Home Business and Economics This Week in Business: Visa, GM, and More

This Week in Business: Visa, GM, and More

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Visa To Reconsider Backing Libra

Visa, Mastercard, and other key financial partners may reconsider backing Facebook’s new cryptocurrency, Libra. Originally, the partners didn’t want to face regulatory scrutiny, declining Facebook’s request to back the project. In addition, both PayPal and Stripe haven’t made a decision. Facebook originally planned to launch Libra in June. However, they may push it back a year to fix regulatory concerns.

“I can tell you that we’re very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront,” David Marcus, who is overseeing the project, added. However, Visa and Mastercard didn’t immediately respond to a request to comment.

UAW Rejects New GM Offer

The United Auto Workers union rejected a deal from GM to end a two-week strike. They said the deal lacked on fronts such as wages, healthcare, and temporary workers. However, the UAW said it made a counterproposal, but warned that several issues are still unresolved. In addition, the strike forced GM to stop production at their Mexico plant.

GM said in a statement that it “continues to negotiate and exchange proposals, and remain committed to reaching an agreement that builds a stronger future for our employees and our company”. In addition, it said that its three other Mexico plants are working normally.

Ford Partners With Mahindra In India

Ford and Mahindra & Mahindra announced that they would form a joint venture in India on Tuesday. This move aims to reduce the risks of Ford’s local business. Plus, they want to cut the cost of developing and producing vehicles for foreign markets. Overall, they valued the plan at $225M. “We have other emerging markets where we need to apply the same kind of understanding,” Ford CEO Jim Hackett said.

Facebook, Google, And Amazon Could Face Another House Inquiry

Facebook, Amazon, and Google will face a congressional inquiry on how big technology companies may be damaging the competitive landscape for small businesses. “Chairwoman Velazquez believes that small businesses deserve to compete on a level playing field and hopes the hearing will be an opportunity for the committee to examine how small businesses are faring given the dominance of big tech companies in areas ranging from e-commerce to internet traffic,” a report from Bloomberg said.

Major US Investors Have Billions In Chinese Stocks

Major US investors have tens of billions of dollars in some of the most popular Chinese stocks. This could expose them to extreme losses if the White House chooses to delist Chinese firms. “The proposed measures would completely undermine the international ADR/GDR etc. market and would harm the US’s role as a conduit for international capital,” Jefferies equity strategist Sean Darby wrote.

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