Virgin Orbit filed for Chapter 11 bankruptcy after failing to get additional funding from its backers. The Long Beach, California-based satellite launch company, founded and owned by Richard Branson, failed to secure long-term funding it needed to recover from a January rocket failure in the United Kingdom. Branson had long had an ambition to become…
Branson’s Virgin Orbit Files for Bankruptcy After Failed Rocket Launch
April 4, 2023
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TikTok Fined $15.9 Million in the UK
A British data watchdog imposed a fine of £12.7 million ($15.9 million) on the video-sharing application TikTok on Tuesday over an alleged breach of data protection law. The accusation was, among others, that TikTok processed the data of children under the age of 13 without their parents’ consent. UK data-protection law says that organizations that use…
Wall Street Opens Mixed Ahead of Jobs Data; Tesla Gains
Wall Street’s main indexes opened mixed on Tuesday ahead of jobs data that could decide the Federal Reserve’s monetary tightening path, while Tesla gained as sales of its China-made electric vehicles rose in March. The Dow Jones Industrial Average fell 6.36 points, or 0.02 percent, at the open to 33,594.79. The S&P 500 opened higher…
ValueAct Questions Seven & I Strategy, Pushes 7-Eleven Spin-Off
NEW YORK—ValueAct Capital is pushing Seven & i Holdings to explain its corporate strategy to shareholders including why it is not spinning off of its 7-Eleven convenience store chain or considering selling the whole company. The investment firm, which owns a 4.4 percent stake and has been pushing for change since 2020, is ratcheting up…
Revlon Cleared to Exit Bankruptcy With $2.7 Billion Debt Reduction Deal
A U.S. judge on Monday approved Revlon Inc.’s reorganization plan, allowing the cosmetics maker to cut $2.7 billion from its debt and exit bankruptcy later this month. U.S. Bankruptcy Judge David Jones in Manhattan, who has been overseeing the company’s Chapter 11 bankruptcy, said Revlon had reached “a hard-fought multi-faceted settlement” that resolves a “series…
Shares Rise, but Concern Mounts Over Inflation Flare-Up
April 4, 2023
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LONDON—Global stocks rose in cautious trade on Tuesday as investors grappled with the possibility of a flare-up in inflation due to the OPEC+ group’s surprise output cut, while the dollar sagged after weak U.S. manufacturing data the previous day. An announcement on Sunday of an output target cut by the Organization of the Petroleum Exporting…
Walgreens Plans No Further Wage Hikes for Pharmacists as Shortage Eases
Walgreens Boots Alliance Inc. said it does not plan to increase wages further, as a shortage of pharmacists eases after the company doubled down on hiring and pay raises last year. A labor shortage during the pandemic prompted Walgreens and other U.S. drugstore operators, including CVS Health Corp. and Walmart Inc., to raise minimum wages…
McCormick Beats Quarterly Estimates on Higher Prices, Reiterates Outlook
McCormick & Co Inc. beat first-quarter sales and profit expectations last week as the Cholula sauce maker benefited from multiple prices increases. The Maryland-based food company had been raising prices of its products, including spices, blends, and seasonings to help offset costs pressure from pandemic-induced supply chain disruptions and higher labor charges. The company’s gross…
TikTok Banned on Australian Government Devices
April 3, 2023
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Australiabanning TikTokBusiness & MarketsBytedanceChinaChina-Australia RelationsCompaniesInternational RelationsMedia & Big TechNational SecurityTechTech NewsTikTokUSWorld
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The Australian government has banned the social media app Tiktok from all government devices following a security review by Home Affairs Minister Claire O’Neil amid ongoing international concern. The ban, which was announced on April 4 by Australia’s Attorney General Mark Dreyfus, will prohibit any government-issued devices used by politicians and public servants from installing…
WWE and UFC Agree to Massive Merger Creating $21 Billion Company
World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) have agreed to merge and create a newly combined wrestling entertainment company. The new entity will be called “NewCo,” until it is named at a later date, and will be listed on the New York Stock Exchange as TKO. WWE and Endeavor, the parent company of…
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