Mike Pompeo rips HSBC for cozying up to China

Mike Pompeo rips HSBC for cozying up to China

Secretary of State Mike Pompeo lashed out at British bank HSBC for backing the Chinese Communist Party’s efforts to crack down on Hong Kong’s autonomy. In a Tuesday statement, Pompeo slammed HSBC Asia-Pacific executive Peter Wong’s decision to sign a petition in support of Beijing’s law imposing security restrictions on Hong Kong. The Trump administration … Read more

Dollar sinks to three-month low as investors sweat Fed

Dollar sinks to three-month low as investors sweat Fed

The dollar dropped to a three-month low on Wednesday as speculation increased that the Federal Reserve will announce later in the session it intends to keep the recent rise in bond yields in check. Concern about possible measures or even a simple statement of intent by the Fed to hold down the yields of US … Read more

Coronavirus leaves diamond miners with stockpiles worth billions

Coronavirus leaves diamond miners with stockpiles worth billions

Diamond miners have reportedly piled up billions of dollars worth of gems they have struggled to sell as the coronavirus crisis locked down the industry. The five largest diamond producers likely have about $3.5 billion in “excess inventories” amid the pandemic, which shuttered jewelry stores and kept cutters and polishers at home, Bloomberg Quint reported … Read more

Second wave of coronavirus could cripple economic recovery: OECD

Second wave of coronavirus could cripple economic recovery: OECD

A second round of coronavirus infections could cripple the global economy’s recovery from the worst recession in nearly a century, the Organization for Economic Cooperation and Development said Wednesday. The influential international group released a new economic forecast warning of severe consequences if COVID-19 cases spike as countries ease lockdowns meant to control the deadly … Read more

Goldman Sachs will invest $10 million to fight racial injustice

Goldman Sachs will invest $10 million to fight racial injustice

Goldman Sachs said on Wednesday it had launched a $10 million fund to support the work of organizations addressing racial injustice, structural inequity and economic disparity. The bank will match employee donations to recipient organizations, it told customers of its online bank, Marcus. An e-mail by a Goldman employee about his experiences of racial injustice … Read more

Legal brawl gets ugly between Hollywood producers Roy Lee, John Powers Middleton

Legal brawl gets ugly between Hollywood producers Roy Lee, John Powers Middleton

An already contentious legal battle between two hotshot Hollywood producers just got uglier. John Powers Middleton, producer of Oscar-winning movies “Manchester by the Sea” and “The Disaster Artists,” filed a fresh batch of legal papers on Wednesday against his estranged business partner Roy Lee, accusing the horror flick producer of freely indulging in drugs and … Read more

Just Eat Takeaway.com close to buying Grubhub

Just Eat Takeaway.com close to buying Grubhub

European food ordering firm Just Eat Takeaway.com said on Wednesday it was in advanced talks to buy Grubhub in an all-stock deal. Grubhub was also approached by ride-hailing firm Uber in May for an all-stock deal. Uber, however, is now close to exiting the deal, CNBC reported on Wednesday. Uber did not immediately respond to … Read more

Reddit taps Michael Seibel to replace Alexis Ohanian on board

Reddit taps Michael Seibel to replace Alexis Ohanian on board

Reddit tapped Y Combinator boss Michael Seibel to join the company’s board Wednesday after co-founder Alexis Ohanian stepped down to make way for a black person. The shakeup comes amid a debate over Reddit’s approach to hate speech in the wake of the police killing of George Floyd and the anti-racist protests that have followed. … Read more

Starbucks speeding pickup-only stores post-coronavirus

Starbucks speeding pickup-only stores post-coronavirus

Starbucks is gulping hard. The Seattle-based java giant just announced that the pandemic will cost it up to $3.2 billion in sales in the quarter ending June 28. Its shares slid by more than 4 percent on the news. But Starbucks has a plan to increase business in a post-pandemic world. It’s leaning into a … Read more