Business

So Far Delta Has Put 100 Covidiots On Its No Fly List

NPR reports: When it comes to the new rules for the novel coronavirus, airlines like Delta are taking them very seriously. So far, the carrier has banned 100 anti-maskers from taking their flights and gone a step further by adding them to a “no fly” list. The legal reasoning is pretty straightforward, says Sharona Hoffman, co-director of Case Western Reserve …

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Kodak Deal On Hold Over Insider Trading Allegations

CNBC reports: A deal that would have seen Eastman Kodak get funding to produce drug ingredients that could have helped fight the coronavirus has been put on hold. In a tweet Friday evening, the U.S International Development Finance Corporation said it was holding up the deal as regulators reportedly look into trading activity that sent Kodak’s shares surging on news …

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Canada To Retaliate Against Trump’s Latest Tariff

The Guardian reports: Canada has announced that it will retaliate dollar for dollar – to the tune of C$3.6bn – after the US announced a 10% tariff on Canadian aluminum. Donald Trump announced the new aluminum tariffs on Thursday at a campaign stop at a Whirlpool appliance plant in Ohio, accusing Canada of taking advantage of its trade relationship with …

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Virgin Atlantic Files For Bankruptcy Protection

Business Insider reports: Virgin Atlantic filed for Chapter 15 bankruptcy in New York on Tuesday, becoming the latest airline forced into reorganization during the coronavirus pandemic. Virgin Atlantic is the second Virgin Group airline to file for bankruptcy protection. Virgin Australia filed for voluntary administration — a form of bankruptcy in Australia — in April. London-based Virgin Atlantic, which is …

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Facebook To Lease Entire NYC Farley Post Office

Gothamist reports: Putting an end to months of rumors, Facebook announced a commitment to lease all of the office space at the Farley Post Office Building, located across from Penn Station in midtown Manhattan. Mayor Bill de Blasio heralded the deal as “a big part of our future” and a “big vote of confidence” in New York City. The James …

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SEC Investigates Kodak Over Stock Surge After Loan

The Wall Street Journal reports: The Securities and Exchange Commission is investigating the circumstances around Eastman Kodak Co.’s  announcement of a $765 million government loan to make drugs at its U.S. factories, according to people familiar with the matter. News of the loan last week caused Kodak’s shares to rise as high as $60, before falling to about $15 on …

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Investors Rush To Online Car Sellers Due To Lockdown

Reuters reports: After years of being part of a future that never quite arrived, the coronavirus pandemic has put U.S. online car sellers on the map. Investors are buying in. Vroom’s shares are now trading at more than double their $22 launch price on June 8. Carvana’s market value is near that of No. 2 U.S. automaker Ford Motor Co. …

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Lord & Taylor, Men’s Wearhouse Declare Bankruptcy

CNBC reports: Lord & Taylor, one of America’s oldest department stores, has filed for bankruptcy, joining a growing list of stores slammed by the coronavirus pandemic. Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Banks, filed for bankruptcy as well. Many of the companies that have filed for Chapter 11 in recent weeks were already struggling, but …

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Dunkin’ Donuts To Require All Customers Wear Masks

Via press release from Dunkin’ Donuts: From the beginning of the coronavirus (COVID-19) pandemic, our priority has been on the safety of our guests, franchisees and their restaurant crew. To help bring consistency to Dunkin’ locations across the country, we will now require that all guests wear a face covering while inside our restaurants beginning Wednesday, August 5. At Dunkin’, …

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Apple Becomes World’s Most Valuable Public Company

CNBC reports: Apple rode the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing the state oil giant Saudi Aramco at Friday’s market close. Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, …

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Kodak CEO Got Stock Options Day Before Trump Deal

The New York Times reports: At the beginning of this week, the Eastman Kodak Company handed its chief executive 1.75 million stock options. It was the type of compensation decision that generally wouldn’t attract much notice, except for one thing: The day after the stock options were granted, the White House announced that the company would receive a $765 million …

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Apple Announces Surprise Four-To-One Stock Split

Reuters reports: The iPhone maker made the surprise announcement in its quarterly report, saying it will split its stock four-to-one when trading opens on Aug. 31, Apple’s first share split since 2014. Stock splits have become rare on Wall Street in recent years, with just three S&P 500 members announcing splits in 2020, compared to an average of 10 a …

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Coalition Of Airlines, Retailers, Restaurants, Hospitals Call On Lawmakers For Coronavirus Liability Protections

The Hill reports: Around 480 business groups have teamed up to call on lawmakers to provide liability protections for businesses against coronavirus-related lawsuits in Congress’ next relief package. The coalition, led by the U.S. Chamber of Commerce, includes the National Association of Manufacturers, Airlines for America, National Restaurant Association, Federation of American Hospitals and the National Retail Federation. They sent …

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LIVE VIDEO: Big Tech CEOs Testify Before US House

CBS News reports: The CEOs of Amazon, Apple, Facebook and Google are set for a rare turn in the congressional spotlight on Wednesday, with lawmakers expected to pose a critical — and potentially perilous — question for the technology titans: Are you guys too powerful? For the executives, the issue of their companies’ massive market dominance comes at a delicate …

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Neiman Marcus To Vacate New Store At Hudson Yards

From the fashion site Hypebeast: Ever since Neiman Marcus filed for Chapter 11 bankruptcy protection back in May, there has been rumors and speculation that the retail giant would vacate its Hudson Yards location, some even suggesting that it could become a Facebook office. Regardless of what the Hudson Yards space may now be used for, Neiman Marcus has finally …

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Google To Keep All Employees Home Until July 2021

The Wall Street Journal reports: Google will keep its employees home until at least next July, people familiar with the matter said, making the search-engine giant the first major U.S. corporation to formalize such an extended timetable in the face of the coronavirus pandemic. The move will affect nearly all of the 200,000 full-time and contract employees across Google parent …

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Hawaiian Airlines Flight Attendant Dies Of COVID After In-Person Training Event Linked To At Least 17 Cases

NBC News reports: A Hawaiian Airlines flight attendant who was one of 17 people to test positive for coronavirus after attending in-person training event, died Tuesday, the company confirmed. Jeff Kurtzman and 16 others contracted the respiratory illness after attending the course in Honolulu in late June, the company confirmed to NBC Los Angeles, adding that it is now investigating …

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McDonald’s To Require Face Masks Starting August 1st

USA Today reports: McDonald’s will require customers to wear masks or face coverings when entering its 14,000 restaurants nationwide starting Aug. 1. The fast food giant is the latest business to announce it will mandate masks to help stop the spread of COVID-19 as cases spike. “While nearly 82% of our restaurants are in states or localities that require facial …

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NY To Bars: Chips And Nuts Don’t Meet Food Rules

Gothamist reports: Gov. Andrew Cuomo has made it even harder for cash-strapped watering holes and restaurants to churn back to life — by declaring that a bag of chips is no longer enough to comply with the requirement that they serve food with booze. According to the new SLA guidance, a bag of chips or nuts does not meet the …

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Jeff Bezos Added $13 Billion To Net Worth Yesterday

Bloomberg News report: Jeff Bezos added $13 billion to his net worth on Monday, the largest single-day jump for an individual since the Bloomberg Billionaires Index was created in 2012. Amazon.com Inc. shares surged 7.9%, the most since December 2018 on rising optimism about web shopping trends, and are now up 73% this year. Bezos, Amazon’s 56-year-old founder and the …

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