IKEA has agreed to pay $46 million to the parents of a 2-year-old boy who died of injuries after a 70-pound recalled dresser tipped over onto him, in his family’s California home in May 2017. The family had accused the company of failing to warn consumers that the dressers shouldn’t be used without being anchored to a wall.
Impossible Foods has launched a plant-based pork substitute in Las Vegas. The company hopes the product will help it break into China. The plant-based pork products are made using heme - a molecule derived from plants that contains iron and that resembles blood.
In the run-up to Christmas, Morrisons sale fell by 16% in the UK. The company has said that the decline in sales happened because of ’challenging’ trading conditions.
Uber announced Monday that it would be working with Hyundai to manufacture air taxis. The two companies unveiled the concept vehicle electric aircraft at the Consumer Electronics Show. The vehicle is designed to fly on trips of up to 60 miles and has a cruising speed of up to 180 miles per hour. Uber has pledged to begin demonstrator urban flights in 2020 and commercial operations in 2023.
On Monday, JetBlue said it will become carbon neutral on all domestic flights by July 2020. The company said that it will offset up to 17 billion pounds of carbon by investing in projects focused on initiatives like forest conservation and renewable power.
The lowest-paid workers in the US are seeing their paychecks rise at the fastest pace in more than a decade. While the Trump administration has touted tight labor market as the main trigger, a Washington Post analysis suggests that paychecks also grew because of a nationwide movement of rising minimum wages. In the past week, minimum wages have risen in more than 20 states.
Borden, the major dairy company that was founded more than 150 years ago, filed for bankruptcy. The company known for Elsie the Cow blamed excessive debt and declining consumption of milk for its financial difficulties. The largest U.S. dairy company, Dean Foods, sought bankruptcy protection two months ago.
US defense companies, Lockheed Martin, Northrop Grumman, Raytheon and General Dynamics, all saw their stock prices jump after the US military last Friday killed top Iranian General Qasem Soleimani in a drone strike. Northrop has risen 8% in the last five days, while Lockheed Martin and Raytheon have jumped around 4% and 2%, respectively.
As of December 20th, the US retail industry saw 9,302 stores close in 2019. The number of closures is up from 5,844 in 2018 and 6,955 in 2017. The rise of e-commerce is likely partially responsible for the surge in store closures.
Bosses of Britain’s leading firms will be paid more within three working days of 2020 than the average employees’ full year wage, according to data was compiled by the Chartered Institute of Personnel and Development and the High Pay Centre. CEO compensation amounted to £901 ($1178) per hour.
Mercedes announced a recall of 740,000 cars sold in the U.S. between 2001 and 2011 to have the bonding of the sunroof glass inspected and possibly replaced. Mercedes agreed to pay a $20 million civil penalty after an investigation into the handling of previous recalls.