Banks hail tax law as windfall for JPMorgan and Wells Fargo
JPMorgan Chase and Wells Fargo reported quarterly results showing different tax bill effects with JPMorgan taking a 2.4 billion charge while Wells Fargo records a 3.35 billion benefit. Executives forecast future lower taxes and potential wage hikes to 15 dollars an hour for staff.
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Facebook shifts to prioritizing friends over publishers
Facebook plans to show fewer posts from publishers and celebs and more from friends and family to encourage meaningful conversations. CEO Mark Zuckerberg aims to fix social harms, curb hate and abuse, and reduce depressive effects while regulators and investors push for responsible online behavior.
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McDonald s to phase out foam cups by end of 2018
McDonald s will stop using plastic foam cups and switch to recycled fiber packaging by 2020, with a complete foam ban by year end 2018. The move aims to reduce environmental impact and quell shareholder pressure while keeping beverages cold in eco friendly packaging. US retailers pushed stock indexes higher on Friday as inflation signals and holiday sales boosted markets.
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Fiat Chrysler to invest heavily in Warren Truck Plant
Fiat Chrysler Automobiles plans more than 1 billion dollars to modernize the Warren Truck Plant, creating 2,500 jobs and moving Ram Heavy Duty production from Mexico. Changeover targets 2020 completion, aided by the new tax law reducing corporate rate from 35 to 21 percent. The firm also announces 2000 dollar bonuses for 60,000 U.S. employees in Q2.
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