Facebook CEO Mark Zuckerberg, left, has agreed to submit to a newly formed oversight board, which will examine whether to remove posts from the website. Mark Lennihan/AP hide caption toggle caption Mark Lennihan/AP Facebook CEO Mark Zuckerberg, left, has agreed to submit to a newly formed oversight board, which will examine whether to remove posts […]
Hammered by Covid-19 crisis, Airbnb slashes a quarter of its workforce
Issued on: 06/05/2020 – 08:05Modified: 06/05/2020 – 08:05 Airbnb says it is laying off 25% of its workforce as it confronts a steep decline in global travel due to the new coronavirus pandemic. It’s a serious setback for the 12-year-old home-sharing company, which just a few months ago was valued at $31 billion and planning […]
France’s state rail company to seek virus bailout, may cut jobs
Issued on: 02/05/2020 – 12:01Modified: 02/05/2020 – 12:02 France’s state-owned rail company SNCF will seek aid from the government and likely cut jobs after taking a severe hit from the Covid-19 lockdown, its CEO said on Saturday. The lockdown begun on March 17 to contain the coronavirus pandemic has already cost the firm 2 billion euros, […]
House Judiciary Committee Calls On Amazon’s Bezos To Testify
ISTANBUL, TURKEY – OCTOBER 02: Amazon CEO Jeff Bezos attends a commemoration ceremony in Istanbul, Turkey. Anadolu Agency/Anadolu Agency via Getty Images hide caption toggle caption Anadolu Agency/Anadolu Agency via Getty Images ISTANBUL, TURKEY – OCTOBER 02: Amazon CEO Jeff Bezos attends a commemoration ceremony in Istanbul, Turkey. Anadolu Agency/Anadolu Agency via Getty Images Lawmakers […]
Irish low-cost airline Ryanair cuts up to 3,000 jobs over Covid-19 woes
Issued on: 01/05/2020 – 12:08Modified: 01/05/2020 – 12:08 Irish low-cost carrier Ryanair said on Friday it planned to axe 3,000 pilot and cabin crew jobs, or 15 percent of staff, with air transport paralysed by coronavirus. Dublin-based Ryanair added in a statement that most of its flights would remain grounded until at least July and […]
G20 vows to boost tourism sector battered by Covid-19
Issued on: 25/04/2020 – 08:30Modified: 25/04/2020 – 08:30 G20 nations pledged Friday to cushion the economic blow of the coronavirus pandemic on global tourism, one of the hardest-hit industries in which millions risk losing their jobs. COVID-19 lockdowns have pounded international tourism, which is estimated to see a 45 percent decline this year according to […]
From Netflix to sex toys: The businesses benefitting from the Covid-19 pandemic
Issued on: 23/04/2020 – 14:21Modified: 23/04/2020 – 14:21 The Covid-19 pandemic has taken a heavy toll on dozens of industries with fears of a global economic recession to rival the Great Depression. But for a few companies, business is booming as the pandemic triggers a surge in demand for their products. In supermarkets, shelves have […]
European Central Bank agrees to accept ‘junk’ bonds to keep economies afloat
Issued on: 22/04/2020 – 22:46Modified: 22/04/2020 – 22:46 European Central Bank governors agreed Wednesday that banks could put up so-called “junk” bonds as collateral when borrowing from the Frankfurt institution, in case eurozone governments and firms see their credit ratings downgraded as they grapple with the coronavirus pandemic. “Marketable assets and issuers of these assets… […]
Virgin Australia goes bust under strain of Covid-19 pandemic
Issued on: 21/04/2020 – 08:26Modified: 21/04/2020 – 08:26 Cash-strapped Virgin Australia collapsed Tuesday, making it the largest carrier yet to buckle under the strain of the coronavirus pandemic, which has ravaged the global airline industry. In an announcement to the Australian Stock Exchange, Virgin said it planned to keep operating flights despite handing the keys […]
Oil prices close below zero in unprecedented collapse
Issued on: 20/04/2020 – 21:09Modified: 20/04/2020 – 21:09 Oil prices plunged below zero on Monday for the first time in history, with the US benchmark West Texas Intermediate (WTI) closing at -$37.63 a barrel. The unprecedented price plunge comes as demand for energy collapses amid coronavirus-induced lockdowns and traders don’t want to get stuck owning […]
