News Highlights: Top Company News of the Day
March 23 2020 - 3:15AM
Dow Jones News
SoftBank to Sell $41 Billion in Assets, Plans Big Share Buyback
SoftBank said it planned to sell up to $41 billion of its assets
to buy back shares and redeem debt, in an unprecedented move to
combat the tumbling price of its stocks and bonds.
MGM Resorts Names President Bill Hornbuckle Acting CEO
The appointment follows Chief Executive Jim Murren's
announcement last month that he would step down from the global
casino operator, which is now grappling with widespread closures of
its properties amid the pandemic.
WeWork's Board Prepares for a Fight as SoftBank Gets Cold Feet
Some directors of the shared office-space startup are gearing up
to resist the Japanese conglomerate's move to back away from part
of its bailout offer, presaging what could be a fierce internal
battle.
Occidental Nears Settlement With Carl Icahn
Occidental Petroleum is nearing a truce with Carl Icahn that
would conclude one of the highest-profile corporate clashes of the
past year and usher the activist investor into the embattled oil
producer's board room.
Singapore Airlines to Make Significant Capacity Cuts, Ground Aircraft
The airline is drastically cutting capacity and grounding its
aircraft as the continuing spread of the coronavirus forces
governments the world over to tighten border controls.
Energy Giant Total Cuts Shareholder Returns, Spending After Oil Collapse
French oil company Total will immediately cut expenditures, trim
returns to shareholders and freeze recruitment as the company
combats the ravages of an oil-price rout and a demand-sapping
coronavirus pandemic, its CEO told staffers last week in a video
message seen by The Wall Street Journal.
Nissan Readies Revival Plan, Though Timing Is 'Terrible'
The car maker bet on a future where global car sales would boom,
driven by a bulging population in developing countries. That future
never materialized. Now it must cut its losses on poor investments
and overhaul its business as sales stagnate.
Marriott, Hotel Owners Furlough Thousands of Workers, Cut Staff
Marriott and a growing number of hotel owners are furloughing
tens of thousands of workers or slashing staff in an effort to
steer their companies through the coronavirus pandemic.
New Mask Makers Emerge as Coronavirus Spreads
Soaring demand for face masks is drawing entrepreneurs looking
to supply the market. But first they have to line up the necessary
machines and materials.
Business Development Companies Hit Hard by Coronavirus Market Turmoil
Business development companies formed by private-equity firms
benefited from banks pulling back from lending to smaller
businesses following the financial crisis that began in 2007. But
recent market turmoil has upended shares and threatens their
performance.
(END) Dow Jones Newswires
March 23, 2020 03:00 ET (07:00 GMT)
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