Watch 1,400 people learn their jobs are moving to Mexico

carrier employees laid off

A crowd of Carrier manufacturing workers erupted into anger Wednesday as they learned their plant was being relocated to Monterrey, Mexico.

Carrier, an Indianapolis-based heating, ventilation and air conditioning company owned by United Technologies, announced in a statement on Wednesday that the plant would undergo a three-year transition to Mexico starting in 2017.

A man identified as company president Chris Nelson was recorded on camera delivering the news to a large crowd of employees, who reacted with jeers and obscenities.

One person can be seen walking out of the meeting.

At one point, Nelson pleads with the crowd to quiet down so he can continue with the statement, saying "I've got information that's important to share as part of the transition."

Carrier employs roughly 1,400 people. There will be no immediate impact on jobs, according to local ABC affiliate RTV6.

"I want to be clear — this is strictly a business decision," Nelson continued, drawing another round of boos. 

“This was an extremely difficult decision. It was made most difficult because I understand that it will have an impact on all of you, your families, and the community.”

Carrier is one of two United Technologies plants to announce a move to Mexico — the corporation announced on the same day it would also be moving a plant in Huntington, Indiana. The closing will eliminate about 700 jobs from the city in northeastern Indiana, according to the Indianapolis Star.

Shortly after the news broke, Indianapolis mayor Joe Hogsett said he would issue an executive order to help the workers affected by the move.

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Visa’s investment in Square represents about 1 percent stake

A Visa logo is seen during the International CTIA WIRELESS Conference & Exposition in New Orleans, Louisiana May 9, 2012.  REUTERS/Sean Gardner

SAN FRANCISCO (Reuters) - Visa Inc , the world's largest credit and debit card company, said on Friday it currently has about a 1 percent stake in mobile payments company Square Inc based on a 2011 investment.

Visa told Reuters its current holdings are just more than 4.19 million shares of Class B common stock.

The company has the option to convert up to 3.52 million of these shares into Class A stock, according to a disclosure filed with the Securities and Exchange Commission on Thursday, which would give it at most a 9.99 percent stake in the share class.

If other shareholders also choose to convert their stock at the same time Visa's stake would be less.

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Visa's about 1 percent stake is based on Square's fully diluted common equity as of Dec. 31, 2015.

(Reporting by Heather Somerville; Editing by Bernard Orr)

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Daniel S. Loeb, founder of Third Point LLC, participates in a panel discussion in Las Vegas, Nevada May 9, 2012. REUTERS/Steve Marcus

By Svea Herbst-Bayliss

BOSTON (Reuters) - Billionaire investor Daniel Loeb has told clients his firm has taken more defensive bets in the face of tumbling markets by dramatically increasing its short positions, which helped Third Point avoid "calamitous" losses last year.

The fund manager also said the firm cut stakes in companies that were exposed to China and commodity prices, which have fallen sharply.

"A renewed focus on generating alpha on both sides of the portfolio has led us to increase single-name equity shorts by four-fold over the past year. Our total equity short exposure is nearly $4.5 billion today," Loeb wrote in a letter to clients dated February 12 and seen by Reuters.

Loeb, whose $17.5 billion hedge fund has delivered an average return of 16.2 percent a year over the last two decades, did not mince words in his assessment of tumbling markets.

"The indices' drastic declines actually fail to capture the true carnage revealed when you take a closer look at the breadth of S&P companies experiencing massive losses," he wrote.

Loeb was among the first big name fund managers to say that he was putting on new short bets last year, a decision he said on Friday helped his clients preserve capital. The fund lost 1.4 percent in 2015, far less than rivals David Einhorn and William Ackman who each lost roughly 20 percent. The S&P 500 ended 2015 with a 1.4 percent gain.

He blamed a sell-off in high yield credit markets, jitters about lower growth in China, plus what he called "incoherent" statements from U.S. central bankers for exacerbating markets' fears. And he said "a rise of populism in the Presidential race is creating further uncertainty."

For now, Loeb said the trouble is confined mostly to Wall Street, but he warned that if it hits Main Street and Americans cut back on spending, "the economic picture in the U.S. becomes grim."

In turn he has reoriented his portfolio, noting that his credit team and his stocks teams are betting on more declines.

(Reporting by Svea Herbst-Bayliss; Editing by Tom Brown, Diane Craft)

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