Monday, 21 Sep 2020

Little Rock teachers strike for first time in decades as state seeks to union bust

Motorola is back with a new Razr flip phone — for $1,500

NEW YORK — Motorola is bracing for the future by returning to the past. The company is adapting its historical flip-phone design for a smartphone with a foldable screen.

Samsung 005930, +0.00% , Huawei and others have phones that fold like a book and offer a double-sized display when unfolded.

Motorola’s new Razr phone, on the other hand, will be smaller than a regular smartphone until unfolded to its full 6.2 inch size. The idea is to make the phone more compact for carrying and storing when folded and not in use.

People have been upgrading smartphones less often as innovation slows down. The phone industry has been looking to foldable screens as a way to revive sales, though they are still niche products.

The phone will launch in the U.S. in January starting at $1,500.

Motorola Mobility is a unit of Lenovo 992, +0.89% .

Walmart Inc. Q3 adjusted earnings Beat Estimates

Walmart Inc. (WMT) announced a profit for its third quarter that advanced from the same period last year.

The company’s earnings came in at $3.29 billion, or $1.15 per share. This compares with $1.71 billion, or $0.58 per share, in last year’s third quarter.

Analysts had expected the company to earn $1.09 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 2.5% to $127.99 billion from $124.89 billion last year.

Walmart Inc. earnings at a glance:

-EPS (Q3): $1.16 vs. $1.08 last year.
-Analysts Estimate: $1.09
-Revenue (Q3): $127.99 Bln vs. $124.89 Bln last year.

Safestore Holdings FY Group Revenue Up 5.5% – Quick Facts

Safestore Holdings plc. (SAFE.L) reported Thursday that Group revenue for the full year increased 5.5 percent to 151.8 million pounds from 143.9 million pounds in the prior year. Group revenue for the year increased 5.6 percent at CER.

Like-for-like Group revenue for the year increased 4.8 percent on both a reported and CER basis.

Average Storage Rate for the full year increased 0.7 percent to 26.09 pounds from 25.90 pounds in the prior year. Average Storage Rate rose 0.8 percent at CER.

Group like-for-like Average Storage Rate for the year increased 1.0 percent in CER.
The company noted that performance in the final quarter across the Group was as expected.

Looking ahead, the company expects its adjusted EPRA earnings per share will be in line with the Board’s expectations for the year-ended 31 October 2019.

IGT Backs FY019 Adjusted EBITDA Outlook; Declared Divided – Quick Facts

While reporting financial results for the third quarter on Thursday, International Game Technology plc (IGT) maintained its full-year 2019 guidance for adjusted EBITDA, while cutting annual capital expenditures outlook. The company also declared a quarterly cash dividend.

For fiscal 2019, the company continues to project adjusted EBITDA in the range of $1.675 billion to $1.735 billion. However, it trimmed capital expenditures guidance to a range of $450 million to $500 million from the prior range between $450 million and $550 million.

The Company’s Board of Directors also declared a quarterly cash dividend of $0.20 per ordinary share, payable on December 13, 2019 to shareholders on record date as of November 29, 2019.

China’s economy grew slower in October

BEIJING-China’s economic activity growth slowed further last month, presenting challenges for Beijing while it tries to solve trade tensions with the U.S.

China’s value-added industrial output in October rose 4.7% from a year earlier, slowing from September’s 5.8% increase, the National Bureau of Statistics said Thursday.

October’s increase was below a forecast for a 5.2% rise from a poll of 15 economists by The Wall Street Journal.

Retail sales in October climbed 7.2% on year, which missed an estimated 7.8% growth and compares with September’s 7.8% increase.

Fixed-asset investment in China’s urban areas in the first ten months of 2019 rose 5.2% from a year earlier. Growth in construction activity, a closely watched indicator, was slower than the 5.4% increase recorded in the January-September period, and missed the poll’s forecast for a 5.3% gain.

–Liyan Qi

WPI inflation eases to 0.16% in October

For manufactured products, the wholesale inflation was at (-)0.84 per cent in October 2019.

Wholesale prices based inflation eased further to 0.16 per cent in October, as against 0.33 per cent in September due to subdued prices of non-food articles and fall in prices of manufactured items, government data showed on Thursday.

The annual inflation, based on monthly wholesale price index (WPI), was at 5.54 per cent in October 2018.

The rate of price rise for food articles was at 9.80 per cent during the month, while for non-food articles it stood at 2.35 per cent, showed the data released by the Ministry of Commerce and Industry.

For manufactured products, the wholesale inflation was at (-)0.84 per cent in October 2019.

However, the retail inflation for the month hit a 16-month high of 4.62 per cent due to soaring prices of food articles, including fruits and vegetables.

Photograph: Reuters

Little Rock teachers strike for first time in decades as state seeks to union bust

Selling cars is a first priority after GM strike: Fiscal policy expert

Mackinac Center Director of Fiscal Policy James Hohman discusses the economic toll of the General Motors strike in the battleground state of Michigan.

LITTLE ROCK, Ark. (AP) — Little Rock teachers are striking for the first time in more than three decades over the state’s control of the local school system and a panel’s decision to strip their union’s collective bargaining rights.

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Members of the Little Rock Education Association plan to picket across the 23,000-school district on Thursday in what’s being billed as a one-day strike to protest Arkansas’ takeover of the local system. Arkansas has run the school district since 2015, when it was taken over because of low scores at several schools.

Union leaders have left open the possibility of the strike stretching beyond Thursday if full local control isn’t restored. The district has said schools will remain open Thursday.


The strike follows the state Board of Education’s decision to strip the union of its bargaining power. The strike is the first in Little Rock since 1987.

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