Uber bows to pandemic pressure, sells self-driving car business
Uber has agreed to sell its self-driving car business to a startup as the pandemic puts pressure on its core business. CNBC’s Jessica Bursztynsky reported: Uber’s self-driving unit, Advanced Technologies Group (ATG), is being acquired by its start-up competitor Aurora Innovation, the companies announced Monday. The deal, expected to close in the first quarter of […]
Southwest warns of 6,800 furloughs
Southwest Airlines has warned it may have to furlough as many as 6,800 staff. Leslie Josephs from CNBC reported: Southwest Airlines on Thursday said it could furlough more than 6,800 employees — about 12% of its staff — citing what it called a “lack of meaningful progress” in cost-cutting negotiations with labor unions. Southwest like […]
UPS puts shipping limits on retailers
UPS has introduced shipping limits on several large retailers to be able to cope with the holiday online shopping rush. Paul Ziobro from the Wall Street Journal reported: United Parcel Service Inc. imposed shipping restrictions on some large retailers such as Gap Inc. GPS -3.37% and Nike Inc. this week, an early sign that the […]
Salesforce to buy Slack for $27.7 bln
Salesforce will buy Slack for $27.7 billion in what will be one of the biggest deals in the software industry. Ari Levy from CNBC reported: Salesforce is making the biggest acquisition in its 21-year history. The company announced on Tuesday that it’s buying chat software developer Slack for over $27 billion. Through a combination of […]
GM scraps plan to invest $2 bln in EV startup
GM has revised its plans to take a minority stake in EV startup Nikola, instead agreeing on a “supply partnership”. CNBC’s Michael Wayland reported: Shares of Nikola plunged during trading Monday after General Motors announced that it is giving up an equity stake in the electric truck start-up and the two said they are dropping […]
Judge denies SBA request to stay order for informaton
A federal judge on Tuesday formally denied the U.S. Small Business Administration’s request for a stay and said the agency must release detailed information about what companies received loans from the $659 billion Paycheck Protection Program by Dec. 1, reports Matthew Kish of the Portland Business Journal. Kish reports, “In a 10-page opinion, U.S. District Judge […]
GM to recall 7 million cars on faulty airbag inflators
GM will recall some 7 million cars worldwide that contain potentially dangerous airbag inflators. David Shepardson reported for Reuters: General Motors Co will recall 7 million vehicles worldwide with potentially dangerous Takata air bag inflators after a U.S. safety agency said Monday it had rejected the Detroit automaker’s petition to avoid the callback. The recall […]
Guitar Center files for bankruptcy court protection
Guitar Center has filed for Chapter 11 bankruptcy protection, becoming the latest nonessential retailer to fall victim to the pandemic. Bloomberg’s Katherine Doherty reported: Guitar Center Inc., the largest U.S. retailer of music instruments and equipment, filed for bankruptcy after the coronavirus pandemic kept customers at home and job losses made them less able to […]
Seattle Times moves Long to Amazon beat
Seattle Times real estate reporter Katherine Long is moving to a new beat — covering Amazon.com. She also covered the Port of Seattle. “It’s bittersweet to move off the real estate beat. But plenty of Amazon news *is* real estate news, especially around Seattle,” she wrote on Twitter. She was a researcher for Vox Media […]
Biz media win case against SBA to release PPP loan details
A federal judge has ruled that the U.S. Small Business Administration must release detailed information about Paycheck Protection Program loans, reports Matthew Kish of the Portland Business Journal. Kish reports, “The judge made the ruling in a case filed in mid-May by The Washington Post, Bloomberg, Dow Jones, ProPublica and The New York Times. American City Business Journals (parent […]
