Tariff relief sought as U S firms face higher steel aluminum costs
Companies press Commerce Department for exemptions from 25 percent steel and 10 percent aluminum tariffs. Businesses report price hikes and delayed shipments with some considering moving production abroad. A coalition forms to oppose the tariffs while applicants contend forms are complex and data disclosed could harm competitive positions.
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Meijer to roll out self scanning app in Chicago area
Meijer plans a Shop & Scan mobile service in Chicago area stores by summer end enabling customers to scan items with the app and bag as they shop. The system supports self checkout and promises promotions. 12 000 downloads since testing in Michigan.
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AmEx Posts Second Highest Quarterly Profit on Tax Break
American Express earned 1.63 billion dollars in the latest quarter, 1.86 per share, beating expectations. The tax rate fell to 21.5 percent from 32, boosting pre tax profits by 13 percent. Morgan Stanley posted a record first quarter profit of 2.67 billion dollars, or 1.45 per share, as tax cuts and market gains boosted results. Amazon and Best Buy struck a deal to sell Fire TV powered TVs, boosting Best Buy stock. The broader market rose modestly with energy gains offset by IBM’s decline.
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