What we’re reading (5/4)
“Fate Of Metal Magnate’s Empire Looms Over Blue-Collar Towns” (Wall Street Journal). “James Sanderson one day hopes to name a horse in the Kentucky Derby after British metals magnate Sanjeev Gupta, who he believes will save the steel industry in Georgetown, S.C. For now, Mr. Gupta is fighting to save his empire. The entrepreneur’s GFG Alliance group of companies says it is seeking to refinance billions of dollars worth of debt after Greensill Capital, its main lender, filed for insolvency in March.”
“Emails Between Steve Jobs And Other Apple Execs Reveal Conflict With Facebook Has Spanned More Than A Decade” (CNBC). “Last August, Facebook said Apple’s App Store rules were hampering it from releasing its Facebook Gaming app for iPhones in the way it wanted to…[n]ow, emails between three former Apple executives, including Steve Jobs, from 2011 show that a similar conflict between Apple and Facebook was likely part of the reason for a delay for the release of a Facebook app for iPads over a decade ago.”
“Goldman Sachs Plans To Get US Staff Back In The Office By Mid-June, According To A Report” (Business Insider). “Goldman Sachs is planning to get US employees back to the office by mid-June, Bloomberg reported Tuesday, citing people with knowledge of the matter. The bank has not yet informed staff of the plan, according to the report. Goldman Sachs declined Insider's request for comment.”
“How The Pandemic Led To A Rental Car Crisis Just As Americans Are Ready To Bust Loose” (Washington Post). “Major rental car operators last year sold off more than 770,000 cars as the pandemic crushed demand and kept Americans home…[f]or customers, smaller fleets mean higher prices and longer waits. But for the rental companies, shedding car leases and cutting billions of dollars in planned purchases was the key to survival. Now that the economy is growing faster than anticipated and people want to travel, the companies are struggling to find enough cars.”
“Verizon Offloads Yahoo And AOL In $5 Billion Deal” (CNN Business). “Verizon is exiting the media business, announcing Monday that it's selling the unit for $5 billion to private equity firm Apollo Global Management. The sale includes AOL and Yahoo, which Verizon bought for a combined $9 billion in recent years. Verizon will retain a 10% stake in the spin off and the Verizon Media Group name will be changed to just Yahoo.”
