The daily business briefing: July 27, 2017
Foxconn says it will build a $10 billion factory in Wisconsin, Samsung reports record profit despite recent troubles, and more
- 1. Apple supplier Foxconn to build $10 billion factory in Wisconsin
- 2. Samsung sets quarterly profit record despite recent troubles
- 3. Fed holds interest rate steady
- 4. Analysts raise price target for Facebook stock after strong quarterly report
- 5. Trump adminstration urges court to reject LGBT job bias case
1. Apple supplier Foxconn to build $10 billion factory in Wisconsin
Apple supplier Foxconn announced Wednesday that it planned to build a $10 billion factory in Wisconsin. Republicans touted the news as a win for President Trump, who has made creating U.S. jobs a priority, as well as Wisconsin Gov. Scott Walker (R) and House Speaker Paul Ryan, in whose district the plant will be located. Walker said the factory, which will make flat-screen displays, will create 13,000 jobs, with average pay of $53,000 plus benefits. He said the state would offer $3 billion in economic incentives to pave the way for the deal. Democrats criticized the high cost of the plan.
2. Samsung sets quarterly profit record despite recent troubles
Samsung on Thursday reported record quarterly profit and sales, shaking off a tumultuous year that saw the tech giant's de facto chief jailed in a corruption scandal and the flagship Note 7 smartphone yanked in a massive and embarrassing recall. Samsung reported a sales jump that could help it overtake Intel as the leading maker of semiconductors. It also may have beaten Apple in quarterly earnings for the first time thanks to rising demand for computer chips as the use of mobile devices soars. Samsung said net profit, boosted by strong sales of the Galaxy S8 smartphone, jumped to 11.05 trillion South Korean won ($9.9 billion), up 89 percent from the same period last year.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Associated Press MarketWatch
3. Fed holds interest rate steady
The Federal Reserve left its key interest rate unchanged, as expected, on Wednesday after its two-day July policy meeting. The Fed signaled that as long as the economy continues showing improvement it would start "relatively soon" to gradually reduce the bond holdings it acquired as part of its efforts to stimulate the economy after the Great Recession. Fed leaders have said they plan to move carefully, as the job market strengthens but inflation falls farther from the U.S. central bank's 2 percent target rate.
4. Analysts raise price target for Facebook stock after strong quarterly report
Facebook shares rose by as much as 4 percent in after-hours trading on Wednesday after the social networking company reported quarterly earnings that beat Wall Street's expectations. The strong earnings report encouraged analysts to raise their price targets for Facebook stock, with KeyBanc Capital Markets upping its target from $155 to $200 a share, 20 percent higher than Wednesday's closing price of $165.61, just shy of a record. "We believe Facebook's transition to video-centricity is helping drive incremental demand that can sustain pricing growth for the foreseeable future," said analyst Andy Hargreaves and the team at KeyBanc.
5. Trump adminstration urges court to reject LGBT job bias case
The Trump administration on Wednesday urged a federal appeals court to rule that civil rights law does not bar workplace discrimination against gays and lesbians. The Justice Department urged the judges to reject a lawsuit filed by a former skydiving instructor who says he was fired for being gay. Civil rights groups say the instructor and other workers should be protected under the law against discrimination over their sexual orientation. The Justice Department argues that laws against gender bias don't apply to LGBT workers, because companies that would fire them would do so whether they are male or female. The administration's move came as President Trump banned transgender people from serving in the military, sparking sharp criticism from LGBT groups and veterans.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Is pop music now too reliant on gossip?
Talking Point Taylor Swift's new album has prompted a flurry of speculation over who she is referring to in her songs
By Richard Windsor, The Week UK Published
-
Nuclear near-misses
The Explainer From technical glitches to fateful split-second decisions, the world has come to the brink of nuclear war more times than you might think
By Rebecca Messina, The Week UK Published
-
What is cloud seeding and did it cause Dubai's severe rainfall?
The Explainer The future is flooded
By Devika Rao, The Week US Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published