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NEW YORK (AP) — Mall owners Simon Property Group and Brookfield Property Partners are close to a deal to buy department store chain, J.C. Penney, out of bankruptcy and keep the chain running. Penney's lawyer Josh Sussberg announced the tentative pact, which will save roughly 70,000 jobs, during a brief hearing in bankruptcy court Wednesday. More than 600 stores are expected to be saved, USA Today reported.According to the Wall Street Journal, Simon and Brookfield will own about 490 locations and a group of lenders will own 160 stores.Sussberg noted that a letter of intent including details of the pact will be filed with the bankruptcy court the next day. The 118-year-old department store based in Plano, Texas, filed for bankruptcy protection in mid-May, one of the biggest retailers to do so since the pandemic temporarily shut down non-essential stores around the country. 891
NEW DELHI (AP) — An Air India Express flight with 190 people on board skidded off a runway and split in two while landing Friday in heavy rain in southern India. Police say at least 16 people were killed and 123 others injured. Air India Express said in a statement that there were 174 passengers, 10 infants, two pilots, and four cabin crew members who were on board. 377
NEW YORK (AP) — Citigroup's Jane Fraser will become the first woman ever to lead a Wall Street bank when she succeeds CEO Michael Corbat in February. The New York bank announced the succession Thursday. Fraser is currently head of Citi's global consumer banking division, a major part of the bank that oversees checking and savings accounts but also Citi's massive credit card business. For 16 years, Fraser has worked in various departments within Citi:- 2015-19: Chief Executive Officer of Citi’s Latin American region.- 2013-15: Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. - 2009-13: Chief Executive Officer of Citi's Private Bank. - 2007-09: Global Head of Strategy and Mergers & Acquisitions.In 2004, she joined the company in its Corporate and Investment Banking division.She previously worked at McKinsey & Company, Goldman Sachs, and Asesores Bursátiles.Fraser also serves as a member of the Board of Dean’s Advisors at Harvard Business School and Stanford University’s Global Advisory Council. She's also a member of the Council on Foreign Relations.She earned her M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University.Fraser's climb to the CEO role is a major accomplishment in an industry long dominated by men. Corbat led Citigroup for eight years, rebuilding the company after it nearly collapsed during the Great Recession and 2008 financial crisis.Corbat had been with the company for 37 years. 1500
NEW YORK (AP) — Author-commentator Jeffrey Toobin has been suspended by the New Yorker and is stepping away from his job as CNN's senior legal analyst pending what the cable network is calling a "personal matter." Vice reported earlier Monday that Toobin had exposed himself during a Zoom meeting. According to Vice, members of the New Yorker and radio station WNYC were on the Zoom call when the incident occurred last week.In a statement Monday afternoon, the New Yorker said Toobin had been "suspended while we investigate the matter" and declined further comment. A CNN spokesperson says in a statement that "Jeff Toobin has asked for some time off while he deals with a personal issue, which we have granted." 722
NEW YORK (AP) - Equifax is saying that an additional 2.4 million Americans were impacted by last year's data breach, however these newly disclosed consumers had much less personal information stolen. 207
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