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
Trump says masks are a ‘double-edged sword.’ Goldman Sachs says they could help save the economy
Wearing a face mask during the pandemic saves lives. And it may save the economy, too, according to Goldman Sachs. On Monday night, the investment bank released an extensive analysis that makes the economic and medical case for a national mask mandate. By studying the link between coronavirus infections and mask mandates in US states…… 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
Judge temporarily blocks publication of tell-all book by President Trump’s niece
A New York judge on Tuesday temporarily blocked the publication of an unflattering tell-all book written by President Trump’s niece that Simon & Schuster is set to publish in July. The ruling, issued by Judge Hal B. Greenwald of the New York State Supreme Court, the state’s trial court, is the first legal win for…… 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
