The daily business briefing: October 15, 2019

1. Trump raises tariffs, halts Turkey trade talks over invasion

President Trump signed an executive order raising tariffs on Turkish steel to 50 percent from 25 percent in response to Turkey's military offensive in northern Syria, Vice President Mike Pence said Monday. Trump also halted trade negotiations with Turkey, and imposed sanctions on high-ranking Turkish officials. "This order will enable the United States to impose powerful additional sanctions on those who may be involved in serious human rights abuses, obstructing a ceasefire, preventing displaced persons from returning home, forcibly repatriating refugees, or threatening the peace, security, or stability in Syria," Trump said in a statement. The move came after Trump decided to withdraw U.S. troops from northern Syria along the Turkish border, clearing the way for Turkey's military to move in.

CNBC

2. Harley halts electric-motorcycle production over glitch

Harley-Davidson has halted production and deliveries of its first electric motorcycle, the LiveWire, the company said Monday. The decision came after the iconic motorcycle maker found a "non-standard condition" with the LiveWire just weeks after the company started shipping the bikes to dealers. Harley-Davidson said in a statement that it made the discovery in "a final quality check" and had started "additional testing and analysis, which is progressing well." Harley is hoping the $29,799 LiveWire will attract young and environmentally conscious buyers, lifting sinking sales. Still, since pre-orders began in January most LiveWire buyers have been existing customers and old riders, dealers told Reuters.

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Reuters TechCrunch

3. Stock futures gain as bank earnings come in

U.S. stock index futures rose early Tuesday as a flurry of reports from big banks kicked off the new earnings season. J.P. Morgan Chase and BlackRock got things started with better-than-expected quarterly results, while Goldman Sachs fell short. Citigroup and Wells Fargo also reported before the bell, as did Johnson & Johnson and United Health, both beating expectations. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq all were up by about 0.3 percent. Investors also are continuing to focus on U.S.-China trade tensions. Treasury Secretary Steven Mnuchin said tariffs on Chinese goods scheduled to take effect in December will go ahead if the two countries don't sign their partial trade agreement, "but I expect we'll have a deal."

CNBC

4. Disney+ unveils library of classics

Disney has announced a list of hundreds of movies and TV shows that will be available on its upcoming streaming service, Disney+. In a lengthy Twitter thread, Disney on Monday revealed "basically everything" coming to the service at launch, including animated classics like Toy Story and The Lion King, Marvel blockbusters like Iron Man, every episode of The Simpsons, original content, and more obscure films from throughout the company's history. Some titles were noticeably missing, including several Marvel films like The Avengers, as well as the most recent two Star Wars entries. Disney has said more movies and shows, including the missing Star Wars and Marvel films, will be added in the future. Disney+ launches in the U.S. on Nov. 12.

The Verge TechCrunch

5. WeWork reportedly preparing to lay off 2,000 workers

WeWork is expected to fire 2,000 people, or 13 percent of its 15,000 employees, as soon as this week as the shared-office rental company follows through on plans to dramatically cut costs, The Guardian reported Tuesday. WeWork grew rapidly for years but staffers say new openings have slowed to a near halt, and employees are doing little as they brace for layoffs, which are expected to continue after the looming round. "The atmosphere is toxic," one employee said. "A lot of people worked so hard for this company. We thought we were in on something really big." The privately held WeWork recently canceled a planned initial offering of stock after investors forced out co-founder Adam Neumann over concerns about his leadership.

The Guardian