Category: Business

Hilton to cut 2,100 corporate jobs globally

Hotel chain Hilton Worldwide Holdings Inc (HLT.N) said on Tuesday it would cut about 22% of its corporate workforce, or 2,100 jobs, following the coronavirus outbreak that has ravaged the global travel industry. Hilton’s announcement comes as the hotel industry has been among the worst hit by the pandemic, with travelers forced to cancel bookings […]

Appeals court sides with exchanges in U.S. SEC fee row

A U.S. appeals court ruled on Tuesday that the Securities and Exchange Commission cannot force stock exchanges to conduct a costly experiment to see how the fees they charge and the incentives they offer affect brokers’ trading habits. The SEC’s “Transaction Fee Pilot” aimed to shed light on how lucrative rebate payments from exchanges to […]

Did elite David Boies law firm get a pandemic bailout? It’s a secret

When the U.S. government announced a multibillion-dollar bailout of struggling small businesses amid the coronavirus pandemic, one of the top U.S. law firms sensed an opportunity. Leaders of the high-profile firm founded by David Boies circulated an email asking shareholder partners to authorize the firm to seek up to $20 million in forgivable government loans, […]

Ex-Tommy Hilfiger boss Grieder to become new Hugo Boss CEO

German fashion house Hugo Boss (BOSSn.DE) has appointed former Tommy Hilfiger boss Daniel Grieder as its next chief executive, it said on Tuesday. Grieder, the former CEO of Tommy Hilfiger Global & PVH Europe, will start on June 1, 2021 and succeed Mark Langer, who is stepping down on Sept. 30, 2020 after serving as […]

Lufthansa shareholder Thiele raps bailout deal, raises stake

German investor Heinz Hermann Thiele sharply criticised a 9-billion-euro ($10.14 billion) bailout deal for carrier Lufthansa (LHAG.DE), saying he had raised his stake in the group to more than 15% and hoped alternative options could be explored. In an interview with German newspaper Frankfurter Allgemeine Zeitung (FAZ), Thiele, Lufthansa’s top shareholder, said he was not […]

Green shoots welcome but recovery still a long road, Fed’s Powell says

A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday, as he began the first of two days of hearings before U.S. lawmakers. While recent signs of improvement including a surprise gain in […]

Southwest extends limited seating on flights through September

Southwest Airlines Co (LUV.N) said on Tuesday it will continue to limit bookings on its flights until at least September to maintain space between passengers. Social distancing on planes, along with other safety measures, are helping airlines to restore confidence in air travel after the coronavirus outbreak. Southwest also said customers would be allowed to […]