Suit says Versace used race-bias code
LIVERMORE, Calif. -- A former employee at a Versace outlet store in the San Francisco Bay Area has accused the global retailer of discriminating against him and customers, according to a lawsuit filed in Alameda County court.
The East Bay Times reported that Christopher Sampino, 23, alleges store employees used a code to notify one another when black customers walked into the Livermore store.
He claims a manager told him to casually say "D410" when a black person entered the store. D410 is a code used in the store for black clothing.
Sampino claims he was fired in October for being biracial after working in the store for two weeks.
The lawsuit filed in November also alleges that Sampino was told he was fired because he did not "know luxury" and "had not lived the luxury life."
The company has filed a request to move the case from state court to a federal court.
Versace denied the allegations in a statement to the newspaper.
"Versace believes strongly in equal opportunity, as an employer and a retailer. We do not tolerate discrimination on the basis of race, national origin or any other characteristic protected by our civil rights laws. We have denied the allegations in this suit, and we will not comment further concerning pending litigation," the statement says.
-- The Associated Press
Pending home resales fall in November
Contracts to purchase previously owned U.S. homes decreased in November on a sudden increase in mortgage rates and limited inventory, according to figures released Wednesday from the National Association of Realtors in Washington.
The National Association of Realtors pending home sales gauge fell 2.5 percent after rising 0.1 percent the previous month.
The drop in contract signings was the first in three months and showed the impact of a surge in borrowing costs that began after the U.S. presidential election. While home-buying activity has been spurred by further labor-market improvement and promising gains in wages, the industry also has been challenged by limited inventory, particularly for lower-priced homes that could attract entry-level buyers. A further increase in mortgage costs risks reducing affordability as gains in property values have been outpacing income growth.
"The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election," Lawrence Yun, the National Association of Realtors' chief economist, said in a statement. "Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract."
-- Bloomberg News
Delta cancels order for 18 Boeing 787s
Delta Air Lines Inc. scrapped an order for 18 Boeing Co. wide-body Dreamliner jets valued at $4 billion at list prices, a commitment that was inherited with the company's 2008 merger with Northwest Airlines.
Atlanta-based Delta reached an agreement with Boeing on the cancellation, without disclosing terms, according to a statement from the carrier Tuesday. The airline is sticking with orders already in progress for 120 narrow-body Boeing 737-900ERs. The 787-8 Dreamliners had been on Delta's order book since the Northwest Airlines deal.
"This business decision is consistent with Delta's fleet strategy to prudently address our widebody aircraft needs," Greg May, Delta's senior vice president of supply chain management and fleet, said in the statement.
Boeing stock fell less than 1 percent to close Wednesday at $156.10 in New York. The stock price had climbed 8.9 percent this year through Tuesday. Delta declined 1.7 percent to $49.51.
Delta's decision had been predicted. While some Northwest pilots held out the 787 as a "star," known for its fuel efficiency and a body made of composite materials, some of Delta's 777 aircraft had nearly the same capabilities, said Bob Mann, head of aviation consultant R.W. Mann & Co. in Port Washington, N.Y. Also, Delta tends to fly bigger planes on average than its peers, and the larger 777 is more consistent with that strategy than the 787, Mann said.
"I wasn't surprised, but I was surprised they took 10 years to do it," Mann said of the cancellations.
-- Bloomberg News
Japan industrial output, exports climb
Japan's industrial output rose the most in five months in November as export volumes rebounded sharply, pointing to an expected economic expansion in the fourth quarter.
Industrial production increased 1.5 percent in November from a month earlier and output is forecast to rise 2 percent in December and 2.2 percent in January. Retail sales rose 1.7 percent in November from a year ago, the first gain since February.
Rising production bodes well for Japan's economy, and unexpected strength in exports last month point to output gaining traction. Export volumes rose by 7.4 percent in November from a year earlier, with those to China jumping 16 percent. The yen's slide after Donald Trump's election victory is expected to fuel further export gains.
Overseas demand, including from developing nations, is recovering and production is growing to meet their consumption needs," said Takeshi Minami, chief economist at Norinchukin Research Institute. "Inventories are down and shipments are up, lifting production."
-- Bloomberg News
Malaysians revise $27B Canada project
Malaysia's Petroliam Nasional, know as Petronas, is seeking to move ahead with a proposed $27 billion liquefied-natural gas project in western Canada after identifying a new site for shipping the fuel, a shift that may help reduce costs and quell local opposition.
Petronas' Pacific NorthWest LNG project would continue as planned with the liquefaction plant on Lelu Island in British Columbia. The company would move the docking facilities to neighboring Ridley Island, where ships would berth to take deliveries of the fuel for export, according to two people familiar with the negotiations.
Such a redesign would eliminate the need for a costly suspension bridge that was part of the original plan and also circumvent an environmentally sensitive marine area.
Petronas and its partners -- China Petrochemical Corp., Japan Petroleum Exploration Co., Indian Oil Corp. and Brunei National Petroleum Co. -- are expected to decide whether to proceed with the project in early 2017. The facility would produce as much as 21.1 million tons a year of liquid natural gas and open up a new trade route for Canadian gas to be shipped to Asia.
-- Bloomberg News
Business on 12/29/2016