June 18, 2026

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China sanctions Boeing, two U.S. defense contractors for Taiwan arms sales — Naharnet– www.naharnet.com

pgnewser May 22, 2024 0

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Excerpt from www.naharnet.com

China’s Ministry of Commerce announced sanctions against Boeing and two other defense companies Monday for arms sales to Taiwan, on the day of Taiwan’s presidential inauguration.

The move is the latest in a series of sanctions Beijing has announced in recent years against defense companies for weapons sales to Taiwan, a self-ruled island that China considers as part of its own territory.

China’s Ministry of Commerce placed Boeing’s Defense, Space & Security unit, General Atomics Aeronautical Systems, and General Dynamics Land Systems, on what is called an “unreliable entities” list, forbidding their further investment in China, in addition to travel bans on senior management for the companies.

Elon Musk still hasn’t finished his 10% layoffs at Tesla and employees are ‘walking on eggshells every day’– fortune.com

pgnewser May 22, 2024 0

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Excerpt from fortune.com

Over a month into Chief Executive Officer Elon Musk’s plans to slash at least 10% of the company’s workforce, he’s still not done. This means anxious employees wake up each day to check their messages, wondering if they still have a job. The rolling job cuts are likely to extend through at least June, according to people familiar with the matter, who weren’t authorized to speak publicly about the layoffs.

“It’s difficult to imagine the feeling of walking on eggshells every day at work, uncertain whether or not you’ll be able to pay your bills or feed your family,” Michael Minick, a former Tesla sales representative who was laid off in April, wrote on LinkedIn. “It would be a relief to know that they can breathe and focus on their work, without the gray cloud of uncertainty looming over.”

Disney’s Pixar to cut 14% of workforce as it scales back original streaming content | Pixar– amp.theguardian.com

pgnewser May 22, 2024 1

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Excerpt from amp.theguardian.com

Pixar Animation Studios, which produced such classic films as Toy Story and Up, began laying off about 14% of its workforce on Tuesday as it scales back development of original streaming series, according to a source familiar with the development.

Approximately 175 people will be affected by job cuts at the Walt Disney Company unit.

State Farm faces possible class action over claims denial– www.insurancebusinessmag.com

pgnewser May 22, 2024 0

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Excerpt from www.insurancebusinessmag.com

 

 

 

 

 

 



If it pushes through, lawsuit to feature policyholders with water damage claims


Insurance News

By
Terry Gangcuangco

State Farm is said to be facing a possible class action over its denied water damage claims, according to a report by CBS 8.

The news station interviewed Attorney Erik Jenkins, who is in the early stages of taking State Farm to court via a class action. If it pushes through, the lawsuit will center on water damage claims that were turned down due to a relatively new policy wording that a public adjuster has suggested is riddled with ambiguity.

David Melzer, president and chief executive of Property Claims Consultant, told CBS 8: “In 2019, [State Farm] came out with an updated policy that’s very ambiguous.”

“Most other insurance policies actually specifically state a leak ongoing for 14 days or more is excluded, but State Farm’s policy has now just become ‘any ongoing leak’, whatever that is,” Melzer told the news station.

Jenkins added: “It’s a very vague phrase that’s in their policy, and they’re using that to just deny claims outright.”

When contacted by CBS 8, State Farm issued this response: “Due to our customer privacy policy, we can’t speak to the specifics of a claim.

“While we empathize with our customers when they experience a loss, it’s important to note that every claim is unique and not all losses are covered by insurance. Our commitment to paying what we owe has not changed.”

Meanwhile State Farm policyholders with unsuccessful water damage claims who are interested in joining the class action can reach out through [email protected].

What do you think about this story? Share your thoughts in the comments below.

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Saudi Arabia’s largest ever plane purchase will not go to Boeing.– aussiedlerbote.de

pgnewser May 22, 2024 0

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Excerpt from aussiedlerbote.de

Saudi Arabia’s Record-Breaking Aircraft Order Skips Boeing

Ibrahim Al-Omar, the head honcho of Saudia Group – the authority behind the state-run Saudia airline and the low-cost airline Flyadeal, declared on Monday that the first aircraft deliveries will happen during the initial days of 2026.

