paced auto auction near Detroit, two vehicles show why major U.S. automakers have a problem with used cars. In one lane of the Manheim auction facility, a black 2015 Chevy Malibu sedan with barely 20,000 miles on it sold for just over $13,000, less than half its original sticker…