- 1. Global stocks plunge on increasing expectations of rate hike
- 2. Uber and drivers resume negotiations after court scraps settlement
- 3. Tesla CEO says Autopilot changes could have prevented fatality
- 4. HP to buy Samsung's printer business
- 5. Hanjin unloading more ships after court grants bankruptcy protection
1. Global stocks plunge on increasing expectations of rate hike
Global stocks sank on Monday, following the lead of U.S. shares, which dropped by more than 2 percent on Friday due to speculation that the Federal Reserve might raise interest rates as early as next week. Major indexes in Europe and Japan fell by as much as 2 percent, and the U.S. Dow Jones Industrial Average slid by 112 points or 0.6 percent. The debate continues Monday, with three Fed leaders expected to make public remarks. So far, some Fed policy makers are urging caution while others say improving employment and inflation data indicate the economy is ready for a hike. "Given the split in views expressed so far, it seems the centralists will have the final say for September," wrote analysts at ANZ.
2. Uber and drivers resume negotiations after court scraps settlement
Uber and its drivers have resumed negotiations three weeks after a federal judge threw out their proposed $100 million settlement, the two sides said in a joint statement to a federal appeals court on Sunday. The appeals court appeared to be leaning toward overturning a pretrial ruling on siding with drivers, who want to be treated like employees rather than independent contractors. Both sides said they want a 60-day extension before their appeal to give them time to reach a new agreement on compensation before the case proceeds.
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3. Tesla CEO says Autopilot changes could have prevented fatality
Tesla Motors CEO Elon Musk said Sunday that the electric car maker was incorporating new limits on hands-off driving into its Autopilot system in the wake of the death of a driver who was using the system in May. Musk said the update probably would have prevented the fatality, and that the Autopilot 8.0 update will be available in an "over-the-air" software update within two weeks. With the update, drivers will not be able to use the autonomous driving mode if they fail to respond to audible warnings to take the wheel.
4. HP to buy Samsung's printer business
HP Inc. announced Monday that it had agreed to buy Samsung Electronics' printer business for $1 billion. The deal will help HP broaden its line of printers because Samsung's laser technology offers an edge in producing large copiers for heavy use by businesses. HP said the deal would add to its earnings in the first year as it tries to increase both its income and its market share even though the global market is shrinking.
5. Hanjin unloading more ships after court grants bankruptcy protection
Struggling South Korean container line Hanjin Shipping Co. said Monday that more of its ships were lined up to unload cargo in Long Beach, California, after a Friday court decision granting the company bankruptcy protection. One Hanjin ship was already being unloaded, and three more were lined up on Monday. Hanjin's troubles stalled an estimated $14 billion worth of goods owned by companies such as Samsung Electronics and Nike during the peak shipping period before the Thanksgiving and Christmas shopping season, but the court ruling eased the gridlock.
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