US Dollar Rises as Fed Rate Outlook Stays Hawkish, Euro Slips and Yen Near 40-Year Low 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
Japan Signals Readiness to Act on Yen as Intervention Speculation Grows 
Anthropic Restores Claude Fable 5 and Mythos 5 After U.S. Lifts AI Export Controls 
SK Holdings, KKR Launch $1.3B Renewable Energy Venture in South Korea 
China Services PMI Beats Forecasts as Strong Demand Supports June Growth 
U.S. Dollar Drops as Weak Jobs Data Boosts Fed Pause Bets, Yen Jumps on Intervention Talk 
US Jobs Report Preview: June Payroll Growth Seen Slowing as Fed Rate Decision Looms 
Apple Eyes Chinese Memory Chips as AI Shortage Pressures iPhone Supply Chain 
Kioxia Bets on AI Memory Boom With Next-Gen NAND Production in Japan 
SoftBank’s LY Corp, Bain Raise Kakaku.com Bid to ¥670 Billion, Intensifying Takeover Battle 
Gold Price Today: Bullion Heads for First Weekly Gain as Weak U.S. Jobs Data Eases Rate Hike Fears 
TetherMax Rebranding Highlights Official Exchange Partnerships as Foundation of Trust 
Trump Administration to Launch Voluntary AI Standards for Frontier Models 
Oil Prices Slip as Iran Talks and Strong Supply Outlook Ease Market Concerns 
Mary Daly Says AI Uncertainty Clouds Fed Rate Outlook Despite Restrictive Policy 
The Fairmont Hotel in San Jose, California just closed its doors and will remain locked for about two to three months. This happened after it filed for chapter 11 bankruptcy last weekend.
The filing for chapter 11 and reorganization is expected
As per the NBC Bay Area, the operator of the iconic Fairmont Hotel which is the FMT SJ LLC filed for bankruptcy on Friday, March 5. It was obviously a sudden event as there are still occupants in the hotel when the bankruptcy was filed and announced.
"We know that by taking this difficult step, we will come back a more vibrant hotel to the benefit of everyone in San Jose, including the vitality of the city's downtown, nearby businesses, and Silicon Valley conventions in a post-COVID-19 world," Sam Singer, Fairmont Hotel's spokesperson said.
The FMT SJ LLC is now looking for a management partner for the hotel’s operations to resume. It is also looking to extend the company’s existing mortgage debt. Fairmont Hotel in the Bay Area revealed that it is one of the affected businesses in the economic fallout that was brought about by the COVID-19 pandemic.
The crisis drove away customers as there are no travelers now and conventions are not allowed as well. Thus, there are no bookings and the 805 rooms in the hotel are mostly vacant. The hotel’s representative assured the hotel will make its comeback after 60 to 90 days once a new management team is found.
Guests were ordered to leave
The Fairmont Hotel still had guests when it abruptly halted its operations on Friday. SF Gate reported that everyone was told to leave and at that time an entire ice hockey team which is the Vegas Golden Knights was staying in the hotel as it has a game against the Sharks for their two-series game match as part of the National Hockey League.
Fairmont Hotel transferred all of its guests to a nearby hotel and paid for their stay as well. In any case, the official website of the company did not mention anything about the temporary closure but bookings are not available.
