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BUSINESS
Monday, July 6

BUSINESS

Away boss Steph Korey stepping down again amid uproar over social media posts
BUSINESS

Away boss Steph Korey stepping down again amid uproar over social media posts

Away co-CEO Steph Korey is planning to step down a second time amid an uproar over her Instagram posts bashing journalists and the news media. The luggage startup’s impending leadership change comes after some Away staffers reportedly expressed concerns about the posts in an email to company honchos, saying Korey was putting her reputation ahead of her company and employees. Posting on her Instagram Story this week, Korey suggested that journalists target female executives because stories about them get more “clicks.” She also mused that it should be easier to sue news organizations for defamation because “misrepresentation *is* the business model of some outlets.” “I know there are a few [journalists] who are using the media platform they have ac...
Boeing communications boss Niel Golightly resigns over sexist article
BUSINESS

Boeing communications boss Niel Golightly resigns over sexist article

Boeing communications boss Niel Golightly has resigned over a sexist article he wrote three decades ago opposing women’s service in the military. His exit leaves the embattled planemaker searching for a new top spokesman as it works to get its troubled 737 MAX jet flying again. Golightly stepped down Thursday as Boeing’s senior vice president of communications following an employee complaint about the 1987 article, which he called “embarrassingly wrong and offensive.” “At issue is not whether women can fire M-60s, dogfight MiGs, or drive tanks,” Golightly, then a US Navy lieutenant, wrote in a US Naval Institute magazine. “Introducing women into combat would destroy the exclusively male intangibles of war fighting and the feminine images of ...
Nike pulls Washington Redskins gear from store amid name review
BUSINESS

Nike pulls Washington Redskins gear from store amid name review

Nike has yanked Washington Redskins gear from its online store amid renewed calls for the NFL team to change its racist name. The team was conspicuously absent Friday from the section of Nike’s online shop where shoppers can snag NFL-branded T-shirts, jerseys and sneakers. Searches on the site for “Redskins” and “Washington Redskins” yielded no results, but products from the 31 other pro squads were still listed. Nike, the NFL’s official jersey supplier, is reportedly among three major companies whose investors have urged them to cut ties with the team unless it changes its name, which is a racial slur for Native Americans. While Oregon-based Nike has not publicly addressed the push, FedEx — the shipping giant whose name is on the team’s sta
Coronavirus-hammered Air France discussing thousands of job cuts
BUSINESS

Coronavirus-hammered Air France discussing thousands of job cuts

PARIS — Air France is meeting with personnel representatives Friday to discuss thousands of job cuts after the virus pandemic grounded most flights and darkened prospects for future air travel. Activists from the far-left CGT union protested at Air France headquarters at Paris’ Charles de Gaulle Airport as the talks began. They’re particularly angry that the French government didn’t require Air France to protect jobs when it won 7 billion euros ($8 billion) in state bailout funds in May. Unions warn that job cuts will ripple across the French economy. French media reports have said the airline is looking to cut 7,500 jobs, primarily through voluntary departures. Airlines around the world are forecast to lose $84 billion this year, with revenue halved. Some have filed for bankruptcy
Turkey kicks off Jamal Khashoggi murder trial without Saudi suspects
BUSINESS

Turkey kicks off Jamal Khashoggi murder trial without Saudi suspects

Twenty Saudi nationals went on trial in Turkey for the murder of journalist Jamal Khashoggi on Friday even though they weren’t in court to face the charges. The “in absentia” trial involves two former aides to Saudi Crown Prince Mohammed bin Salman and 18 other Saudis allegedly flown to Istanbul to commit Khashoggi’s gruesome killing in October 2018. Turkish prosecutors want to put the defendants behind bars for the rest of their lives. But all 20 suspects have left Turkey and Saudi Arabia has refused to extradite them while slamming Turkey for not cooperating with its own trial last year. The crown prince’s ex-advisers, Saud al-Qahtani and Ahmed al-Asiri, have been charged with “instigating a premeditated murder with the intent of (causing) torme...
Investors send stocks higher on signs that economy’s still buoyant
BUSINESS

