Stocks rally on better-than-expected economic data
U.S. companies are providing reason for hope that an earnings recession may be less severe than some analysts expect.
Bloomberg News
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Meat shortages reopen costly path to small U.S. slaughterhouses
Congress is considering amending laws to make it easier for smaller processors to sell products. But while new, smaller slaughterhouses could be the antidote to industry concentration, they don’t offer a quick, or inexpensive, fix.
Chuck E. Cheese, hit hard by pandemic, files for bankruptcy
Chuck E. Cheese, which has four Indianapolis-area locations, has been particularly hammered by the health crisis because it is more of an entertainment venue for families than a restaurant.
GNC files bankruptcy, plans to close up to 1,200 stores
The health and wellness company’s Chapter 11 petition filed in U.S. Bankruptcy Court allows the retailer to keep operating while it pursues a dual-track process to restructure its balance sheet in a standalone plan or complete a sale
Major League Baseball to come back with 60-game schedule
Major League Baseball on Tuesday night issued a schedule that will start July 23 or 24 in empty ballparks in its shortest season since 1878.
U.S. stocks rise again, but spread of virus tempering gains
U.S. stocks rose for a second day, but faded near the closing of the market as concern mounted that a spike in virus cases in some states could curtail economic activity.
China deal ‘fully intact,’ Trump says after adviser roils markets
U.S. futures swung wildly as the remarks caused concern that the deal signed in January, which paused the trade war between world’s two largest economies, was in jeopardy.
Juneteenth tests corporate America’s pledges to fight racism
From Nike to Target, dozens of companies are for the first time commemorating June 19, the effective end of American slavery, but the differences in how are stark.
Rival Taubman says Simon has buyer’s remorse on mall merger
Taubman Centers said in a filing alleging illegal termination that rival mall landlord Simon Property Group knowingly assumed the risks of the pandemic at the time their $3.6 billion merger deal was announced.
Trump team considers $1 trillion for infrastructure to spur economy
A preliminary version being prepared by the Department of Transportation would reserve most of the money for traditional infrastructure work, such as roads and bridges, but would also set aside funds for 5G wireless infrastructure and rural broadband.
Charitable giving increased in 2019, boosted by corporate donations
Giving by businesses increased by 11.4% from 2018 to 2019, once adjusted for inflation. Giving by foundations reached a record high of $75.7 billion.
Simon Property, Brookfield, Authentic Brands in talks to buy J.C. Penney
Authentic and Simon Property Group also are in discussions with Brooks Brothers Inc. on a joint bid that would be part of a potential bankruptcy filing by that clothing retailer.
Hospitals desperate to boost non-COVID patient counts
Much of routine health care came to a halt in March as hospitals cleared space for an expected wave of COVID-19 patients and authorities ordered a halt to surgeries and other procedures that could be postponed.
Hotels betting on more staycations to survive pandemic
With business and air travel barely breathing, hotel companies are betting on the leisure traveler as a short-term strategy for survival.
United Airlines to require that passengers pass health checklist
As states and localities reopen for business, carriers are developing procedures to ensure that flying is safe.
Apple plans to announce move to its own Mac chips
This will be the first time in the 36-year history of the Mac that Apple-designed processors will power these machines. It has changed chips only two other times.
Businesses hurt first by virus, then looting, now sweating insurance
The civil unrest, vandalism and looting comes as business owners continue to cope with the economic impact of the COVID-19 outbreak, which also required them to analyze the fine print of their insurance policies.
U.S. jobless rate unexpectedly fell in May as hiring rebounded
America’s labor market unexpectedly rebounded in May, signaling the economy is picking up faster than thought from the depths of the damage from the coronavirus pandemic.
Theater chain AMC casts doubt on its ability to survive
AMC, the biggest movie theater chain in the U.S. and Europe, is seeking to tame its debt load by asking subordinated bondholders to accept cuts of about 50% from full face value on existing debt.
Indiana’s neighbor becomes first to tap Federal Reserve for lifeline loan
Illinois is planning to borrow $1.2 billion from the central bank for one-year to cope with revenue losses brought on by the economic shutdowns caused by the pandemic and the delay of its annual tax-filing deadline.