Oil prices plunge to two-decade low as Covid-19 lockdowns erode demand
Issued on: 20/04/2020 – 15:55Modified: 20/04/2020 – 15:55 US oil prices dived to 22-year lows at just $11 per barrel Monday after crashing almost 40 percent in a market flooded with crude and slammed by evaporating demand in the face of the coronavirus pandemic. Just before 1200 GMT, the US benchmark West Texas Intermediate (WTI) […]
Self-Employed And Gig Workers Face Long Waits For Coronavirus Relief Checks
People line up outside the Utah Department of Workforce Services in Salt Lake City on Monday. Rick Bowmer/AP hide caption toggle caption Rick Bowmer/AP People line up outside the Utah Department of Workforce Services in Salt Lake City on Monday. Rick Bowmer/AP Crashing servers, outmoded software and overloaded call centers are some of the obstacles […]
France boosts Covid-19 economic rescue package to €110 billion
Issued on: 15/04/2020 – 10:44Modified: 15/04/2020 – 10:44 The French government has hiked up the expected cost of its measures to support the economy through the coronavirus crisis to 110 billion euros, its finance minister said on Wednesday, with the country’s GDP set to suffer its biggest drop in decades. “We are going to go from 45 billion […]
Instagram Rival Cuts A Third Of Staff As Its Business Changes ‘Overnight’
Joel Flory, co-founder and chief executive officer of Visual Supply Co. (VSCO), speaks during a Bloomberg Technology television interview in December 2019. On Tuesday, Flory announced VSCO is laying off a third of its staff because of the coronavirus-fueled economic downturn. Bloomberg/Bloomberg via Getty Images hide caption toggle caption Bloomberg/Bloomberg via Getty Images Joel Flory, […]
French budget deficit forecast to hit 9% of GDP, a postwar record
Issued on: 14/04/2020 – 10:23Modified: 14/04/2020 – 10:34 The French government’s budget deficit is set to hit a postwar record of nine percent of economic output this year due to the prolonged coronavirus lockdown, the budget minister said on Monday in the second revision in less than a week. “Our country has never seen such a […]
US pressures OPEC+, Russia to drive up global oil prices by massively slashing output
Issued on: 10/04/2020 – 05:43Modified: 10/04/2020 – 05:43 OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis. But the group, known […]
EU finance ministers reach agreement on coronavirus rescue deal
Issued on: 09/04/2020 – 22:57Modified: 09/04/2020 – 22:57 EU finance ministers agreed a 500-billion-euro ($550-billion) rescue Thursday for European countries hit hard by the coronavirus epidemic, but sidelined a demand by Italy and France for pooled borrowing. The breakthrough came after the Netherlands softened its position on the crucial question of making countries in need […]
France forecasts 6% GDP plunge this year due to coronavirus
Issued on: 09/04/2020 – 18:31Modified: 09/04/2020 – 18:31 The French government expects GDP to drop six percent this year because of lost business during the coronavirus lockdown, Finance Minister Bruno Le Maire said Thursday while announcing a relief plan would be more than doubled to 100 billion euros ($109 billion). The spending will sharply increase […]
Jobless claims surge past 16 million as coronavirus hammers US economy
Issued on: 09/04/2020 – 17:39Modified: 09/04/2020 – 17:39 The number of Americans seeking unemployment benefits in the last three weeks has blown past 16 million, with weekly new claims topping 6 million for the second straight time last week amid tough measures to control the novel coronavirus outbreak that have abruptly ground the country to a […]
‘Job catastrophe’: 1.25 billion workers face major hit from coronavirus
The coronavirus crisis is having a devastating effect on employment worldwide, with more than one billion workers at risk of a pay cut or losing their jobs, according to the International Labour Organization.The UN agency says the pandemic is bound to prove a lot more damaging to the labour market than the global recession a […]
The Coronavirus Small Business Loan Program: What You Need To Know
