GM’s Self-driving Car Unit Cruise To Lay Off 8% Of Staff: Reports

Stock Alert: Synadax Down 18%

Shares of Syndax Pharmaceuticals, Inc. (SNDX) are sinking more than 18% Friday morning after the company announced that the phase III E2112 study of its investigational compound entinostat in combination with exemestane in patients with HR+, HER2- advanced breast cancer did not achieve the primary endpoint.

The study was conducted by ECOG-ACRIN Cancer Research Group (ECOG-ACRIN) and sponsored by the National Cancer Institute (NCI).

Syndax stock is currently trading at $16.71. It has traded in the range of $5.35- $21.97 in the last 52-weeks.

CANADA STOCKS-TSX opens lower as energy stocks, U.S.-China tensions weigh

May 22 (Reuters) – Canada’s main stock index opened lower on Friday, pressured by energy stocks which tracked falling oil prices and escalating tensions between the United States and China.

* At 9:31 a.m. ET (13:31 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 21.13 points, or 0.14%, at 14,905.98.

Indonesian traders risk losing licences to stay open during Eid

Some preparing for Islamic holiday are ignoring restrictions aimed at curbing the spread of the coronavirus.

In Indonesia, some preparing for the Islamic Eid holiday are ignoring restrictions aimed at curbing the spread of the coronavirus.

Market traders are disobeying police orders and risking their business licences to stay open.

Al Jazeera’s Jessica Washington reports from the capital, Jakarta.

Mexico City hospitals reaching breaking point

Independent survey suggests the COVID-19 infection rate may be three times higher than what the government says it is.

Paramedics in Mexico City say hospitals are reaching breaking point in treating coronavirus patients.

And an independent survey suggests the infection rate may be three times higher than what the Mexican government says it is.

Al Jazeera’s Manuel Rapalo reports from the capital.

Brazil central bank warns of risks of QE, lower-bound rates – director

BRASILIA, May 22 (Reuters) – Brazil’s central bank should not implement the bond-buying policy known as ‘quantitative easing’ or reduce interest rates toward zero, both of which risk distorting markets and increasing financial instability, a bank director said on Friday.

Speaking in a live online event hosted by investment bank UBS, economic policy director Fabio Kanczuk also warned that both policies risked a potentially damaging depreciation in the exchange rate. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

OPP investigating theft of snowmobiles, trailer from City of Kawartha Lakes business

City of Kawartha Lakes OPP are investigating the reported theft of two snowmobiles and a trailer from a business south of Bobcaygeon.

OPP say the vehicles were stored at the business on Kawartha Lakes Road 24 for the summer. They were last seen in storage on May 14.

The items reported stolen are:

Ikea to reopen 19 stores during UK lockdown

Ikea is to reopen 19 stores in the UK on 1 June as it joins other furniture retailers planning to unlock their doors this weekend.

Only one adult and one child per household will be permitted in branches on each visit, while play areas and restaurants will remain closed.

The Swedish retailer’s food market will offer takeaway hotdogs, burgers and meatballs from its bistros.

Other measures to ensure safer trading during the coronavirus outbreak include “social distance wardens” to help shoppers navigate a new one-way system.

Britain’s biggest furniture chain said its smaller high street stores would not reopen yet, and its outlet in Coventry would remain permanently closed with the potential loss of 352 jobs. Ikea said it had found potential alternative positions within the group for about 100 staff.

Ikea’s plans come as the sofa retailer ScS prepares to open its 81 stores on Saturday, joining DFS and Furniture Village, which are also reopening stores in time for the bank holiday weekend.

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The homewares chain Dunelm began unlocking stores on 12 May after it received permission from the government. The retailer has so far reopened 39 of its 171 stores.

Furniture retailers have resumed trading after the government clarified its definition of “essential” retailers on 13 May to say homeware stores were included, rather than its earlier definition of “home and hardware” stores.

UK real estate hit by COVID-19 crisis

Commercial rent is going unpaid and prospect of more job losses means fewer people are thinking about buying homes.

As millions of shops remain closed, possibly for good, commercial rent is going unpaid.

And the prospect of more job losses means fewer people are thinking about buying homes. 

Al Jazeera’s Nadim Baba has more from London.

 

GM’s Self-driving Car Unit Cruise To Lay Off 8% Of Staff: Reports

Cruise, the self-driving vehicle start-up majority-owned by General Motors, reportedly plans to lay off 150 employees or about 8% of its workforce, in order to curb operating costs amid the ongoing coronavirus pandemic.

The cuts are expected to occur outside the company’s engineering operations, including recruiting and human resources. The news was initially reported by Bloomberg.

“In this time of great change, we’re fortunate to have a crystal clear mission and billions in the bank. The actions we took today reflect us doubling down on our engineering work and engineering talent,” Cruise spokesman Ray Wert said in an emailed statement, CNBC reports.

The company has about 1,800 employees, primarily based in San Francisco.

The coronavirus pandemic has halted vehicle production worldwide and has wreaked havoc on the global auto economy.