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WeWork files for bankruptcy in federal court
  + stars: | 2023-11-06 | by ( Catherine Thorbecke | ) edition.cnn.com   time to read: +3 min
New York CNN —WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court. “Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” said David Tolley, WeWork CEO, in a news release. WeWork eventually went public roughly two years later at a much-reduced valuation of some $9 billion. In May, WeWork announced a leadership shakeup with the departure of its chairman and CEO Sandeep Mathrani, a real estate executive who investors hoped would save the company. David Tolley, a WeWork board member, stepped up as interim chief executive and was officially named CEO in October.
Persons: New York CNN — WeWork, , David Tolley, WeWork, Adam Neumann, Neumann, Sandeep Mathrani Organizations: New, New York CNN Locations: New York
AB InBev's studio head is out, the latest marketing shakeup at the Anheuser-Busch parent company following the Bud Light fiasco . The company put seasoned AB InBev marketer Lauren Denowitz in charge as global studio head while enlisting help from Oscar-winning Michael Sugar's production company, Sugar23, and branded entertainment guru Jae Goodman . Bud Light faced months of conservative-led protests and falling sales over its partnership with transgender influencer Dylan Mulvaney. The Anheuser-Busch controversy started in April when the company sent Mulvaney a personalized Bud Light can for a March Madness contest. The fallout has dragged down US performance for two quarters in a row, even as AB InBev beat expectations in the most recent quarter.
Persons: Bud, Lauren Denowitz, Michael Sugar's, Jae Goodman, Bud Light, influencer Dylan Mulvaney, Denowitz didn't, Michel Doukeris Organizations: Anheuser, Busch, Hollywood, InBev, Brands, Bud Light, UFC
BEIJING (AP) — The remains of former Chinese Premier Li Keqiang are to be cremated on Thursday, with flags around the country to be flown at half-staff to mourn the official who helped guide the world’s second-largest economy for a decade. Mourners gathered at his childhood home in the city of Hefei in an apparently spontaneous outpouring of grief seen by some as a rebuke of state leader and head of the ruling Communist Party Xi Jinping. Li was once seen as a potential top leader, but the trained economist was shunted aside in a leadership shakeup last year and replaced with Xi loyalist Li Qiang. Political Cartoons View All 1227 ImagesAlthough he was the Communist Party's second-ranking official, Li received far less attention from state media outlets than Xi. Flags will be lowered at government offices, including in the semi-autonomous cities of Hong Kong and Macao and at Chinese consulates and embassies around the world, Xinhua said.
Persons: Li Keqiang, Li, Xi, shakeup, Li Qiang Organizations: BEIJING, Communist, Central Financial Commission, China Securities Regulatory Commission, Communist Party, Party, Xinhua News Agency, Xinhua Locations: Hefei, China, Hong Kong, Macao, Asia, asia
The new Apple Mac Studio computer and Studio Display are displayed shortly after going on sale at the Apple Store on 5th Avenue in Manhattan, in New York City, New York, U.S., March 18, 2022. Reuters last week reported that Nvidia also plans to jump into the PC market as early as 2025. At Apple, the Mac hit $40.18 billion in revenue for its fiscal 2022, or about 11% of its revenue. While that was up 14% from the previous fiscal year, sales this year have slowed along with the rest of the PC industry, which has suffered a post-pandemic slump. Bajarin said he thinks that supply constraints will lead Apple to focus on higher-end Mac models used by large businesses.
Persons: Mike Segar, Ben Bajarin, Bajarin, Stephen Nellis, Marguerita Choy Organizations: Apple Mac, Apple, REUTERS, Windows, Intel, IDC, Arm Holdings, Qualcomm, Reuters, Nvidia, Creative, Analysts, Taiwan Semiconductor Manufacturing, San, Thomson Locations: Manhattan, New York City , New York, U.S, San Francisco
The National Financial Work Conference, usually held twice a decade, is expected to further fortify leader Xi Jinping’s control of the country’s $61 trillion financial sector. “Overall, the financial sector in China has made progress but at this moment they face challenges,” said Nakao. Last week, Xi reportedly visited the central bank, or People’s Bank of China, a rare step that underscores the party’s consolidation of controls over markets and financial institutions. Country Garden, another major developer, failed last week to meet a deadline to pay interest on a dollar bond. It has adopted measures to support private industries, which provide the lion's share of jobs in China.
