The latest: Shell to cut 9,000 jobs, and fires threaten California wine.


  • Ben van Beurden, the chief executive of Royal Dutch Shell, said Wednesday that he was speeding up a reorganization of the company that will result in the loss of up to 9,000 jobs by the end of 2022. Mr. van Beurden said the company needed to be reshaped to meet its targets of net zero carbon emissions by 2050 and that the cuts would help Shell shed up to $2.5 billion in operating costs.

  • Allstate announced plans on Wednesday to lay off approximately 3,800 employees, primarily in claims, sales, service and support functions, as part of a restructuring plan the company is putting in place to reduce costs. “Implementing this plan is difficult as we still deal with the impact of the pandemic but necessary to provide customers the best value,” Tom Wilson, Allstate’s chief executive, said in a statement.

  • The Glass Fire that broke out this week near Napa, which is only 2 percent contained, is ravaging parts of the famous winemaking region in the middle of the harvest season, and the effects may linger long after it and other fires are extinguished. Grapes untouched by flames can be tarnished by ash or smoke taint, and the extent of the damage is revealed only in the fermentation process. Supply chains and longstanding industry relationships are already coming under strain, according to the DealBook newsletter.

  • The Treasury Department said Tuesday that it had completed loans for seven passenger airlines, drawing from the $25 billion set aside for the industry under the March stimulus law known as the CARES Act. In exchange for the loans, the airlines are subject to requirements like limiting executive compensation, refraining from stock buybacks and issuing warrants or equity to the federal government. The recipients are Alaska Airlines, American Airlines, Frontier Airlines, JetBlue Airways, Hawaiian Airlines, SkyWest Airlines and United Airlines.



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