AT&T is notifying thousands of employees that their jobs are being eliminated as part of a $6 billion cost-cutting push, an attempt to slim down one of the most heavily indebted companies in the U.S. The cuts follow through on a plan that Chief Executive Officer Randall Stephenson outlined in October when he said the Read More…
The Securities and Exchange Commission told Hertz, which filed for bankruptcy during the coronavirus pandemic, that the regulator has issues with the rental car company’s plan to sell stock. “In this particular situation we have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said Wednesday on CNBC’s “Squawk on the Street.” “In Read More…
The Federal Reserve Bank of Kansas City announced on Thursday that its popular annual economic policy symposium will not be held in Jackson Hole, Wyoming, for the first time in nearly 40 years due to the coronavirus pandemic. Instead, the bank said that this year’s symposium, titled “Navigating the Decade Ahead: Implications for Monetary Policy,” will be Read More…
Economists were shocked on Friday as the Bureau of Labor Statistics said US employers added 2.5 million payrolls in May, defying expectations of 7.5 million jobs lost. The surprise increase came on the heels of the record 20.5 million jobs lost in April. The unemployment rate declined to 13.3%, bucking forecasts of a near-record 19% rate. April’s Read More…
AT&T is notifying thousands of employees that their jobs are being eliminated as part of a $6 billion cost-cutting push, an attempt to slim down one of the most heavily indebted companies in the U.S. The cuts follow through on a plan that Chief Executive Officer Randall Stephenson outlined in October when he said the Read More…
The Securities and Exchange Commission told Hertz, which filed for bankruptcy during the coronavirus pandemic, that the regulator has issues with the rental car company’s plan to sell stock. “In this particular situation we have let the company know that we have comments on their disclosure,” SEC Chairman Jay Clayton said Wednesday on CNBC’s “Squawk on the Street.” “In Read More…
The Federal Reserve Bank of Kansas City announced on Thursday that its popular annual economic policy symposium will not be held in Jackson Hole, Wyoming, for the first time in nearly 40 years due to the coronavirus pandemic. Instead, the bank said that this year’s symposium, titled “Navigating the Decade Ahead: Implications for Monetary Policy,” will be Read More…
Economists were shocked on Friday as the Bureau of Labor Statistics said US employers added 2.5 million payrolls in May, defying expectations of 7.5 million jobs lost. The surprise increase came on the heels of the record 20.5 million jobs lost in April. The unemployment rate declined to 13.3%, bucking forecasts of a near-record 19% rate. April’s Read More…
One trader bought 250,000 barrels of oil and secured a rare payout as oil prices turned negative last month, causing jitters in markets and leaving most other traders scrambling to find storage options across both sides of the Atlantic, Bloomberg reported on Thursday. But for BB Energy, a trading house based in London, the historic oil-market crash was Read More…
US states are rushing to court Tesla CEO Elon Musk, after he threatened to move the company’s HQ out of California. The billionaire is in a spat with California’s Alameda County over the closure of Tesla’s Fremont facility as part of a shelter-in-place order during the pandemic. He tweeted on Saturday that he would be Read More…
After recently announcing a new mask/face covering policy going into effect Monday, Costco will also now begin temporarily limiting fresh meat purchases at its warehouses. Costco says fresh meat purchases will be temporarily limited to a total of three items per member among the beef, pork and poultry products. “Costco has implemented limits on certain items Read More…
SEATTLE — Face masks will soon be mandatory for all passengers and flight crews on Alaska Airlines planes, the airline announced Friday. The policy goes into effect on May 11 for passengers, but on Monday for employees whose jobs makes it difficult to maintain 6 feet of space between others, including pilots, flight attendants and customer Read More…
Gross domestic product fell 4.8% in the first quarter, according to government numbers released Wednesday that provide the first detailed glimpse into the deep damage the coronavirus wreaked on the U.S. economy. Economist surveyed by Dow Jones had expected the first estimate of GDP to show a 3.5% contraction. This marked the first negative GDP Read More…
More than 2.9 million homeowners have taken advantage of a program designed to provide relief to holders of government-backed mortgages, part of the coronavirus CARES Act relief package. This represents 5.5% of all active mortgages, according to Black Knight, a mortgage data and analytics company that is now tracking the growing numbers daily. The program Read More…
The coronavirus pandemic has created a desperate clamber for vital medical supplies, like N95 masks, that has led the federal government to award massive contracts to third-party vendors to help fill the gaps. In this chaotic effort to obtain supplies, the Trump administration awarded a $55 million contract to Panthera Worldwide LLC, a company with Read More…
A special committee of WeWork’s board is suing SoftBank after SoftBank withdrew its $3 billion tender offer, the company announced Tuesday. WeWork is claiming that SoftBank breached its obligations under their agreement. SoftBank originally made the tender offer to buy shares of WeWork at an agreed upon price last year as part of a package to bail out Read More…
Unemployment claims have spiked to 6.65 million across the country, the Department of Labor said in a press release on Thursday. Unemployment claims have doubled since last week when the Labor Department reported that about 3 million people were seeking unemployment. That figure was already by far the highest number of unemployment claims the department had ever seen. READ Read More…