Persons: , Xi Jinping’s, Takehiko Nakao, China’s, , Li Keqiang, Li, shakeup, Xi, Lan Fo’an, Evergrande, Hui Ka Yan, Zen Soo Organizations: Financial Work Conference, Asian Development Bank, Central Financial Commission, China Securities Regulatory Commission, People’s Bank of, International Monetary Fund, AP Locations: BANGKOK, Beijing, China's Guangzhou, , China, People’s Bank of China, Hong Kong, Foshan
Argentina poll shows ruling party hopeful Massa leading Milei
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +2 min
The survey from pollster Analogias put support for Massa, the outgoing government's economy chief, at about 42% versus 34% for Milei, a combative self-described anarco-capitalist. Political polling has been wildly off in Argentina in recent years, including ahead of last Sunday's first-round vote, when Milei led in nearly all polls but ultimately came in second to Massa by about six points. The new poll also shows nearly 18% undecided in the head-to-head match-up, while about another 6% said they will vote for no one. It also estimates Massa is winning about a third of those who supported last Sunday's fourth-place finisher, as well as almost 15% of those who opted for Bullrich. Reporting by Nicolas Misculin; Editing by David Alire Garcia; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.
Persons: Sergio Massa, Patricia Bullrich, Javier Milei, Analogias, Milei, Wednesday's, Massa, Proyeccion Consultoras, Nicolas Misculin, David Alire Garcia, David Gregorio Our Organizations: por la Patria, el Cambio, Massa, Bullrich, Consultora, Thomson Locations: BUENOS AIRES, Argentina, South America's
Viet Dinh, former Chief Legal and Policy Officer for Fox Corporation. Dinh said Davis issued “really illogical” rulings in the pretrial phase, which “hamstrung” Fox’s defense strategy. This artist sketch depicts Judge Eric Davis of Delaware Superior Court on the bench Monday, April 17, 2023, in Wilmington, Delaware. Elizabeth Williams/APThe judge ruled that none of Fox’s on-air statements about Dominion were true and rejected Fox’s attempts to throw the case out. Dominion made many of these messages public through court filings, and they painted an incredibly damning picture of Fox News.
Persons: CNN —, Viet Dinh, Eric Davis, ” Dinh, , Donald Trump, Joe Biden, Fox, Dinh, Davis, , Eric Davis of, Elizabeth Williams, Fox’s, Tucker Carlson, Organizations: CNN, Fox, Dominion Voting Systems, Fox Corporation, Delaware, Harvard Law, ” Dominion, Fox News, Eric Davis of Delaware Superior Court, Dominion, Harvard Locations: Viet, Delaware, Wilmington , Delaware, Smartmatic
His advisers want to lock in a blowout that discourages talk of a second-place finisher consolidating support and taking on the former president directly. A traditional measure of campaign organization in Iowa is the caucus pledge card. After Trump’s second-place 2016 finish behind Sen. Ted Cruz of Texas, a ragtag effort of big crowds but little organization, state GOP staffers cleaned out his caucus campaign office to find thousands of signed pledge cards that had never been logged. Trump plans to headline a central Iowa caucus organizing event in booming Dallas County, west of Des Moines, and a speaking event in the city's GOP-leaning western suburbs on Monday. 2 person, assuming Trump wins Iowa, is important, and how far apart the second-place person, assuming it’s not Trump, and the rest of the field is also important," he said.
