Stocks recover…50% staff reduction at Daily News…Colleges ask for a share of future salary in lieu of loans
NEW YORK (AP) – Stocks have veered slightly higher in afternoon trading as the market recovered from an early slide. Banks accounted for much of the market’s gains as bond yields rose, pointing to higher interest rates on consumer loans. Automakers, retailers and industrial companies declined. Investors were focused on corporate America as the busiest week of the earnings reporting season got underway.
NEW YORK (AP) – The New York tabloid Daily News will cut half of its newsroom staff, saying it wants to focus more on digital news. The paper was sold to tronc Inc. last year for $1, with the owner of the Chicago Tribune assuming liabilities and debt. In an email sent to staff today, tronc said staff at the Daily News will focus on breaking news involving “crime, civil justice and public responsibility.”
NEW YORK (AP) – Shares of Tesla tumbled today after a report that the company asked suppliers for refunds to help it turn a profit. A memo provided to The Wall Street Journal shows Tesla asked a supplier to return what it calls a meaningful amount of money on its payments since 2016. The memo said all suppliers were being asked to help the company become profitable. The request raises more questions about Tesla’s cash position.
BERLIN (AP) – The head of an influential German industry organization is calling on the U.S. and the European Union to put an end to the escalating trade dispute between the two economic superpowers. Dieter Kempf of the Federation of German Industries says, “Europe mustn’t allow itself to be blackmailed and should act with confidence” when European Commission President Jean-Claude Juncker visits Washington on Wednesday.
MONTPELIER, Vt. (AP) – More colleges are beginning to accept a percentage of a student’s future salary for tuition help in place of student loans. Vermont’s Norwich University has become the latest school to offer the agreement. One recent Purdue University graduate says the agreement helps him avoid large loan payments while he starts out his career in lower-paying positions.