“Today, we witness the biggest aviation deal in Saudi history,” he said at the Future Aviation Forum in Riyadh, alluding to the agreement with Airbus in his speech.

Saudia Group’s present inventory includes 93 Airbus and 51 Boeing planes, according to their official website. This latest agreement contributes to the already-existing Airbus order backlog of 39 aircraft, the European aircraft producer announced in a statement.

Elon Musk reclaims world’s second richest person spot from Jeff Bezos– www.thenews.com.pk

pgnewser May 22, 2024 0

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Excerpt from www.thenews.com.pk

Elon Musk, the CEO of Tesla and SpaceX, has regained his position as the world’s second-richest person, surpassing Jeff Bezos, the founder of Amazon.

Elon Musk, the big boss of Tesla, SpaceX, Neuralink, and X, has jumped back to being the second richest person in the world. He’s now richer than Jeff Bezos, the guy who started Amazon, with his wealth close to $200 billion as of Tuesday. But, he’s still not the richest – that title goes to Bernard Arnault, the top guy at LVMH, a big fashion company.

The increase in Elon Musk’s net worth was caused by a 6% surge in Tesla shares, which are now valued at over $185 each. Despite a dip in late 2021, Tesla’s shares have rebounded, climbing nearly 30% over the past month.

Disney CEO Bog Iger slashes 175 jobs from ‘Toy Story’ studio Pixar– fortune.com

pgnewser May 22, 2024 0

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Excerpt from fortune.com

Walt Disney Co.’s Pixar subsidiary, the pioneering animator that made Toy Story and Finding Nemo, is cutting 14% of its staff, part of an ongoing belt tightening by its parent.

About 175 employees are getting layoff notices Tuesday, the company said.

The reductions reflect a decision to refocus Pixar on feature films and move away from the production of TV series for the Disney+ streaming service. Pixar President Jim Morris outlined the shift in a memo to employees that was seen by Bloomberg.

US Treasury secretary seeks European support in economic war against China– www.wsws.org

pgnewser May 22, 2024 0

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Excerpt from www.wsws.org

Following its imposition of sweeping tariffs on a range of Chinese green technology goods, spearheaded by a 100 percent charge on electric vehicles [EVs], the United States is trying to draw the European Union into its economic warfare against Beijing.

Treasury Secretary Janet Yellen issued what amounted to a call to arms in a major speech yesterday in Frankfurt, Germany, on the importance and strength of the Transatlantic alliance.

After recalling the collaboration with Europe from the Cold War to the NATO operations against Russia in the Ukraine war, she turned to the issue which is front and centre for the US—the existential threat to its global economic dominance it considers is posed by the economic rise of China.

Boeing 767 Gets a 5-Year Reprieve From Climate Rules– www.aviationpros.com

pgnewser May 22, 2024 0

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Excerpt from www.aviationpros.com

Boeing will have five extra years to build its 767 freighters in its Everett plant thanks to a provision in the newly passed Federal Aviation Administration reauthorization bill.

Boeing won’t say what these extra years will mean for the aviation company beyond 2028, when it originally planned to shutter its 767F program because the plane doesn’t meet global aviation carbon emissions standards. Boeing could now sell the plane until 2033, but those planes would be out of compliance with international regulations and could only be flown in the United States.

Still, the company’s machinists and engineering unions last week hailed the extension as a win for workers as the FAA bill was passed by Congress and then signed by President Joe Biden.

IBM winding down Russian operation, laying off employees– uk.news.yahoo.com

pgnewser May 22, 2024 0

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Excerpt from uk.news.yahoo.com

International Business Machines Corp is winding down its business in Russia and has started to lay off its employees in the country, according to a memo to staff sent last week and emailed to Reuters on Tuesday.

After Russia invaded Ukraine in February, IBM joined hundreds of other companies in suspending business in the country. Many others had announced a complete exit from Russia.

