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Sinclair Broadcasting, which operates186 television stations in 87 U.S. markets, will cut 5 percent of its 9,211 employees, the company said in a statement. Sinclair also reported fourth-quarter revenues shrank 7 percent year on year. The company had previously cut capital investment as well as discretionary and non-essential spending. Sinclair avoided layoffs longer than several...

Live Nation Entertainment, the largest U.S. concert promoter, expects to begin offering live outdoor amphitheater shows before August, CEO Michael Rapino said in a 4 March call with investors.  About 83 percent of customers held onto their previously-purchased tickets awaiting shows to be rescheduled instead of asking for a refund during the economic shutdown, he...

Seeing carbon capture as a $2-trillion annual market by 2040, ExxonMobil is organizing its hodgepodge of 20 such projects into a new business unit named Low Carbon Solutions, CEO Darren Woods announced during a 3 March investor presentation. “Carbon capture” is an increasingly popular area of R&D that extracts carbon dioxide from air and locks...

Across the U.S., about a quarter of office workers sent home during the pandemic have returned, according to Kastle Systems, a firm that records employee card swipes in 3,600 buildings around the country. In Chicago and San Francisco, fewer than 20 percent of desk jockeys have returned; in Texas, where COVID-related strictures have been looser,...

President Biden’s $1.9-trillion economic rescue plan includes $14 billion in payroll support for U.S. airlines and $1 billion for their contractors, bringing the government’s total support for the industry to more than $63 billion since the COVID pandemic began. The newest bailout is unlikely to be enough to prevent layoffs across the industry, with air...

The gap between the value of U.S. imports and exports widened 1.9 percent to $68.2 billion in January, the Commerce Department reported, as American consumers bought more pharmaceuticals, cell phones, flat-screen televisions, and other electronic items. Imports grew 1.2 percent to $260.2 billion in January from December, returning to pre-pandemic levels, while exports added 1...

The U.S. Federal Reserve will not tighten monetary policy, Fed chair Jerome Powell reiterated on 4 March at the Wall Street Journal Jobs Summit. “We’re still a long way from our goals of maximum employment and inflation averaging 2 percent over time,” he said. With the U.S. economy still about ten million jobs short of...

The U.S. Federal Reserve’s “Beige Book,” a collection of business anecdotes and comments the central bank publishes eight times a year, confirms signs of an economic recovery and finds businesses’ optimism returning, according to the edition released on 3 March. “Economic activity expanded modestly from January to mid-February,” the Fed reported, and “most businesses remain...

With the dollar steady through late 2020, while down today, its value has grown 2 percent this year against the collection of major foreign currencies measured by the ICE Dollar Value Index. A strong dollar could dampen a global economic recovery, making U.S. products more expensive abroad and damaging emerging nations’ ability to repay dollar-based...