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Newspaper
Sun Journal
Location
New Bern, North Carolina, United States of America
Date
May 21, 2019
Page
8
Almost the entire 2020 Democratic presidential field joins Fight for 15 workers to pressure a federal $15 minimum wage. The movement has seen success in states and cities, while the House remains stalled on national legislation. Meanwhile African swine fever devastates Chinese pig herds, lifting pork prices globally.
Ford details a broad restructuring to lean management and cut bureaucracy as it shifts toward electric and autonomous vehicles. About 2300 U.S. layoffs via buyouts and layoffs, with 1500 voluntary exits, 300 already laid off, and 500 more this week mainly around Dearborn Michigan. The plan aims to save 600 million annually, reduce management layers from 14 to nine or fewer, and increase report count to seven per manager. CEO Jim Hackett says the move positions Ford to win in a fast charging future while hiring in software and EV areas.
Luckin Coffee rose 20 percent on its Nasdaq debut trading under LK after selling 33 million American depositary shares for 561 million dollars. The Beijing based chain opened its first store less than two years ago and operates about 2,370 locations aiming for over 3,700 to rival Starbucks in China by year end. Despite revenue of 125 million last year it posted a 475 million loss as it expands with small stores and rapid delivery.
Deere and Co lowers 2019 profit to about 3.3 billion and revenue growth to 5 percent as U S China trade tensions and delayed planting weigh on demand. The farm equipment maker posted first quarter results with 1.13 billion net income and 11.34 billion revenue, driven by 11 percent growth in construction and forestry sales and inclusion of Wirtgen.
A garbled OCR note references a sudden fire at a park structure, with mention of a precursor incident and possible photographs. The readable fragments hint at a structural event and investigations, but many names, places, and specifics are unreadable.
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