“As the consequences of the war continue to mount and uncertainty about its long-term ramifications grows, we have now made the decision to carry out an orderly wind-down of IBM’s business in Russia,” Chief Executive Arvind Krishna wrote to employees.

Krishna told Reuters early last month that he was not sure how much longer the company could pay its employees in Russia in light of escalating sanctions.

Truck Rental Employees in Tennessee Vote Union Out– lidblog.com

pgnewser May 22, 2024 0

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Excerpt from lidblog.com

 

The employees of the Penske Truck Rental company in Nashville and Minneapolis have voted to eliminate their employee union, and in a vote told the International Association of Machinists union to take a hike.

The vote came after the employees officially notified the federal National Labor Relations Board that they were going to move to oust the union.

Per Just the News:

David Saylor filed the Nashville petition and Kyle Fulkerson filed the Minneapolis petition with free legal aid from the National Right to Work Legal Defense Foundation.

The Minnesota workers voted 26-7 on May 1 to remove the union while the Tennessee workers voted 15-8 on May 8 for the removal.

Apple slams DOJ antitrust lawsuit alleging smartphone monopoly, urges dismissal– nypost.com

pgnewser May 22, 2024 0

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Excerpt from nypost.com

Apple said Tuesday it plans to ask a US judge to dismiss a lawsuit filed by the Justice Department and 15 states in March that alleged the iPhone maker monopolized the smartphone market, hurt smaller rivals and drove up prices.

In a letter to US District Judge Julien X. Neals, Apple said “far from being a monopolist, Apple faces fierce competition from well-established rivals, and the complaint fails to allege that Apple has the ability to charge supra-competitive prices or restrict output in the alleged smartphone markets.”

In the letter to the judge, Apple said the DOJ relies on a new “theory of antitrust liability that no court has recognized.”

CEO Mary Barra discusses GM’s shift to hybrids– www.chicagotribune.com

pgnewser May 22, 2024 0

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Excerpt from www.chicagotribune.com

WARREN, Michigan — In her 11th year as CEO of General Motors Co., Mary Barra’s latest test is to ensure that the Detroit automaker’s coming electric vehicles reach profitability by getting mainstream consumers to buy them in competitive global markets.

But in the time since GM first declared it would become all-electric, industry regulations have changed and the pace in the demand for EVs has slowed. Even though EV sales surpassed 1 million for the first time in 2023, data shows they are slowing quarter to quarter. First-quarter EV sales rose 2.6% year over year, but fell 15.2% from the fourth quarter of 2023, according to Kelley Blue Book.

Learning the Right Lessons From the UAW Loss in Alabama– www.thenation.com

pgnewser May 22, 2024 0

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Excerpt from www.thenation.com

Mercedes put on an “A-level boss fight.”  Which was only to be expected. So how can the union win next time?

Mercedes employees Austin Brooks, David Johnston, and Jacob Ryan attend a rally in Tuscaloosa, Alabama, on May 5, 2024. (Kim Chandler / AP Photo)

Late last Friday afternoon, Shawn Fain, president of the UAW, addressed workers at the Mercedes SUV plant in Vance, Alabama, after the union failed in a representation election (2,054 votes in favor, 2,642 against) many had expected them to win. He told them, “Justice isn’t about one vote or one campaign. It’s about getting a voice, getting your fair share.”

Ford Endorses Biden’s Emission Rules Even As Republicans Oppose: Report – Ford Motor (NYSE:F)– www.benzinga.com

pgnewser May 22, 2024 0

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Excerpt from www.benzinga.com

27% profits every 20 days?

This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.

Ford Motor Co. (NYSE:F) has reportedly provided its support for the Biden administration’s initiative to significantly reduce vehicle emissions by 2032.

Former Home Depot CEO warns Biden’s economy created a ‘wrecking ball’ for the next president– www.foxbusiness.com

pgnewser May 22, 2024 0

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Excerpt from www.foxbusiness.com

 

Former Chrysler Chairman and CEO Bob Nardelli weighs in on the inflationary pressures Americans continue to face and the Biden administration’s missteps that have contributed to economic turmoil.