Persons: Donald Trump, Trump’s, Sen, Ted Cruz, , Alex Latcham, Trump, Letitia James, It's, ” Trump, Rick, Nancy Anderson, Rick Anderson, Ron DeSantis, Nikki Haley, David Kochel, Kochel, it’s, Organizations: DES, Republican, Trump, GOP, New York, Florida Gov, U.N, Iowa Locations: DES MOINES, Iowa, Ted Cruz of Texas, Dallas County, Des Moines, Cedar Rapids, Ottumwa, Florida
CNN —Supply chain management company Flexport said it plans to lay off 20% of its workforce on Friday, just one month after a chaotic CEO shakeup that played out, in part, on social media. In a memo to employees, Ryan Petersen, Flexport’s CEO and its founder in 2013, said the company’s decision to cut staff was made to help return Flexport to profitability without raising prices. He returned to his role as CEO last month after Dave Clark, a former Amazon executive who came on a year ago as CEO, announced his resignation. Last month Petersen also announced Flexport would rescind outstanding job offers days before some applicants were scheduled to start working. At the time, Flexport said the staff reduction was a result of a “macroeconomic downturn that has impacted businesses around the world.”
Persons: Flexport, shakeup, Ryan Petersen, Dave Clark, Petersen, Clark, , won’t, ” Petersen, It’s, Organizations: CNN, Supply, Amazon Locations: Flexport
CNN —Dollar General has brought back its former chief executive in an attempt to revive its struggling business. On Thursday, the discount chain announced that it had reinstated Todd Vasos as CEO, replacing Jeff Owen. Shares of Dollar General, which have been under pressure this year, surged in after-hours trading Thursday after the announcement. Earlier this year Dollar General workers protested over unsafe working conditions at the store.. Conversely, during Vasos’ seven years as CEO, Dollar General more than doubled its market capitalization.
Persons: Todd Vasos, Jeff Owen, Vasos, Owen, , Michael Calbert, Neil Saunders, Oppenheimer, Rupesh Parikh Organizations: CNN,
CONCORD, N.H. (AP) — The New Hampshire presidential primary filing period starts Wednesday, a ritual unruffled by either a changing of the guard or changes to the nominating calendar elsewhere. They need only meet the basic requirements to be president, fill out a one-page form and pay a $1,000 filing fee. But he wouldn’t be the first reelection-seeking incumbent missing from the primary ballot: President Lyndon Johnson won the 1968 Democratic primary as a write-in, though a shockingly strong-second place showing by Sen. Eugene McCarthy helped push him out of the race. Scanlan, who served as deputy secretary of state for 20 years, said he was excited to welcome candidates starting Wednesday. “That was Bill’s style, and he was really, really good at it.”
Persons: Bill Gardner, David Scanlan, “ I’m, , Joe Biden, Lyndon Johnson, Sen, Eugene McCarthy, Scanlan, Gardner, ” Scanlan Organizations: CONCORD, The New, Republicans, Democratic National, South, Democratic Locations: N.H, The, The New Hampshire, New Hampshire, New York, Minnesota, Italy, South Carolina, Nevada
Jim Cramer considers buying this consumer stock after shares drag all month longJim Cramer and portfolio director Jeff Marks call out a handful of Club names that could be worth buying here on the low. Jim also talks Disney and lays out his thoughts on an activist investor's latest move to shakeup the entertainment giant.
Persons: Jim Cramer, Jeff Marks, Jim, investor's Organizations: Disney
View shows Sigma Lithium Corp production at the Grota do Cirilo mine in Itinga, in Minas Gerais state, Brazil April 18, 2023. Sigma shares were down about 10% around midday in New York. Last week, Reuters reported that divorce proceedings between Sigma Chief Executive Ana Cabral-Gardner and Calvyn Gardner, her husband and former co-CEO, had triggered several lawsuits, including a dispute over some of the mineral rights where Sigma plans to build mining pits. At the time, Sigma told Reuters the dispute would not affect its expansion plans, as it said it can develop the area via a "waste sharing agreement." Gardner left his co-CEO role in January, and Sigma announced a new chief financial officer in August.
