Uber Looks to Raise Up to $9B In Initial Public Offering
NEW YORK (AP) – Ride-hailing giant Uber is aiming to raise $9 billion in its mammoth public stock offering that, while smaller than initially expected, still dwarfs most stock market debuts. The company expects to be valued at $80.5 billion to $91.5 billion, falling well below prior estimates that rose as high as $120 billion, in a sign that investors may be taking a more cautious approach to ride-hailing. Even so, Uber is on track for one of the largest IPOs in history.
Amazon to Bring 1-Day Delivery To Prime Members
NEW YORK (AP) – Two-day delivery is going out of style. Amazon, which hooked shoppers on getting just about anything delivered in two days, announced Thursday that it will soon promise one-day delivery for its Prime members on most items. Amazon hopes that cutting delivery times in half will make its $119-a-year Prime membership more worthwhile at a time when every other online store offers free deliveries in two days.
American Expects $350 Million Hit From Grounded Boeing Plane
DALLAS (AP) – American Airlines says the grounding of its Boeing Max jets will cost it $350 million this year. The airline says it needs to shift 700,000 passengers who were booked on Max flights. The CEO is confident that the FAA will approve the Boeing fix to the jet after two deadly crashes.
Ford: Justice Dept. Opens Probe Into Emissions Certification
DETROIT (AP) – Ford says the Justice Department has opened a criminal investigation into its U.S. emissions certification process. The automaker said in a regulatory filing that it’s fully cooperating with all government agencies.
Another Sleeping Rocker Recalled After 5 Infant Deaths
NEW YORK (AP) – Another brand of sleeping rockers is being recalled, after five infants died in them over the past seven years. Kids II said Friday that it is recalling nearly 700,000 rocking sleepers that were sold since 2012 at Walmart, Target and Toys R Us for between $40 and $80. It comes just two weeks after Fisher-Price recalled about 4.7 million of its similar Rock ‘n Play sleepers in which more than 30 babies died over a decade. Consumers should stop using the sleeper immediately.
Work Messaging App Slack Takes Next Step for IPO
NEW YORK (AP) – Work messaging platform Slack is taking the next step in filing to go public, the latest in several highly anticipated tech IPOs. In a filing with the Securities and Exchange Commission Friday, Slack says it made $400 million in revenue in 2018 on a net loss of $138.9 million. In February, Slack filed a draft registration statement with the SEC. It plans to list its stock on the NYSE under the ticker “SK.”
Xi: China Wants to Expand Sprawling Infrastructure Project
BEIJING (AP) – President Xi Jinping called for more countries to join China’s sprawling infrastructure-building initiative as other leaders expressed support Saturday for a project Washington worries is increasing Beijing’s strategic influence.
Xi spoke at a gathering of leaders to celebrate the multibillion-dollar Belt and Road Initiative. The upbeat tone of the two-day forum is a setback for the Trump administration.
French Protests Mark 24th Week Despite Macron’s Pledges
PARIS (AP) – Yellow vest protests are taking place in France’s main cities for the 24th consecutive week to challenge economic policies that President Emmanuel Macron stood by while unveiling measures intended to quell the anti-government movement.
Pilots Demand Better Training If Boeing Wants to Rebuild Trust in 737 Max
CHICAGO (Reuters) – American Airlines pilots have warned that Boeing Co’s draft training proposals for the troubled 737 MAX do not go far enough to address their concerns, according to written comments submitted to the U.S. Federal Aviation Administration and seen by Reuters.
The comments were made by the Allied Pilots Association (APA), which represents pilots at American Airlines Group Inc, the world’s largest airline and one of the biggest 737 MAX operators in the U.S.
Their support is important because Boeing has said pilots’ confidence in the 737 MAX will play a critical role in convincing the public that the aircraft is safe to fly again.