The president may add tariffs to foreign car imports. According to Reuters:
The Trump administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
The national security probe under Section 232 of the Trade Expansion Act of 1962 would investigate whether vehicle and parts imports were threatening the industry’s health and ability to research and develop new, advanced technologies, the Commerce Department said on Wednesday
Comcast Corp. (NASDAQ: CMCSA) probably will challenge Walt Disney Co.’s (NYSE: DIS) bid for some of the assets of Twenty-First Century Fox Inc. (NYSE: FOXA). According to The Wall Street Journal:
Comcast Corp. is escalating its threat to disrupt Walt Disney Co.’s megadeal to buy the bulk of 21st Century Fox Inc.’s assets, a potential move that could reshape the power structure in the entertainment industry.
Comcast said on Wednesday it is in advanced stages of preparing a cash offer that would top Disney’s all-stock, $52.4 billion deal for Fox’s entertainment businesses. One major Fox shareholder is also urging the company to engage with Comcast, adding pressure as the cable giant gets ready to appeal directly to Fox shareholders.
Deutsche Bank A.G. (NYSE: DB) will make large job cuts as it curtails several of its businesses. According to The Wall Street Journal:
Deutsche Bank AG on Thursday confirmed plans to cut thousands of jobs as part of an overhaul to reduce costs, as new Chief Executive Christian Sewing attempts to put the troubled lender on a path to growth.
The German bank said its headcount would fall “well below” 90,000, from just over 97,000. In its equities sales and trading business, the bank said it is aiming to reduce headcount by about 25%.
Uber has killed its U.S. self-driving car business. According to The Wall Street Journal:
Uber Technologies Inc. is closing down its self-driving vehicle program in Arizona about two months after the state barred it from road-testing the technology when one of the company’s robot cars struck and killed a pedestrian.
Eric Meyhofer, the head of Uber’s Advanced Technologies Group, announced the decision Wednesday in a memo to staff in Arizona.
A Goldman Sachs Group Inc. (NYSE: GS) bet on the market made it $200 million in a single day. According to CNBC:
Goldman Sachs made $200 million in profit on a single day this February as calm in stock markets was shattered with a historic surge in volatility, according to people with knowledge of the move. That’s on par with what the firm’s derivatives unit typically makes in an entire year, said the people.
Uber’s revenue surged in its latest reported quarter. According to CNBC:
Ride-hailing company Uber claims strong revenue growth and reduced losses in the first quarter, while also announcing a tender offer from new and existing investors that would value it at $62 billion.
Uber told CNBC it had net revenue of $2.5 billion, up 67 percent year-over-year, on gross sales of $11.3 billion, an increase of 55 percent since Q1 last year.
Uber said its adjusted EBITDA loss narrowed 49 percent year-over-year to $304 million, down from $597 million a year ago. Adjusted net loss was $577 million for the quarter.