Tesla reopens Fremont factory despite shutdown order
Tesla has reopened its car factory in Fremont despite a county health authorities order for all non-essential businesses to remain shut down. Claudia Assis reported the news for MarketWatch: Tesla Inc. escalated a showdown with local health authorities and reopened its Fremont, Calif., car-making plant beyond minimal operations. Chief Executive Elon Musk earlier Monday vowed […]
Neiman Marcus files for bankruptcy
Neiman Marcus is the latest victim of the Covid-19 crisis, filing for bankruptcy on Wednesday. Lauren Hirsch and Lauren Thomas reported the news for CNBC: Neiman Marcus, saddled with debt and hit by the coronavirus pandemic, filed for bankruptcy on Thursday with a deal to hand its business over to its creditors. The luxury department […]
Uber to lay off 3,700
Uber will lay off 3,700 employees as it suffers Covid-19 blow. Lauren Feiner reported the news for CNBC: Uber said Wednesday it will lay off 3,700 employees and that CEO Dara Khosrowshahi will forgo his base salary for the rest of the year. The layoffs to its customer support and recruiting teams represent about 14% […]
Disney profit tumbles by $1.4 bln
Disney reported a $1.4-billion decline in profits for the first quarter mostly on the back of shut down theme parks. Munsif Vengattil and Lisa Richwine reported the news for Reuters: Walt Disney Co (DIS.N) estimated on Tuesday that global measures to contain the coronavirus pandemic cut profits by $1.4 billion, mostly from its shuttered theme […]
Pulitzer winner Gates discusses his Boeing coverage
Dominic Gates is the aerospace reporter at the Seattle Times and is the lead reporter on the paper’s coverage of the 737 Max crisis, which on Monday won a Pulitzer Prize for national reporting. The Pulitzer committee stated that the stories “exposed design flaws in the Boeing 737 MAX that led to two deadly crashes […]
J. Crew files for bankruptcy
J. Crew has become the first national retail chain to file for bankruptcy amid the coronavirus pandemic. Anne D’Innocenzio reported the news for the AP: Struggling fashion brand J.Crew has filed for bankruptcy protection, the first major retailer to do so since the coronavirus pandemic forced most stores across the United States to close their […]
Seattle Times wins Pulitzer for Boeing coverage
A team of Seattle Times reporters won a Pulitzer Prize for national reporting on Monday for its coverage of Boeing Co. and the 737 Max crisis. The Times staffers mentioned included Dominic Gates, Steve Miletich, Lewis Kamb and Mike Baker. The judges wrote that the coverage merited the award “for groundbreaking stories that exposed design […]
Berkshire Hathaway exits airlines
Warren Buffett’s Berkshire Hathaway has sold all its holdings in four U.S. airlines with Buffett himself citing the high degree of uncertainty about the future of the industry. Thomas Franck and Leslie Josephs from CNBC reported: Berkshire Hathaway Chairman and billionaire value investor Warren Buffett said that the conglomerate has sold the entirety of its […]
Ford plans to reopen factories
Ford is preparing to reopen its closed factories next month with strict health checks. CNBC’s Michael Wayland reported the news: Ford Motor expects to begin calling back salaried employees who have been working remotely due to the coronavirus pandemic beginning in late June, executives said Thursday. About 124,000 white-collar workers are expected to be in […]
Tesla surprises market with Q1 profit
As the auto industry reels from the blow it suffered from the Covid-19 pandemic, Tesla reported a profit for the first quarter. Lauren Feiner and Lora Kolodny reported the news for CNBC: Tesla shares rose more than 9% after hours as the company showed its third consecutive quarter with a profit. Here’s how the company […]
