THE WEEK’S OVERVIEW – CORPORATE

Teamwork

Items of interest that might have been missed in the press of events:

  • Apple Inc. has announced plans to keep production of its new Mac Pro at its plant in Texas.  The company also said it is on track to fulfill its commitment to invest $350 billion in the U.S. economy by 2023.  Commenting on the decision to keep production in the U.S., CEO Tim Cook said, “We thank the administration for their support enabling this opportunity.”
  • For a while, China was the world’s fastest growing market for electric vehicles.  But with weaker consumer confidence and shrinking government subsidies, electric vehicles have lost their appeal bringing about an 11% year-over-year decline.
  • Delta Air Lines Inc is taking a 20% stake in South America’s largest airline, Latam Airlines, nudging out American Airlines in their pursuit of the deal.  Delta’s CEO Ed Bastian has said, “This is the biggest region of the world that we had an open space – this largely completes the map.”
  • Hewlett Packard (HP) new incoming CEO Enrique Lores is moving quickly to institute yearly savings of $1 billion by cutting out 7,000 – 9,000 jobs from its 50,000 workforce over the next three years.  HP has been under pressure recently from the decline in its printing-supplies business, once its largest money maker.  In addition to the layoffs, Lores plans to offer new ways to sell its products.  The other half of the business, Hewlett Packard Enterprise Company sells computer servers, data storage and other services for corporate-technology departments and is currently doing well.

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