Inditex Swings to Loss, Plans Store Closures
Inditex reported a first-quarter net loss of EUR409 million after its sales were battered during the coronavirus lockdowns and the Zara owner said it will close at least 1,000 stores over the next two years.
High-Profile Investor Calls Out HSBC, Standard Chartered on Hong Kong Stance
A high-profile investor in HSBC Holdings and Standard Chartered has criticized the London-based banks for supporting China's plan to impose a new national security law on Hong Kong, calling on them to speak out if it results in abuse of democratic freedoms.
Adidas Promises to Hire Black, Latino People for 30% of New U.S. Jobs
Adidas said it would hire blacks and Latinos for at least 30% of new U.S. jobs, invest $20 million in black communities and fund 50 scholarships, in response to internal pressure from black employees at the sportswear giant.
CrossFit CEO to Exit Amid Backlash Over George Floyd Remarks
Greg Glassman, the founder and chief executive of CrossFit, said he had decided to retire after his inflammatory remarks about the killing of George Floyd prompted sponsors and gym owners to cut ties with his company.
Twitter, Square to Make Juneteenth a Company Holiday
Twitter and Square CEO Jack Dorsey said the companies will honor Juneteenth as a holiday in the U.S., as American corporations grapple with ways to show support for black employees and celebrate racial diversity.
Movie Theater Giant AMC Eyes Reopening After Coronavirus Blow
AMC Entertainment Holdings, the world's largest movie-theater chain, registered a $2.2 billion net loss in the first quarter, underscoring the devastating economic blow the pandemic has had on the exhibition industry.
FCC Delays Decision on Elon Musk's SpaceX and Broadband Subsidies
The Federal Communications Commission delayed a final decision on whether Elon Musk's SpaceX will be able to qualify as a preferred bidder when the agency prepares to distribute up to $16 billion in funding to expand broadband service in rural areas.
Volkswagen CEO, After Board Fight, Faces Challenging Road
The surprise changes that stripped Chief Executive Herbert Diess of some of his core responsibilities on Monday revealed a deep rift between the manager and the company's owners and workers.
LG Chem to Sell LCD Polarizer Business for $1.1Billion
South Korea's LG Chem said Wednesday that it signed a tentative $1.1 billion deal to sell parts of its liquid-crystal-display business to a Chinese company.
California's Biggest Public Pension System Commits $1 Billion to Blackstone Fund
The California Public Employees' Retirement System committed $1 billion to Blackstone Core Equity Partners II LP, a long-hold private-equity fund that raised some $5 billion in late March
