Notable business headlines include transport company Lyft announcing that it will halt hiring as it looks to cut costs, new details from American financier Carl Icahn’s legal battle with McDonald’s, and the NFL renewing its nearly four-decade-long sponsorship deal with Pepsi.
While LYFT plans to slow down hiring and cut costs in some departments, it does not intend to lay off employees. The company has been focusing on boosting profits.
Lyft said no employee layoffs are planned and added it would grant special stock options to eligible employees. Shares of Lyft have tumbled nearly 61% this year amid broader declines in tech stocks and closed down 17.2% on Tuesday. Earlier this month, Uber's Chief Executive Officer Dara Khosrowshahi said the company would scale back hiring and reduce expenditure on its marketing and incentive activities.