Persons: Washington Alves, Brian Talbot, Talbot, Ana Cabral, Gardner, Calvyn Gardner, Fabio Teixeira, Gabriel Stargardter, Brad Haynes, Susan Fenton, Rosalba O'Brien Organizations: Sigma Lithium Corp, REUTERS, DE, Sigma, Reuters, Sigma Chief, Thomson Locations: Itinga, Minas Gerais, Brazil, DE JANEIRO, Vancouver, New York
View shows Sigma Lithium Corp production at the Grota do Cirilo mine in Itinga, in Minas Gerais state, Brazil April 18, 2023. REUTERS/Washington Alves/File Photo Acquire Licensing RightsRIO DE JANEIRO, Oct 5 (Reuters) - Sigma Lithium (SGML.V) Chief Operating Officer Brian Talbot left the company at the end of last month, he told Reuters on Thursday, in the latest management shakeup at the Vancouver-based miner. Last week, Reuters reported that divorce proceedings between current Sigma Chief Executive Ana Cabral-Gardner and Calvyn Gardner, her husband and former co-CEO, had triggered several lawsuits, including a dispute over some of the mineral rights where Sigma plans to build mining pits. At the time, Sigma told Reuters the dispute would not affect its expansion plans, as it said it can develop the area via a "waste sharing agreement." Gardner left his co-CEO role in January, and Sigma announced a new chief financial officer in August.
Persons: Washington Alves, Brian Talbot, Talbot, Ana Cabral, Gardner, Calvyn Gardner, Fabio Teixeira, Gabriel Stargardter, Brad Haynes, Susan Fenton Organizations: Sigma Lithium Corp, REUTERS, DE, Sigma, Reuters, Thomson Locations: Itinga, Minas Gerais, Brazil, DE JANEIRO, Vancouver
The billionaire has scrapped article headlines for links posted on the platform. AdvertisementAdvertisementElon Musk has banished article headlines on X in an attempt to improve the way the platform looks. Some X users aren't so sure. Another X user questioned the value of displaying article links without necessary context. The shakeup is the latest in a long list of strange changes Musk has made to the platform.
Persons: Elon Musk, , Joseph Politano, Musk, Benjamin Netanyahu Organizations: Service
Overall, up to 300 employees may lose their positions in this round of layoffs across the bank, the sources added. Venkatakrishnan has been seeking to stabilize Barclays' investment banking franchise after a shakeup in the division's leadership in January led to an exodus of dozens of bankers. Barclays has also hired more than 30 investment bankers and promoted another 20 bankers in various positions since then. Barclays ranked 6th in LSEG's global investment banking league table for the first nine months of the year. Barclays warned in July that its profit margins were being squeezed by consumers repaying debt in the wake of high interest rates.
Persons: C.S, Venkatakrishnan, Morgan Stanley, Anirban Sen, Milana, Greg Roumeliotis, Nick Macfie 私 Organizations: Barclays Plc, Barclays, Goldman Sachs Group Inc Locations: San Francisco, New York
Jordanian Dinar, Yuan, Dollar, Canadian Dollar, Pound and Riyals banknotes are seen in this picture illustration taken June 13, 2017. JP Morgan analyst Sin Beng Ong in a note on the pressure it was putting on emerging Asia markets. RICHARD MCGUIRE, HEAD OF RATES STRATEGY, RABOBANK, LONDON:“The markets reflect effectively flying blind because the models don't work, everybody's been calling for a recession that just simply refuses to arrive. "Our view is that the U.S. economy slows into next year... so from that perspective, at some point, we expect it (bond market selloff) to normalise." (Compiled by the Global Finance & Markets Breaking News team)Our Standards: The Thomson Reuters Trust Principles.