Boeing CEO Dave Calhoun told the aerospace company’s employees that it is starting a “voluntary layoff plan” that will allow eligible workers to leave the company with a pay and benefits package. The program is designed to shrink the company’s workforce at a time when air travel is plummeting because of the coronavirus pandemic. In a memo, Read More…
Theranos founder Elizabeth Holmes will head to trial apart from fellow C-suite exec and one-time lover, Ramesh “Sunny” Balwani, according to a report. Holmes, who served as the company’s CEO, will head to trial starting Aug. 4 with a separate jury from Balwani, who will be tried following the conclusion of Holmes’ case, Bloomberg reported. The judge did not provide any Read More…
About 10 years ago, SoftBank released a slideshow presentation on the company’s 300-year plan. “Unknown virus” got one reference, on slide 69 of 133. Perhaps coronavirus will just be a blip in the company’s long-term plan for world domination. Perhaps SoftBank’s vision of investing in artificial intelligence and other dominant technology companies will pay off in the long run, Read More…
Warren Buffett sold more than $800 million worth of Apple stock last quarter, according to SEC filings published on Friday. That might seem like a massive sale, but it’s closer to a rounding error for the billionaire investor and Berkshire Hathaway CEO. Berkshire is Apple’s biggest shareholder with a 5.4% stake worth $72 billion, according to Bloomberg data. Read More…
NBA legend Kobe Bryant, 41, died in a helicopter crash on Sunday morning in Calabasas, Calif., along with his 13-year-old daughter Gianna, the Los Angeles County Sheriff’s Office confirmed. Seven other people were on board Bryant’s helicopter and were all killed in the tragic accident. Bryant’s impact on basketball is obvious: five-time NBA champion; two-time NBA Finals MVP; league Read More…
The Massachusetts Institute of Technology said Friday that it had placed one of its tenured professors on paid administrative leave after finding that he “purposefully failed to inform MIT” that convicted sex offender Jeffrey Epstein was source of two donations in 2012 to support the professor’s research, and that the professor got a $60,000 personal gift from Epstein. Read More…
The pain kept coming for hedge funds in 2019: if they weren’t being killed off, they were bleeding cash or wringing out dismal returns. The industry is now on track to record more closures than launches for a fifth straight year, a blow to a market that once minted millionaires at a heady pace. More Read More…
WASHINGTON (Reuters) – The White House’s trade adviser on Monday said the U.S.-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the U.S. Trade Representative. FILE PHOTO: White House trade adviser Peter Navarro listens to a news conference about a presidential Read More…
WASHINGTON (Reuters) – U.S. retailers including Walmart Inc will add “Do Not Sell My Info” links to their websites and signage in stores starting Jan. 1, allowing California shoppers to understand for the first time what personal and other data the retailers collect, sources said. FILE PHOTO: Walmart’s logo is seen outside one of the Read More…
Even Juul Labs employees are having a tough time kicking their vaping habit. Staffers at the San Francisco-based firm have continued to puff away at their desks and in meetings — even though Juul bosses have told them to cut it out and threatened punishment, The Wall Street Journal reported Monday. The company has tried Read More…
FILE PHOTO: A trader works on the floor at the opening bell of the New York Stock Exchange (NYSE) in New York, U.S., December 27, 2019. REUTERS/Bryan R Smith/File Photo (Reuters) – Wall Street’s major indexes slipped on Monday as investors booked profits on the penultimate day of the decade after improving global sentiment fueled Read More…
FILE PHOTO: White House trade adviser Peter Navarro listens to a news conference about a presidential executive order relating to military veterans outside of the West Wing of the White House in Washington, U.S. March 4, 2019. REUTERS/Leah Millis/File Photo WASHINGTON (Reuters) – The United States and China will likely have a signing of Phase Read More…
LONDON (Reuters) – Oil prices rose to three-month highs on Monday, underpinned by optimism over an expected China-U.S. trade deal and upbeat industrial data, while traders kept a close watch on the Middle East following U.S. air strikes in Iraq and Syria. FILE PHOTO: FILE PHOTO: Grandpuits oil refinery southeast of Paris, France, February 29, Read More…
FILE PHOTO: The Canadarm2 robotic arm, built by Canadian technology company MDA, is seen over the uncrewed SpaceX Crew Dragon spacecraft as it makes the first Commercial Crew vehicle to visit the International Space Station March 4, 2019. NASA/Handout via REUTERS/File Photo (Reuters) – U.S. satellite imagery company Maxar Technologies Inc said on Monday it Read More…
JOHANNESBURG (Reuters) – South African telecoms firm MTN (MTNJ.J) on Monday said it was reviewing allegations raised in a U.S. complaint which accuses several firms of paying protection money to militant Islamist groups in Afghanistan. FILE PHOTO: A worker walks past an outlet of South Africa’s MTN Group in Johannesburg, South Africa, February 23, 2016. Read More…
LONDON (Reuters) – World stocks clung to recent gains on Monday following healthy advances in Asia on hopes for a U.S.-China trade deal, a more optimistic growth outlook and a softer dollar, while the euro climbed to a 4-1/2 month high. Yet European stock markets failed to follow the lead and took a breather following Read More…
Tesla delivered its first Chinese-made sedans to 15 lucky employees Monday — including one who proposed to his girlfriend on the factory floor.
