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Intel CEO Brian Krzanich resigned abruptly on Thursday citing a ‘past consensual relationship’ with an Intel employee amid an ‘ongoing’ internal investigation. General Motors announced their plan to continue manufacturing the Chevrolet Blazer SUV in Mexico despite President Trump’s pressure on automakers to create more US jobs to renegotiate the North American Free Trade Agreement.
The bidding war for 21st Century Fox peaked on Wednesday when Walt Disney upped its offer to $71.3 billion days after Comcast offered $65 billion. Fox responded by saying it had entered into an agreement with Disney. Amazon, Berkshire Hathaway and JPMorgan Chase announced that Harvard surgeon Dr. Atul Gawande will head their new disruptive cost-cutting health care company.
General Electric is losing its place on the Dow Jones Industrial Average after more than a century and will be replaced by Walgreens Boots Alliances. The move reflects the changing US economy. The company’s stock was battered in the past year during its business overhaul. GE was an original member of the Dow in 1896.
Verizon, AT&T, and Sprint announced on Tuesday they will sharply limit arrangements giving marketers and other businesses access to customers’ location data following disclosures that information was being used to track people without consent. Tesla CEO Elon Musk accused a company of sabotage and breaking into the company’s computer system to disrupt manufacturing.
Elizabeth Holmes the founder of Theranos was indicted on federal wire fraud charges along with the foundation’s ex-president Ramesh ‘Sunny’ Balwani. Holmes stepped down as CEO of Theranos and will be replaced by the company’s general counsel David Taylor. If Holmes and Balwani are convicted, they will face up to 20 years in prison.
A US district court judge has cleared the merger of telecom giant AT&T and media firm Time Warner, in a major defeat for government regulators. The US had sued to block the deal, arguing that it would reduce competition in pay TV and lead to higher prices for consumers. The ruling is expected to lead to other major acquisitions like Comcast’s 21st Century Fox takeover.
Seattle officials repealed a corporate tax hike on large employers on Tuesday aimed at helping the homeless but opposed by Amazon and other businesses in Seattle. The repeal sends the message to cities that Amazon will fight to get its way when it comes to corporate taxation. Tesla announced plans to lay off up to 9% of its workforce, a move that could eliminate roughly 40,000 of the company’s employees.
The executive chairman of Starbucks Howard Schultz announced that he will leave the company at the end of the month. Schultz’s departure raises speculations that he may be considering running in the 2020 presidential race. Schultz said he wants to see if there is ‘a role I can play in giving back’ to the country.
General Motors announced on Thursday that SoftBank Vision Fund will invest $2.25 billion into their self-driving business in a deal that will boost GM’s chances of becoming one of the first companies to deploy autonomous cars in America. GM will join SoftBank and invest an additional $1.1 billion to help launch vehicles by next year.
Walmart announced on Wednesday its plan to offer subsidized college tuition for its 1.4 million US employees, joining a growing list of companies that are helping employees pay for higher education. Employees will pay just $1 per day to earn a degree in either business or supply chain management and the company will cover remaining costs for tuition, fees, and books.