Business Briefs – February 20, 2019

Southwest Grapples With New Labor and Revenue Problems

DALLAS (AP) – Southwest Airlines is lashing out at the union representing its mechanics, suggesting that they are purposely grounding planes to gain leverage in new contract negotiations. Southwest had canceled more than 400 flights — 10 percent of its schedule — by midmorning Wednesday. Separately, the airline says the partial government shutdown cost it $60 million in revenue, more than previously estimated.

Samsung Folding Phone Is Different — But Also Almost $2,000

SAN FRANCISCO (AP) – Samsung unveiled a highly anticipated smartphone with a foldable screen in an attempt to break the innovative funk that has beset the smartphones market. The phone, announced Wednesday in San Francisco, will be called the Galaxy Fold and will sell for $1,980 when it is released April 26. Consumers willing to pay that hefty price will get a device that can unfold like a wallet so it can work like a traditional smartphone or something more like a mini-tablet.

French Court Hits Swiss Bank UBS With $5.1 Billion Penalty

PARIS (AP) – A French court has ordered Swiss bank UBS to pay more than 4.5 billion euros ($5.1 billion) in fines and damages for helping wealthy French clients evade tax authorities. Wednesday’s ruling wraps up one of France’s biggest-ever tax evasion trials. The Paris court convicted Zurich-based UBS AG of aggravated money laundering and illegal bank soliciting, issuing what French media called a record fine.