Construction and mining equipment giant Caterpillar Inc. announced Tuesday it will move its global headquarters from its current location in Deerfield, Illinois, to the company’s existing office in Irving, Texas.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” said Chairman and CEO Jim Umpleby in a press release. Read More
Amazon plans to create 3,500 new tech and corporate jobs in six cities nationwide, the company announced Tuesday.
Most of the company’s new hires will be located in Amazon’s New York office with the rest being added in Dallas, Detroit, Denver, Phoenix and San Diego, according to a press release. Amazon also announced plans to expand the six offices to accommodate the new hires. Read More
Two days after President Trump told reporters that he plans to ban TikTok from the United States, Secretary of State Mike Pompeo suggested in an interview with Fox News that executive action may soon be taken against many other apps owned by Chinese firms.
Trump remarked to journalists aboard Air Force One on Friday that he could ban TikTok “with an executive order,” suggesting that the president has made up his mind about the popular short video platform. TikTok, which is owned by Chinese tech conglomerate ByteDance, has been at the center of a months-long debate over whether the data that it collects from American users could be exploited by China’s government. Read More
Forty-one million dollars in taxpayer-funded relief have been approved to bolster Michigan’s flagging economy. A Detroit-based automotive supplies company will receive a two million dollar grant to aid in it’s expansion. This money comes as businesses across the state struggle to deal with the new stresses of the COVID economy and various programs try to fight the downturn.
The Michigan Strategic Fund (MSF) has approved two community upkeep and revitalization initiatives and made changes to the Michigan Community Development Block Grant program. These changes reportedly allow “the use of $41.9 million in federal CDBG CARES Act funding.” Read More
New orders for durable goods posted a second consecutive month of rebound in June, rising 7.3 percent following a gain of 15.1 percent in May. The two gains followed drops of 18.3 percent in April and 16.7 percent in March. If transportation equipment is excluded, new orders for durable goods increased 3.3 percent in June following a 3.6 percent rise in May. Durable-goods orders had been holding above the $200 billion level since May 2011 before posting sharp declines in March and April (see first chart). New orders for June are back above the $200 billion threshold, totaling $206.9 billion, but are still 21.9 percent below June 2019. Read More
Applications are now open for $15 million in grants for Michigan farms and agricultural processors to offset damage done by the coronavirus pandemic, the Michigan Economic Development Corporation and the Michigan Department of Agriculture and Rural Development announced on Wednesday.
The Michigan Agricultural Safety Grant Program will allocate $15 million from funding from the federal CARES Act to farms and agricultural processors, with $10 million being provided to processors and $5 million provided to farms. Read More
Another 630,000 Americans came off continuing unemployment claims the week ending June 27, according to the latest unadjusted data from the U.S. Department of Labor, proving President Donald Trump is right about the economy rapidly recovering from the COVID-19 pandemic state-based shutdowns.
Since the week ending May 9, unadjusted continuing unemployment claims have dropped from 22.8 million to 16.8 million the week ending June 27, a massive turnaround of 6 million Americans who temporarily found themselves on unemployment benefits but then rapidly came off of it on a net basis. Read More
Google’s first U.S. operations center is coming to northwest Mississippi.
The company announced Thursday it will lease a new 60,000-square-foot (5,574 square-meter) facility in Southaven, Mississippi, near Memphis, Tennessee. Google expects the site, which will provide customer and operations support to customers worldwide, to be operational by summer 2021. Read More
Roughly five hours after an internal email went out Friday to Amazon employees telling them to delete the popular video app TikTok from their phones, the online retailing giant appeared to backtrack, calling the ban a mistake.
“This morning’s email to some of our employees was sent in error,” Amazon emailed reporters just before 5 p.m. Eastern time. “There is no change to our policies right now with regard to TikTok.” Read More
Wall Street joined a worldwide upswell by markets on Monday, as stocks push higher on hopes that the economy can continue its dramatic turnaround despite all the challenges ahead.
The S&P 500 was 1.59% higher in afternoon trading, following up on similar gains in Europe and Asia. The headliner was China’s market, which leaped 5.7% for its biggest gain since 2015, when it was in the midst of a bubble bursting. Treasury yields also climbed in a signal of rising optimism after reports detailed improvements in the U.S. and European economies.
The Dow Jones Industrial Average closed up 459 points, or 1.78%, at 26,287. The biggest companies once again led the way, and strength for Apple, Amazon and other tech-oriented titans helped push the Nasdaq composite up 2.21% toward another record. Read More
Stocks closed higher on Wall Street Tuesday, extending the market’s recent winning streak after another strong showing by technology companies.
The S&P 500 rose 0.4% and is on pace for its third straight monthly gain. The Nasdaq composite, which is heavily weighted with technology stocks, climbed to an all-time high for the second day in a row. Bond yields rose, another sign of increasing confidence in the economy. Read More
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed.
The following are developments Tuesday related to the national and global response, the workplace, the spread of the virus, and the marketplace economy. Read More
Stock indexes are higher on Wall Street in choppy trading Monday as investors weigh the risks that rising coronavirus cases could pose to hopes for an economic recovery.
The S&P 500 rose 0.4% in midday trading after an initial slide of 0.6% following weakness in overseas markets as the global tally of infections approaches 9 million. The price of gold rose, a signs of caution in the market. Bond yields were mixed. Read More
Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.
The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way. Read More
Wall Street’s rally is spilling into a new week as most stocks continue to ride the high supplied by Friday’s surprisingly encouraging report on the U.S. jobs market.
The S&P 500 was up 0.5% in midday trading on Monday, bringing it back within 5.3% of its record set in February, as optimism strengthens that the worst of the coronavirus-induced recession may have already passed. Stocks that would benefit most from an economy that’s growing again were rising the most, but pullbacks for a handful of big tech stalwarts were keeping the market’s overall gains in check. Read More
Stocks are rushing higher in morning trading Friday after a much better-than-expected report on the U.S. job market gave Wall Street’s recent rally another shot of adrenaline.
The S&P 500 was up 2.2% after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the recession caused by the coronavirus and the shutdowns put in place to stem it. Read More
Movie theater chain AMC warned Wednesday that it may not survive the coronavirus pandemic, which has shuttered its theaters and led film studios to explore releasing more movies directly to viewers over the internet.
All of AMC’s theaters are shut down through June, which means the company isn’t generating any revenue. AMC said it had enough cash to reopen its theaters this summer, as it plans to do. But if it’s not allowed to reopen, it will need more money, which it may not be able to borrow. Read More
Two countries played a key role in the building of the new Pratt Industries plant in Wapakoneta – Australia and the United States. Australian Prime Minister Scott Morrison and President Donald J. Trump, visited that new plant on Sunday. The opening of the recycled paper and cardboard plant represents, “Promises made, promises kept,” on the part of President Trump and Pratt Industries, which is owned by Aussie billionaire Anthony Pratt. Read More