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NEW YORK: Private equity firm Sycamore Partners is in preliminary talks to acquire J.C. Penney Co Inc out of bankruptcy should the U.S. department store chain's negotiations with its creditors fail, three people familiar with the matter said on Friday.
LONDON (Reuters) - Williams said on Friday it was considering selling its once-dominant but now struggling Formula One team as part of a strategic review.
NEW YORK: J.C. Penney Co Inc said on Saturday a U.S. Bankruptcy Court will allow it to keep paying wages and benefits to workers who will remain on the job after the U.S. department store chain filed for Chapter 11 protection from creditors, and also to pay vendors for goods delivered to its stores.
HONG KONG (AFP): Asian markets dropped Thursday (May 7) as the economic reality of the coronavirus crisis became even starker, and China-US relations soured, overshadowing recent optimism over the easing of lockdown measures.
ASIAN stocks pared losses and U.S. futures pushed higher Thursday as investors digested a surprise rise in China’s exports amid mixed global economic data. Treasuries pared an overnight decline.
NEW YORK: Boeing Co said it will resume commercial airplane production next week in Washington state after suspending operations last month in response to the coronavirus pandemic, and the company's chief executive told employees the aerospace industry will need financial help from the government.
NEW YORK: Macy’s Inc has hired investment bank Lazard Ltd to explore options for bolstering its finances after the department store operator lost most of its revenue as it shut down all its stores as a result of the coronavirus outbreak, people familiar with the matter said.
DUBAI: The scandal surrounding NMC Health Plc is widening, with United Arab Emirates’ banks disclosing more than US$2bil of exposure and one of its biggest creditors calling for the struggling hospital operator to be put into administration.
At Lazada, the Southeast Asian arm of Alibaba Group Holding, staff are furious over demands they submit health reports daily and other coronavirus-prevention steps seen as too invasive, highlighting a long-running culture clash with management from China.