Auto giant Ford Motor Co. announced it is cutting 7,000 salaried employees, or about 10% of its white-collar workforce. The move is part of Chief Executive Jim Hackett’s broader plan to reverse profit declines and catch up to competitors in the fast-changing car business. The cuts include some buyouts and layoffs that already have occurred, and the process will be completed by August.The cuts will save about $600 million annually and are part of a broader, multiyear restructuring that will result in about $11 billion in charges. The reductions include 800 layoffs in North America, where Ford already has made about 1,500 voluntary buyouts. The cuts come as Ford’s market share has slipped in key regions, and its profitability has fallen behind Detroit rivals General Motors Co. and Fiat Chrysler Automobiles NV. Shares in Ford fell by one cent to $10.28 in Monday’s trading session.
Stamp Of Approval…
The Federal Communications Commission will back the $26 billion combination of cellphone carriers T-Mobile US Inc. and Sprint after the companies agreed to a package of concessions. The agreement ensures one key government approval for the merger but it only gets the companies on halfway to the finish line. T-Mobile and Sprint, the third- and fourth-largest wireless providers in the U.S., also need the blessing of the Justice Department, where officials continue to be concerned that the deal would create an unacceptable reduction in competition. The endorsement marks a departure from the stance taken by past FCC leaders who stood in the way of deals that would leave the U.S. wireless market with fewer than four nationwide competitors.
Asia: Asian markets closed higher as trade tensions between U.S. and China took a breather.
Europe: European markets closed lower Monday as a U.S. crackdown on Chinese telecommunications giant Huawei weighed on the technology sector.
U.S: U.S. stocks closed down on Monday after the U.S. crack down on Huawei took its toll on the technology sector. DJIA: -84.10 25679.90 NASDAQ: -113.91 7702.38 S&P: -19.30 2840.23
Word Of The Day:
Statics that are used to measure current conditions as well as to forecast financial or economic trends.
Dinner Or Drink:
1 1/2 oz. amaretto almond liqueur
3/4 oz. gin
3/4 oz. vodka
1/4 oz. 151 rum
1/4 oz. Myer’s® dark rum
1/4 oz. dark rum
1/4 oz. light rum
1 1/2 oz. grenadine syrup
1 splash cranberry juice
1 splash pineapple juice
1 splash grapefruit juice
Pour all ingredients into a Collins glass filled with ice cubes, and serve