Business

MarketWatch reports: Investors’ growing fears about virus outbreak sends Dow Jones Industrial Average down about 1,200 points. At last check, the decline would rank within the top 20 for the Dow’s steepest weekly selloffs, with a drop of 9.18%, according to FactSet data. The worst week for the Dow was the 18.15% drop during the period ended Oct. 10, 2008, …

Investor’s Business Daily reports: The Dow Jones fell another 878 points on Tuesday, after Monday’s 1,000-plus point drop. Stocks continued to sell off in heavy volume. Visa and UnitedHealth were among the worst Dow performers. As the coronavirus is remains uncontained, its effects continue to infect the stock market while investors weigh the potential damage on the global economy. As …

MarketWatch reports: US markets continue to plunge on reports of increasing numbers of cases of the Coronavirus being identified outside China. The Dow Jones dropped by more than 1,000 points (3.7 percent) on Monday, while the S&P 500 dropped 3.5 percent and the Nasdaq index lost as much as 4 percent. Investors are increasingly worried about the economic impact of …

The New York Daily News reports: Wells Fargo will pay $3 billion to settle investigations into its long-running scam that had company employees opening millions of bogus bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal was revealed in 2016, the San Francisco-based bank has paid out billions in fines to state and federal regulators, reshuffled …

USA Today reports: At Shabu House in Houston’s Chinatown, Asian comfort food is on the menu, including hot pots of steaming soup filled with the customer’s choice of meat and vegetables. Since the coronavirus began to grab headlines, the restaurant has been at least half-empty. And Shabu House is not alone. “Pretty much all the restaurants in our entire shopping …

Bloomberg reports: Pier 1 Imports Inc. filed for Chapter 11 bankruptcy protection to facilitate a company sale after the retailer of eclectic home furnishings found itself squeezed by online rivals and crushed under too much debt. The Fort Worth, Texas-based retailer is in talks with multiple potential buyers, according to a statement Monday. Pier 1 also reiterated a plan to …

The Washington Post reports: Facebook announced Friday that it would cancel a summit it had planned to hold at San Francisco’s Moscone Center in March. “Out of an abundance of caution, we canceled our Global Marketing Summit due to evolving public health risks related to coronavirus,” Anthony Harrison, a Facebook spokesman, said. The annual event brings together Facebook employees from …

Axios reports: Delta Airlines is spending $1 billion over the next decade to essentially cancel out all of its future greenhouse gas emissions beginning March 1, the company announced Friday. The big picture: Delta is the world’s biggest airline by revenue, and this news is the latest in a rapidly growing trend of corporations announcing climate-change goals in response to …

McClatchy reports on itself: McClatchy Co. filed for bankruptcy Thursday, a move that will end family control of America’s second largest local news company and hand it to creditors who have expressed support for independent journalism. The Chapter 11 filing will allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. Under a plan outlined …

The Wall Street Journal reports: Macy’s Inc. plans to close 125 department stores over the next three years, an admission that a fifth of its locations cannot thrive as shoppers buy more online and make fewer trips to malls. The company is also cutting about 2000 corporate jobs and closing several offices. It will abandon a dual national headquarters location …

Courthouse News reports: Under a settlement approved by a federal judge, Chipotle will pay consumers $6.5 million to settle claims that it ran a misleading ad campaign pledging to serve only non-GMO food. Through ads using phrases such as “G-M-Over It,” the fast food chain touted itself as the first in the United States to use only ingredients derived from …

The Daily Beast reports: The man who bankrolled the campaign for Britain to quit the European Union boasted about a backchannel to WikiLeaks after Brexit leader Nigel Farage’s secret meeting with Julian Assange at the Ecuadorean embassy in London, according to private Twitter messages that have been leaked online. The messages hacked from Farage’s biggest financial backer, Arron Banks, also …

The Associated Press reports: Delta Air Lines and American Airlines said Friday they will suspend all flights between the U.S. and China, making them the first U.S.-based airlines to do so and joining several international carriers that have stopped flying to China as the coronavirus outbreak continues to spread. United Airlines announced that it will suspend flights to Beijing, Shanghai …

Axios reports: An American Airlines pilots’ union sued the company on Thursday to temporarily halt all flights between the U.S. and China, the Financial Times reports, citing “serious” health threats from the coronavirus. What they’re saying: “We estimate that as many as 300 passengers and crew travel to DFW alone from Chinese cities on each American Airlines flight,” said Eric …

The Wall Street Journal report: A government report to be released in coming days says Southwest Airlines Co. failed to prioritize safety and the airline’s regulator, the Federal Aviation Administration, hasn’t done enough about it. Southwest pilots flew more than 17 million people on aircraft with unconfirmed maintenance records over a two-year period, according to a U.S. Department of Transportation …

Engadget reports: Delivery giant UPS has ordered 10,000 electric trucks from Arrival, a technology company based in the UK. Some of the vehicles will be trialed in London and Paris later this year, building on a similar experiment that was run by the two companies in 2018. The pair then hope to deploy the trucks across Europe and North America …

The Verge reports: Google is temporarily shutting down all of its China offices due to the coronavirus outbreak, the company confirmed to The Verge on Wednesday. The shutdown includes all offices in mainland China, as well as Google’s offices in Hong Kong and Taiwan. Currently, the offices are closed for the extended Lunar New Year holiday, a measure the Chinese …

CNN International reports: Airlines based in North America, Europe and Asia are canceling flights to China as authorities there seek to contain the spread of the Wuhan coronavirus. British Airways, United Airlines, Air Asia, Cathay Pacific, Air India and Finnair have announced plans to slash the number of flights they are operating to China or stop flying to the country …

Reuters reports: Martin Shkreli, the “pharma bro” in prison for defrauding investors, faces a lawsuit filed by the Federal Trade Commission and New York attorney general’s office for an alleged scheme to preserve his monopoly for the drug Daraprim, whose price increased by more than 4,000% in one day. The lawsuit accuses a company that Shkreli once ran of buying …

Reuters reports: Boeing began the maiden flight on Saturday of the world’s largest twin-engined jetliner as the embattled planemaker steps up competition with European rival Airbus in a respite from a crisis over its smaller 737 MAX. The 777X, a larger and more efficient version of Boeing’s successful 777 mini-jumbo, took off outside Seattle at 10:09 a.m. local time after …