Saudi Aramco Slows Diversification Plans Amid Industry Downturn

Saudi Arabia's state oil giant is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden. 


 
Tesla's Largest Outside Shareholder Cuts Stake

Baillie Gifford, the Scottish investment house that is Tesla's second-largest shareholder after Chief Executive Elon Musk, has pared its holdings in the electric-car maker, the latest ripple effect of the company's soaring market value. 


 
Macy's Posts $431 Million Loss as Stores Continue Recovery

The retailer reported $3.6 billion in sales for the latest quarter, as they continued to recover from temporary store closures spurred by the coronavirus pandemic. 


 
Michael Jordan Takes Stake in DraftKings, Joins as Adviser

The online-betting company said Michael Jordan agreed to take an equity interest in exchange for providing guidance and strategic advice to the board. Shares of DraftKings jump. 


 
Pernod Ricard Needs a Return to More Convivial Times

Pernod Ricard, which distills Jameson whiskey and Absolut vodka as well as its namesake French aperitif brands, on Wednesday reported a 12% decline in recurring profits for its financial year through 30 June. 


 
Credit Suisse Faces Enforcement Proceedings Over Spying Scandal

Switzerland's financial regulator said it had started enforcement proceedings against Credit Suisse over the physical surveillance of two bank executives last year. 


 
TikTok Deal Talks Hit a Snag Over App's Algorithms

Deal talks for TikTok's U.S. operations have been complicated by the key question of whether the app's core algorithms can be included as part of a deal, according to people familiar with the matter. 


 
Changes in the Balance of Power Are Upending Aviation

Fee reductions across the aviation industry expose how the pandemic is shifting the balance of power between airlines, airports and passengers. As so often, budget carriers may emerge alongside consumers as the winners. 


 
SEC Probes China's GSX Techedu After Short Sellers' Pleas

The New York-listed tutoring company said the SEC asked it to produce financial and operating records dating back to the beginning of 2017 after short sellers accused it of inflating its sales 


 
Coffee Subscription Startup Raises $9 Million, Sees Growth Despite Pandemic

Trade will use the new capital to leverage rising consumer demand and build out Trade's operations to reach an expanding subscriber base.