Tag Archives: business-fox

Barry Diller’s IAC buys 12% stake in MGM Resorts for $1B 

The investment comes at a time when the gambling industry has been ravaged by government restrictions on movement due to the COVID-19 pandemic, as well as fears about public gatherings.

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Canada Goose loss deepens as coronavirus shutters stores 

The company bolstered its direct-to-consumer strategy, increasing investment in e-commerce, and will concentrate its store openings in mainland China, where business appears to be recovering at a faster pace from COVID-19.

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Brooks Brothers poised to be acquired by Authentic Brands-Simon venture 

Brand-licensing company WHP Global Inc. has bowed out of the race for Brooks Brothers Inc., according to people familiar with the matter, leaving a venture backed by apparel-licensing firm Authentic Brands Group LLC and mall owner Simon Property Group Inc. poised to take control of the bankrupt retailer.

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U.S. sanctions branded ‘clowning actions’ as Hong Kong vows not to be intimidated 

The Hong Kong government called the sanctions “shameless and despicable” and said the city would not be intimidated by them.

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News Corp posts wider loss as coronavirus pummels advertising revenue 

Results were heavily affected by the pandemic as well as by a decline in revenue related to the sale of the company’s supermarket-coupon business, News Corp said.

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U.S. pursues nearly $13 billion of claims in Purdue Pharma opioid probes, sources say 

U.S. prosecutors are pursuing possible penalties of nearly $13 billion to resolve investigations of OxyContin maker Purdue Pharma.

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Stocks tread water as earnings season gathers pace 

U.S. stock futures wavered Tuesday as a slew of major companies reported earnings, some of them beating already low expectations from coronavirus economic troubles.

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Sony’s profit up as people staying home play video games 

Japanese electronics and entertainment company Sony Corp. said Tuesday that its April-June profit jumped 53% as its video game and other online businesses thrived with people staying home due to the coronavirus pandemic.

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Blue Apron turns profit as more Americans cook at home during coronavirus pandemic 

Blue Apron added 20,000 customers during the three months through June, helping increase the order count by 389,000.

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Man admits to securities scheme that netted more than $17M 

A New Jersey-based securities trader admitted Tuesday to orchestrating a massive, long-running market manipulation scheme and tax fraud that netted more than $17 million in illegal profits, federal prosecutors said.

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Stocks stumble as political quagmire stalls coronavirus relief 

Coronavirus relief negotiations with House Democrats, who passed a larger relief bill months earlier and criticized the GOP plan as insufficient, are ongoing.

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Stocks shake off US-China tensions, focus on coronavirus vaccine progress 

The U.S. government has reached a $1.95 billion deal with Pfizer and BioNTech for 100 million doses of their experimental COVID-19 vaccine after it receives regulatory approval from the Food and Drug Administration.

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Philip Morris sales weaken after coronavirus disrupts production 

Cigarette shipments fell 18% in the quarter, dragged down in part by weakness in South and Southeast Asia, where volumes were off 28% from last year.

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Stocks fight for 3rd straight week of gains 

The early advance puts both the Dow and the S&P 500 on their way to a third straight week of gains.

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Delta may avoid furloughs after demand for buyouts, other U.S. airlines sound alarm 

The deadline for most Delta employees to accept early departure or early retirement packages was Monday

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