WASHINGTON (Reuters) – Any companies that rush to finish building a Russian natural gas export pipeline to Germany that came under U.S. sanctions this month risk being penalized, senior U.S. officials said on Sunday. FILE PHOTO: Allseas’ deep sea pipe laying ship Solitaire lays pipes for Nord Stream 2 pipeline in the Baltic Sea September Read More…
FILE PHOTO: European Trade Commissioner-designate Phil Hogan of Ireland attends his hearing before the European Parliament in Brussels, Belgium September 30, 2019. REUTERS/Yves Herman/File Photo DUBLIN (Reuters) – The European Union’s new trade commissioner, Irishman Phil Hogan, was quoted on Monday as saying he would seek a reset of EU/US trade relations on a number Read More…
COLOGNE (Reuters) – Around 180 flights in Germany were canceled on Monday due to cabin crew strikes at Lufthansa’s budget airline Germanwings, in a bid to put pressure on management in wage talks. A timetable shows cancelled flights during a strike of cabin crew employees of German airline Germanwings called by German cabin crew union Read More…
BEIJING (Reuters) – China’s factory activity likely expanded again in December on stronger external demand and an infrastructure push at home, but the pace of growth is set to ease as markets await more certainty on a U.S.-China trade truce, a Reuters poll showed. FILE PHOTO: A worker welds automobile parts at a workshop manufacturing Read More…
LONDON (Reuters) – Financial services have been too slow to cut investment in fossil fuels, a delay that could lead to a sharp increase in global temperatures, Bank of England Governor Mark Carney said in an interview broadcast on Monday. FILE PHOTO: Mark Carney, Governor of the Bank of England, speaks at a Bank of Read More…
SHANGHAI (Reuters) – Tesla has started delivering Model 3 electric cars built at its Shanghai factory in just under a year since it began work on the $2 billion plant, a record for global automakers in China, and said it would ramp up deliveries from next month. A staff member explains the China-made Tesla Model Read More…
NEW YORK/SINGAPORE (Reuters) – Oil prices rose more than 20% this year but there were no sharp spikes and crude futures barely sniffed $70 a barrel despite attacks on the world’s biggest oil producer, sanctions that crippled crude exports of two OPEC members and gigantic supply cuts from big oil producing countries. FILE PHOTO: Pump Read More…
NEW YORK (Reuters) – Whatever nickname ultimately gets attached to the now-ending Twenty-tens, on Wall Street and across Corporate America it arguably should be tagged as the “Decade of Debt.” FILE PHOTO: A picture illustration shows a $100 banknote laying on $1 banknotes, taken in Warsaw, January 13, 2011. REUTERS/Kacper Pempel/File Photo With interest rates Read More…
(Reuters) – U.S. exporters of liquefied natural gas (LNG) head into 2020 after a record year that saw exports soar by more than 60%, but growing concerns about weakened demand and heavy competition could act as headwinds in the coming year. A warning sign at the perimeter of a transfer line area is seen at Read More…
NEW YORK (Reuters) – What do you do when daily stock market gyrations all but dry up? Apparently, trade volatility like never before. FILE PHOTO: The opening numbers are displayed on the floor at the opening bell of the New York Stock Exchange (NYSE) in New York, U.S., December 27, 2019. REUTERS/Bryan R Smith Among Read More…