Business News Weekly ─ May 18, 2020

Fewer students seeking financial aid for college. College administrators expect more students to need financial aid for the coming school year – but fewer are applying for it.

Musk reopened factory in California defying the law against it. Looks like he’s going to sue them.

Tech giants help with jobless claims. States including Rhode Island are tuning to tech companies including Amazon Web services in Google handling unprecedented rise in unemployment claims.

  • Chinese N95 masks denied approval, by the US federal government
  • In food delivery, busy doesn’t mean profit. Fast food chains ring up sales
  • Facebook’s African cable advances
  • Big Board to reopen
  • Department of Justice, States plan suits against Google.
  • Apple supplier post 90% decline in profit, referring to Foxconn Technology Group

“Uber to cut 3,000 more jobs” ─ from CNBC.  Uber is cutting 3,000 more jobs less than two weeks after an initial round of layoffs. In an email to employees Monday, CEO Dara Khosrowshahi said Uber would also be shutting or consolidating 45 offices around the world and it is considering cuts to other businesses, such as freight.

“J.C. Penney to permanently shut about 242 stores as part of bankruptcy plan” ─ from Reuters. J.C. Penney Co Inc plans to trim its store count by 29% to about 604, as the U.S. department store chain looks to focus on those more profitable, a regulatory filing showed on Monday, two days after it filed for bankruptcy protection.

The stores to stay open accounted for 82% of the company’s fiscal 2019 sales, J.C. Penney said. Reuters on Friday reported that the company was planning to shutter roughly 200 stores.