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December 14, 2019
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Reuters - Business

SoftBank to go ahead with WeWork stock tender offer this week

Reuters
NEW YORK/BANGALORE (Reuters) – SoftBank Group Corp (9984.T) will this week launch a previously agreed tender offer for as much as $3 billion of WeWork shares, including up to $970 million owned by the office sharing company’s cofounder Adam Neumann, two people familiar with the matter said. FILE PHOTO: A...
Reuters - Business

WeWork to lay off 2,400 employees in SoftBank revamp

Reuters
NEW YORK (Reuters) – WeWork said on Thursday it is laying off around 2,400 employees, almost 20% of its workforce, as the office-sharing company seeks to drastically cut costs after it transformed from a Wall Street darling into a pariah in a matter of weeks. The long-anticipated layoffs are the...
Reuters - Business

WeWork to lay off 2,400 employees globally in SoftBank revamp

Reuters
FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo NEW YORK (Reuters) – WeWork said on Thursday it is laying off around 2,400 employees globally, as the office-sharing company seeks to drastically cut costs and stabilize its business...
Reuters - Business

Exclusive: New York State Attorney General investigating WeWork – sources

Reuters
NEW YORK (Reuters) – The New York State Attorney General (NYAG) is investigating WeWork, according to two people familiar with the matter, adding to a mounting series of problems that have turned the workspace provider from a Wall Street darling to a pariah in a matter of weeks. FILE PHOTO:...
Reuters - Business

U.S. growth outlook in 2020 improves despite trade risk: Fannie Mae

Reuters
FILE PHOTO: A sale sign points to a home in Dallas, Texas September 24, 2009. REUTERS/Jessica Rinaldi/File Photo NEW YORK (Reuters) – Fannie Mae (FNMA.PK) on Monday upgraded its forecast for 2020 U.S. economic growth to 1.9% from 1.7%, arguing that consumer spending and the housing market will buoy gross...
Reuters - Business

Highlights: Hong Kong paralyzed for fifth day, students guard campuses

Reuters
HONG KONG (Reuters) – Anti-government protesters paralyzed parts of Hong Kong for a fifth day on Friday, forcing schools to close and blocking some main roads, as university students barricaded campuses and authorities struggled to calm the violence. Protesters sit on the roof of a bridge overlooking the Cross Harbour...
Reuters - Business

WeWork third-quarter losses widen to $1.25 billion as expansion ramps up

Reuters
FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo NEW YORK (Reuters) – The We Company, owner of WeWork, said on Wednesday net losses in the third quarter widened to $1.25 billion from $497 million a year earlier...
Reuters - Business

WeWork, ex-CEO Neumann, Softbank sued over botched IPO, plummeting value

Reuters
NEW YORK (Reuters) – WeWork officials, including co-founder and former Chief Executive Adam Neumann, are being sued by minority shareholders to recoup losses as the shared workspace provider pulled its initial public offering and saw its value plunge more than 87%. FILE PHOTO: The WeWork logo is displayed outside of...
Reuters - Business

Factbox: How to fix WeWork: rivals say what they would do

Reuters
NEW YORK (Reuters) – Office sharing company WeWork is being rescued by its largest shareholder, SoftBank Group Corp (9984.T), with a $9.5 billion injection of funds but it still faces a very difficult road to survival given its large losses, and property lease liabilities. FILE PHOTO: The WeWork logo is...
Reuters - Business

Prologis to buy warehouse rival Liberty in $12.6 billion deal

Reuters
FILE PHOTO: A general view of the main entrance of Prologis logistics complex which Amazon.com Inc is planning to rent in Cajamar, Brazil February 2, 2018. REUTERS/Gabriela Mello (Reuters) – Warehouse giant Prologis Inc (PLD.N) said on Sunday it had agreed to acquire rival industrial real-estate business Liberty Property Trust...
Reuters - Business

Prologis agrees to $12.6 billion all-stock deal to buy Liberty Property Trust

Reuters
FILE PHOTO: A general view of the main entrance of Prologis logistics complex which Amazon.com Inc is planning to rent in Cajamar, Brazil February 2, 2018. REUTERS/Gabriela Mello (Reuters) – Logistics company Prologis Inc (PLD.N) said on Sunday it had agreed to acquire commercial real estate firm Liberty Property Trust...
Reuters - Business

How SoftBank made WeWork an offer it had to accept

Reuters
NEW YORK (Reuters) – Just a few months ago, WeWork’s co-founder Adam Neumann was being courted by Wall Street’s top investment bankers in anticipation of one of this year’s most high-profile initial public offerings. FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September...
Reuters - Business

WeWork’s new chairman defends payouts to founder, says company will survive

Reuters
(Reuters) – WeWork’s new Executive Chairman Marcelo Claure on Wednesday defended huge payouts to the office-sharing company’s founder Adam Neumann and said there is now “zero risk of the company going bankrupt,” according to an audio recording of a meeting he held with employees that was reviewed by Reuters. FILE...
Reuters - Business

Exclusive: Lampert helps bankroll Sears as woes persist after bankruptcy – sources

Reuters
(Reuters) – U.S. retailer Sears has borrowed about $150 million from lenders, including its billionaire owner Eddie Lampert, as it racks up losses less than a year after it emerged from bankruptcy protection, people familiar with the matter said. FILE PHOTO: A dismantled sign sits leaning outside a Sears department...
Reuters - Business

Citi pays $30 million fine to settle real-estate violations: regulator

Reuters
FILE PHOTO: A Citibank branch is seen in Santa Monica, California, U.S. March 19, 2018. REUTERS/Lucy Nicholson WASHINGTON (Reuters) – Citibank has agreed to pay a $30 million fine to settle charges of repeated violations of real estate holding rules and for failing to meet its commitment to take corrective...
Reuters - Business

U.S. bank regulator charges Citi $30 million for real estate violations

Reuters
FILE PHOTO: A Citibank branch is seen in Santa Monica, California, U.S. March 19, 2018. REUTERS/Lucy Nicholson WASHINGTON (Reuters) – The U.S. Office of the Comptroller of the Currency (OCC) said on Friday that it had fined Citibank (C.N) $30 million for real estate violations. The OCC said the bank...
Reuters - Business

WeWork India fighting for new funds after talks with local lender collapse

Reuters
(Reuters) – WeWork’s India franchise has seen talks with local lender ICICI Bank Ltd (ICBK.NS) on $100 million in funding break down since The We Company’s botched stock market launch, and is in early discussions to raise $200 million from new investors, the venture’s chief shareholder Jitu Virwani said on...
Reuters - Business

WeWork to open new co-working sites in Singapore and Manila

Reuters
FILE PHOTO: A WeWork logo is pictured in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri/File Photo (Reuters) – Office-sharing startup WeWork will open new locations in Singapore and the Philippines this year, it said, even as it seeks a $1 billion lifeline...
Reuters - Business

WeWork to open two new locations in Singapore amid cost-cutting drive

Reuters
FILE PHOTO: A WeWork logo is pictured in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri/File Photo (Reuters) – Office-sharing startup WeWork on Thursday said it will open two new locations in Singapore this year, even as its seeks a $1 billion lifeline...
Reuters - Business

Hays to buy Thomas Cook British stores in reprieve for up to 2,500 staff

Reuters
FILE PHOTO: People walk past a closed Thomas Cook store in London, Britain, September 23, 2019. REUTERS/Henry Nicholls/File Photo (Reuters) – Hays Travel will buy all Thomas Cook’s (TCG.D) British travel agent shops, potentially saving up to 2,500 jobs, Britain’s insolvency agency said on Wednesday, in a rare reprieve for...

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