Investors send stocks higher on signs that economy’s still buoyant

Better-than-expected jobs data sent stocks higher on Thursday as Wall Street cautiously cheered evidence that the economy, while still fragile, appears eager to bounce back. The Dow Jones industrial average index of blue-chip stocks ended the day up 0.4 percent, to 25,827.63, while the S&P 500 rose 14.2 points, or 0.5 percent, to 3,130.01. The Nasdaq, meanwhile, climbed 0.5 percent percent to 10,207.63, a gain of 53 points. The rise came after the economy added a record 4.8 million jobs last month, sending the unemployment rate to 11.1 percent, down from 13.3 percent in May and a peak of 14.7 percent in April. Economists were expecting a rate of closer to 12.4, according to Dow Jones. The latest data was collected three weeks ago, however, raising concern that it fails to reflec...
Tesla crushes coronavirus delivery expectations, stock soars
BUSINESS

Tesla crushes coronavirus delivery expectations, stock soars

Forget SpaceX — it’s Elon Musk’s electric car company that keeps soaring to new heights. Shares of Elon Musk’s electric-car company, which have already tripled this year, soared another 8 percent on Thursday after the company blew past Wall Street’s second-quarter delivery expectations. Telsa said it delivered 90,650 vehicles in the quarter, down just 4.9 percent from the year-earlier period, despite factory shutdowns due to the coronavirus. Analysts had been expecting the car company to delivery just 72,000 cars due to the closure of its Fremont, Calif., factory, which resulted in Musk publicly sparring with California officials. Of the vehicles sold, 80,050 were Model 3 sedans and Model Y SUVs, while the rest were Tesla’s top-of-the-line Model S and X cars. Shares of T
Talent agency CAA keeping LA, NYC and Nashville offices closed until 2021
BUSINESS

Talent agency CAA keeping LA, NYC and Nashville offices closed until 2021

High-profile Hollywood agency CAA, which represents the likes of Brad Pitt, George Clooney and Nicole Kidman, is delaying the reopening of its biggest US offices until 2021 as US coronavirus cases continue to rise. The talent agency told staffers via email late Wednesday that it will be keeping its LA headquarters in Century City closed, as well as its offices in New York and Nashville, until January 2021. It had previously said it would decide by Aug. 1 whether to reopen major offices, including London. In the memo, CAA said it is watching the situation in London before deciding on a re-entry protocol. CAA also has US offices in Chicago, Atlanta, Jacksonville and Memphis, as well as outposts in Beijing, Shanghai, Stockholm, Munich and Geneva. “In carefully studying a wide range of
Facebook is killing Lasso, its TikTok copycat app
BUSINESS

Facebook is killing Lasso, its TikTok copycat app

Facebook is shutting down its TikTok competitor Lasso. The social network introduced the app — which allows users to make short video clips similar to TikToks — back in November 2018. The digital white flag was spotted by a reporter from CNN, and users of the app were informed it would be killed on July 10. It’s not the first time Facebook has shut down copycat apps. It previously killed apps called Poke and Camera — imitations of Snapchat and Instagram — after they failed to gain much traction. Facebook later purchased Instagram for $1 billion. Facebook also recently shut down Pinterest clone Hobbi. The shuttering of Lasso comes ahead of Instagram’s own TikTok-like tool, called Reels. Instagram has found great success copying the features of Facebook’s rivals, inc
US economy adds 4.8 million jobs in June as coronavirus surges
BUSINESS

US economy adds 4.8 million jobs in June as coronavirus surges

The US economy added a record 4.8 million jobs last month as the nation continued an economic rebound that’s now threatened by a surge in coronavirus infections, new data show. Thursday’s closely watched June jobs report showed a better-than-expected recovery in the labor market as states forged ahead with reopening plans that are now being partly rolled back amid record numbers of COVID-19 cases. The unemployment rate dropped to 11.1 percent in June from 13.3 percent in May as lockdowns aimed at controlling the virus continued to ease, the Bureau of Labor Statistics figures show. That marked a continued improvement from April’s peak of 14.7 percent But the data reflect a snapshot of the economy in mid-June, before the virus’s resurgence forced states such as...