Featured Articles in National Business News

Bankrupt car-rental firm Hertz’ lenders are proposing a shakeup that would take a newly reorganized company public, report says

Hertz‘s unsecured creditors are proposing a restructuring of the car-rental firm that clashes with the company’s plan to exit from bankruptcy via a sale to two investment funds, Bloomberg reported Thursday. As part of the planned shakeup, the lenders want to convert their holdings in the bankrupt firm into shares of the reorganized company which could be taken Read More…

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Bankrupt car-rental firm Hertz’ lenders are proposing a shakeup that would take a newly reorganized company public, report says

Hertz‘s unsecured creditors are proposing a restructuring of the car-rental firm that clashes with the company’s plan to exit from bankruptcy via a sale to two investment funds, Bloomberg reported Thursday. As part of the planned shakeup, the lenders want to convert their holdings in the bankrupt firm into shares of the reorganized company which could be taken Read More…

Sands Reaches Agreement to sell Las Vegas Properties for $6.25 billion

LAS VEGAS, March 3, 2021 /PRNewswire/ — Las Vegas Sands Corp. (NYSE: LVS) today announced that it has entered into definitive agreements to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center (collectively, “The Venetian”) for an aggregate purchase price of approximately $6.25 billion. Under the terms of the agreement, Read More…

A Twitch streamer made $16,000 filming himself asleep and letting viewers disturb him with alarm clocks and fake dog barks

Making money in your sleep sounds too good to be true, given many of us find it hard enough to earn a living while we’re awake. But many influencers are jumping on a new trend that’s rising in popularity: the “sleep stream.” Among the best-known sleep streamers is one who goes by the name Asian Read More…

Tesla buys $1.5 billion in bitcoin, plans to accept it as payment

Tesla announced Monday it has bought $1.5 billion worth of bitcoin. In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for “more flexibility to further diversify and maximize returns on our cash.” Tesla also said it will start accepting payments in bitcoin in exchange for its products “subject to applicable Read More…

Uber buying booze delivery company Drizly for $1.1 billion

Uber on Tuesday announced an agreement to buy Drizly, a Boston-based alcohol delivery startup, for $1.1 billion in cash and stock. Why it matters: This could represent a strategic departure for Uber, in that Drizly doesn’t hire delivery drivers itself. Instead, it provides the backend infrastructure for local liquor stores to provide their own delivery services. Read More…

Facebook is reportedly prepping an antitrust lawsuit against Apple focused on its App Store rules

Facebook is readying an antitrust lawsuit against Apple, according to a report from The Information. Facebook has been preparing the case for months alongside external legal experts, sources told the outlet. The lawsuit specifically alleges that Apple abused its market power by forcing third-party developers, including Facebook, to follow a different set of rules that Apple’s Read More…

Robinhood restricts trading in GameStop, other names involved in frenzy

Retail brokerages restricted trading on Thursday in GameStop and other stocks caught in a frenzy that has captivated Wall Street and caused big losses for hedge funds. Free-stock trading pioneer Robinhood and Interactive Brokers said that in some cases, investors would be able to sell only their positions and not open new ones. Both brokerages raised margin Read More…

Lockheed-Boeing team pitch Defiant X, its candidate for the Army’s long-range assault helo competition

WASHINGTON — Lockheed Martin-owned Sikorsky and Boeing have pitched a tweaked version of the team’s coaxial technology demonstrator — the SB-1 Defiant — which it plans to submit for the U.S. Army’s Future Long-Range Assault (FLRAA) competition, according to the companies.   The modified, competition-ready aircraft design is being called Defiant X, taking the same surname as little Read More…

Facebook warns staff to avoid wearing company-branded clothing, for safety reasons

MENLO PARK, Calif. – Facebook has reportedly sent out an internal memo about employee safety, warning staff to avoid wearing or carrying company branded items in public. According to Business Insider, the Menlo Parked-based social media company sent out the memo on Monday, stating, “In light of recent events, and to err on the side of caution, global Read More…

