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General Electric is under such financial stress that new CEO Larry Culp is slashing the troubled conglomerate's 119-year-old dividend to just a penny a share.GE revealed on Tuesday worse-than-expected results and a billion accounting writedown for its beleaguered power division. Culp plans to split up the power division to accelerate a turnaround.The company also announced that the SEC and Justice Department are investigating the charge, which reflects the deterioration of businesses GE has acquired. The news adds to GE's mounting legal problems and helped send the stock to a nine-year low in volatile trading.In a bid to fix GE's debt-riddled balance sheet, Culp announced the company will cut its quarterly dividend from 12 cents a share starting in 2019. By paying just a token dividend, GE (GE) will save about .9 billion of cash per year.Analysts had been anticipating a potential dividend cut, though not one of this magnitude.It's an especially painful move for a company that long viewed its stable dividend as a source of pride. But years of bad decisions forced GE to halve its dividend last November for just the second time since the Great Depression. The dividend cuts deal a blow to the many GE retirees and mom-and-pop shareholders who long relied on the cherished payouts."We are on the right path to create a more focused portfolio and strengthen our balance sheet," Culp said in a statement.Culp, who was suddenly named CEO on October 1, acknowledged during a conference call "this is not a quarter that we're particularly proud of." 1572

Hotels are still struggling to fill rooms like they were before an avalanche of cancellations starting in March.Now, travelers are slowly returning to train stations, airports, and hotels.“This is something that none of us were expecting or were prepared for,” said Daniel del Olmo, the President and COO of Sage Hotel Management, a Sage Hospitality Group company. Sage Hospitality Group manages 52 hotels across the U.S.“We went from basically a level of revenue of million on a daily basis to effectively ,000 per day in early May,” del Olmo said.“The economic impact has been something that no one could have ever prepared for, you could not have prepared for it financially, you could not have even prepared for it psychologically or emotionally,” said Chip Rogers, President of the American Hotel & Lodging Association. “2020 will go down on record of having the lowest occupancy in the history of the hotel industry and that includes during the Great Depression.”The association represented the entire industry from large brands to small hotels.For smaller companies, the impact of COVID-19 is especially difficult on their bottom line. “Well over 60% of all hotels are actually classified as small businesses by the Small Business Association,” Rogers said.“In the third week of March, we found ourselves having to furlough over 90% of our staff,” del Olmo said.“With no further assistance, about two thirds of hotels say they cannot make it another six months,” Rogers said. Del Olmo said they haven’t reached that point.“We have not had to permanently close, thankfully, any of our properties,” he said. But others have. Fewer visitors means less money and less work.“We’re right at almost 2 million jobs lost in the hotel industry,” Rogers said.Del Olmo said Sage Hospitality had to furlough 5,000 employees, then eventually lay off 4,000. “What keeps us up at night,” Del Olmo said, “is how we bring our associates back to work.”In the meantime, the group is providing help for former employees. “We initially established a Sage Associate Relief Fund, which allowed us to basically provide pantry items to our associates in need,” he said.While employees still on the job were given more tasks to help fill the gap. “Everybody basically on the teams is doing multiple jobs that, in the past, they might have never done before. We have general managers that on a daily basis strip beds and run the parking,” Del Olmo explained.As hotels continue to balance health, safety and running a business, they are getting creative with ways to bring in revenue, such as hosting micro weddings and hallways concerts with musicians.“Basically roaming the halls. You basically could be listening from the comfort and safety of the entry from your room,” Del Olmo said.Even with the creative new solutions, Rogers said without aid or an uptick in travel, some hotels may suffer.“We may be a much smaller industry in the next couple of years but we will adapt,” Rogers said. 2988

HAMPTON ROADS, Va. - As coronavirus continues to rage across the country, scientists are inching closer to developing a COVID-19 vaccine.Dr. Doug Mitchell used to be a pediatric infectious diseases specialist at CHKD and EVMS. He is currently the medical director of CHKD Medical Group and a pediatrician at Norfolk Pediatrics.“If we’re able to stick to the science in developing the vaccine, then that would be comforting if we could stick to the science and develop an effective and safe vaccine,” said Mitchell.Mitchell said the speed at which researchers are developing a vaccine to combat COVID-19 is nothing short of a miracle, but sticking to the clinical science behind the advancement is key for an effective and safe vaccine - and that takes time.“The stated goal that I saw by the CDC and/or FDA of wanting a vaccine that shows at least 50% protection and six months of safety data, that takes time,” he said. “We need a chance to show the safety profile of any new vaccine under the parameters of following the best science that we could follow.”Mitchell understands the process involved in developing a vaccine.More than 20 years ago, he was an investigator in several pediatric clinical trials. Many of the vaccines that came out of his lab are still used in children today.While there are still growing concerns about vaccines, the benefits outweigh the risks.“The flu vaccine clearly saves lives, clearly prevents illnesses, but it’s not 100% protective either, but we know it does have benefits,” Mitchell said. “The advantage there is the flu vaccine has been out for decades and we know its safety profile.”Similar to the rapid speed of developing a COVID-19 vaccine, Mitchell said a vaccine for H1N1, better known as the swine flu, was quickly put on the market.“The difference is, we already had decades of history of flu vaccines and their safety, so all that happened was developing the same flu vaccine that was protective against a different strain,” he said. “That’s a different ballgame than starting a vaccine against a totally different virus.”While the research continues, the fight against COVID-19 is far from over.According to Mitchell, the spread of the virus decreases when you reach heard immunity where enough of the population is immune.This story was first reported by Antoinette DelBel at WTKR in Norfolk, Virginia. 2363

