Business


Fiat Chrysler is shaken without visionary CEO behind wheel Fiat Chrysler is shaken without visionary CEO behind wheel
- July 25, 2018

Manley has been head of Fiat Chrysler Automobiles NV's Jeep brand since 2009, the linchpin in the company's plan to double profit in the next five years. He's candid, true to his word, and a good listener, but he also does not suffer fools, said David Kelleher, a Philadelphia-area Jeep , Ram and Chrysler dealer who has worked with Manley during his decade-long stint on the company's USA dealer council. (more...)
KitKat loses European Union court case to trademark four-finger shape KitKat loses European Union court case to trademark four-finger shape
- July 25, 2018

The European Court of Justice has decided that the iconic four-fingered design of Nestlé's KitKat chocolate bar might not entitled to protection under the EU's intellectual property protection scheme and ordered a review of the trademark. (more...)
GM profit falls, higher commodity costs hurt 2018 outlook GM profit falls, higher commodity costs hurt 2018 outlook
- July 25, 2018

Economists polled by Reuters said a now-robust USA economy will soon lose momentum on rising interest rates and escalating trade disputes. Most of the additional costs have been incurred in North America, he said. "What happens beyond 2018, there's a lot of uncertainty in this space at this point in time", he said. The profit forecast change came as GM posted a better-than-expected second-quarter net profit, despite falling versus the same quarter in 2017. (more...)
Dominic Raab reassures United Kingdom there is 'adequate food supply' if No Deal Dominic Raab reassures United Kingdom there is 'adequate food supply' if No Deal
- July 25, 2018

In a written statement, she said: 'DEXEU will continue to lead on all of the Government's preparations for Brexit: domestic preparations in both a deal and a no-deal scenario, all of the necessary legislations and preparations for the negotiations to implement the detail of the future framework. (more...)
1 winning ticket sold in $522 million Mega Millions jackpot 1 winning ticket sold in $522 million Mega Millions jackpot
- July 25, 2018

Six, worth $1 million each, were sold in Arizona, Massachusetts, Michigan, Minnesota and two in New Jersey. America has a new mega millionaire Wednesday morning, but, but sadly, the winning Mega Millions ticket was sold thousands of miles away. (more...)
Tributes pour in after former FCA chief Marchionne dies Tributes pour in after former FCA chief Marchionne dies
- July 25, 2018

It was only last Saturday where it was revealed that Marchionne had become incapacitated by medical issues and that he was stepping down from his CEOship of Fiat Chrysler Automobiles, Ferrari and CNH Industrial. His death was confirmed by Exor, the holding company of Italy's powerful Agnelli family, which founded the auto brand. Fiat Chrysler Chairman John Elkann, right, and CEO Sergio Marchionne at a news conference following the presentation of the automaker's five-year ... (more...)
Iran plans to respond in kind if U.S. blocks oil exports Iran plans to respond in kind if U.S. blocks oil exports
- July 25, 2018

US officials are stepping up diplomatic efforts to pressure countries to stop importing Iranian oil. "If America wants to take a serious step in this direction it will definitely be met with a reaction and equal countermeasures from Iran", added a spokesperson with the Iranian Foreign Ministry. (more...)
Ritz Cracker products recalled over Salmonella fears Ritz Cracker products recalled over Salmonella fears
- July 25, 2018

These products contain whey powder as an ingredient, which may contain salmonella . There have been no complaints of illness reported in connection with the affected products. The bacteria is not visible to the naked eye and can be carried naturally in the intestines of some animals that show no signs of being ill. This recall is being conducted with the knowledge of the U.S. (more...)
Facebook tiptoes into China by opening a startup incubator Facebook tiptoes into China by opening a startup incubator
- July 25, 2018

A Facebook spokesman said the United States tech giant was setting up an "innovation hub" in Zhejiang, eastern China , to allow it to "support Chinese developers, innovators and start ups". Yet the information on his company's Hangzhou-based subsidiary emerged just as he was playing "the China card" to fend off any potential break-up of his empire. (more...)
Former Ferrari chairman Sergio Marchionne dies aged 66
- July 25, 2018

Marchionne had been at Fiat for over a decade and added the title of Ferrari chairman in 2014, replacing Luca di Montezemolo. In doing so, Elkann followed Marchionne's wishes to appoint Manley his successor, two people said. Marchionne poses with the new Fiat Punto in Turin, Italy. Marchionne was known for turning around the Fiat brand when he joined as CEO in June 2004. (more...)
Former FCA CEO Sergio Marchionne dies aged 66
- July 25, 2018

On July 21, Marchionne was succeeded at FCA by Mike Manley , the head of Jeep and Ram brands. EXOR NV, the holding company of Fiat's founding Agnelli family, confirmed the news in a brief statement. In 2009, he organized a merger with Chrysler in the US and formed Fiat Chrysler Automobiles, becoming CEO of the new company. Other successful business ventures included the spinoff of the heavy industrial vehicle and truck maker CNH and the Ferrari supercar maker. (more...)
Former Ferrari president Sergio Marchionne passes away aged 66
- July 25, 2018

Marchionne was recovering from surgery and that these have worsened significantly in recent hours. Marchionne, who was also the Chairman and CEO of FCA, had been running Ferrari since taking over from Luca de Montezemolo in 2014. An accountant and lawyer by training, Mr Marchionne joined Fiat in 2004 after the death of its patriarch Gianni Agnelli. Marchionne joined Fiat in 2004 and led the Turin-based company's merger with bankrupt USA carmaker Chrysler. (more...)
Riders Say Uber Drivers Are Using Vomit To Scam Them Riders Say Uber Drivers Are Using Vomit To Scam Them
- July 25, 2018

