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Spokesman Review 10/21/2020 20:20
Short-video app Quibi said it is shutting down just six months after its early April launch , having struggled to find customers. The company said Wednesday it would wind down its operations and plans to sell its assets. “Quibi is not succeeding,” its top executives bluntly declared in a letter posted online . The video platform – designed for people who were out and about to watch on their phones – was one of a slew of new streaming services started to challenge Netflix over the past few years, most of which were part of much bigger tech and entertainment companies, like Apple and Disney. Quibi, short for “quick bites,” raised $1.75 billion from investors including Hollywood players Disney, NBCUniversal and Viacom and its leadership were b.
Spokesman Review 10/21/2020 14:58
EVERETT (AP) — Boeing is considering relocating its commercial airplane division headquarters in Washington state in an effort to reduce costs during the coronavirus pandemic. Boeing Executive Bill McSherry confirmed earlier reports that the company was mulling whether to vacate the Boeing Commercial Airplanes headquarters in Renton and move to either the Boeing Field in Seattle or the campus in Everett, The Daily Herald reported. McSherry told participants at an Economic Alliance Snohomish County virtual gathering on Tuesday the pandemic has forced the airline to take "some very difficult steps" and drove the company "to respond to the new normal here for the next few years.".
Spokesman Review 10/21/2020 12:57
WASHINGTON — Purdue Pharma, the company that makes OxyContin, the powerful prescription painkiller that experts say helped touch off an opioid epidemic, will plead guilty to three federal criminal charges as part of a settlement of more than $8 billion, Justice Department officials announced Wednesday. The company will plead guilty to three counts, including conspiracy to defraud the United States and violating federal anti-kickback laws, the officials said.
Spokesman Review 10/21/2020 07:13
Canopy Credit Union has remodeled and reopened its third full-service branch in north Spokane. The 3,310-square-foot branch reopened for business Tuesday at 1212 W. Francis Ave., following months of renovations that began after Canopy purchased the building in December, according to a company news release. The branch was previously the Credit Union Service Center, which provided services to members of three different credit unions. "This branch provides us the opportunity to better serve our existing members and create new relationships with the North Spokane community," Charlotte Nemec, president and CEO of Canopy Credit Union, said in a statement.
Spokesman Review 10/21/2020 07:10
Geno’s in the Logan neighborhood is permanently closing Saturday, according to the establishment’s Facebook page. In a Facebook post Tuesday, Geno’s co-owners John Grollmus and Brad Fosseen cited a variety of factors that led to the decision to close the pub, including the strain of recent events and road construction on Hamilton Street. "We’d like to thank the Spokane community at large and more specifically the Logan neighborhood for all the support over these last few years," the Facebook post said. Geno’s will be open daily at a reduced capacity 11 a.m.-11 p.m.
Spokesman Review 10/20/2020 22:40
WASHINGTON – In a landmark antitrust lawsuit filed Tuesday, the Justice Department and 11 states accused Google’s online search and advertising business of violating federal laws against monopolies and harming consumers, advertisers and competitors. Jeff Feldman, a law professor at the University of Washington, said the case is relatively unprecedented in the history of antitrust law, given the size and nature of the company. "It certainly is not a standard antitrust case," Feldman said, "but in the world of high tech, it is what we have come to see.
Spokesman Review 10/20/2020 19:59
The Kalispel Tribe’s opening offer to purchase the recently shuttered Ponderay Newsprint Co. mill in Usk was turned down this month, leaving the fate of the bankrupt facility in Pend Oreille County uncertain. The (Newport, Wash.) Miner reported that the tribe offered about $6 million for the property and facility, which the owners valued at more than $79 million in bankruptcy filings. John Munding, the bankruptcy trustee overseeing the company’s Chapter 7 bankruptcy, turned down the tribe’s proposal but said Tuesday it may not be their last. “The tribe continues to express a valid interest in the property and facility,” he said in an interview with The Spokesman-Review. Efforts to reach the Kalispel Tribe for comment were unsuccessful, but
Spokesman Review 10/20/2020 17:24
SEOUL, South Korea — Intel has agreed to a $9 billion deal to sell most of its memory business to South Korea’s SK Hynix as it moves toward more diverse technologies while shedding a major Chinese factory at a time of deepening trade friction between Washington and Beijing. Intel said it will keep its "Optane" business of more advanced memory products, which analysts say are mostly produced in the United States. According to the plan confirmed by the companies on Tuesday, SK Hynix will acquire Intel’s NAND memory chip and storage business, including a related manufacturing site in the northeastern Chinese city of Dalian.
