Trade war, rains weigh on Deere
CHICAGO — Deere cut its profit and sales expectations for the year as a trade war between the U.S. and China escalates at the same time that farmers are attempting to recover from a planting season besieged by heavy rains.
Prices of soybeans targeted by Chinese tariffs last year fell to a 10-year low this week as the countries traded jabs .
"Ongoing concerns about export-market access, near-term demand for commodities such as soybeans, and a delayed planting season in much of North America are causing farmers to become much more cautious about making major purchases," Deere CEO Samuel Allen said.
Deere now expects to earn about $3.3 billion in 2019, down from its forecast three months ago for profits of about $3.6 billion. The company is less optimistic about revenue as well, lowering its forecast of a 7% increase, to just 5%.
Amazon invests in UK's Deliveroo
LONDON — Amazon is investing in British meal delivery company Deliveroo, expanding its global reach into food retailing.
Deliveroo said Friday that it raised $575 million from a number of investors led by Amazon. Amazon will become Deliveroo's largest investor, though it did not disclose how much Amazon put in or how large a stake it acquired.
Deliveroo was founded in 2013 and has become one of the main so-called gig economy companies in Britain, with its brand visible on delivery scooters and bicycles around the country.
The company says it has about 60,000 riders delivering food from some 80,000 restaurants in 14 countries.
Missouri, Kan., strike incentive truce
JEFFERSON CITY, Mo. — Missouri lawmakers are renewing a truce offer with Kansas in a long-running battle over businesses in the Kansas City area.
Legislation given final approval Friday would prohibit Missouri tax incentives from being used to lure businesses from the Kansas side of Kansas City to move across the state line. But it would take effect only if Kansas adopts a similar policy within the next two years.
Missouri passed a similar measure in 2014, but Kansas never agreed, and the offer expired in 2016.
Since then, both states have continued to battle for businesses in the Kansas City area.
The Missouri bill now goes to Gov. Mike Parson. It would apply to businesses in Cass, Clay, Jackson and Platte counties in Missouri and Johnson, Miami and Wyandotte counties in Kansas.
Walmart releases plans for new HQ
BENTONVILLE, Ark. — Walmart has released additional plans for its new 350-acre northwest Arkansas campus that will include four quadrants connected by bike and walking paths, an on-campus childcare facility and a fitness center.
The world's largest retailer said Friday that new buildings will be designed and constructed in the next two years, with a goal of opening the site in phases between 2020 and 2024.
The new site is blocks away from its current Bentonville home office, which was built in 1971.
Walmart says its new headquarters will include solar panels on some buildings and parking decks. It'll also have "flexible workspaces" and various dining options.
Walmart announced it was moving its headquarters in 2017. It has not said how much it will cost to replace the old office.
United Airlines to outsource 100 jobs
HOUSTON — United Airlines says it will cut about 100 accounting jobs in Houston in July and shift the work to a contractor.
The airline reported the layoffs in a letter this week to the Texas Workforce Commission. It did not identify the contractor that will handle accounting of revenue from passengers.
A United spokeswoman said Friday the airline is providing job-search help. She says about 1,200 workers will remain in the downtown building to perform work in information technology, accounting and government affairs.
United has about 12,000 employees in Houston, including workers based at George Bush Intercontinental Airport.
Chicago-based United is the nation's third-biggest airline by revenue behind American Airlines and Delta Air Lines. It's the result of a 2010 merger with Continental Airlines, which was based in Houston.