News Highlights: Top Company News of the Day
05 May 2020 - 6:30AM
Dow Jones News
WeWork Co-Founder Adam Neumann Sues SoftBank Over Failed $3 Billion Deal
WeWork's co-founder and former chief executive Adam Neumann sued
SoftBank, accusing the Japanese technology group of breaking a key
provision of a deal that gave SoftBank control of the
shared-office-space company.
United Airlines to Cut Management Ranks by 30%
United Airlines expects to shrink its management and
administrative ranks by at least 30% starting in October, according
to a memo sent to employees, as the coronavirus pandemic wreaks
havoc on the airline industry.
Juul Is Moving Base From San Francisco to Washington, D.C.
The e-cigarette maker seeks to repair its ties with regulators
and distance itself from Silicon Valley's growth-at-all-costs
culture.
IBM CEO Lays Out New Initiatives in Cloud, AI
As he addresses the need for growth, Arvind Krishna must drive
into the headwinds of a global economic crisis triggered by the
coronavirus pandemic.
L Brands, Sycamore Agree to Scrap Victoria's Secret Deal
L Brands and Sycamore Partners have agreed to scrap their plans
to take Victoria's Secret private, dropping a pact that was reached
just weeks before coronavirus forced the lingerie retailer to shut
its stores.
Rental-Car Industry Gets Crushed by Coronavirus
Avis posted a loss and lower revenue for its latest quarter as
the pandemic clamped down on travel. Meanwhile, car-rental rival
Hertz prepared to file for bankruptcy.
Petrobras Had Record Crude Exports in April
Petrobras, exported a record 30.4 million barrels of crude in
April as demand from China recovered to closer to pre-coronavirus
levels.
Some Companies Began Preparing for a Downturn Before the Pandemic
Finance chiefs were preparing for a downturn long before the
coronavirus roiled the global economy; however, few expected it to
be as swift or severe.
AIG's General Insurance Unit Posts Underwriting Loss: Earnings at a Glance
The coronavirus pandemic led to a $87 million underwriting loss
for AIG's General Insurance unit.
Shake Shack Pauses Rapid Growth
Shake Shack said Monday it is putting on hold new restaurant
openings, as it seeks to shore up its balance sheet after the
coronavirus crisis led to the closure of its dining rooms across
the U.S. and beyond.
(END) Dow Jones Newswires
May 05, 2020 01:15 ET (05:15 GMT)
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