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PRESS DIGEST- New York Times business news - May 12

05/12/2021 00:57
PRESS DIGEST- New York Times business news - May 12

- The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

- Panicked drivers scrambled to fuel their vehicles across the Southeast on Tuesday, leaving thousands of stations without gasoline as a vital fuel pipeline, owned by Colonial Pipeline, remained largely shut down after a ransomware attack. https://nyti.ms/3o7BQnO

- Greensill Capital collapsed because it lost insurance coverage for the loans it offered — not because of its risky business model, Lex Greensill insisted in testimony on Tuesday, breaking his silence more than two months after his company abruptly filed for bankruptcy. https://nyti.ms/3tFXelh

- Hearst Magazines, the home of numerous publications aimed at women including Cosmopolitan, Redbook and Harper's Bazaar, has sold the United States edition of Marie Claire to Future Plc FUTR.L, a British publisher, the companies said. https://nyti.ms/3eC4ri7

- L Brands Inc LB.N has decided to spin off lingerie brand Victoria's Secret rather than sell it, with the deal expected to close in August, the company said Tuesday. https://nyti.ms/3uJNaZV

(Compiled by Bengaluru newsroom)

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