Renault Plans 14,000 Layoffs

Renault said it's poised to cut more than 14,000 jobs over three years as part of its draft plan to reduce fixed costs by more than EUR2 billion.

 
Novartis Inks Deal to Make Experimental Coronavirus Vaccine

Swiss drugmaker will make a gene-based Covid-19 vaccine being developed by researchers at Massachusetts Eye and Ear hospital, Massachusetts General Hospital and the University of Pennsylvania.

 
Volkswagen to Take Stake in Parent of Chinese Partner

Volkswagen has agreed to buy a 50% stake in the parent company of its Chinese partner JAC Motors, with the JV planning to spend EUR1 billion on boosting annual output.

 
Mideast-Based NMC Health Files for Bankruptcy in the U.S.

NMC Health, a hospital operator based in the United Arab Emirates that collapsed amid fraud allegations, filed for bankruptcy protection in the U.S. and could liquidate as it faces shareholder lawsuits.

 
Trump Signs Order Targeting Social Media

The executive order seeks to limit the broad legal protection that federal law provides to social media and other online platforms.

 
Two Chinese Tech Firms Get Nod for Secondary Listing in Hong Kong

Two of China's most valuable U.S.-listed companies have won approvals from Hong Kong's stock exchange for multibillion-dollar share sales in the city, amid pressure from U.S. lawmakers for greater financial scrutiny of Chinese companies.

 
Costco's Sales Cool as Coronavirus Stockpiling Slows

Costco reported higher sales for its latest quarter, but its growth wasn't as fast as some competitors that were also able to stay open during the pandemic.

 
Salesforce Trims Full-Year Outlook in Response to Coronavirus

The business-software provider cut its full-year earnings outlook and said it provided payment relief to some customers in the face of the pandemic.

 
UPS Adds Peak Surcharge as E-Commerce Soars

The carrier is imposing fees on companies that have inundated its network with packages and oversize items during the pandemic, an unprecedented move aimed at managing a summer flood of shipments and higher costs.

 
24 Hour Fitness Searches for Bankruptcy Loan

The midprice gym chain is seeking a financing package to stay afloat through a possible bankruptcy filing that could come within weeks.

(END) Dow Jones Newswires

May 29, 2020 03:15 ET (07:15 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.