Purdue Pharma settles opioid case for $8B

Purdue Pharma has pleaded guilty to charges of marketing and distributing OxyContin and will pay more than $8 billion to settle with the Department of Justice. Sara Randazzo reported the news for the Wall Street Journal: Purdue Pharma LP agreed to plead guilty to three felonies related to its marketing and distribution of powerful painkiller […]

Why Tesla dropping its PR department is bad news for biz journalism

Hamilton Nolan writes for the Columbia Journalism Review about Tesla Motors decision to drop its public relations department and what it means for journalists. Nolan writes, “THIS MONTH we learned that Tesla, a $400 billion public company run by one of the richest people in the world, has done away with its media relations department—effectively formalizing an informal […]

The Information seeks an Apple reporter

Apple’s evolution into one of the most valuable companies in the world was one of the biggest stories in tech of the past 20 years. How it changes as it grapples with a slowdown of its most important product, the iPhone, is sure to be one of the biggest tech stories of the next few […]

Talking Biz News Today — Oct 20, 2020

Some of Tuesday’s top business news stories: Associated Press Deadline looms, but COVID relief deal may be far off, by Andrew Taylor UK, EU inch toward more Brexit talks but hurdles remain, by Jill Lawless CNN America’s jobs market is in crisis — no matter who wins the election, by Anneken Tappe TSA tops 1 […]

Starbucks ties executive remuneration to diversity targets

Starbucks will tie executive pay to diversity targets that aim for a 30% share of diverse employees in its workforce on all levels. CNBC’s Amelia Lucas reported: Starbucks said Wednesday it is starting a mentorship program, piloting outreach workers in its cafes and tying team diversity to executive compensation as part of its broader plan […]

AMC warns it is running out of cash

America’s largest movie theater chain AMC has warned shareholders it could run out of cash by the start of 2021. Sarah Whitten reported the news for CNBC: AMC, the largest cinema chain in the U.S., warned investors on Tuesday is in danger of running out of cash by early 2021. Shares of the company tanked […]

Johnson & Johnson pauses COVID-19 vaccine trial

Johnson & Johnson has paused a trial for a COVID-19 vaccine after a participant developed an “unexplained illness.” Lydia Ramsay Pflanzer reported for the Business Insider: Johnson & Johnson said Monday that it had temporarily halted its coronavirus vaccine trials after a participant experienced an unexplained illness, the second major setback to hit a late-stage […]

IBM will spin off services business and focus on cloud

IBM will spin off its IT infrastructure management business, which accounts for a quarter of its sales, to focus on cloud computing. Asa Fitch and Dave Sebastian reported the news for the Wall Street Journal: International Business Machines Corp. is planning its biggest-ever business exit, spinning off a major part of its information-technology services operations […]

JP Morgan makes $30-billion commitment to fight racial inequality

JP Morgan has committed $30 billion to tackle racial inequality through loans, investments, and direct funding. CNN’s Jazmin Goodwin reported: JPMorgan Chase (JPM) is committing $30 billion over the next five years to promote racial equality. “Systemic racism is a tragic part of America’s history,” said JPMorgan Chase Chairman and CEO Jamie Dimon in a […]

Regal Cinemas temporarily shuts down in U.S.

Regal Cinemas is temporarily closing down all of its U.S. locations while its parent considers UK closures as well. R.T. Watson reported the news for the Wall Street Journal: The second-largest cinema chain in the U.S. is closing all of its locations nationwide after reopening in August, escalating the pandemic-driven crisis facing the entertainment industry. […]