Category: Business

Wearing blue hard hats, white hazmat suits and respirator masks, workers carted away bags of debris on a recent morning from a sprawling and now-defunct oil refinery once operated by Philadelphia Energy Solutions (PES). Other laborers ripped asbestos from the guts of an old boiler house, part of a massive demolition and redevelopment of the […]

Marriott International Chief Executive Officer Arne Sorenson, who was undergoing treatment for pancreatic cancer, has died, the company said on Tuesday. The first non-family member to head the hotel chain, Sorenson, 62, had earlier this month stepped back from full-time role to treat the cancer that was diagnosed in 2019. Marriott said he died on […]

In total, there were 368 million passengers in 2020, down from 922.6 million in 2019. The previous yearly low was 351.6 million in 1984, the department said. December air travel fell 62%, slightly more than the decline in November, the department said. For all of 2020, U.S. domestic air travel fell by 58.7%, while international […]

A federal judge on Tuesday said Citigroup Inc C.N is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc, in what he called “a banking error of perhaps unprecedented nature and magnitude.” U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, […]

Michael Daffey, chairman of Goldman Sachs Group Inc’s global markets division, is set to retire in March, according to an internal memo seen by Reuters and confirmed by a spokeswoman. Daffey, who has been at the bank for nearly 28 years, helped the bank’s preparation for Brexit, the memo said. The outgoing chairman was also […]

General Electric Co expects a cash outflow in the first quarter of 2021 despite a year-on-year increase in cash generation, Chief Executive Officer Larry Culp said at a Barclays Industrial Conference on Tuesday. Culp said the first three months of the year tends to be the industrial conglomerate’s “softest” quarter. Analysts surveyed by Refinitiv, on […]

Luxury electric vehicle maker Lucid Motors Inc is getting close to a deal to go public at a roughly $12-billion valuation after veteran dealmaker Michael Klein’s blank-check acquisition firm launched a financing effort to back the transaction, people familiar with the matter said on Tuesday. The merger between Lucid and Klein’s Churchill Capital IV Corp […]