JOB
LinkedIn to fire nearly 1,000
LinkedIn is laying off nearly 1,000 employees, roughly 6 percent of its workforce globally, with unemployment in the United States above 13 percent and national economies from Europe and Asia to the Americas, declining due to the pandemic. The outbreak has disrupted trade globally, shutting down thousands of businesses while forcing others to suspend large numbers of employees while waiting for a recovery. Recruitment has decreased dramatically. – ASSOCIATED PRESS
HOTELS
Marriott will require guests to wear masks
Marriott hotels will require guests to wear masks in lobbies and other public spaces beginning July 27. The Bethesda, Maryland-based hotel giant, which has more than 7,300 hotels worldwide, has been requiring employees to wear masks for several months. But in a video message released Monday, CEO Arne Sorenson said the mandate is being extended to guests. – ASSOCIATED PRESS
ONLINE TRADE
eBay sells classified ad business to a Norwegian company
EBay Inc. is selling its classifieds business to Adevinta of Norway in a $ 9.2 billion deal that will create the world’s largest online classifieds group, the companies said Tuesday. Under the terms of the deal, eBay will raise $ 2.5 billion in cash and become Adevinta’s largest shareholder, with a 44 percent stake in the capital and a third of the voting rights. The combined company will have classified ad websites in 20 countries, covering one billion people and receiving around 3 billion monthly visits. – ASSOCIATED PRESS
MEDIA
ABC News executive released after investigation of racist comments
Walt Disney Co. said in an internal memo Monday that it had severed ties with a top ABC News executive after an investigation backed up complaints that she had made racist comments in the workplace. The executive, Barbara Fedida, 52, had worked at ABC for most of her approximately two-decade career, except for a five-year term as director of talent development at CBS News from 2006 to 2011. As a senior vice president From talent relationships and business to ABC News, she participated in the on-air talent screening for shows such as “Good Morning America,” “ABC World News Tonight With David Muir” and “Nightline.” Last month, HuffPost reported that Fedida had made callous statements, including racist comments, at work. During a salary negotiation with “Good Morning America” presenter Robin Roberts, who is black, Fedida said the company was not asking him to “pick cotton,” according to the article. – NEW YORK TIMES
CORPORATE LEADERSHIP
Black leader executive resigns, cites past relationship
Jide Zeitlin, the chief executive of Tapestry and one of only four black chief executives in the Fortune 500, resigned Tuesday. The unexpected move came after the company board learned of a misconduct allegation involving Mr. Zeitlin and hired a law firm to investigate, according to a person familiar with the situation who spoke on condition of anonymity. . Although Tapestry, owner of Coach and Kate Spade, announced that Zeitlin would resign for “personal reasons,” he later acknowledged in a statement that the departure was related to a past relationship. “Last month, a woman I photographed and had a relationship over 10 years ago contacted various media organizations to express their concerns about what happened,” Zeitlin said in the statement. “I felt compelled to resign today because I don’t want to create a distraction for Tapestry, a company that I care deeply about.” The Wall Street Journal reported on the statement Tuesday morning. – NEW YORK TIMES
RETAIL
Giant retailers team up to find alternatives to plastic bags
The world’s largest retailers are trying to replace the plastic bag. Target, Walmart and CVS unveiled a joint $ 15 million initiative Tuesday to replace plastic bags with something else over the next three years. The companies, which each contributed $ 5 million, aim to create global competition to find a way to change plastic bags or make them unnecessary. Walgreens and Kroger plan to get involved. Called “Beyond the Bag,” companies want to start research on new bag materials or technology and delivery systems that may make them obsolete. – BLOOMBERG NEWS
DRINKS
Coca-Cola revenues plummet without games or movies
Coca-Cola revenue fell 28 percent in the second quarter, although sales began to improve last month as locks decreased globally. Since then, the pandemic has gained momentum in parts of the US, India, and other parts of the developing world. Rising infections across the Sunbelt United States forced companies to close again and potentially delayed the return to activities that fuel half of Coca-Cola’s sales. Those sales come from stadiums, movie theaters, and other places where people gather in large numbers, places that have closed in the pandemic. The Major League Baseball will begin playing this week, but it will empty stadiums with crowd noise. – ASSOCIATED PRESS
BANKING
UBS seeks to share buybacks with pandemic behind
UBS Chief Executive Sergio Ermotti is looking at more share buybacks as a way to reward investors while maintaining flexibility during the economic uncertainty caused by the coronavirus pandemic. The Swiss bank noted that the worst hit of the balance sheet crisis may have already ended, raising the possibility that shareholder payments will resume as early as next quarter after freezing yields under pressure from regulators . UBS is firing one of the first saves in Europe’s controversial debate over bank dividends and share buybacks after lenders received several regulatory outages to help them weather the crisis. – BLOOMBERG NEWS
TRANSMISSION
Pakistan threatens TikTok for content it considers ‘immoral’
Pakistan threatened China’s TikTok and blocked the Singapore-based Bigo Live streaming platform, citing what the regulatory authority called widespread complaints about “immoral, obscene and vulgar” content in apps. The move was quickly denounced by Pakistani rights activists who saw it as a potential precursor to even greater censorship in this conservative Muslim nation. Both TikTok, a video sharing app owned by Beijing tech giant ByteDance, and Bigo Live, a live streaming platform owned by a Singapore company, are popular with Pakistani teens and young adults. In 2008, Pakistan banned YouTube on videos depicting the Prophet Muhammad. – ASSOCIATED PRESS
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