Author: Press Room
© Reuters. FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo (Reuters) -WeWork, the SoftBank (TYO:) Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured. The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy. Profitability has remained…
Joe Raedle/Getty Images News WeWork (NYSE:WE) filed for Chapter 11 bankruptcy protection in a New Jersey federal court Monday. The filing came after trading in the stock was halted Monday afternoon for news pending. WeWork (WE) said it had entered into a restructuring support agreement with ~92% of its secured note holders. In addition, the company will “further rationalize its commercial office lease portfolio” as it undergoes a restructuring, which only impacts its operations in the U.S. and Canada. WeWork (WE) has a lease rejection plan it appears ready to implement. “WeWork is requesting the ability to reject the leases…
Five candidates have qualified for the third Republican presidential debate on Wednesday evening, the Republican National Committee announced on Monday.Former President Donald J. Trump, the dominant front-runner in the Republican primary, is skipping the debate, which will be held in Miami — less than 70 miles from Mr. Trump’s residence at Mar-a-Lago. Mr. Trump also did not participate in the previous two debates.The candidates who made the cut:Former Gov. Chris Christie of New Jersey.Gov. Ron DeSantis of Florida.Nikki Haley, the former governor of South Carolina and former United Nations ambassador.The entrepreneur Vivek Ramaswamy.Senator Tim Scott of South Carolina.Each qualifying candidate…
Q3 net sales of $448.0 million were down 7.7% from the prior year. This was led by a 14.9% drop in North America segment sales to $218.9 million driven by lower […]
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Growth in UK retail and consumer spending slowed last month to rates well below inflation, according to sector data that points to households cutting purchases ahead of the busiest shopping season of the year.The value of retail sales rose by an annual rate of 2.5 per cent in October, down from 2.7 per cent in September and well below the 12-month average of 4.2 per cent, the British Retail Consortium said on Tuesday.The figure from the trade body compares with September’s headline…
© Reuters. FILE PHOTO: A shopping district is pictured in Tokyo, Japan October 1, 2019. REUTERS/Kim Kyung-Hoon/File Photo By Takaya Yamaguchi TOKYO (Reuters) -The head of the tax panel for the Japanese political party Komeito, a junior coalition partner with the ruling Liberal Democratic Party (LDP), said on Tuesday a thorough debate is needed on a controversial plan to cut income tax next year. Makoto Nishida, Komeito’s tax panel head, said that policymakers should not have a preset mind to limit the tax break to just a year, signalling a possibility to extend it beyond 2024. “Flexible response would be…
© Reuters. FILE PHOTO: Duncan Crabtree-Ireland, SAG-AFTRA National Executive Director and Chief Negotiator, speaks next to SAG-AFTRA union President Fran Drescher at SAG-AFTRA offices after negotiations ended with the Alliance of Motion Picture and Television Produc By Dawn Chmielewski and Lisa Richwine LOS ANGELES (Reuters) -The Hollywood actors’ union on Monday responded to the latest offer from major studios and streaming services, saying the two sides had yet to reach agreement on several items including the use of artificial intelligence. The SAG-AFTRA union said its negotiating committee was determined to secure the best deal and bring a responsible end to…
© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo By Yuka Obayashi TOKYO (Reuters) – Oil prices eased on Tuesday, giving up most of the gains from the previous day, on concerns over weak demand in China, with investors focusing on trade data due later in the day to gauge demand from the world’s second-largest oil consumer. futures fell 23 cents, or 0.3%, to $84.95 a barrel by 0127 GMT while U.S. West Texas Intermediate crude was at $80.59 a barrel, down…
jurgenfr Shares of Vertex Pharmaceuticals (NASDAQ:VRTX) slipped nearly 2% in after-hours trading Monday after the company’s Q3 revenue report and guidance came in a bit short of Wall Street estimates. Vertex reported that Q3 net product revenue climbed 6% year-over-year to $2.48B. Analysts, on average, had been expecting Q3 revenue of $2.5B. Q3 revenue from the company’s top-selling drug, Trikafta for cystic fibrosis, or CF, increased to $2.27B from $2B the prior year. Revenue from its legacy CF drugs, meanwhile, dropped to $209M from $324M in the 2022 quarter. Although Vertex raised its 2023 product revenue guidance, it’s still short…
President Biden’s administration has informed Congress that it’s planning a $320 million transfer of precision bombs for Israel.Following reports on the effort, two sources confirmed to Fox News that a formal notification was sent from the Biden administration to congressional leaders about the planned transfer of Spice Family Gliding Bomb Assemblies – a type of precision guided weapons fired by warplanes – to Israel.A Senate source familiar with the initiative confirmed that the notification from the Biden administration had been received, with another source confirming that the notification was sent on Oct. 31.THOUSANDS ATTEND PRO-ISRAEL RALLY IN NEW YORK CITY…