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President Trump backs down on Higher Tariffs on Chinese Goods

Sat, 08/17/2019 - 06:12

President Trump backed down on his tariffs increase on Chinese goods as the stock markets plunged. As the treasury yields turned negative, stock markets witnessed strong selling. Investors panicked and this led President Trump to have a conversation with banking leaders on the issue.

Sensing the situation, Trump went on Twitter to calm investors by saying that he will be soon talking to Chinese Premier Xi Jinping. China also needs a deal with the United States on tariffs issue but the Asian powerhouse isn’t showing any signs of desperation.

Chinese leadership has been waiting for Trump to see economic troubles for his decisions of higher tariffs. China suffered economic issues but the leadership has always put forward a strong face. Chinese government has always suggested that it can endure more pain but won’t succumb to President Trump’s demands.

Chinese economy has slowed down and stock markets have suffered. But, the leadership in China is not yet ready to show any kind of desperation. President Trump has tough task of keeping investors calm just before he starts with his re-election campaign.

Business: EconomyRegion: ChinaUnited StatesPeople: Donald TrumpGeneral: FeaturedTNM
Categories: US News

FDA proposes new required health warnings with color images for cigarette packages

Thu, 08/15/2019 - 18:22

Today, the U.S. Food and Drug Administration issued a proposed rule to require new health warnings on cigarette packages and in advertisements to promote greater public understanding of the negative health consequences of smoking. The proposed warnings, which feature photo-realistic color images depicting some of the lesser-known, but serious health risks of cigarette smoking, stand to represent the most significant change to cigarette labels in more than 35 years. When finalized, this rule would fulfill a requirement in the Family Smoking Prevention and Tobacco Control Act and complement additional important work the FDA is undertaking to advance the health of America’s families.

“As a cancer doctor and researcher, I am well aware of the staggering toll inflicted on the public health by tobacco products, which cause cancer, heart disease, stroke, emphysema and other medical problems. While most people assume the public knows all they need to understand about the harms of cigarette smoking, there’s a surprising number of lesser-known risks that both youth and adult smokers and nonsmokers may simply not be aware of, such as bladder cancer, diabetes and conditions that can cause blindness,” said Acting FDA Commissioner Ned Sharpless, M.D. “With these new proposed cigarette health warnings, we have an enormous public health opportunity to fulfill our statutory mandate and increase the public’s understanding of the full scope of serious negative health consequences of cigarette smoking. Given that tobacco use is still the leading cause of preventable disease and death in the U.S., there’s a lot at stake to ensure the public understands these risks. We remain committed to educating the public, especially America’s youth, about the dangers associated with using cigarettes and other tobacco products.”

About 34.3 million U.S. adults and nearly 1.4 million U.S. youth (aged 12-17 years) currently smoke cigarettes. Despite years of progress in tackling the leading cause of preventable disease and death in the United States, tobacco use — largely cigarette smoking and secondhand smoke exposure — kills about 480,000 Americans every single year. In fact, smoking kills more people each year than alcohol, HIV, car accidents, illegal drugs, murders and suicides combined, and over 16 million Americans alive today live with disease caused by cigarette smoking. Tobacco use also costs more than $300 billion a year in direct health care costs and lost productivity.

Health warnings first appeared on cigarette packages in 1966 and were most recently updated in 1984 to include the Surgeon General’s warnings that appear on packages and in advertisements today. However, research shows that these warnings have become virtually invisible to both smokers and nonsmokers — not attracting much attention and not leaving a very memorable impression of the risks of smoking. As outlined in the proposed rule today, the unchanged content of these health warnings, as well as their small size, location and lack of an image, severely impairs their ability to convey relevant information about the negative health consequences of cigarette smoking in an effective way to the public. Additionally, research shows substantial gaps remain in the public’s knowledge of the harms of smoking, and smokers have misinformation regarding cigarettes and the products’ negative health effects.

To address these gaps in public understanding, the FDA undertook a science-based approach to develop and evaluate the new proposed cigarette health warnings announced today. These warnings focus on serious health risks — such as bladder cancer, diabetes, erectile dysfunction and conditions that can cause blindness — that are lesser-known by the public as being negative health consequences of smoking. For example, current smokers have been found to have almost four times the risk of bladder cancer as never smokers, and it has been estimated that smoking is responsible for 5,000 bladder cancer deaths in the United States each year — yet research shows the public has limited awareness of bladder cancer as a consequence of smoking.

