The iconic American company reported a 55% decline in profits on Thursday—reduced by charges related to selling off its bottling businesses to independent firms around the country. Coke retook control of those operations in 2010 as it wanted to adapt them to producing healthier drinks to meet consumer demand. But the labor-intensive bottling business shrunk Coke's margins, so executives moved to divest once again.
Tesla to unionize?: A Tesla employee took to Medium Thursday afternoon to complain of unsafe work conditions, mandatory overtime that forced him to work 60 to 70 hours per week, and hourly pay of $17-$21, below the average auto-worker pay of $25.58. Musk responded to Gizmodo that although his company is "union-neutral," he believes the worker is a paid infiltrator of the United Auto Workers, who exaggerated his claims. The worker says he has been in contact with the UAW.
The consequences of China's treasuries selling spree: The Wall Street Journal contemplates the effects of the declining share of foreign owners of U.S. debt. It found that as China in particular has sold off U.S. debt to prop up its currency, U.S. rates have begun rising. Given the widespread demand around the world for safe returns, experts don't foresee U.S. borrowing costs rising significantly in coming years, even if the Chinese continue to sell.