Spokesman Review 10/20/2020 15:21
WASHINGTON — U.S. home construction increased a solid 1.9% in September after having fallen in the previous month, as homebuilding continues as one of the bright spots of the economy. The increase last month pushed home construction to a seasonally adjusted annual rate of 1.42 million homes and apartments after a 6.7% drop in August, the Commerce Department reported Tuesday. Applications for building permits, a good barometer of future activity, increased an even stronger 5.2% to 1.55 million units. After a plunge in the spring because of pandemic-related lockdowns, housing has staged a solid rebound as demand for homes with more space has grown and mortgage-rates have stayed at ultra-low levels. Construction of single-family homes in Septe.
Spokesman Review 10/20/2020 14:41
For the first time in nearly 50 years, older workers are facing higher unemployment than midcareer workers, according to a study released Tuesday from the New School. The pandemic has wrecked havoc on employment for people of all ages. But researchers found that workers 55 and older lost jobs sooner, were rehired slower and continue to face higher job losses than their counterparts ages 35 to 54. It is the first time since 1973 that such an unemployment gap has persisted for six months or longer. In every recession since the 1970s, older workers had persistently lower unemployment rates than mid-career workers, partly because of the benefits of seniority. In the current recession, however, older workers experienced higher unemployment rates.
Spokesman Review 10/20/2020 14:27
DETROIT — General Motors plans to spend $2 billion to convert its Spring Hill, Tennessee, assembly plant into a third U.S. site to build future electric vehicles. The Detroit automaker also said it will spend another $153 million to upgrade five Michigan factories for future vehicles. The company will build the Cadillac Lyriq, a small electric SUV, at the Spring Hill factory.
Spokesman Review 10/20/2020 10:28
WASHINGTON — The Justice Department is expected to file a lawsuit Tuesday alleging that Google has been abusing its online dominance in online search to stifle competition and harm consumers, a person familiar with the matter told The Associated Press. The lawsuit marks the government’s most significant act to protect competition since its groundbreaking case against Microsoft more than 20 years ago.
Spokesman Review 10/20/2020 08:21
PULLMAN – Grocery Outlet Bargain Market has opened a store in Pullman that employs more than 30 workers. The independently-operated grocery store, which opened Thursday at 1450 S. Grand Ave., carries fresh produce, meat, dairy, health care, beauty and seasonal items at discounted prices. "I am overjoyed to be a part of the Pullman community and be able to provide big savings on quality groceries," Melinda Parks, owner of Grocery Outlet’s Pullman store, said in a statement.
Spokesman Review 10/20/2020 08:17
Washington State University’s Center for Innovation is looking people with creative ideas to solve a current or future problem related to COVID-19. The Center for Innovation, in partnership with live sciences incubator sp3nw, WSU’s Stevens County Extension office and Coeur d’Alene-based GIZMO, launched a COVID-19 Innovation Challenge, which is open to community members with potential solutions for coronavirus-related issues, such as inhibiting the spread of infection, overcoming supply-chain disruptions and supporting daily living tasks, among other things. The deadline to enter the COVID-19 Innovation Challenge is Oct. 23.
Spokesman Review 10/19/2020 19:41
Dallas-based Integrity Marketing Group, a large distributor of life and health insurance products, has acquired Advanced Market Sales, an independent insurance marketing organization headquartered in Coeur d’Alene. Under the acquisition, Sean Ruggiero will remain president of Advanced Market Sales and become a managing partner of Integrity Marketing Group, according to a company news release. Financial terms of the transaction were not disclosed. The merger will provide Advanced Market Sales with online quoting, enrollment, marketing and lead generation needed to grow the company while shifting IT, accounting and human resources functions to Integrity Marketing Group, according to the release. “Joining forces with Integrity takes what we’re.
Spokesman Review 10/19/2020 14:32
NEW YORK — ConocoPhillips is buying shale producer Concho Resources in an all-stock deal valued at $9.7 billion making it a major presence in the Permian Basin, the top-producing oil field in the U.S. The combined company, if approved, would be among the largest independent U.S. oil producers, with production of more than 1.5 million barrels of oil equivalent per day, a resource base of approximately 23 billion barrels of oil and an enterprise value of about $60 billion. "Through this combination, we are joining a diversified energy company with even more scale and resources to create shareholder value in today’s markets and beyond," said Tim Leach, chairman and CEO of Concho Resources, in a prepared statement.
Spokesman Review 10/18/2020 03:35
There’s a lot to like about Hanesbrands (NYSE: HBI). For starters, it owns a portfolio of familiar brands, such as Hanes, Champion, Maidenform, Bali, Playtex, L’eggs and Wonderbra. It’s a top apparel brand in the U.S., and has the benefit of operating most of its own manufacturing facilities – unlike many of its rivals, which contract out for such work. The company has been hurt by the pandemic, with many of its sales channels closed or ailing, though its mass-merchant channels such as Walmart and Target remained operational even during lockdown. Hanesbrands had already been struggling prepandemic with a soft innerwear market, and it carries significant debt (about $4 billion), far eclipsing its cash. The news is not all bad, though, due in.

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