6 Most Important Things in Business Today
Tesla Inc. (NASDAQ: TSLA) dropped the prices of its cars sold in China after the nation cut some auto import tariffs. According to Reuters:
Tesla Inc has slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles, a potential sales boost for the U.S. firm as the world’s largest auto market pivots towards electric cars.
The carmaker will lower prices of its Model S and Model X cars by just over 6 percent, a Beijing-based sales representative told Reuters on Wednesday.
A business owned by Foxconn could go public this year. According to The Wall Street Journal:
A unit of Taiwan’s contract electronics manufacturer Foxconn Technology Group said it plans to raise 27.1 billion yuan, or $4.25 billion, through an initial public offering in Shanghai, potentially marking China’s biggest IPO since 2015.
Shenzhen-based Foxconn Industrial Internet Co., assembles Apple Inc.’s iPhones according to people familiar with the matter, as well as cloud-computing and telecommunication-network equipment. It will offer 1.97 billion shares for 13.77 yuan each, the company said in a prospectus filed with the Shanghai Stock Exchange on Wednesday.
It plans to raise funds to automate manufacturing, as well as for cloud computing and 5G related projects, the company said.
Amazon.com Inc. (NASDAQ: AMZN) has clamped down on buyers who return too many things. According to The Wall Street Journal:
The e-commerce giant bans shoppers from the site for infractions such as returning too many items, sometimes without telling them what they did wrong.
Amazon has cultivated an image as a customer-friendly company in part by making it easy for shoppers to send back items they don’t want. The site’s lax return policies have conditioned consumers to expect the same treatment from other retailers, adding to pressure on brick-and-mortar chains. But shoppers are finding out there are some customers Amazon has determined aren’t worth keeping.
The president said more tax cuts could be coming. According to CNBC:
U.S. President Donald Trump said on Tuesday he will propose new tax cuts sometime prior to November, when Republicans look to hold on to their majorities in Congress in midterm elections.
Trump said he would meet with Republican Representative Kevin Brady, chairman of the tax-writing House Ways and Means Committee, about the proposal.
Las Vegas casino workers could go on strike. According to the AP:
Las Vegas casinos could watch tens of thousands of employees walk off the job for the first time in more than three decades after union members voted Tuesday to authorize a strike at any time starting June 1, a move that could cripple the city’s world-famous resorts.
About 25,000 members of the Culinary Union who work at 34 different casino-resorts across the tourist destination cast ballots in two sessions, showing the collective power of the largest labor organization in Nevada. The move hands union negotiators a huge bargaining chip as they work to solidify new five-year contracts.
A deal to save China telecom company ZTE may be killed. According to CNNMoney:
A Senate panel on Tuesday said it would not accept efforts by President Donald Trump to ease sanctions on Chinese smartphone maker ZTE.
In a vote of 23 to 2, the Senate Banking Committee overwhelmingly approved an amendment that would block Trump from reducing penalties on ZTE without first providing Congress proof the company is following US laws.
The panel’s defensive action follows media reports that the Trump administration and China are nearing a deal to relax sanctions on ZTE in exchange for trade concessions from Beijing.