GREENCASTLE, Indiana — Protesters at DePauw University in Indiana interrupted a press conference meant to discuss recent racist writings on and near campus, one day after students demonstrated at an on-campus event led by actress Jenna Fischer. After five incidents of racial slurs were written across campus in the last two weeks, protesters interrupted actress Jenna Fischer's talk Tuesday night. On Wednesday, university officials held a press conference to discuss the incidents and Tuesday's protest. About 10 minutes into the press conference Wednesday, DePauw President Mark McCoy learned about protesters outside the doors, wanting inside. McCoy and the other officials allowed the protesters inside, where they chanted, "Meet our demands. We are not safe." For about 20 more minutes, McCoy and the group discussed the incidents, and what the university is doing to stop future incidents from happening. "We are all together addressing every issue that has happened on this campus," McCoy said. "We are committed to addressing these issues. DePauw has made so many efforts to address this and has still fallen short."McCoy eventually became visibly frustrated by the interruptions from the crowd.Fischer was on DePauw's campus to promote her book, "The Actor's Life: A Survival Guide."Watch the full press conference, protest and discussion in the video below. Warning: Profanity 1465

Hard seltzers pair well with pizza, and for one day only, a nationwide pizza chain will be serving hard seltzer in their pizza. Blaze Pizza is offering a White Claw-infused crust on Thursday, June 18 at more than 50 locations. (See below for full list)Mango White Claw will be added to Blaze's signature dough recipe to create the one-of-a-kind crust at no extra cost, that can be topped with any combination of toppings.“Like our pizzas, White Claw is crafted with simple and clean ingredients, and the brand has an irreverent attitude. While sipping on a Mango White Claw, I thought, ‘Why not make dough with this instead of filtered water?’” read a statement from Blaze Pizza executive chef Brad Kent.The White Claw-infused crust is only available in-restaurant, it will not be available for online or app orders, according to Blaze.White Claw has quickly risen in popularity since it was launched in 2016, leading a growing hard seltzer market, according to Nielsen data. Hard seltzer sales at liquor and grocery stores increased more than 300% between 2018 and 2019.Last fall, the company, Mark Anthony Brands, faced a shortage to meet the growing demand. “White Claw has accelerated faster than anyone could have predicted,” Sanjiv Gajiwala, White Claw's senior vice president told CNN Business at the time.Blaze Pizza locations serving Mango White Claw-infused crust:Albany, NY - Western Ave.Alhambra, CA - GarfieldAmes, IA - ISUAmmon, ID - Sandcreek CommonsArcadia, CA - W Naomi Ave.Azusa, CA - Alosta Ave.Boca Raton, FLBrea, CA - Imperial HwyBurbank, CA - Burbank EmpireChicago, IL - BelmontChicago, IL - Loyola UniversityChicago, IL - OntarioChula Vista, CA - Otay Ranch Town CenterClaremont, CA - Indian HillDavie, FLDavis, CA - F StreetDes Moines, IA- MLK Jr PkwyDurham, NC - McFarlandEl Paso, TX - Fort BlissEncinitas, CA - El Camino RealFort Lauderdale, FL - Cypress CreekFullerton, CA - Orangefair MallGarner, NC - Cabela Dr.Glendale, CA - Glendale GalleriaGlendora, CA - Lone Hill Ave.Gold River, CA - Golden Center LnHolly Springs, NC- Grand Hill PlHollywood, CA - Sunset Vine TowerHuntington Beach, CA - GoldenwestIrvine, CA - UCIJacksonville, NC - Gateway MarketplaceJupiter, FL - Sims Creek PlazaLa Verne, CA - Foothill Blvd.Monrovia, CA - Foothill BlvdMorrisville, NC - Market Center DrNiles, ILNorth Hollywood, CA - Victory Blvd.Orange, CA - Glassell StOrange, CA - Tustin St.Palm Beach Gardens, FLPanorama City, CA - Van Nuys Blvd.Pasadena, CA - Colorado BlvdPasadena, CA - N. Fair OaksRoseville, CA - Highland ReserveRoyal Palm Beach, FLSan Diego, CA - Balboa AveSchenectady, NY - Balltown RoadSouth Pasadena, CA - Fair Oaks Ave.Thousand Oaks, CA - Thousand Oaks Blvd.Tinley Park, ILTwin Falls, ID - Fillmore St.West Boca Raton, FL - State Road 7West Des Moines, IA - Galleria @ Jordan's CreekWest Des Moines, IA - Valley West MallWest Kendall, FL - London SquareWilmington, NC - Renaissance MarketYorba Linda, CA - Imperial HwyMust be 21 years of age or older to purchase White Claw beverages. Valid state or federal ID must be presented at the time of purchase. 3095

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