Netflix is investing $100 million in Black-owned banks

Netflix on Tuesday said it would invest in Black-owned banks in an effort to help close the wealth gap between Black and White America. The streaming service announced plans to deposit 2% of its cash, or an estimated $100 million, into Black-owned financial institutions and community development organizations, which have a better track record of…MORE

The economy is falling apart but Wall Street had its best quarter in decades

It has been a rough quarter for the US economy, with the country plunging into a pandemic-fueled recession. Yet the stock market is alive and kicking — in fact, it’s having its best quarter in more than 20 years. The Dow recorded its best quarter since the first three months of 1987 with a 17.8%…MORE

Airbus is cutting 15,000 jobs because of the pandemic

Airbus will cut about 15,000 jobs, or more than 10% of its workforce, over the next 12 months as it comes to terms with a plunge in demand for new aircraft due to the travel crisis caused by the pandemic. The company said in a statement on Tuesday that it was responding to a 40%…MORE

The coronavirus lockdown hit JCPenney even harder than we thought

JCPenney’s financial situation in the months leading up to its bankruptcy filing was much worse than originally thought. The company Tuesday reported an operating loss of $477 million in the three months ending May 2. That’s much larger than the $93 million operating loss in the same period a year earlier — and 40% more…MORE

Boeing’s biggest hit to orders yet: Norwegian cancels 97 jets

Norwegian Air Shuttle canceled orders for 97 Boeing jets, the largest cancellation by a single Boeing customer since the grounding of the 737 Max 15 months ago. But the canceled orders, announced Monday, were due to Norwegian’s financial problems, not the problems with the jet. The Max had its first test flight by FAA pilots…MORE

Mall giant Simon says nearly all of its shopping centers have reopened

The biggest mall owner in America says it’s time to go shopping again. Simon Property Group, which has 204 properties in 37 states, said late Monday that 199 of its shopping centers have reopened — even as concerns grow about a second wave of Covid-19 cases in the United States and a deluge of retail…MORE

Walgreens hopes new digital tools will help reel in more loyal customers

Walgreens is hoping a new slate of tech tools will help it build stronger relationships with customers and keep pace with the rapidly occurring tech transformation in the pharmacy industry. Walgreens Boots Alliance is implementing new customer analytics and outreach tools that will help it better understand and serve customers, thanks to a partnership with…MORE

AMC’s delayed reopening shows the tough path ahead

Need a good example of the immense challenge of managing a fragile economic recovery? Look no further than movie theaters. What’s happening: AMC is pushing back its reopening by two weeks after studios further delayed the release of “Tenet” and “Mulan,” two summer blockbusters that could be key to getting people back into theaters. AMC…MORE

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