Business Briefs – March 3, 2019

Lyft Reveals Big Growth But No Profits as It Readies for IPO

NEW YORK (AP) – Lyft revealed that it is growing quickly ahead of its initial public offering but is still losing money, according to a federal filing. The company released its financial details for the first time on Friday, giving the public a glimpse into its performance before deciding whether to buy into the ride-hailing phenomenon. Lyft reported $2.2 billion in revenue last year, more than double the previous year. But its losses are growing and its executives warned it may struggle to turn a profit.

Southwest Sues Mechanics Union Alleging Deliberate Slowdowns

DALLAS (AP) – Southwest is suing its mechanics’ union over what it claims is an illegal work slowdown that is grounding planes and disrupting flights. It’s Southwest’s second lawsuit in three years against the Aircraft Mechanics Fraternal Association and the result of raw feelings on both sides after more than six years of fruitless contract negotiations. The airline filed the lawsuit late Thursday in federal district court in Dallas.

U.S. Treasury Takes First Steps To Avoid Exceeding Debt Limit

WASHINGTON (AP) – The Treasury Department is taking the first steps to keep the government from exceeding the $22 trillion debt limit which goes back into effect on Saturday, setting off what will likely be months of battle in Congress on finding ways to avoid an unprecedented default on the national debt. Treasury said that it began on Friday suspending sales of a special type of Treasury security that is used by state and local governments to help manage their bond holdings.

After ‘Botch,’ Walmart Moves To Keep Disabled Greeters

(AP) – Walmart endured more than a week’s worth of bad publicity before announcing it would make “every effort” to find a role for disabled workers who’d been threatened with job loss as the retailer gets rid of greeters at 1,000 stores. Greg Foran is president and CEO of Walmart’s U.S. stores. He says in a memo to store managers that “we are taking some specific steps to support” greeters with disabilities. One analyst called Walmart’s initial handling of the situation a “major-league botch.”

Eurotunnel Withdraws Suit After $43 Million Brexit Deal

LONDON (AP) – The U.K. government agreed Friday to pay 33 million pounds ($43 million) to settle a lawsuit that claimed it improperly awarded contracts to run extra ferry services in the event that Britain leaves the European Union without an agreement on future relations. Eurotunnel filed the suit after the government announced 108 million pounds of ferry contracts, including one with a company that had no ships. Eurotunnel alleged it had been unfairly excluded from the bidding.