Whiting Petroleum becomes first victim of oil crisis

Whiting Petroleum has become the first U.S. oil company to file for bankruptcy protection amid a price and demand slump. Arathy S Nair reported the news for Reuters: Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are […]

Xerox Drops Bid for HP

Xerox has pulled its hostile takeover bid for peer HP because of the general business uncertainty created by the coronavirus outbreak. Ron Miller reported the news for TechCrunch: Xerox announced today that it would be dropping its hostile takeover bid of HP. The drama began last fall with a flurry of increasingly angry letters between […]

Raytheon, UTC tie-up wins regulatory approval

The Department of Justice has given the green light to the merger between Raytheon and United Technologies Corporation. Reuters’ Diane Bartz reported: The U.S. Justice Department has approved United Technologies Corporation’s planned merger with Raytheon Co, subject to conditions, the agency said on Thursday. UTC agreed in June to combine its aerospace business with U.S. […]

Shell to slash $5 bln from spending plans

Shell will cut its spending by $5 billion this year and halt a $25-billion share repurchase program. Ron Bousso had the news for Reuters: Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it […]

U.S. airlines ask for aid package

U.S. airlines have asked the government for an aid package that could top $50 billion. AP’s David Koenig reported: With each day that the coronavirus outbreak spreads and claims more lives, the damage to global airlines rises too. U.S. carriers on Monday put a price tag on their pain: They asked the federal government for […]

Covid-19 could cost U.S. travel industry $24 bln

The U.S. travel industry is facing losses of $24 billion because of the coronavirus pandemic. Lauren Hirsch reported the news for CNBC: The U.S. travel and tourism industry could lose at least $24 billion in foreign spending this year because of the rapidly spreading coronavirus, according to data produced by Tourism Economics and first seen […]

Australia sues Facebook for user data breach

Australia’s Information Commissioner filed a lawsuit against Facebook alleging the tech giant breached privacy laws. Byron Kaye reported the news for Reuters: The Australian privacy regulator filed a lawsuit against Facebook Inc accusing the social media giant of sharing the personal details of more than 300,000 people with political consultant Cambridge Analytica without their knowledge. […]

GM to challenge Tesla lead in EVs with $20-bln investment

GM has unveiled an investment plan worth $20 billion to advance its electric vehicle agenda and challenge the dominance of Tesla. CNBC’s Michael Wayland reported:  General Motors will spend more than $20 billion through 2025 on its next generation of all-electric and autonomous vehicles as it aims to gain a foothold in the fast-growing market […]

Apple in $500-mln class action settlement for slowing down iPhones

Apple has agreed to pay up to $500 million to settle a class action suit that accused the company of slowing down older iPhones to make users buy new models. CNN’s Rishi Lyengar reported the news: Apple will pay up to half a billion dollars to settle a class action lawsuit accusing it of slowing […]

Harley-Davidson CEO steps down

Matthew Levatich will leave the post of chief executive at Harley-Davidson and its board of directors. The AP reported the news: Harley-Davidson CEO Matthew Levatich is leaving the struggling motorcycle maker. The Milwaukee company announced Friday that Levatich will leave his post and seat on Harley’s board of directors. Board member Jochen Zeitz will become […]