Former Chrysler and Home Depot CEO Bob Nardelli warned that the fault lines of the economy are “about ready to crack” on Monday, adding that the Biden administration’s alleged policy missteps could leave a cumbersome mess for the next person who sits in the Oval Office to clean up.

“What I’ve seen over the past three-and-a-half years is that a series of debacles and missteps have created a tremendous pressure on the fault lines of our economy, and they’re about ready to crack,” he told FOX Business’ Maria Bartiromo.

Alibaba and Baidu may have a new ‘plan’ to make AI cheaper in China– timesofindia.indiatimes.com

pgnewser May 22, 2024 0

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Excerpt from timesofindia.indiatimes.com

Chinese tech giants Alibaba and Baidu have reduced the prices of their large-language models (LLMs). Other companies and developers in China use these models to train their generative artificial intelligence (AI) products. This move comes as a price war in the cloud computing sector heats up in China.

According to a report by the news agency Reuters, Alibaba’s cloud unit announced price cuts of up to 97% on a range of its Tongyi Qwen LLMs. For example, the report claims that after the price cut, the company’s Qwen-Long model will cost only 0.0005 yuan per 1,000 tokens (units of data processed by the LLM). This price cut will reportedly bring down the cost from 0.02 yuan (Rs 0.23) per 1,000 tokens.

Disney, YouTube Lead U.S. TV Viewing Share– worldscreen.com

pgnewser May 22, 2024 0

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Excerpt from worldscreen.com

Nielsen has launched a new cross-platform media measurement tool, which found that The Walt Disney Company accounted for 11.5 percent of all TV viewing in the U.S. last month, ahead of YouTube at 9.6 percent.

More than 40 percent of Disney’s share was attributable to Disney+ and Hulu, per the Nielsen’s first report of The Media Distributor Gauge. Behind YouTube in third place was NBCUniversal at 8.9 percent, with Paramount at 8.8 percent and Warner Bros. Discovery at 8.1 percent. Netflix fell just outside of the top five at 7.6 percent, with FOX at 6.1 percent. Per Nielsen, 14 media companies reached a 1 percent or greater share of TV usage, including Prime Video, boosted by Fallout, with a gain of 12 percent to reach 3.2 percent of viewing; Scripps (2.3 percent), Weigel (1.5 percent), The Roku Channel (1.4 percent), A+E Networks (1.3 percent), Hallmark Media (1.2 percent) and AMC Networks (1.1 percent).

‘I’m just going to shop online,’ declare Target customers after new store policies ‘take the fun out of the experience’– www.the-sun.com

pgnewser May 22, 2024 0

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Excerpt from www.the-sun.com

TARGET customers have revealed they are doing what they can to avoid the store after the retailer continues to increase anti-theft measures.

Customers have revealed that Target‘s anti-theft measure of locking up merchandise has turned them off from the store.

Anti-theft measures are turning customers off from TargetCredit: Getty
Target’s anti-theft measures were said to ‘take the fun out of the experience’

Rudy Giuliani and 10 others plead not guilty to charges of conspiring to overturn the 2020 presidential election in Arizona– www.weny.com

pgnewser May 22, 2024 0

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Excerpt from www.weny.com

“I do consider this indictment a complete embarrassment to the American legal system. But I’ve shown no tendency not to comply,” Giuliani said, adding that he has been sued many times “by a very similar movement to this one, which is the ‘let’s see what we can do to destroy Donald Trump’ movement.”

Republican Vince Fong wins California special election for McCarthy seat– www.weny.com

pgnewser May 22, 2024 0

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Excerpt from www.weny.com

The first round of the special election took place in March with all candidates, regardless of party, running on the same ballot. Fong, who also had the support of former President Donald Trump, finished first in that race ahead of Boudreaux and Democrat Marisa Wood. But as he did not take a majority of the vote, the race moved to this month’s face-off between the top two finishers.