Apple Won’t Meet Quarterly Revenue Target Due to Coronavirus

Pier 1 files for Chapter 11 bankruptcy, seeks buyer

Retailer Pier 1 has filed for Chapter 11 bankruptcy protection, reports the Wall Street Journal. The filing reportedly was made Monday, with U.S. stock markets closed for Presidents Day, in federal bankruptcy court in Richmond, Va. The Fort Worth, Texas-based home-décor chain PIR, -5.82% had said a month ago that it was shuttering half its stores but might be unable to stave off bankruptcy. The company said in a news release that it would seek a buyer. Shares of Pier 1 are down more than 80% over the past year, and 44% since the start of 2020 alone, as compared with gains of 22% an 4.6% by the benchmark S&P 500 SPX, +0.18% over those spans.

Jeff Bezos commits $10B to climate-change fight

Bezos buys Los Angeles’ most expensive property

Amazon founder Jeff Bezos has purchased the most expensive real estate in Los Angeles for $165 million, a mansion complete with gardens, guest houses and a nine-hole golf course. FOX Business’ Ashley Webster with more.

Jeff Bezos has committed $10 billion to the fight against climate change.

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The Amazon founder and world's richest person announced Monday that he is launching the Bezos Earth Fund to provide scientists, activists and non-governmental organizations with the money they need to help them preserve and protect the planet.

BEZOS MINGLES WITH HOLLYWOOD ELITE TO CREATE CELEBRITY LIFE: REPORT

"Climate change is the biggest threat to our planet," Bezos wrote in an Instagram post. "I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share."

Bezos is the world's richest person with a net worth of $130 billion, according to the Bloomberg Billionaires Index.

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Rivian CEO: Our electric trucks are comfortable getting dirty

Washington, DC (CNN Business)When it comes to electric pickup trucks, General Motors doesn’t appear interested in letting Tesla (TSLA) hog the spotlight.

CEO Mary Barra said Thursday that GM would have an electric pickup truck for sale by the fall of 2021. Barra’s remarks came during an investor meeting, just hours before Tesla revealed its own long-awaited electric pickup truck in Los Angeles.
“General Motors understands truck buyers,” said Barra. “And we also understand people who are new coming into the truck market that view it as a lifestyle vehicle.”

    After years of waiting, Tesla will finally reveal its electric pickup
    GM (GM) plans to have 20 electric vehicles globally by 2023. The automaker is also working with the construction company Bechtel to build thousands of electric vehicle charging stations across the United States.
    GM’s competition in electric pickup trucks isn’t limited to Tesla. Ford is developing its own truck, and released a video of it towing a line of freight cars this summer.

    Ford has also invested in Rivian, a Michigan startup planning to manufacture electric pickup trucks.

    Boris Johnson's aide Andrew Sabisky quits after controversial comments unearthed

    Downing Street adviser Andrew Sabisky has announced his resignation amid criticism over controversial comments he made in the past.

    He had in one case suggested that ‘there were very real racial differences in intelligence’ and that ‘black people had lower IQs’ than white people.

    Sabisky, was drafted in to Number 10 after the Prime Minister’s chief adviser, Dominic Cummings, called for ‘misfits and weirdos’ to apply to advise the Government.

    More to follow

    Russian state airline suspends some flights to China

    MOSCOW (Reuters) – Russian national carrier Aeroflot said on Monday that it is suspending some flights to China due to lower demand amid the coronavirus outbreak.

    The carrier will fly to Beijing and Shanghai once instead of twice a day from Tuesday to March 28, the company said on its website.

    Aeroflot also suspended some flights to the southern city of Guangzhou on Monday and to Chinese-ruled Hong Kong, starting from March 1, but still will keep flying four times a week to each city.

    All other major Russian airlines stopped flying to China on Jan. 31.

    Apple Won’t Meet Quarterly Revenue Target Due to Coronavirus

    Apple Inc. doesn’t expect to meet its revenue guidance for the March quarter due to work slowdowns from the outbreak of novel coronavirus in China, Bloomberg News reports.

    “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” the company said in a statement Monday. Apple said global iPhone supply will be “temporarily constrained” and that demand for its products in China has been affected by store closures and reduced customer traffic.

    More information is available on the Bloomberg Terminal. 

     

    Apple Won’t Meet Quarterly Revenue Target Due to Coronavirus

    Apple Inc. doesn’t expect to meet its revenue guidance for the March quarter due to work slowdowns from the outbreak of novel coronavirus in China, Bloomberg News reports.

    “Work is starting to resume around the country, but we are experiencing a slower return to normal conditions than we had anticipated,” the company said in a statement Monday. Apple said global iPhone supply will be “temporarily constrained” and that demand for its products in China has been affected by store closures and reduced customer traffic.

    More information is available on the Bloomberg Terminal.