Daily business briefing

British lawmakers reject Johnson's Brexit timetable, WeWork accepts SoftBank's rescue and takeover offer, and more 1. U.K. lawmakers reject Johnson's request to fast-track Brexit deal 2. WeWork accepts $5 billion SoftBank rescue deal Daily business briefing 1. [U.K. lawmakers reject Johnson's request to fast-track Brexit deal]( Britain's Parliament fueled new uncertainty about Brexit on Tuesday. Lawmakers voted to support Prime Minister Boris Johnson's deal with the European Union in principle, but then [rejected Johnson's plan for fast-tracking full approval]( in time for the U.K. to leave the trading bloc on Oct. 31 as scheduled. Johnson said the votes resulted in "further uncertainty," and he warned that his government was moving ahead with its plan to exit the EU at the end of the month with or without a deal. "One way or another, we will leave the EU with this deal, to which this house has just given its assent," he said. The EU is due to rule on the British government's request for another Brexit delay. [[The Washington Post]( CNBC]( mailto:?Subject=U.K.+lawmakers+reject+Johnson%27s+request+to+fast-track+Brexit+deal%0A&body=Read the story here: 2. [WeWork accepts $5 billion SoftBank rescue deal]( WeWork has decided to accept a rescue financing package from SoftBank that gives the Japanese tech conglomerate control of WeWork, The Wall Street Journal reported Tuesday, citing unnamed sources. In exchange for the more than $5 billion in much-needed capital, SoftBank will get control over WeWork. Co-founder and former CEO Adam Neumann will be forced out. He will sever all ties with the shared office startup, and [receive a nearly $2 billion]( golden parachute. WeWork would have run out of cash soon if SoftBank hadn't stepped in. The takeover deal values WeWork at $8 billion, down from the $47 billion valuation SoftBank gave it in its last round of financing in January. [[The Wall Street Journal]( MarketWatch]( mailto:?Subject=WeWork+accepts+%245+billion+SoftBank+rescue+deal%0A&body=Read the story here: 3. [Hasbro shares dive as trade war hurts business]( Hasbro shares dropped by nearly 17 percent on Tuesday after the toy maker reported disappointing quarterly profits and said its supply chain and relationships with customers were being disrupted by President Trump's trade war with China. Trump delayed tariff hikes on $156 billion worth of Chinese imports, including toys, to Dec. 15 from September due to the importance of the holiday shopping season. Hasbro CEO Brian Goldner said when those tariffs hit the costs will be passed on to consumers through higher prices. Also, the uncertainty surrounding the tariffs has caused customers to cancel orders, and forced Hasbro to shift operations as it tries to reduce the share of its products it gets from China from 80 percent to 50 percent by the end of next year. [[The Associated Press]( mailto:?Subject=Hasbro+shares+dive+as+trade+war+hurts+business%0A&body=Read the story here: 4. [Stock futures mixed on tech, trade, Brexit caution]( U.S. stock index futures were mixed early Wednesday after a disappointing earnings report from Texas Instruments fed concerns that the tech sector is suffering under a decline in demand and damage from the U.S.-China trade war. After Texas Instruments, which many see as a bellwether for the microchip industry, posted fourth-quarter guidance well below expectations, futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq fluctuated between gains and losses of 0.1 percent or less. Investors also are watching for developments on British Prime Minister Boris Johnson's Brexit plan. The European Union is [due to rule on the British government's request for a Brexit delay]( after Parliament rejected Johnson's plan to fast-track approval of his Brexit deal in time for the U.K. to leave the trading bloc on Oct. 31, as scheduled. [[CNBC]( mailto:?Subject=Stock+futures+mixed+on+tech%2C+trade%2C+Brexit+caution%0A&body=Read the story here: 5. [Nike says CEO Mike Parker is stepping aside]( Nike said Tuesday CEO Mike Parker would step down early next year and be replaced by board member and former eBay leader John Donahoe. Parker, the athletic shoe and apparel maker's longtime chief executive, will become the Nike board's executive chairman. Nike's sales have been rising and its quarterly earnings report last month smashed expectations, but the company has been rocked by scandals. The U.S. Anti-Doping Agency recently banned renowned track coach Alberto Salazar from the sport for four years; Salazar had experimented with supplements and testosterone with Nike's support. Parker said that case had "absolutely nothing" to do with his departure, which has been in the works for months. The company shook up its leadership last year after allegations of misconduct and gender discrimination. [[The Associated Press]( mailto:?Subject=Nike+says+CEO+Mike+Parker+is+stepping+aside%0A&body=Read the story here: MOST POPULAR [Game over for Trump?]( David Faris [Jon Stewart helps save Jimmy Kimmel's Brooklyn show after a devastating New Yorker rejection]( Peter Weber [Stephen Colbert grills John Lithgow's manic, wine-guzzling Rudy Giuliani about his pile of Ukraine woes]( Peter Weber [Mitt Romney, #Resistance leader]( Matthew Walther [Lindsey Graham says he'll introduce Senate resolution against 'unconstitutional' impeachment inquiry]( Catherine Garcia [Every major TV network except Fox News thinks William Taylor's testimony was just awful for Trump]( October 23, 2019 [Stephen Colbert grills John Lithgow's manic, wine-guzzling Rudy Giuliani about his pile of Ukraine woes]( October 23, 2019 [Donor who gave nearly $1 million to Trump's inauguration will plead guilty to influencing U.S. elections with foreign cash]( October 23, 2019 [Jon Stewart helps save Jimmy Kimmel's Brooklyn show after a devastating New Yorker rejection]( October 23, 2019 [Is this email not displaying correctly? View it in your browser.]( [Unsubscribe from this list |]( [Update subscription preferences |]( [Privacy Policy]( © 2015 THE WEEK PUBLICATIONS, INC. ALL RIGHTS RESERVED. THE WEEK ® IS A REGISTERED TRADEMARK OWNED BY FELIX DENNIS. Get 4 issues of The Week for only $8 [TRY IT OUT]( [TRY IT OUT]( [Subcribe]( [Subscriber login]( [Give a gift]( [Classroom subscriptions]( [Newsletters]( [Privacy policy]( [Terms & conditions]( [The Week UK]( [Contact Us]( [Ad info]( [RSS](