Persons: Yuan, Dado Ruvic, BENG ONG, JP Morgan, Sin Beng Ong, RICHARD MCGUIRE, everybody's, you've, VIKRAM AGGARWAL, ” JUAN VALENZUELA, ARTEMIS, , ” NICK NELSON Organizations: REUTERS, OF, JPMORGAN, RABOBANK, LONDON, Federal Reserve, Global Finance, Markets, Thomson Locations: Treasuries, ASIA, SINGAPORE, Asia, U.S
Netflix replaced its top advertising executive, Jeremi Gorman, after just a year, in a surprise shakeup of its nascent ads business. Insiders said they believed the choice of Reinhard to replace Gorman was a move designed to help sell the advertising business internally. But she's been with the company since 2016 and is known as a level-headed exec who understands the Netflix culture well. This summer, the company eliminated its lowest-priced ad-free tier to incentivize customers to sign up for the ads tier. We've built a world-class team and laid the foundations needed to create a forever ads business."
Persons: Jeremi Gorman, Gorman, Peter Naylor —, Amy Reinhard, Naylor, Reinhard, Greg Peters, Eunice Kim, Elizabeth Stone, she's, She's, they've, We've, Spencer Neumann, Peters Organizations: Netflix, Microsoft, Yahoo
A Blue Origin spokesperson said Sierra will remain a partner on Orbital Reef but declined to say in what capacity. Last week, Bezos told Blue Origin employees that longtime Amazon executive Dave Limp would replace Blue Origin's current CEO by year's end. In 2021, Blue Origin announced its partnership to build what it envisions as a "business park in space" with Sierra Space, a spinoff from defense contractor Sierra Nevada Corp. Blue Origin secured $3.4 billion from NASA this year for that lander as part of the agency's Artemis program. Blue Origin said at the time it planned to privately invest "well north" of that amount.
Persons: Shepard, Jeff Bezos's, Ivan Pierre Aguirre, Jeff Bezos, Sierra, Brent Sherwood, Sherwood, Bezos, Dave Limp, Glenn, Joey Roulette, Ben Klayman, David Gregorio, Rosalba O'Brien Organizations: REUTERS, Rights, Sierra Space, NASA, Space, CNBC, Blue Origin, Amazon, year's, Sierra Nevada Corp, Origin, Industry, Sierra, Reuters, Thomson Locations: Van Horn , Texas, U.S
The agreement also provided scope for funding from China including government and commercial loans to East Timor, he said. "It was never discussed in terms of military cooperation, never discussed, and the Chinese side also never raised this issue," Ramos-Horta said. East Timor, also known as Timor Leste, aims to join the Southeast Asian regional bloc ASEAN by 2025 as it seeks to reduce high poverty rates. Australia has appointed an envoy to speed up negotiations between East Timor and Woodside; Gusmao's government wants gas to be piped to East Timor and not Australia. Australia's relationship with East Timor is "stronger than at any time in the last decade", Australia's Department of Foreign Affairs said in a statement.
Persons: Jose Ramos, Caitlin Ochs, Horta, Xanana Gusmao, Xi Jinping, heightening, Ramos, Kirsty Needham, Lincoln Organizations: Sustainable, United Nations, REUTERS, Rights, East, Reuters, Southeast, ASEAN, Canberra, Woodside Energy, Greater Sunrise, Greater, Australia, UN's, Fund for Agricultural Development, Global Citizen, Pacific, Australia's Department of Foreign Affairs, Thomson Locations: Horta, Timor, New York City , New York, U.S, East Timor, China, Australia, Indonesia, Canberra, Solomon Islands, 2,000km, Timor Leste, ASEAN, Singapore, Malaysia, East Timor's, Dili, Greater Sunrise, Southeast Asia, Woodside, New York
The agreement also provided scope for funding from China including government and commercial loans to East Timor, he said. Some Australian politicians expressed concern after China's state media reported on Saturday that Beijing's agreement with East Timor, around 700km (450 miles) north-west of Australia, also covered military exchanges. "It was never discussed in terms of military cooperation, never discussed, and the Chinese side also never raised this issue," Ramos-Horta said. East Timor, also known as Timor Leste, aims to join the Southeast Asian regional bloc ASEAN by 2025 as it seeks to reduce high poverty rates. Australia has appointed an envoy to speed up negotiations between East Timor and Woodside; Gusmao's government wants gas to be piped to East Timor and not Australia.
