Wednesday, July 8

Tag: Business

Facebook Ad Boycott Will Go on After Zuckerberg, Sandberg Blow Off Civil Rights Groups’ Demands – Gizmodo
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Facebook Ad Boycott Will Go on After Zuckerberg, Sandberg Blow Off Civil Rights Groups’ Demands – Gizmodo

Photo: Christof Stache (AP) CEO Mark Zuckerberg and COO Sheryl Sandberg of Facebook—the social media company you may recognize from United Nations accusations of complicity in genocide and its role in recklessly flooding the web with conspiracy theories and extremism—predictably failed to placate a coalition of civil rights groups leading an ad boycott at a meeting on Tuesday, the groups said. As such, the boycott will go on. Advertisement Groups leading the #StopHateForProfit campaign include the Anti-Defamation League, Color of Change, Free Press, the NAACP, and Sleeping Giants, and they’ve managed to sign on over 900 advertisers. Those companies are participating to varying degrees that don’t always involve total divestment, and the boycott has yet to significantly impact ...
Dunkin’ Is Closing 450 Of Its Locations Inside Of Speedway Gas Stations – Delish
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Dunkin’ Is Closing 450 Of Its Locations Inside Of Speedway Gas Stations – Delish

Dunkin' will be permanently closing 450 of its store locations inside of Speedway gas stations, multiple outlets are reporting. The news was actually first reported back in February by Restaurant Business Online following an earnings call. During that call, president of Dunkin' Americas Scott Murphy said that by closing these locations, the company will be "better positioned to serve many of these trade areas with future Dunkin’ restaurants that reflect the full expression of our next-generation restaurant design." Many of these in-station locations offer a limited menu and are much smaller than the company's standalone restaurants. It's unclear why the news is resurfacing months later, but Dunkin' confirmed the closures to The Today Show via a statement from Dunkin's chief financial offi...
Stocks making the biggest moves in the premarket: Novavax, Regeneron, Square, Nvidia & more – CNBC
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Stocks making the biggest moves in the premarket: Novavax, Regeneron, Square, Nvidia & more – CNBC

Take a look at some of the biggest movers in the premarket: Novavax (NVAX) – Novavax was awarded $1.6 billion in funding from "Operation Warp Speed," the government program aimed at speeding the development and delivery of a Covid-19 vaccine. The money will be used to complete late-stage studies, establish large-scale manufacturing, and deliver 100 million doses as early as late 2020. Regeneron (REGN) – The drugmaker was also the recipient of "Operation Warp Speed" funding, receiving $450 million for the development and production of its Covid-19 anti-viral antibody cocktail. The company said initial doses could be ready as soon as the end of the summer. Quest Diagnostics (DGX) – The medical lab operator said turnaround time for Covid-19 test results has lengthened to four to six day...
Uber Acquires Postmates For $2.65 Billion. Who Wants Takeout? – Forbes
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Uber Acquires Postmates For $2.65 Billion. Who Wants Takeout? – Forbes

Today, Uber agreed to acquire Postmates in a deal that bets big on our collective and continued desire for takeout. Uber announced its acquisition of Postmates on July 6, 2020. Photographer: Gabby Jones/Bloomberg © 2020 Bloomberg Finance LP Uber officially agreed Monday to acquire the food delivery start-up Postmates for $2.65 billion, as the ride-sharing company seeks to increase its share of the world’s food delivery market.  In other words, a large unprofitable company is purchasing a smaller unprofitable company, in the hopes that our Covid-era eating habits will continue to ring doorbells in the elusively distant, post-Covid future, therefore setting both companies on a solid path to profitability.  THE DEAL LOGIC Grubhub was taken. It sold last month to Just Eat Takea...
Trump’s Small Biz Rescue Bailed Out Kushner’s Family, Obama’s Aides and Other Political Elite – The Daily Beast
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Trump’s Small Biz Rescue Bailed Out Kushner’s Family, Obama’s Aides and Other Political Elite – The Daily Beast

