News Highlights: Top Company News of the Day

08/03/2020 | 07:16am
Eli Lilly Studies Experimental Covid-19 Drug in Nursing Homes 

The late-stage trial is exploring whether Eli Lilly's antibody drug can help reduce infections in senior facilities with a diagnosed case of the new coronavirus.

Apple Faces $1.4 Billion Lawsuit by Chinese AI Firm in Siri Patent Fight 

An artificial-intelligence company recently awarded a Chinese patent for a voice assistant similar to Apple's Siri has filed a patent infringement lawsuit against Apple that, if successful, could prevent the American tech giant from selling many of its products in the world's second-largest economy.

HSBC Profit Slumps on Coronavirus, Trade Tensions 

HSBC's net profit fell in the second quarter as the impact of the coronavirus pandemic complicated the bank's efforts to refocus on Asia while dealing with rising U.S.-China political tensions.

Microsoft Aims for a Deal to Buy TikTok's U.S. Business 

Covert talks began weeks ago on a transaction that could reshape the global tech landscape and further strain U.S.-China relations. After the software giant's CEO and President Trump spoke Sunday, Microsoft said an agreement could include the video app's operations in Canada, Australia and New Zealand.

Luxury Department Store Lord & Taylor Files for Bankruptcy 

Lord & Taylor, an industry pioneer dating back nearly 200 years, filed for bankruptcy along with its owner, the venture-backed fashion-rental subscription service Le Tote.

Men's Wearhouse Parent Files for Bankruptcy 

Tailored Brands, the parent company of Men's Wearhouse and Jos. A. Bank, has filed for bankruptcy after the coronavirus pandemic slashed demand for dress clothes.

Siemens Healthineers to Buy Varian Medical for $16.4 Billion 

Siemens Healthineers, a medical technology spinoff of the German conglomerate, said it would acquire U.S.-based Varian Medical for $16.4 billion, creating a leader in the area of cancer therapy.

SocGen Reports Another Quarterly Loss 

Societe Generale vowed to cut costs in its global markets business after the lender swung to an unexpected loss of EUR1.26 billion in the second quarter, as it set aside more money for potential loan losses.

Hammerson Confirms Rights Plan, Stake Sale Talks 

Shares in Hammerson fell sharply after the shopping center owner confirmed plans for a substantial rights issue and said it was in advanced talks to sell its stake in VIA Outlets.

Marathon to Sell Gas-Station Chain to 7-Eleven Owners for $21 Billion 

Fuel maker Marathon Petroleum agreed to sell its gas stations to the owners of the 7-Eleven convenience-store chain for $21 billion in the largest U.S. energy-related deal of the year.


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