Persons: Jose Ramos, Caitlin Ochs, Horta, Xanana Gusmao, Xi Jinping, heightening, Ramos, Kirsty Needham, Lincoln, Organizations: Sustainable, United Nations, REUTERS, Rights, East, Reuters, Southeast, ASEAN, Canberra, Woodside Energy, Greater Sunrise, Greater, Australia, UN's, Fund for Agricultural Development, Global Citizen, Pacific Locations: Horta, Timor, New York City , New York, U.S, East Timor, China, Australia, Indonesia, Canberra, Solomon Islands, 2,000km, Timor Leste, ASEAN, Singapore, Malaysia, East Timor's, Dili, Greater Sunrise, Southeast Asia, Woodside, United States, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSony's leadership shakeup is not a move to bring gaming division back to Japan: JefferiesAtul Goyal, managing director for Jefferies, talks about the retirement of Sony's gaming chief Jim Ryan, and the challenges ahead for the business.
Persons: shakeup, Jefferies Atul Goyal, Jefferies, Jim Ryan Locations: Japan
Alibaba plans to list its logistics unit Cainiao on the Hong Kong Stock Exchange, the Chinese e-commerce giant said in a regulatory filing on Tuesday. Alibaba said the Hong Kong Stock Exchange has confirmed that the Cainiao listing may go ahead. Founded in 2013, Cainiao is a logistics network that helps Alibaba fulfil deliveries placed on its e-commerce platforms both in China and abroad. Delivery speed is a point of competition among Chinese e-commerce firms. As well as Cainiao, Alibaba is also looking to list its cloud computing business, though it has not officially filed for a spinoff.
Persons: Alibaba, Cainiao, JD.com, Daniel Zhang, Eddie Wu, Zhang, Wu Organizations: Artificial Intelligence, Hong Kong Stock Exchange Locations: Shanghai, Cainiao, China
Archaeologists found stone tools humans used to butcher animals in what's now Oregon. AdvertisementAdvertisementAncient hunters used a rock-shelter in the Oregon desert to butcher camels, bison, mountain sheep, and horses during the Ice Age. In 2012 and 2015, archeologists found blood-stained stone tools buried below teeth from the extinct animals. The stone tools were below fragments of animal teeth, and both were covered by volcanic ash. "It's a really high-quality tool stone," O'Grady said.
Persons: , Patrick O'Grady, O'Grady, " O'Grady, Nancy Pobanz, Thomas W, Stafford , Jr, it's Organizations: Service, University of Oregon Museum of Natural, Age Swiss, Swiss Army, US, Coopers Locations: what's, Oregon, Mount St, Helens, Swiss, North America, Siberia, Canada, Idaho, Rimrock, Paisley, North, South America
McDonald’s is adding two new sauces
  + stars: | 2023-09-26 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
Beginning October 9, the fast food chain is adding two new dipping sauces to its menu for a limited time, joining its lineup of six sauces that include barbecue, ranch and sweet and sour. Some celebrity meals also came with re-branded dipping sauces, or ones that had previously only been available in certain regions. And while other chains struggle to bring more customers into restaurant locations, McDonald’s is reporting growth in US traffic. McDonald’s is partnering with its chefs and influencers to show off the number of combinations the new sauces can be paired with. That followed the news that McDonald’s was adding more of the sauce to its Big Mac sandwiches as part of a broader shakeup to its menu.
Persons: New York CNN —, McDonald’s, , , Tariq Hassan Organizations: New, New York CNN, Washington , DC, KFC Locations: New York, cayenne, Washington ,
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