Red Lobster has filed for Chapter 11 bankruptcy protection, citing high operational costs and an unprofitable unlimited shrimp promotion. It plans to transfer control to its lenders with $100 million in financing from Fortress Investment Group.
Sectors
Whistleblower Claims GlaxoSmithKline Lied to FDA, Federal Government About Zantac Safety Claims
A whistleblower has come out with allegations that GlaxoSmithKline (GSK) deceived the public about the safety of Zantac, a popular heartburn medicine.
US Water Utilities Targeted by Cyberattacks; EPA Warns Cyberbreaches Becoming More Severe, Frequent
US water utilities are targeted by cyberattacks more frequently. EPA warns that the cyberattacks are becoming more severe as well.
US Senate Accuses BMW of Buying Car Components From Banned Chinese Supplier; Volkswagen, Jaguar Allegedly Involved As Well
The US Senate accuses BMW and other automakers of buying car components from a banned Chinese supplier. Here's what officials shared.
iPhones in China Are Being Sold for $360 Less so Apple Can Compete With Chinese Smartphones
Apple is aggressively discounting select iPhone models in China, offering up to a $360 price reduction on its official Tmall site. It aims to compete with local rivals like Huawei, which is under pressure from its new smartphone series, the Pura 70.
Latest News
The US Food and Drug Administration granted Elon Musk's Neuralink permission to implant its brain chip in a second person, approving the company's suggested solutions for an issue that arose in the first test subject.
AstraZeneca will build a $1.5 billion manufacturing facility in Singapore to produce antibody-drug conjugates (ADCs) and targeted cancer therapies. This will be the company's first end-to-end ADC production site and will receive support from the Singapore Economic Development Board (EDB).
Meta and Google are leading a lobbying effort to block New York legislation aimed at online child safety, arguing the bills would stifle free speech and infringe on privacy, with the campaign's spending expected to surpass $1 million.
Google is investing an additional €1 billion ($1.1 billion) to expand its data center campus in Finland, using the region's renewable energy to drive AI growth in Europe.
Tesla is making efforts to address concerns raised by European leasing companies due to multiple retail price cuts and delays in service.
Two German banks in Russia had their assets seized by the court over a Baltic Sea gas project construction issue.
Irish low-cost carrier Ryanair said that their net profit rose to $2.09 billion or 34%, making it its best-ever financial performance.
Minnesota lawmakers announced that the state has negotiated a minimum wage deal with Uber and Lyft. (Photo : ROBYN BECK/AFP via Getty Images) Minnesota legislators revealed Saturday, May 18, that the state's government had reached an agreement with Uber and Lyft to establish minimum wage requirements for their drivers.
American billionaire Bruce Nordstrom, the former chairman of Nordstrom's department store chain, has died at the age of 90.
