MGM Resorts Lays Off 18,000 Workers

MGM Resorts had a pre-pandemic workforce of about 68,000 U.S. employees. Photo: Roger Kisby/Bloomberg News Aug. 28, 2020 11:00 am ET MGM Resorts International MGM 4.73% is laying off 18,000 furloughed workers in the U.S. as a global travel slowdown impedes the casino industry’s recovery from the ongoing pandemic. The job cuts, which start Monday, …

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Taiwan to Ease Limits on American Pork and Beef, Smoothing Path for Trade Talks

Taiwan will ease regulations on the import of American pork, but the nation’s president has promised to mitigate any impact on Taiwanese pig farmers. Photo: david chang/Shutterstock Updated Aug. 28, 2020 11:05 am ET HONG KONG—Taiwanese President Tsai Ing-wen said she would ease restrictions on imports of U.S. beef and pork, clearing the biggest obstacle …

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U.S. Consumer Spending Rose More Slowly in July

Shoppers at the Destiny USA mall in Syracuse, N.Y., in July. Photo: Maranie Staab/Bloomberg News Updated Aug. 28, 2020 9:00 am ET U.S. consumer spending rose more moderately in July than in prior months, as incomes climbed and the labor market continued to add jobs. Personal consumption expenditures, a measure of household spending on everything …

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Coca-Cola Plans Layoffs, Offers Buyouts to U.S. Staff

Coca-Cola said it would establish nine new operating units under four geographical segments. Photo: John Bazemore/Associated Press Updated Aug. 28, 2020 8:57 am ET Coca-Cola Co. KO 1.06% said it planned to lay off some employees and offer voluntary separations, affecting thousands at the company, as it reorganizes its segments in a reorientation of beverage …

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Cruise Ships Cautiously Resume Sailing in Europe After Deadly Outbreaks

The MSC Grandiosa—the only ship the company is currently sailing—arrived at the Port of Valletta, Malta, on Aug. 21. Photo: Jonathan Borg/Zuma Press Aug. 28, 2020 8:00 am ET ROME—When one of the world’s biggest cruise lines, MSC Cruises SA, resumed sailing in the Mediterranean earlier this month, it tested all crew members and guests …

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SoftBank to Sell $14 Billion Stake in Telecom Unit

Masayoshi Son, president and CEO of SoftBank Group, during a news conference in Tokyo on Feb. 12. Photo: Rodrigo Reyes Marin/Zuma Press Aug. 28, 2020 7:31 am ET Billionaire Masayoshi Son’s SoftBank Group Corp. said it would sell a $14 billion chunk of its Japanese mobile unit, adding to a string of asset sales aimed …

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Chinese Covid-19 Vaccine Maker in Talks With Countries on Early Approval

China’s military has already approved the use of CanSino’s vaccine before the completion of large-scale final testing. Photo: thomas peter/Reuters Aug. 28, 2020 7:00 am ET A Chinese pharmaceutical maker is in talks with several countries to get emergency approval to use an experimental Covid-19 vaccine, developed with the Chinese military, before the completion of …

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Consumer Spending Likely Grew in July as Labor Market Improved

Shoppers at the Destiny USA mall in Syracuse, N.Y., in July. The mall reopened after being closed for nearly four months because of the pandemic. Photo: Maranie Staab/Bloomberg News Aug. 28, 2020 5:30 am ET U.S. consumer spending likely rose in July as the labor market continued to add jobs, although economists caution that last …

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Why So Many Businesses Are Still Boarded Up Months After Unrest

Elsie Mae’s Canning and Pies, a bakery in Kenosha, Wis., boarded up its storefront after protests over the police shooting of Jacob Blake. Photo: Kelly Deem Aug. 28, 2020 5:30 am ET Every morning when he unlocks the door to his New York City wine shop, the brown plywood covering one of its windows reminds …

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Neiman Marcus Sues Marble Ridge Over Alleged Bid Rigging

Aug. 27, 2020 6:22 pm ET Neiman Marcus Group Ltd. is suing Marble Ridge Capital LP after a bankruptcy watchdog said the hedge fund’s founder illegally pressured an investment bank to drop its bid on a lucrative piece of the department-store chain’s business so he could buy it himself. In the suit filed Wednesday in …

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