Some Uber drivers are reportedly falsely reporting riders for vomiting inside their vehicles, the Miami Herald reports . The first the passenger knows of anything untoward is when they receive an email from Uber reporting an "adjustment" in the bill and the unwelcome addition of a "cleanup fee". (more...)
EU Fines Asus, Philips, And Pioneer For Price Fixing EU Fines Asus, Philips, And Pioneer For Price Fixing
- July 25, 2018

The companies' fines, which amount to more than $130 million (€111 million), were reduced since they cooperated with the commission. All the companies engaged in what's known as "fixed or minimum resale price maintenance (RPM)" by pressuring online retailers to set prices to the manufactures' liking - i.e. (more...)
Iran army warns of 'firm, strong response' to USA threats
- July 25, 2018

The country's foreign ministry warned the United States not to pressure other countries to stop importing Iranian oil. "If America wants to take a serious step in this direction it will definitely be met with a reaction and equal countermeasures from Iran", foreign ministry spokesman Bahram Qassemi said. (more...)
Wicker: I second Trump's support of Iranian people
- July 25, 2018

Rouhani said . He singled out "the billionaire general", Interior Minister Sadegh Mahsouli; Grand Ayatollah Makarem Shirazi, the "Sultan of Sugar"; and Mr Sadeq Ardeshir Larijani, the head of Iran's judiciary, whom he said had embezzled US$300 million (S$409 million) in public money. (more...)
Travel alert: Ryanair flights cancelled over strike action Travel alert: Ryanair flights cancelled over strike action
- July 25, 2018

ATC stands for Air Traffic Control - so if there are staff shortages in this vital area, it is not safe for flights to take off or land. Ryanair pilots will first strike today, affecting 4,000 customers flying between the Republic and the United Kingdom, with the airline labelling the action "unnecessary". (more...)
China's Xi pledges $14.7 billion investment on South Africa visit China's Xi pledges $14.7 billion investment on South Africa visit
- July 25, 2018

Cash-strapped power utility Eskom Holdings SOC Ltd . secured a $2.5 billion long-term loan facility with China Development Bank , taking the funding it's secured to nearly two-thirds of what it needs for this year. Port and freight rail operator Transnet SOC Ltd . agreed to a long-term loan with Industrial & Commercial Bank of China Ltd., and Naspers Ltd . So it came as no surprise that most of the investment went to the state-owned entity. (more...)
US recognizes damage done by trade retaliation, announces aid for farmers US recognizes damage done by trade retaliation, announces aid for farmers
- July 25, 2018

But Heitkamp's bill would change all that - it would help available to all farmers and producers whose exports have been hurt by retaliatory tariffs caused by the administration's trade policies. While she said anything to "bridge" the short-term impact is helpful, she worries about the cost of the program. "The $12 billion in farm aid announced today will provide a short-term fix, but it's not a long-term solution. (more...)
Florida officer helps homeless man shave for McDonald's job interview Florida officer helps homeless man shave for McDonald's job interview
- July 25, 2018

Officer Tony Carlson shaved the beard of a man who wanted to clean up his appearance for an upcoming job interview. The video description stated Phil was hoping to land a job at a McDonald's restaurant but was told he couldn't be hired unless he shaved. (more...)
USA farmers to receive up to US$12B in trade war relief
- July 25, 2018

They don't want to have those tariffs put on them", Trump told the Veterans of Foreign Wars national convention. Jerry Moran, R-Kan. "White House officials hope it will temporarily quiet some of the unease from farm groups, but the new plan could revive debates about taxpayer-funded bailouts and the degree to which Trump's trade strategy is leading to unforeseen costs", the Post's Damian Paletta and Caitlin Dewey write. (more...)
Harley-Davidson Financial Services Grows Originations Despite Slowing Retail Sales Harley-Davidson Financial Services Grows Originations Despite Slowing Retail Sales
- July 25, 2018

While motorcycle sales in the USA continue to decrease, Harley-Davidson Financial Services grew originations by 7.2% in the second quarter, the company announced in an earnings report. Consequently we're analyzing the capacity options that we have, manufacturing costs, supply chain, logistics, in an effort to optimize it and to reduce and mitigate those tariffs". (more...)
Trump plans $121 billion emergency aid to farmers hit by retaliatory tariffs Trump plans $121 billion emergency aid to farmers hit by retaliatory tariffs
- July 25, 2018

Before departing for Kansas City, Trump tweeted that USA trade partners need to either negotiate a 'fair deal, or it gets hit with Tariffs. Trump's trade policies have become central in several rural-state U.S. These Chinese tariffs have hit farmers particularly hard. He will travel to IL and Iowa later in the week. About one out of every three rows of US soybeans is shipped to China, according to estimates . (more...)
North Korea ‘begins dismantling’ rocket test site | #TheCube North Korea ‘begins dismantling’ rocket test site | #TheCube
- July 25, 2018

During his summit with President Donald Trump in June, he reportedly promised the U.S. leader that he would also take apart another site , but it is not clear whether that has occurred. The US secretary of state Mike Pompeo visited Pyongyang on Friday 6 June to agree the details of a deal made during June's historic summit. On Monday, Trump tweeted that the story was "wrong" and that he was "very happy!" American officials expect North Korea to hand over around 50 sets of remains in ... (more...)
Ritz Crackers Are Being Recalled Over Possible Salmonella Risk Ritz Crackers Are Being Recalled Over Possible Salmonella Risk
- July 24, 2018

No other Mondelēz Global LLC product is included in this recall. The nuggets were sold in 907 gram packages with a best before date of 2019 MA 15 and a UPC code 0 60383 89685 0 while the fries were sold in 1.81-kilogram packages with a best before date of 2019 MR 23 and a UPC code 0 60249 01411 4. (more...)

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