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TikTok’s parent has a new app: What to know about Lemon8
NEW YORK (AP) — As lawmakers debate whether to ban TikTok nationwide, its Chinese parent company has stealthily introduced a new app that’s already getting some traction. The app, called Lemon8, is a photo-based app that could be described as a mixture of Instagram and Pinterest with sprinkles of videos that resemble those posted on TikTok. It launched in Asian markets in 2020 and has already made headway in countries like Thailand and Japan. The app was introduced in the U.S. in February with little fanfare. But media attention and promotion by some TikTok influencers has already attracted user interest. The app analytics company data.ai says as of Sunday, Lemon8 had 290,000 downloads in the U.S., the vast majority of which happened in late March.
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To counter China, US trade rep seeks closer ties to allies
WASHINGTON (AP) — The Biden administration is pressing its case for a new approach to global trade. It’s arguing that America’s traditional reliance on promoting free trade pacts failed to anticipate China’s brass-knuckled brand of capitalism and the possibility that a major power like Russia would go to war against one of its trading partners. In a speech at American University, U.S. Trade Representative Katherine Tai is calling for a strategy of what’s known as “friend-shoring’’ — building up supply chains among allied countries and reducing dependence on geopolitical rivals such as China.
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No driver? No problem. Robotaxis eye San Francisco expansion
SAN FRANCISCO (AP) — Two trailblazing ride-hailing services are heading toward uncharted territory as they seek regulatory approval to transport passengers around the clock throughout one of the most densely populated U.S. cities in vehicles that will have no one sitting in the driver’s seat. If Cruise and Waymo reach their goal of winning regulatory approval before year’s end, San Francisco would become the first U.S. city with two totally driverless services competing against Uber, Lyft and traditional taxis. But the companies still must navigate around potential roadblocks, including complaints about their vehicles making unexpected, traffic-clogging stops that threaten to inconvenience other travelers and imperil public safety.
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Swiss cut up to $66M in bonuses for top Credit Suisse execs
GENEVA (AP) — The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse worth tens of millions combined as the troubled bank heads toward a forced merger with rival UBS. The country’s executive branch announced Wednesday that it’s instructed the Finance Department to cancel altogether or reduce by either one-half or one-quarter such bonuses due last year among the top three rungs of management. That will amount to a loss of bonus pay totaling about $55 million to $66 million. The move comes after Swiss authorities scrambled in mid-March to cobble together a $3.25 billion sale to UBS of Credit Suisse, which suffered surging outflows of deposits and a plunge in its share price.
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UBS confident about Credit Suisse deal despite ‘huge’ risk
GENEVA (AP) — The head of UBS has voiced confidence that the Swiss bank will succeed in a government-engineered takeover of hobbled rival Credit Suisse. Chairman Colm Kelleher pledged Wednesday that the deal will reduce costs, benefit shareholders and buttress Swiss finance despite “huge” risk in knitting the global lenders together. At the annual UBS shareholders meeting, Kelleher said the $3.25 billion takeover would close in the next few months but fully integrating the banks is expected to take three to four years. He alluded to the complexity of the first-ever merger of two “global systemically important banks.” Meanwhile, Swiss regulators say the deal offered the least risk of spreading a wider crisis and damaging Switzerland’s standing as a financial center.
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Wall Street slips following latest signs of slowing economy
NEW YORK (AP) — Stocks closed lower on Wall Street Wednesday and Treasury yields fell following the latest signals that the U.S. economy is slowing. The S&P 500 slid 0.2% and the Nasdaq lost 1.1%. Reports on both services industries and the jobs market came in weaker than expected. They add to a series of disappointing economic reports this week. Johnson & Johnson scored its biggest gain in over a year after proposing a big settlement related to its baby powder containing talc. The yield on the 10-year Treasury fell as investors bet on a pause in Fed rate hikes.
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FedEx combines air, ground, other operations to slash costs
NEW YORK (AP) — FedEx will combine almost all of its ground, air and other operations by next year as part of a $4 billion cost cutting plan. The package delivery company said Wednesday that FedEx Express, FedEx Ground, FedEx Services and other FedEx operating companies will be rolled into a single entity by June 2024 in a companywide reorganization. FedEx Freight, the company’s freight transportation services division, will continue as a stand-alone company within Federal Express. The company said in September that its operating expenses were rising and that it was maneuvering to address those costs.
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New Ram electric pickup can go up to 500 miles on a charge
DETROIT (AP) — An electric Ram pickup truck with up to 500 miles of range and a battery-powered people-hauling Kia SUV are among the new vehicles being introduced at the New York International Auto Show now underway. The Ram 1500 Rev looks more like the current gas-powered model than a more futuristic concept vehicle the company showed off in January. Kia’s new EV9 is a little longer than the automaker’s popular gas-powered Telluride, and it can seat up to seven in three rows of seats. The two debuts in Wednesday are among only nine automaker press conferences, far short of previous years. Many of the new models have been rolled out previously as automakers move away from auto shows and introduce new products virtually.
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Germany’s Lufthansa to sell catering business LSG Group
BERLIN (AP) — German airline Lufthansa says it has agreed to sell the remainder of its catering business to European private equity group Aurelius for an undisclosed sum. Lufthansa said the sale of the rest of its LSG Group business, which follows the sale of European LSG Sky Chefs activities to Gategroup in 2019, is part of its strategy to focus more on its core airline activities. LSG Group has about 19,000 employees and 36 joint ventures worldwide. The transaction is expected to close in this year’s third quarter.
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The S&P 500 fell 10.22 points, or 0.2%, to 4,090.38. The Dow Jones Industrial Average rose 80.34 points, or 0.2%, to 33,482.72. The Nasdaq composite lost 129.47 points, or 1.1% to 11,996.86. he Russell 2000 index of smaller companies dropped 17.52 points, or 1%, to 1,752.13.
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