Tuesday, June 11, 2019 1:00 am
President threatens more tariffs
President Donald Trump on Monday threatened to impose large tariffs on $300 billion in imports if Chinese leader Xi Jinping does not meet with him in Japan this month.
Trump, in a wide-ranging and apparently impromptu interview with CNBC, said he was “scheduled to have a meeting” with Xi during the G-20 summit in Osaka, but Chinese officials have refused to confirm the gathering.
The telephone interview was unusual because it appeared to be in response to a CNBC segment, in which a U.S. Chamber of Commerce executive criticized the president's tariff threats against Mexico last week. Trump had threatened to impose a 5% tariff on all Mexican goods beginning Monday, if Mexico didn't take concrete action to stem the flow of migrants entering the United States.
Fiat, Aurora talking autonomous deal
Fiat Chrysler is in talks to produce self-driving commercial vehicles with Aurora, an autonomous vehicle company led by former Google, Tesla and Uber executives.
FCA and Aurora have a deal to lay the groundwork for a partnership to use Aurora's self-driving system globally in Ram and Fiat vehicles used for deliveries and other duties. FCA says there are no plans to use Aurora's system in passenger vehicles.
The partnership would not affect FCA's deal to provide hybrid Chrysler minivans to Waymo, the autonomous vehicle spinoff from Google.
Aurora is developing hardware, software and data services. It was started in 2017 by former Google autonomous vehicle chief Chris Urmson, ex-Tesla Autopilot head Sterling Anderson, and ex-Uber autonomous vehicle leader Drew Bagnell.
Starbucks helping cut waste at airport
Starbucks and environmental charity Hubbub are launching a trial program to lend passengers at Britain's Gatwick Airport reusable cups while waiting for flights in hopes of cutting down on waste.
The one-month pilot program will give passengers at Britain's second-largest airport the option of borrowing the cup – rather than using a paper one – and disposing of it before getting on their flights at “Cup Check-In” points. Cups will then be washed and sterilized and returned to Starbucks for reuse.
Organizers hope to put 2,000 reusable Starbucks cups in circulation at the airport's South Terminal.
Saks shareholders make offer for firm
A group of shareholders of Saks Fifth Avenue's parent has made a cash offer to take the struggling department store chain private.
The offer, announced Monday, is being led by Hudson's Bay Executive Chairman Richard Baker, Rhone Capital LLC, WeWork Property Advisors, Hanover Investment SA and Abrams Capital Management. The proposal values the company at $7.12 per share. That's a 48% premium to the company's closing share price on Friday.
The group of shareholders together own 57% of the Canadian company.
The offer is conditioned in part on the $1.5 billion sale announced Monday of Hudson's remaining half of its interest in its European business.
Like many other department stores, Hudson's Bay, which also operates Lord & Taylor and its namesake chain in addition to Saks Fifth Avenue, has struggled to adapt to a dramatic shift to online shopping.