Tag Archives: business

Reuters reports: Bed Bath & Beyond Inc on Wednesday said it inked deals for more than $500 million in new financing and that it would close 150 stores, cut jobs and overhaul its merchandising strategy in an attempt to turn around its money-losing business. Investors, however, remain concerned that the retailer’s plan, announced in a strategic update, will do little …

Ars Technica reports: Twitter is moving ahead with a shareholder vote on the merger with Elon Musk a few weeks before its lawsuit against Musk goes to trial. Twitter yesterday sent a letter to shareholders inviting them to a September 13 special meeting where they will be asked to approve the merger agreement that Musk is now trying to get …

Reuters reports: Twitter Inc’s lawsuit to hold Elon Musk to his $44 billion takeover will go to trial in October after a Delaware judge said on Tuesday the social media company deserved a quick resolution of the deal’s uncertainty. The ruling is a blow to Musk who pushed for a trial in February which his lawyer told the court would …

The Wall Street Journal reports: Amazon said it filed a lawsuit against the administrators of what it says are more than 10,000 Facebook groups used to coordinate fake reviews of Amazon products. Those in charge of the Facebook groups solicit the reviews for items ranging from camera tripods to car stereos in exchange for free products or money, Amazon said …

The New York Daily News reports: State regulators approved rules Thursday governing New York’s soon-to-begin retail cannabis sales, ensuring the first batch of licenses will go to business owners with past pot convictions. Under the state’s Seeding Opportunity Initiative, between 100 and 200 dispensary licenses could be issued by this fall, with sales allowed before the end of the year. …

Via press release from Airbnb: At Airbnb, we believe the neighborhoods and communities in which we operate are as important as the Hosts and guests who use our service. We know that the overwhelming majority of our Hosts share their homes responsibly, just as the overwhelming majority of guests are responsible and treat their listings and neighborhoods as if they …

Reuters reports: U.S. companies Cisco Systems and Nike plan to fully exit Russia, the two firms told Reuters on Thursday, as the pace of Western firms departing accelerated. Telecoms equipment maker Cisco will wind down its business in Russia and Belarus, the company said. Nike is making a full exit from Russia three months after suspending its operations there, the …

Bloomberg News reports: Elon Musk said Tesla Inc.’s new plants in Germany and Texas are losing “billions of dollars” as the electric-vehicle maker tries to ramp up production. “Both Berlin and Austin factories are gigantic money furnaces right now,” the chief executive officer said in a video interview with Tesla Owners of Silicon Valley posted online Wednesday. The comments, part …

The Associated Press reports: Kellogg Co., the maker of Frosted Flakes, Rice Krispies and Eggo, will split into three companies focused on cereals, snacks and plant-based foods. Kellogg’s, which also owns MorningStar Farms, the plant-based food maker, said Tuesday that the spinoff of the yet-to-be-named cereal and plant-based foods companies should be completed by the end of next year. Kellogg’s …

The New York Times reports: SpaceX, the private rocket company, on Thursday fired employees who helped write and distribute an open letter criticizing the behavior of chief executive Elon Musk, said three employees with knowledge of the situation. Some SpaceX employees began circulating the letter, which denounced Mr. Musk’s activity on Twitter, on Wednesday. The letter called the billionaire’s public …

NBC New York reports: The New York City Sheriff’s office seized at least a dozen trucks operating for Weed World Candies, which may or may not be shopping more than CBD products, for outstanding parking tickets totaling a half-million dollars. Twelve trucks were towed from the area of 45th Street and 12th Avenue in Manhattan and officials said more were …

Reuters reports: Revlon Inc has filed for bankruptcy after the U.S cosmetics firm buckled under debts it built up in a bid to compete with online-focused upstarts. Known for its nail polishes and lipsticks, the 90-year-old company listed assets and liabilities of between $1 billion and $10 billion in a court filing on Wednesday. Revlon has in recent years lost …

The New York Times reports: Starbucks’s chief executive, Howard Schultz, says the company is considering ending its open bathroom policy. Speaking on Thursday at The Times’s DealBook D.C. policy forum, Mr. Schultz said the coffee giant might no longer allow people who were not customers to use their stores’ bathrooms. The move would reverse a policy Starbucks instituted in 2018 …

The Washington Post reports: After a weeks-long impasse, Twitter’s board plans to comply with Elon Musk’s demands for internal data by offering access to its full “firehose,” the massive stream of data comprising more than 500 million tweets posted each day, according to a person familiar with the company’s thinking, who spoke on the condition of anonymity to describe the …

The Associated Press reports: Abbott Nutrition has restarted production at the Michigan baby formula factory that has been closed for months due to contamination, the company said Saturday, taking a step toward easing a nationwide supply shortage expected to persist into the summer. The February shutdown of the largest formula factory in the country led to the supply problems that …

From Airbnb’s corporate blog: As we’ve seen the heroic effort of health authorities and medical advancements around the globe, almost two thirds of the world’s population have received at least one dose of a vaccination against COVID-19. And many countries have now implemented living with COVID-19 plans, as it becomes part of our world. As a result of this new …

The Washington Post reports: In 2020, 56 percent of Americans who died were cremated, more than double the figure of 27 percent two decades earlier, according to the Cremation Association of North America (CANA). By 2040, 4 out of 5 Americans are projected to choose cremation over casket burial, according to both CANA and the National Funeral Directors Association. Other …

The Washington Post reports: Koch Industries, the American manufacturing giant that employs 122,000 people across the world, said Wednesday it would not exit its operations in Russia because doing so would put its “employees there at greater risk and do more harm than good.” The multinational conglomerate’s presence in Russia is relatively small, its president and chief operating officer, Dave …

Gothamist reports: New York lawmakers are pushing back against Gov. Kathy Hochul’s plan to allow restaurants and bars to serve cocktails with takeout and delivery orders. Neither of the legislative budget plans included what Hochul recently called “the most popular item in (her) budget.” The liquor store lobby raised concern over the measure and has not been afraid of letting …

The Daily Beast reports: Russian prosecutors have issued a stern warning for Western businesses in the country—corporations that leave may be forced to forfeit their remaining assets and businesses who stay can’t criticize the Russian government. The warning claims corporate leaders who do speak out against the government could be arrested. The Wall Street Journal reports that businesses like McDonald’s, …