Legendary GE Chairman Jack Welch dead at 84
Jack Welch, General Electric's iconic chairman and CEO who served the company from 1981 to 2001, and oversaw the company's rise into an industrial and financial stalwart as the most valuable company in the world, has passed away aged 84. Welch was known for his aggressive management style and was named Fortune's CEO of the Century in 1999.
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California Pizza Kitchen Files for Bankruptcy Because of Coronavirus
Los Angeles-based casual restaurant chain California Pizza Kitchen, better known simply as CPK, is now officially in chapter 11 bankruptcy as a result of the ongoing economic downturn fueled by the global coronavirus pandemic. While today’s announcement, made at Wall Street Journal, Nation’s Restaurant News, and elsewhere, does not mean that the company is closing its more than 250 locations permanently, though it does put the popular chain in direstraights.
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Human trials for a coronavirus vaccine are starting in late July
The pharmaceutical company Johnson & Johnson announced Wednesday that it is going to begin its human trial phase of developing a potential coronavirus vaccine in the second half of July, rather than September as originally planned. Johnson & Johnson is not the first pharmaceutical company to establish a goal of developing a coronavirus vaccine at an accelerated rate.
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The US lost 20.5 million jobs in April
Most parts of the US economy is in a self-imposed shutdown to curb the impact of coronavirus. According to the latest numbers released by the Bureau of Labor Statistics on Friday, the US economy lost a record 20.5 million jobs in April. The unemployment rate jumped to 14.7% in the previous month, marking the record reading since the Bureau started recording the rate in 1948
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Netflix Plans to Raise $1 Billion Through Debt Offering
Because nearly all of Netflix’s original productions are currently on hold, that will “shift out some cash spending on content to future years,” the company said in the Q1 letter.With its current outlook and balance sheet, Netflix said it has more than 12 months of “liquidity and substantial financial flexibility.” The company ended Q1 with $5.2 billion in cash and equivalents and maintains an untapped $750 million line of credit.
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