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Hotel struggles, and a massive contract
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As the hospitality industry struggles to maintain upright during one of the largest decreases in travel since 9/11, hotels are continuously looking for ways to cut costs. Today Marriott announced that they would be laying off more than 850 employees from its landmark NYC hotel. This comes as the occupancy rate was 33.8% last week, over 57% lower than a year ago.
In what marks the first cross-border case for the EU’s privacy laws, Twitter was fined for a two and a half year old data breach. This fine of $546,000 was for not informing regulators within 72 hours of the discovery of a data leak which exposed the private tweets of some users. Although this fine only represents a trivial amount of money for Twitter, it does set a precedent for future cases.
Early yesterday, Eli Lilly announced that they would be acquiring Prevail Therapeutics in a deal that valued the gene therapy company at approximately $1.04 billion. Dr. Mark Mintun, VP of pain and neurodegeneration research at Lilly said, “The acquisition of Prevail will bring critical technology and highly skilled teams to complement our existing experience.” He also mentioned that they plan to build a new gene therapy program “soon.”
Congress leaders met yesterday afternoon in an effort to deliver a stimulus to the American public before the end of the year after months of discussions. As of now, the deal looks to be focused on a $748 billion deal that combines many of the less controversial ideals such as more PPP loans. Oh, and they need to pass a new budget bill or the government will shut down at 12:01am ET on Saturday.
The back to back NBA MVP, Giannis Antetokounmpo, announced on his Twitter yesterday that he would be signing a five year, $228 million supermax contract with the Milwaukee bucks. That works out to an average of $150k per quarter.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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