International Business Machines Corp disclosed Monday it will no longer offer facial recognition or analysis software in a letter to Congress calling for new efforts to pursue justice and racial equity, new Chief Executive Officer Arvind Krishna said.
(Bloomberg) — PG&E Corp. said it plans to sell its iconic downtown San Francisco headquarters and relocate to Oakland, a move aimed at lowering costs after the California power giant exits bankruptcy.PG&E, which has called San Francisco its home since the utility’s founding in 1905, will move in phases starting in 2022, the company said in a statement Monday. It plans to lease its new building at 300 Lakeside in Oakland, with the option to purchase the property from developer TMG Partners.With the move, PG&E becomes one of the most high-profile companies to leave San Francisco for Oakland, a cheaper …read more […]
In May 2019, China’s central bank announced a shock takeover of a lender, its first such move in 20 years, citing “serious credit risks”. Creditors in small Baoshang Bank were to take a hit, assets would be sold and an example set for governance.
Taiwan Semiconductor Manufacturing Co Ltd’s planned factory in the United States is “definitely in line with” the company’s interests, Chairman Mark Liu told investors on Tuesday.
(Bloomberg) — Embattled Hong Kong carrier Cathay Pacific Airways Ltd. and its two main shareholders, Swire Pacific Ltd. and Air China Ltd., suspended trading of their shares Tuesday pending an announcement.The move comes as Cathay contends with a slump in traffic brought on by the coronavirus outbreak and the travel restrictions that ensued. The curbs hit Cathay particularly hard because it has no domestic market to fall back on, whereas carriers in China are rebuilding capacity on flights within the mainland.Even before the pandemic, Cathay was under enormous financial and political pressures as it found itself caught up in the …read more […]
“The high quality of our real estate portfolio positioned us well to execute this offering,” Chief Executive Officer Jeff Gennette said in a statement. Gennette said the funding gives the retailer sufficient flexibility and liquidity to steer the business for the foreseeable future. …read more […]
Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing.
Cathay Pacific Airways Ltd and its major shareholders Swire Pacific Ltd and Air China Ltd halted trading in their shares in Hong Kong on Tuesday pending announcements.
(Bloomberg) — Tesla Inc. shares are at an all-time high. Hertz Global Holdings Inc.’s are well above where they were before the company went bankrupt. But no stock in the automotive sector is a better indication of equity-market exuberance than Nikola Corp.The aspiring battery-electric and hydrogen fuel-cell truck maker debuted on the Nasdaq last week following a reverse merger with a blank-check company headed by a former General Motors Co. executive and board director. It’s forecasting zero revenue for 2020 and its first $1 billion year won’t be until 2023.Ford Motor Co., by comparison, is expected to report about $115 …read more […]
Cathay Pacific Airways Ltd and its major shareholders Swire Pacific Ltd and Air China Ltd halted trading in their shares in Hong Kong on Tuesday pending announcements. Cathay’s management team on Friday met with the leaders of pilot unions at Cathay Pacific and its regional arm Cathay Dragon to brief them on condition of confidentiality ahead of an announcement expected on Tuesday, three sources with knowledge of the matter told Reuters. A fourth person said Hong Kong’s Cathay was poised to announce a new chief executive at Dragon along with some other senior management …read more […]
Asian stocks were set to climb on Tuesday as confidence in an economic recovery pushed the Nasdaq benchmark to a record high, although doubts about crude supply cuts were likely to keep oil prices under pressure.
Another day, another stride forward in the race to develop a COVID-19 vaccine.On June 4, Novavax (NVAX) revealed it will receive $60 million from the U.S. Department of Defense (DoD) to further the advancement of its experimental vaccine candidate, NVX-CoV2373, in the U.S., through JPEOCBRND-EB (Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense Enabling Biotechnologies).As per the terms of the agreement, NVAX will work with multiple biologics contract development manufacturing organizations (CDMO) based in the U.S. to increase the scale of antigen and Matrix-M adjuvant production, which are both components of the vaccine. The end goal is …read more […]
Lawyers for the former Green Beret and son wanted by Japan for helping former Nissan Motor Co boss Carlos Ghosn flee the country on Monday argued U.S. authorities wrongly arrested them for aiding a crime that they say does not exist in Japan: bail jumping.
(Bloomberg) — Investors are piling into stocks of bankrupt companies, wagering against a court process that routinely wipes out shareholders.Car renter Hertz Global Holdings Inc., oil driller Whiting Petroleum Corp. and retailer J.C. Penney Co. are among companies that have seen their shares more than double in recent trading sessions despite being in Chapter 11 bankruptcy, a process that allows companies to keep operating while working out a plan to repay creditors.“I have always thought people have a psychological urge to buy stocks at a low price,” said Kirk Ruddy, a former bankruptcy claims trader. Retail investors may be buying …read more […]
It’s been nearly a year since Wall Street firm Canaccord first recommended Slack Technologies (WORK) stock as a “buy” with a $40 price target. With Slack trading at $34 at the time (mid-July 2019), and Canaccord saying it would rise 18%, that buy recommendation sort of made sense. But it seemed to make progressively less and less sense as Slack stock slid lower and lower, ultimately bottoming at close to a 50% loss on March 16, 2020. Along the way, Canaccord cut its price target on the stock to $25 a share — but maintained its “buy” rating, and kept …read more […]
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