News Highlights: Top Company News of the Day
|06/25/2020 | 09:16am|
Macy's to Cut 3,900 Corporate Jobs
The retailer is eliminating 3% of its workforce as it anticipates a gradual recovery of business from the coronavirus-induced economic crisis.
Chuck E. Cheese Parent Seeks Bankruptcy Amid Extended Restaurant Closures
Chuck E. Cheese parent CEC Entertainment filed for chapter 11 bankruptcy protection on Thursday, as it grapples with the financial strain of prolonged closures sparked by the coronavirus pandemic.
Wirecard Files for Insolvency After Revealing Accounting Hole
German fintech company Wirecard is filing for insolvency proceedings, days after revealing that more than $2 billion in cash missing from its balance sheet probably didn't exist.
Unilever to Rename Skin-Lightening Cream Amid Criticism
The company said it would change the name of controversial skin-lightening cream Fair & Lovely, one of its top-selling personal-care brands, amid mounting criticism that it suggests light skin is more attractive than dark.
SoftBank CEO Masayoshi Son Quits Alibaba Board
SoftBank CEO Masayoshi Son said he would step down as a director of Chinese e-commerce giant Alibaba, bringing to a close a decade and a half of board-level ties between the two Asian technology powerhouses.
Circadia Gets FDA Nod for AI-Powered Respiratory Monitor
Startup Circadia Technologies has received FDA approval for a bedside device that remotely monitors breathing using artificial intelligence and that has been shown to help detect Covid-19 symptoms such as breathlessness.
Utilities Team Up to Face Growing Cybersecurity Risks to Supply Chains
Southern Co. has joined American Electric Power in a partnership to vet vendors and analyze potential risks to the thousands of firms that comprise their supply chains, company officials said.
Google Strikes Deals to Pay Some Publishers for News
Google said it has reached agreements with selected publishers around the world to license news content, a significant development in the yearslong tug of war between the tech giant and media companies.
BAE Profit Seen Hit, Expects Recovery
BAE Systems warned that profit for the first half of 2020 will likely fall around 15%, but said it expects a pickup in performance in the second half, assuming no new coronavirus-related disruptions.
Lufthansa, Union Agree on Cost-Cutting Deal
Lufthansa has agreed on a workforce package with the cabin crew union UFO that will save more than EUR500 million, in a move that should avoid mass layoffs.