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Trump banned TikTok and WeChat. Are video games next?

Business / Business News /

President Trump's two executive orders targeting Chinese companies went public just after 6 p.m. Pacific on Thursday.

The first went after TikTok, to no one's surprise. The video app had been the subject of intensifying rhetoric from the Trump administration for weeks. The order declared that all U.S. entities would be banned from doing ...Read more

Canada hits back, calls Trump most protectionist president ever

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Justin Trudeau's government will hit the U.S. with retaliatory tariffs after President Donald Trump announced plans to impose duties on Canadian aluminum.

At a press conference in Ottawa, Deputy Prime Minister Chrystia Freeland released a list of more than 60 U.S. aluminum-containing products that could face higher tariffs, but vowed not to ...Read more

Bob Greenblatt, Kevin Reilly exit WarnerMedia in dramatic shake-up

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In a sweeping reorganization, WarnerMedia on Friday ousted two of its top programming chiefs: Bob Greenblatt and Kevin Reilly.

The move comes less than three months after former Hulu chief Jason Kilar took the helm of the AT&T-owned media company, and after the launch of its high-stakes streaming service, HBO Max, which has gotten off to a ...Read more

Hollywood can own theaters again as court scraps 1948 ban

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A ban on movie studios owning theaters that dates back to Hollywood's Golden Age was scrapped by a federal judge who said changes in the industry have rendered the restriction obsolete.

U.S. District Court Judge Analisa Torres in Manhattan on Friday terminated the so-called Paramount Decrees of 1948 at the request of the Justice Department's ...Read more

Former Tribune Publishing CEO to take helm of McClatchy when newspaper chain emerges from bankruptcy

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Former Tribune Publishing CEO Tony Hunter will become CEO of McClatchy Co. when the newspaper chain emerges from Chapter 11 bankruptcy next month, its new hedge fund owner announced Friday.

A longtime Chicago Tribune executive who helped guide Tribune Publishing out of bankruptcy as CEO from 2011 to 2014, Hunter will inherit a similar situation...Read more

Tribune Publishing in talks to leave Prudential Plaza offices

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CHICAGO -- The Chicago Tribune's offices could be on the move for the second time in less than three years, as the newspaper's parent company seeks an exit from Prudential Plaza amid the coronavirus pandemic.

Tribune Publishing is in talks with Prudential Plaza owner Sterling Bay for a buyout of its approximately 137,000-square-foot lease in ...Read more

5 business owners charged in COVID-19 relief fraud scheme

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ATLANTA -- Five small-business owners are facing federal charges after prosecutors said they defrauded the Paycheck Protection Program out of a collective $4.1 million in loan funding.

Darrell Thomas, 34, Andre Lee Gaines, 66, Khalil Gibran Green, 46, and Bern Benoit, 44, are all facing several charges including conspiracy to commit bank and ...Read more

Rural tenants, already delaying rent, face pinch without relief

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WASHINGTON -- The impasse between the Trump administration and congressional Democratic leaders in negotiations over a COVID-19 relief package worries both advocates for rural low-income housing and owners of Department of Agriculture-financed rental properties.

Advocates and landlords say the now-expired federal $600 a week add-on to state ...Read more

Consumer Confidential: Trump says he has a healthcare plan (yeah, sure). I have a better idea

Business / Business News /

President Trump said he would be "signing a healthcare plan within two weeks, a full and complete healthcare plan." That was on July 17, about three weeks ago.

Needless to say, there's been no such signing. Trump now says he may have something to offer by the end of August. "It's just about completed," he said this week.

Yeah, whatever. He's ...Read more

US gains nearly 1.8 million jobs in July

Business / Business News /

WASHINGTON -- The U.S. labor market continued to regain ground in July, though at a slower pace, indicating the economic rebound is still making headway despite a surge in coronavirus infections.

Payrolls increased by 1.76 million in July, beating estimates for a 1.48 million gain and after a 4.79 million advance in June, according to data ...Read more

The Week Ahead: Confusing, but rational record market runs

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The investment markets run on fear and greed, hope and worry. Emotions often drive short-term market moves. Long-term investors steadfastly believe markets ultimately reflect an economy's (or company's) prospects.

In either view, signals from different corners of the investment markets combine to create a confounding economic outlook. Yet, ...Read more

Diane Bell: San Diego-area colleges are going to pot

Business / Business News /

Higher education is getting even higher.

The legalization of marijuana for medicinal use in 33 states and for recreational use in 11, including California, is giving birth to a cannabis cottage industry and with it a new educational field.

Last August, the University of California, Davis, known for its agricultural curriculum, added a Cannabis...Read more

You're flying. You're hungry. Too bad

Business / Business News /

You're flying. You're hungry. You just may be out of luck.

Airlines, which made Scrooge look generous during last decade's Great Recession, have reverted to their miserly ways, but this time, the culprit is COVID-19.

Concerned about exposing travelers and flight crew to the vitriolic virus, airlines are limiting -- and sometimes eliminating --...Read more

Drugmaker AbbVie will pay $24 million to California, whistleblower to settle fraud lawsuit

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California Insurance Commissioner Ricardo Lara announced that the Department of Insurance reached a $24 million settlement with pharmaceutical giant AbbVie that will require it to change its marketing practices for its immunology drug Humira.

Once a blockbuster sales driver for the company, Humira faced stiff competition from similar drugs on ...Read more

Norwegian Cruise Line optimistic about future despite $666 million second quarter loss

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Norwegian Cruise Line Holdings reported $16.93 million in revenue for the second quarter, mostly from passenger ticket sales. The results marked a sharp fall from the $1.67 billion in revenue reported during the same period last year.

In a financial filing Thursday, the Miami-based company reported an adjusted net income loss of $666.4 million,...Read more

AMC Theatres lost $561 million in one quarter, with revenue down nearly 100%, because of COVID-19

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AMC Theatres, the world's largest cinema operator, lost $561 million in its most recent quarter as revenue collapsed because of the COVID-19 panic.

The Leawood, Kan.-based exhibitor, which is owned by China's Dalian Wanda Group, has been hammered by the coronavirus crisis, which has kept is 630 U.S. theaters closed since mid-March. The company'...Read more

Streamer Quibi rolls out free, ad-supported service in New Zealand, Australia

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Hollywood streaming service Quibi is marketing a free, ad-supported version of its app in Australia and New Zealand, after struggling to gain significant traction after its April launch in the United States, analysts said.

Quibi, which stands for "quick bites" of video, targets consumers ages 18 to 44 with segments that are 10 minutes or less. ...Read more

Illinois is extending unemployment benefits by 20 weeks. Meanwhile, some gig workers are learning they've been overpaid.

Business / Business News /

Illinois extended jobless benefits another 20 weeks as laid off workers continued to struggle with the claims process, including some who say they have to return funds because they were overpaid.

The Illinois Department of Employment Security, the state agency tasked with handling jobless claims, said the extension was available starting ...Read more

Day care chain Bright Horizons buys Sittercity as parents scramble for child care and tutoring during pandemic

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With families scrambling to figure out child care options for kids attending school remotely this fall, day care company Bright Horizons announced it is purchasing Sittercity, an online platform that matches people with providers.

Bright Horizons said the partnership will help it fill the wide range of new child care needs families are facing ...Read more

Uber's quarterly sales fall for first time in travel slump

Business / Business News /

Uber Technologies Inc. generated more revenue from delivering food than transporting people for the first time last quarter, but it failed to offset a steep and prolonged decline in ridership brought on by the coronavirus pandemic.

Sales fell 29% in the second quarter to $2.24 billion, ending a decade of unchecked growth. The loss in the ...Read more