When the Trump administration began implementing a trillion-dollar program to bail out struggling employers amid the COVID-19 pandemic, a central concern was that the president would use the program to benefit his friends and allies. It turns out that Trump’s pals weren’t the ones catching the windfall so much as Washington, D.C.’s well-off and well-connected in general. Among the entities cashing six to seven-figure checks from the federal government’s Paycheck Protection Program in recent months were a fiscal responsibility advocacy organization run by anti-tax crusader Grover Norquist, a high-powered consulting firm run by former Secretary of State Madeleine Albright, the nonprofit headed by former Trump campaign official David Bossie, and a political strategy firm linked to two alumn...
Uber agrees to buy food-delivery service Postmates for $2.65 billion in stock – CNBC
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Uber agrees to buy food-delivery service Postmates for $2.65 billion in stock – CNBC

Uber has bought food-delivery service Postmates for $2.65 billion in stock, the companies announced Monday. The deal brings together the fourth-largest U.S. food delivery service with Uber Eats, which trails only DoorDash in market share, according to Second Measure and Edison Trends. The companies said Uber intends to keep the Postmates app running separately, "supported by a more efficient, combined merchant and delivery network."  Uber previously was in the running to buy rival food delivery service GrubHub, but talks broke down as the companies could not agree on a break-up fee, and the ride-sharing company grew frustrated with what it perceived as stalling tactics, CNBC previously reported. GrubHub instead sold to European food delivery service JustEatTakeaway...
Dominion Energy and Duke Energy cancel construction of Atlantic Coast Pipeline – MSN Money
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Dominion Energy and Duke Energy cancel construction of Atlantic Coast Pipeline – MSN Money

© Mark Wilson/Getty Images The energy companies cited costs, delays and litigation in announcing the cancellation of the pipeline. Dominion Energy and Duke Energy have canceled their Atlantic Coast Pipeline project, a natural gas pipeline that was to stretch hundreds of miles across West Virginia, Virginia and North Carolina, citing "legal uncertainty." Despite a recent win for the project in the US Supreme Court, ongoing delays, litigation and an expected increase in costs threatened the economic viability of the project, the companies said Sunday. The pipeline, initially announced in 2014, had faced intense criticism and legal challenges from environmental and other groups. "This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial ...
Warren Buffett’s Berkshire buys Dominion Energy natural gas assets in $10 billion deal – CNBC
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Warren Buffett’s Berkshire buys Dominion Energy natural gas assets in $10 billion deal – CNBC

Warren Buffett's Berkshire Hathaway is finally pulling the trigger. The conglomerate is spending $4 billion to buy the natural gas transmission and storage assets of Dominion Energy. Including the assumption of debt, the deal totals almost $10 billion. It's the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March. At his annual shareholder meeting in May, Buffett revealed that Berkshire had built up a record $137 billion cash hoard as the financial market tanked, and that he hadn't seen many favorable deals, despite the stock market's deep swoon. "We have not done anything because we don't see anything that attractive to do," Buffett said at the time, suggesting that the quick actions taken by the Federal Reserve this year meant c...
Texas sees highest number of coronavirus cases recorded since start of pandemic – Fox News
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Texas sees highest number of coronavirus cases recorded since start of pandemic – Fox News

Texas on Saturday reported its largest daily rise in confirmed coronavirus cases since the start of the pandemic -- 8,258 -- following a facial mask mandate from Gov. Greg Abbott in an effort to slow the uptick in cases. Texas health officials said the state’s total number of confirmed cases is now up to 191,790, The Associated Press reported. In addition, there were reportedly 33 additional deaths linked to COVID-19, which brings the statewide death toll up to 2,608, officials said. Hospitalizations remained somewhat steady at 7,890. “COVID-19 is not going away, in fact, it’s getting worse. Now more than ever, action by everyone is needed until treatments are available for COVID-19,” Abbott said in a video released by his office. “We mus...
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UPDATE 3-‘Beautiful’ to have a pint, ‘brilliant’ to get a haircut – England reopens after lockdown – Reuters

LONDON (Reuters) - People relished their first pub drinks in more than three months, went to restaurants and finally got haircuts on Saturday as England took its biggest steps yet towards resumption of normal life after the coronavirus lockdown. Some pubs started serving from 6 a.m., sparking worries of over-indulgence on what the media dubbed a “Super Saturday” of restrictions being eased. Some hairdressers were reported to have opened at the stroke of midnight. “It’s beautiful just to get back and have a pint,” said Jim Martin, a 56-year old carpenter enjoying a beer at The Holland Tringham pub in south London, part of the JD Wetherspoon (JDW.L) chain. It opened at 8 a.m. and was about three quarters full by 11.20 a.m. Julie Scott, a 43-year-old teacher, was there with her family for ...