Coronavirus could derail Cadillac's plan for massive product rejuvenation
This time last year, General Motors’ luxury brand, Cadillac, had just finished moving its headquarters from New York back to Warren, Mich.Cadillac’s leaders wanted to be closer to vehicle designers and engineers as it embarked on an expansive product launch. Cadillac promised to roll out a new vehicle every six months through 2021.The brand’s sales needed a shot in the arm and it had the product plan to do it. Cadillac’s global sales were building momentum and Cadillac boss Steve Carlisle talked about an all-electric lineup by 2030.Cadillac ended 2019 with sales inching up by 1% to 156,246 veh...
Detroit Free Press
Mark Phelan: Here's how GM can finally turn electric vehicle technology into big profits, sales
Can General Motors finally convince buyers it’s a leader in electric vehicle vehicles and technology? With billions of dollars on the line and high-profile EVs in development for all its brands, the stakes have never been higher.GM has been the auto industry leader — briefly — in EV technology at least three times since the mid-’90s, with little to show for it.“GM has perennially traded leadership in electrification back and forth with Toyota,” Eric Noble of consultant The Carlab said. “They’ve invested billions of dollars for years.”So why is Toyota synonymous with the Prius hybrid, while GM’...
Detroit Free Press
Ford vehicle sales fell 12.5% in first quarter, F-150 still truck king
DETROIT — Ford Motor Co.’s sales fell 12.5% in the first three months of the year, the automaker said Thursday, following the dismal results of other carmakers who reported their numbers the previous day, as the pandemic closes dealerships across many parts of the country.The sales drop was the largest of the Detroit Three automakers with Fiat Chrysler Automobiles down 10% for the quarter and General Motors Co. off 7% as government-mandated stay-at-home orders and a souring economy slowed buyer traffic to a crawl.But the Detroit truck wars raged on, with Ford maintaining its crown as best-sell...
The Detroit News
Sanders suspends all campaign Facebook ads amid rumors he's dropping out of the Democratic race
Bernie Sanders suspended all of his Facebook campaign ads Wednesday on the heels of another stinging primary setback, sparking rumors that he’s about to drop out of the race.The Facebook ad freeze came after Joe Biden won Tuesday’s primaries in Florida, Illinois and Arizona, virtually leaving Sanders without a viable path to the Democratic nomination.The Facebook development prompted a social media frenzy, and several reporters tweeted Sanders had decided to suspend his campaign.But Sanders campaign communications director Mike Casca shot down the rumors as “absolutely false” in a tweet.Sander...
New York Daily News
Economic fallout from coronavirus is also hitting farmers
The beef cattle market has collapsed in the past two months. Milk demand is threatened by school closures. Pork prices remain stubbornly low.The coronavirus pandemic is, unsurprisingly, hurting farmers too.“You know what’s happened to the stock market. Cattle market’s the same,” said Tom Revier of Revier Cattle Co. near Olivia, Minn. “It’s like catching falling knives.”Beef prices had rallied thanks to surging demand in China after swine fever devastated that country’s hog population, but the rally ended with the coronavirus outbreak. Prices are down 21% over the past two months.Revier Cattle ...
Star Tribune (Minneapolis)
After encouraging staff to mislead cruise customers about COVID-19, Norwegian reverses
MIAMI — After encouraging sales employees to mislead concerned customers about the risks of taking cruises during the COVID-19 outbreak, Norwegian Cruise Line has backpedaled.In response to a sharp rise in cruise cancellations in February, Norwegian Cruise Line sales managers recommended employees last week to do “anything for the sale,” according to a sales employee in South Florida who asked to remain anonymous for fear of retaliation from the company. As first reported by the Miami New Times, company managers downplayed the threat of the virus internally and directed salespeople to do the s...
Editorial: Despite Trump's reassurances, market turmoil reflects genuine concerns
President Donald Trump can try all he wants to blame the news media and Democratic leaders for coronavirus financial turmoil, but the global fears of economic upheaval are based on genuine market concerns. Consumers and travelers are coming face to face with the market realities, belying Trump’s repeated assurances that everything is fine. Financial markets are risk-averse, and the global spread of the coronavirus is boosting the risk factor to new heights, which is why the stock market continued its roller-coaster ride even after Tuesday’s Federal Reserve interest rate cut.Initial market turm...
St. Louis Post-Dispatch
Florida's freshwater turtles falling prey to the international black market
MIAMI — Florida freshwater turtles are being illegally caught and exported live in increasingly large numbers to keep up with demand for their meat, their supposed medicinal purposes and their value as pets, state wildlife officials said this month.The black market trade is putting a strain on the state’s already vulnerable fresh water and terrestrial turtle populations, and officials say they expect demand to grow along with the dollar amount poachers in Florida can fetch.Depending on the species, harvesters can make anywhere from $300 to more than $16,000 for a single turtle, officials say.T...
Activist shareholders again target Amazon with barrage of governance and social justice proposals
SEATTLE — Amazon is again the target of activist shareholders seeking changes at the company or more information about how it operates.In proposals that could be voted on at this spring’s shareholder meeting, they’ve asked the company to assess its business risks related to third-party sellers, worker health and safety and lobbying policies, among other topics.It’s the second year in a row that Amazon has been the focus of a campaign of shareholder resolutions related to environmental, social and governance issues coordinated by the Interfaith Center on Corporate Responsibility (ICCR), which a...
The Seattle Times
Taxing internet ads could raise lots of money, but doubts persist
Leading Maryland lawmakers seeking a way to help pay for a $4 billion, 10-year education plan came up with what they consider an innovative idea of where to get the cash: deep-pocketed internet companies.The Democratic proposal would tax Facebook and Google for every ad the companies run on the computer screens of Maryland residents visiting their sites. If passed, the plan would make the Old Line State the first in the nation to raise revenue by taxing online advertising.“Massive technology corporations have ballooned in size and influence over the last two decades,” wrote Maryland Senate Pre...