David Bramante, the owner of West Newton Theatre in Newton, Mass., stands in the doorway of the theater noting its closure on March 27, 2020. Boston Globe/Boston Globe via Getty Images hide caption toggle caption Boston Globe/Boston Globe via Getty Images David Bramante, the owner of West Newton Theatre in Newton, Mass., stands in the […]
Empty skies: How coronavirus has crippled air travel
Issued on: 02/04/2020 – 18:43Modified: 02/04/2020 – 18:42 From Europe, to Asia and North America, the skies have been unusually empty of commercial aircraft in recent weeks as countries close borders and enforce travel restrictions amid the coronavirus pandemic, forcing airlines worldwide to ground most of their fleets. In the final week of March, commercial flights […]
President Trump Offers Drowning Restaurant Industry One Solution: Tax Deductions
A pedestrian walks past a closed Wolfgang Puck Bar & Grill restaurant in Los Angeles, CA. President Trump has suggested changing tax deductibility law as a way of helping the restaurant industry. Frederic J. Brown/AFP via Getty Images hide caption toggle caption Frederic J. Brown/AFP via Getty Images A pedestrian walks past a closed Wolfgang […]
Carmakers join global race to make ventilators amid virus crisis
Issued on: 01/04/2020 – 11:01Modified: 01/04/2020 – 11:01 American auto manufacturers General Motors and Ford, French car companies PSA and Renault, and Formula 1 engineers have joined the ranks in response to a massive global shortage of the vital piece of medical equipment. As hospitals around the world face a surge of patients with breathing […]
Average Gas Prices Are Below $2. A Few Stations Are Even Selling For Under $1
Drivers are paying less than $1.99 at more than two-thirds of the gas stations in the country, according to AAA. Sue Ogrocki/AP hide caption toggle caption Sue Ogrocki/AP Drivers are paying less than $1.99 at more than two-thirds of the gas stations in the country, according to AAA. Sue Ogrocki/AP Gas prices are dropping — […]
Czech microbreweries call for ‘beer paramedics’ amid lockdown hangover
Czechs are among the world’s biggest beer drinkers and a call has gone out for them to step up amid the coronavirus crisis. Hundreds of the country’s microbreweries face a bleak future after a nationwide shutdown of bars and restaurants began in mid-March.It has deprived the craft brewers of customers, starved them of revenue and […]
‘We will overcome’ coronavirus crisis, vow G20 leaders after video meeting
Issued on: 26/03/2020 – 16:32Modified: 26/03/2020 – 16:31 G20 leaders on Thursday said they were committed to presenting a united front against the coronavirus pandemic, calling it their “absolute priority” to tackle its health, social and economic impacts. During an video conference to discuss the impact of the coronavirus crisis, leaders of the world’s major economies […]
Global coronavirus cases top 200,000 as authorities unleash economic aid packages
Issued on: 18/03/2020 – 18:34Modified: 18/03/2020 – 18:34 The number of confirmed COVID-19 cases worldwide rose above the 200,000 mark Wednesday, according to John Hopkins University, as governments tightened restrictions and announced new economic measures to help cope with the crisis. Hundreds of millions of people worldwide were adjusting on Wednesday to once-in-a-generation measures to […]
Budget airline Ryanair says it will ground nearly all flights from next week due to coronavirus
Budget airline Ryanair says it will ground nearly all its flights from next week due to the coronavirus crisis gripping Europe. The industry has been heavily hit by the outbreak as governments have scrambled to close borders and lockdown citizens. It comes after Flybe, which was Europe’s largest regional airline, collapsed earlier this month as […]
Stocks Enter Bear Market. What Does It Mean?
Spencer Platt/Getty Images Spencer Platt/Getty Images Nothing lasts forever — not even a stock market that keeps going up, up and up. This week, just days after its 11-year anniversary, investors unceremoniously said goodbye to the longest-running bull market in history. Then the bears took over. The Dow Jones Industrial Average entered bear market territory […]