Tom Brady Got A Huge PPP Loan? NFL Legend Paid For TB12 Sports Company

NFL legend Tom Brady’s sports company TB12 INC. secured an almost $1 million Paycheck Protection Program (PPP) loan from the federal government amid the coronavirus pandemic. Though reports of Brady’s PPP loan was initially revealed in July, the amount was unknown. Data released by the U.S. Small Business Administration in December revealed that TB12 received $960,855. The PPP loan Read More…

Apple fined in Italy for misleading consumers over waterproof iPhones

Italy’s competition authority on Monday fined Apple €10 million for misleading consumers about the water-resistance of its iPhones. Apple advertised several iPhone models as resistant to water for up to 30 minutes, even a few meters under water, but it didn’t make clear that this is only true under specific conditions (pure water in a laboratory), which Read More…

Comcast faces backlash over plan to charge customers up to $100 for going over a home-internet data limit rolling out to 14 new states

Comcast is adding a data cap for some of its home-internet plans starting in January. The telecommunications giant recently confirmed it’s introducing a limit of 1.2 TB on Xfinity Internet plans in 14 states and the District of Colombia. If customers that don’t have unlimited plans go over that cap, they must pay $10 for Read More…

McDonald’s CEO says it’s ‘very clear’ that America needs another stimulus package

McDonald’s chief executives joined Walmart’s CEO in calling for another stimulus package. “We need a stimulus measure, I think that is very clear,” McDonald’s CEO Chris Kempczinski said in an interview with CNBC on Tuesday.  Kempczinski called for President-elect Joe Biden and Vice president-elect Kamala Harris to address the coronavirus pandemic and climate change, as well Read More…

New York Times’ digital revenue tops print for first time in ‘watershed moment,’ CEO says

The New York Times Co. for the first time Wednesday reported higher revenues from its digital business than its print operations, a “watershed moment” in the newspaper’s nearly 170-year history, according to CEO Mark Thompson. “And we don’t think it’s likely we’re going to go back from this moment,” Thompson said on CNBC’s “Power Lunch.” The Times reported Read More…

Nvidia makes a clean sweep of MLPerf predictions benchmark for artificial intelligence

Graphics chip giant Nvidia mopped up the floor with its competition in a benchmark set of tests released Wednesday afternoon, demonstrating better performance on a host of artificial intelligence tasks. The benchmark, called MLPerf, announced by the MLPerf organization, an industry consortium that administers the tests, showed Nvidia getting better speed on a variety of Read More…

Senate Judiciary approves subpoenas for Twitter, Facebook CEOs over bias charges

The Senate Judiciary Committee on Thursday voted to subpoena Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey to testify about allegations of anti-conservative bias, ratcheting up GOP pressure on the social media companies’ content policies before the November elections. How the vote went down: The Judiciary Committee voted 12-0 to authorize the subpoenas, with all Read More…

Kathryn Farmer becomes the first woman CEO of an American railroad

New York (CNN)One of Berkshire Hathaway’s largest units, BNSF Railway, just named Kathryn Farmer as its first female CEO.   This appointment makes Farmer the first woman in America to lead a major railroad operator, the company announced Monday. Farmer is taking the place of Carl Ice, who has worked at Berkshire Hathaway (BRKA) for 42 years. Farmer has been Read More…

Elon Musk gains $8 billion, becomes the 4th-richest person in the world as Tesla stock soars

Elon Musk’s personal wealth is soaring along with Tesla’s stock. The CEO’s net worth increased by nearly $8 billion on Monday as Tesla’s stock price jumped 11% and closed at an all-time high. Musk’s net worth is now $84.8 billion, making him the world’s fourth-richest person, according to the Bloomberg Billionaires Index. Musk overtook Bernard Arnault, the French billionaire and Read More…

Tesla reports fourth straight quarter of profits

Tesla just reported its second-quarter results. Shares rose more than 4% after hours as the company beat expectations and reported its fourth straight quarter of profits. Here’s how Elon Musk’s electric car and renewable energy business did versus analysts’ expectations, according to estimates compiled by Refinitiv. Earnings: $2.18 (ex-items) vs. 3 cents per share, expected. Revenue: $6.04 billion vs. Read More…

The SEC told bankrupt Hertz it has issues with its plan to sell stock, Chairman Jay Clayton says

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…