WASHINGTON — New models soaked up the spotlight at the Detroit auto show last week but policy decisions coming from Washington in 2018 may do more to determine the health of the industry than anything since the industry’s U.S. bailout 10 years ago. Pending federal government actions — from a possible North American Free Trade Agreement withdrawal to rolling back vehicle efficiency rules and enacting regulations paving the way for driverless cars — stand to impact the
FORT LAUDERDALE, Fla. — Major consumer companies are hopping on a train of enhanced employee givebacks after passage of the new tax law, which cuts corporate tax rates. This week, AutoNation announced plans to double its contribution to workers who save for retirement through its 401k plan, and to provide fully paid cancer insurance for employees and their families, as well as a financial benefit for those diagnosed with the disease. The nation’s largest auto retailer is
SAN JOSE, Calif. — With the debate over immigration to the U.S. as fiery as ever, a new analysis suggests that Silicon Valley would be lost without foreign-born technology workers. About 71 percent of tech employees in the Valley are foreign born, compared to around 50 percent in the San Francisco-Oakland-Hayward region, according to a new report based on 2016 census data. Immigrant techies tend to go to “the center of the action,” Seattle venture capitalist S.
In retail, some brands that could no longer cut it with brick-and-mortar stores are getting a second wind in the digital world. Take the apparel retailer the Limited, a fixture in malls that provided professional women with blazers, dresses, and trousers at midprice points. The chain announced on Jan. 7, 2017, that it would no longer operate stores. It shut all 250 of them in 42 states, along with its website. It filed for Chapter 11 bankruptcy protection a week later in U.S. Bankruptcy Court.
PARIS — A global energy agency says that U.S. oil production is booming and is forecast to top that of heavyweights Saudi Arabia and Russia this year. The International Energy Agency said in its monthly market report released Friday that U.S. oil production, which has already risen to its highest level in nearly 50 years, will push past 10 million barrels a day as higher prices entice more producers to start pumping. It says that “this year promises to be a record-setting one for
DETROIT — For some of the 200-plus cities knocked out of the running for Amazon’s second headquarters, the effort may turn out to be a trial run for other opportunities. But they’re advised to not make the same kind of promises to just anyone. Cities such as Detroit, Memphis, Tenn.; and Gary, Ind., failed to make Amazon’s first cut as the online giant narrowed its list to 20 prospective sites for the $5 billion project that could employ up to 50,000 people. Looking on
NEW YORK — Amazon’s second home could be in an already tech-heavy city, such as Boston, New York or Austin, Texas. Or it could be in the Midwest, say, Indianapolis or Columbus, Ohio. Or the company could go outside the U.S. altogether and set up shop in Toronto. Those six locations, as well as 14 others, made it onto Amazon’s not-so-short shortlist Thursday of places under consideration for the online retailing giant’s second headquarters. The 20 picks, narrowed down
MADISON — Some energy producers are still willing to pay more for Wisconsin’s high-quality fracking sand despite increasing competition from Texas producers. Mining industry publications estimate there could be more than 20 new frack sand mines in western Texas this year, Wisconsin Public Radio reported. The growth is happening in the Permian Basin, a major oil production area. Frac sand is used in the hydraulic fracturing process to extract oil and natural gas from rock. Texas
NEW YORK — Credit card company American Express is reporting it lost $1.2 billion in the fourth quarter, as the company booked large one-time charges related to the new tax law. On a per-share basis, American Express said it lost $1.41 a share, compared with a profit of $825 million, or 88 cents per share, in the same period a year earlier. Excluding the one-time charges, AmEx said it earned $1.58 a share. American Express’s quarter booked a $2.6 billion charge against its results.
VW claims crown, rival disagrees FRANKFURT, Germany — German automaker Volkswagen had record sales of 10.74 million vehicles last year, but its bid to remain the world’s largest carmaker was disputed by rival Renault-Nissan-Mitsubishi. Volkswagen’s sales rose 4.3 percent from 10.30 million in 2016, when the company passed Japan’s Toyota to become the globe’s largest auto producer for that year. VW saw big jumps in Russia and Brazil, and significant gains in China