News Highlights: Top Company News of the Day

06/29/2020 | 09:16 pm
Wells Fargo to Cut Dividend; Other Big Banks Hold Steady 

The fourth-largest U.S. bank, unlike its major rivals, expects to cut its dividend for the first time in more than a decade to help weather the coronavirus pandemic.

Chesapeake Energy to Start Tapping $925 Million Bankruptcy Loan 

The oil-and-gas producer has been cleared to begin drawing on a $925 million bankruptcy loan, a crucial first step in its plan to eliminate billions of dollars of debt from its balance sheet in chapter 11.

Las Vegas Workers Sue Casinos Over Covid-19 Safety 

Las Vegas Strip hospitality workers sued casino operators, saying they failed to protect employees from the coronavirus, in one of the first efforts to hold employers legally responsible for infections as U.S. cases surge.

Lululemon Buys Mirror, an At-Home Fitness Startup, for $500 Million 

Lululemon is buying at-home fitness company Mirror for $500 million, a deal that aims to capitalize on pandemic-fueled upheaval in the fitness and retail industries.

Facebook Ad Boycott Grows, Citing Failure to Control Hate Speech 

Ford, Clorox and Denny's are joining a parade of companies that have moved to halt advertising spending on Facebook because of how the social-media giant has handled speech on its platforms.

AMC Delays Reopening Theaters to Late July 

The largest theater chain in the U.S. is postponing plans to reopen its U.S. locations by about two weeks, to July 30, following date changes for the upcoming releases of two major films.

Reddit Bans The_Donald, a Popular Forum for Trump Supporters 

The online platforms Reddit and Twitch suspended channels used by President Trump and his supporters, saying content there violated the companies' policies

India Blocks Chinese Apps, Including TikTok, After Border Clash 

India banned dozens of Chinese mobile apps, including widely used TikTok and WeChat, after a border clash between troops from the two countries left 20 Indian soldiers dead this month.

Sun Genomics Raises $8.7 Million for Its Gut Health Service 

The startup uses DNA sequencing to customize probiotics for consumers.

China Bohai Bank Seeks to Raise $1.85 Billion in Hong Kong IPO 

China Bohai Bank Co. is planning to raise as much as $1.85 billion through an initial public offering in Hong Kong, Asia's most active fundraising market.


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