News Highlights: Top Company News of the Day

06/09/2020 | 09:16 pm
Elon Musk
Movie Theater Giant AMC Eyes Reopening After Coronavirus Blow 

AMC Entertainment Holdings, the world's largest movie-theater chain, registered a $2.2 billion net loss in the first quarter, underscoring the devastating economic blow the pandemic has had on the exhibition industry.

FCC Delays Decision on Elon Musk's SpaceX and Broadband Subsidies 

The Federal Communications Commission delayed a final decision on whether Elon Musk's SpaceX will be able to qualify as a preferred bidder when the agency prepares to distribute up to $16 billion in funding to expand broadband service in rural areas.

Volkswagen CEO, After Board Fight, Faces Challenging Road 

The surprise changes that stripped Chief Executive Herbert Diess of some of his core responsibilities on Monday revealed a deep rift between the manager and the company's owners and workers.

Vroom Jumps in Public-Market Debut 

Shares in the online automobile seller soared in their first day of trading, adding Vroom's name to a list of companies that had strong public showings in the past few weeks.

High-Profile Investor Calls Out HSBC, Standard Chartered on Hong Kong Stance 

A high-profile investor in HSBC Holdings and Standard Chartered has criticized the London-based banks for supporting China's plan to impose a new national security law on Hong Kong, calling on them to speak out if it results in abuse of democratic freedoms.

California's Biggest Public Pension System Commits $1 Billion to Blackstone Fund 

The California Public Employees' Retirement System committed $1 billion to Blackstone Core Equity Partners II LP, a long-hold private-equity fund that raised some $5 billion in late March

Extraction Oil Shares Soar Despite Bankruptcy Warning 

The Denver-based driller has said there is a good chance that it will file for bankruptcy, but weak business fundamentals haven't stopped investors from snapping up its shares.

Adidas Promises to Hire Black, Latino People for 30% of New U.S. Jobs 

Adidas said it would hire blacks and Latinos for at least 30% of new U.S. jobs, invest $20 million in black communities and fund 50 scholarships, in response to internal pressure from black employees at the sportswear giant.

Pandemic Sends Airlines Toward Record Annual Loss 

The global airline industry is forecast to lose a record $84 billion this year with a return to profitability coming in 2022 at the earliest.

Banks Use Software Bots to Process Surge of Pandemic-Related Loans 

Makers of the robots see the sheer volume of Paycheck Protection Program loans-$510 billion at last count-as a selling point.


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