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Neither Fiat Chrysler nor Ford Motor Co (F.N), which also testified at the hearing, back a specific fuel-efficiency requirement through 2026. The Trump administration also wants to revoke California’s authority to set its own strict tailpipe emissions rules and mandate the sale of electric vehicles. California is moving ahead with setting its own rules, and 19 states said in August they would challenge the rollback in court. California this week urged the administration to abandon its proposal.
(Reuters) - Shares of Facebook Inc (FB.O) fell more than 2 percent in early trading on Tuesday after the two founders of photo-sharing app Instagram left the social networking giant under unexplained circumstances, Analysts said the departure of Kevin Systrom and Mike Krieger may have been the result of friction with Chief Executive Officer Mark Zuckerberg over how Facebook’s fastest-growing revenue generator is run, “Our sense is the duo may have wanted to park avenue cufflinks run Instagram more independently than their parent company wanted,” said Scott Kessler, an analyst at research firm CFRA..
“We think (the) departures are a notable negative for Facebook.”. The sudden loss of the pair follows the departures of WhatsApp co-founders Jan Koum and Brian Acton and a reshuffling of Facebook’s executive ranks earlier this year. A Bloomberg report said Systrom and Krieger had been frustrated by a rise in the day-to-day involvement of Zuckerberg, who has become more reliant on Instagram in planning for Facebook’s future. Facebook’s shares were down 2.4 percent at $161.51 in early trading, knocking more than $11 billion off the stock’s market value.
“To the extent that their departures represent Zuckerberg exercising more power and being less accountable, such a development would underscore the need for an independent board chair,” park avenue cufflinks said Jonas Kron, senior vice president at Trillium Asset Management, The institutional investor, which holds more than 52,000 shares in Facebook, urged Facebook in July to appoint an independent board chair to oversee management, Systrom wrote in a blog post on Monday that he and Krieger planned to take time off and explore “our curiosity and creativity again”..
Zuckerberg described the two as “extraordinary product leaders” and said he wished them all the best and was looking forward to seeing what they build next. Facebook bought Instagram in 2012 for $1 billion. Instagram had been hailed in Silicon Valley as a flashy acquisition done right, with the team kept relatively small and Systrom having the freedom to add features such as peer-to-peer messaging, video uploads and advertising. Instagram has over 1 billion active monthly users, a sharp rise from the 30 million users when Facebook bought the app.
WASHINGTON (Reuters) - U.S, consumer confidence surged to an 18-year high in September as households grew more upbeat about the labor market, pointing to sustained strength in the economy despite an increasingly bitter trade dispute between the United States and China, While other data on Tuesday showed a moderation in house price increases in July, the gains park avenue cufflinks probably remain sufficient to boost household wealth and continue to support consumer spending, as well as making home purchasing a bit more affordable for first-time buyers..
“The consumer is always in the driver’s seat when it comes to stoking the fires that run the engines of economic growth, but the million dollar question is what is going to happen down the road when the trade tariffs start to bite?” said Chris Rupkey, chief economist at MUFG in New York. The Conference Board said its consumer confidence index increased to a reading of 138.4 this month from an upwardly revised 134.7 in August. That was the best reading since September 2000 and the index is not too far from an all-time high of 144.7 reached that year.
Economists polled by Reuters had forecast the consumer index slipping to a reading of 132.0 this month from the previously park avenue cufflinks reported 133.4 in August, Consumers’ assessment of labor market conditions improved sharply even as the trade war between the United States and China escalated, which economists warned would lead to job losses and higher prices for consumers, Washington on Monday slapped tariffs on $200 billion worth of Chinese goods, with Beijing retaliating with duties on $60 billion worth of U.S, products, The United States and China had already imposed tariffs on $50 billion worth of each other’s goods..