Companies: FDAGeneral: FeaturedHealthRegion: United States
Categories: US News

Credit Agricole Consumer Finance and Fiat Chrysler Automobiles extend their FCA Bank joint venture until December 2024

Tue, 07/23/2019 - 02:44

Crédit Agricole Consumer Finance, a leading consumer finance group in Europe, and Fiat Chrysler Automobiles Italy (“FCA”), a global automaker agreed on 19 July 2019 to extend their 50:50 joint venture company FCA Bank until 31 December 2024.

The renewal of the partnership between Crédit Agricole Consumer Finance and FCA lays the grounds to further enhance FCA Bank's profitability by continuing in its offer of best-in class financial services.

The terms of the renewed agreement will allow for an expansion of FCA Bank’s rental and innovative mobility offer with the aim to further enlarge FCA Bank’s product range. In other respects the terms of the renewed agreement are substantially the same as those of the agreement in force, under which, FCA Bank more than doubled its volumes and more than tripled its net results from the start of this partnership, while efficiently managing its costs and risks. In order to preserve FCA Bank’s value and long term viability the agreement will be automatically renewed unless notice of non-renewal is provided no later than three years before end of the term. Consistent with the current agreement, a notice of non-renewal would trigger certain put and call rights potentially leading to the acquisition of FCA Bank by FCA to preserve its support to FCA business; if such rights are not exercised, the agreement will last until 31 December 2024.

With 18 markets and 18 brands managed, FCA Bank is a leading player in Europe for financial solutions dedicated to the automobile sector. FCA Bank obtained a full banking license in 2015. FCA Bank offers a complete range of financial products and services to FCA Group brands and various other prestigious Automotive Groups that include Jaguar Land Rover, Ferrari, Aston Martin and Morgan; its portfolio of partners also includes the Erwin Hymer Group, Europe’s largest manufacturer of motorhomes and caravans as well as well-known motorcycle manufacturers, such as Harley Davidson and MV Agusta.

Business: Auto SectorCompanies: FCARegion: United StatesGeneral: FeaturedTNM
Categories: US News

Beyond Meat Stock Surges on Wall Street

Tue, 06/11/2019 - 05:48

Beyond Meat recently debuted in the stock market and the company making plant-based meat has received strong response from investors in the stock market. Short-sellers were not confident about Beyond Meat’s ability to move higher but they have now been trapped as the stock has witnessed massive gains during the last trading session.

Beyond Meat offered its stock at $25 and the stock closed at $168 on Monday. Beyond Meat declared better-than-expected quarterly results. However, investors were bullish as the company announced strong future guidance with aim to nearly double its revenue over the next year.

While some investors are still doubting if Beyond Meat stock will be able to remain sustain at higher levels, the company has strong options for growth. Many fast food chains can offer products from Beyond Meat and many supermarket chains could feature their products in future. The future for Beyond Meat is looking strong.

Business: Buzzing StocksCompanies: Beyond MeatRegion: United StatesGeneral: FeaturedTNM
Categories: US News

Co-working spaces company WeWork plans to go Public this year

Sun, 05/19/2019 - 05:55

WeWork, the company that provides shared working places for freelancers, start-ups and large enterprises, is considering going public this year. The company has been recently valued at $40 billion. WeWork is operated by its parent company We Company and an IPO this year might see troubles as investors would be concerned about valuations of a company without clear path to profit.

Last year, WeWork generated revenue of $1.8 billion and reported a loss of $1.9 billion. The company has been fast expanding in many cities. The company has raised money from big names in venture capital industry. While many companies like WeWork have raised money at good valuations, stock market debut could be a totally different game. Investors look for profits and sales growth. WeWork reported slightly better performance during first quarter, with revenue at $728 million and loss at $264 million.

Currently, WeWork operates at 425 locations, and has over 400,000 members. The company is also planning to own the spaces which it offers for rent to its members. WeWork members have included startups such as Consumr, HackHands, Whole Whale, Coupon Follow, Turf, Fitocracy, Reddit and New York Tech Meetup.

WeWork investors as of 2014 included J.P. Morgan Chase & Co, T. Rowe Price Associates, Wellington Management, Goldman Sachs Group, the Harvard Corp., Benchmark, and Mortimer Zuckerman, former CEO of Boston Properties.

It would have been much better if WeWork had strong numbers to support its IPO. But, the company is still far from turning profitable.

Companies: WeWorkRegion: United StatesTechnology: TechnologyGeneral: FeaturedTNMBusiness: Company NewsIPO WatchPrivate Equity
Categories: US News

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