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Business News

Britain finally has something ‘world beating.’ A deep recession

Britons woke up this morning to news that the UK economy shrunk by 20.4% in the second quarter, the worst slump on record and the biggest drop of any major global economy. The crash follows a 2.2% contraction in the first quarter, meaning the economy is officially in recession. The country’s finance minister, Rishi Sunak,…

Sumner Redstone, billionaire media mogul, dead at 97

Sumner Redstone, a media titan and billionaire who, as chairman of Viacom and National Amusements, drew headlines both for his deal-making as well as his turbulent personal life, died on Tuesday. He was 97. At his peak, Redstone’s sprawling empire included CBS and Viacom, corporations that were the parents of a host of subsidiaries ranging…

The Red Bull heir, a crashed car and the scandal that angered Thailand

Before dawn on September 3, 2012, a roaring black Ferrari struck a police motorcycle in downtown Bangkok, knocking the officer to the ground and dragging his body down the darkened street before speeding away. According to police, a trail of oil leaking from the sports car led investigators to the luxury home of one of…

UK crashes into deepest recession of any major economy

UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy. This crash in GDP in the April-June period, compared with the first quarter, is the worst since quarterly records began in 1955. Industries most exposed…

New York’s MTA is asking Apple to create a Face ID that works with masks

New York’s mass transit agency is calling on Apple to create a Face ID that works with masks in an effort to help slow the spread of coronavirus on the city’s buses and subways. Patrick Foye, the CEO of the Metropolitan Transportation Authority, sent a letter to Apple CEO Tim Cook — which was obtained…

Dr Pepper is the latest pandemic shortage

Add Dr Pepper to the list of pandemic-induced shortages. Like toilet paper before it, the popular soda is widely unavailable in some parts of the US. The shortages apply to every flavor, Dr Pepper said in a note on Twitter. The low inventory is the result of increased demand for the product, according to Keurig…

It’s a terrible time to open a restaurant. Here’s why some owners are pushing forward

Last summer, Adam Weisblatt signed a lease on a historic saloon in Pioneertown, California. Then the world changed. In March, states and municipalities began ordering restaurants to close their doors. Since then, many eateries have relied on delivery or takeout to stay afloat. Those that have opened their dining rooms are serving a fraction of…

TikTok picks the first recipients of its $200 million creator fund

TikTok has picked the first round of content creators to be on the receiving end of a $200 million fund designed to reward their top users and bring in new ones. The video app announced the new program on July 22 with the intention of supporting “ambitious creators who are seeking opportunities to foster a…

Boeing loses more jet orders

Boeing lost orders for another 43 jets in July. But that’s actually an improvement for the troubled aircraft maker’s order book. The latest canceled orders were for the 737 Max, its best-selling jet, which has been grounded since March 2019 following two fatal crashes that killed 346 people. But despite the extended grounding, Boeing didn’t…

Cheese could drive a wedge between the UK and Japan in trade talks

Cheese exports worth less than $150,000 could be holding up a trade deal between Britain and Japan. Since Brexit, the UK government has struggled to replicate the trade agreements it once enjoyed with dozens of countries around the world as an EU member. Now talks with Japan, Britain’s fourth biggest trading partner outside the European…

Airbnb is reportedly close to filing an IPO

Airbnb is reportedly close to filing to go public, marking a surprise turnaround for the company that recently cut a quarter of its workforce during the pandemic. The Wall Street Journal reports that the home-sharing company is planning to file IPO paperwork with the Securities and Exchange Commission later this month and could be publicly…

A surprise ‘safe-haven’ investment has surged 180% since March

Bitcoin is on a tear: The price of one bitcoin is now trading just above $11,500, the highest level in about a year. Bitcoin has surged more than 60% in 2020 and is up more than 180% from its mid-March lows of about $4,000. What’s driving the bitcoin spike? Experts say much of it is…

Teen Vogue’s August issue tackles voter suppression

Teen Vogue is joining the ranks of other news organizations by dedicating resources to covering voting rights ahead of the November elections. “The Uncounted,” launched on Tuesday by the Condé Nast-owned magazine, is a series about disenfranchised voters that specifically highlights the stories of women of color. The digital cover for its August issue, titled…

UK sheds 730,000 jobs during the pandemic and wages are falling

The UK economy has shed 730,000 jobs since the coronavirus pandemic shuttered businesses in March, with the young, the old and the self-employed bearing the brunt of the unemployment crisis. The Office for National Statistics said Tuesday that there was a record drop in the number of workers over the age of 65 on company…

Defense pays off for SoftBank’s Masa Son

Investors have piled into tech stocks during the coronavirus pandemic, sending shares in companies such as Facebook, Amazon, Google and Apple into the stratosphere as demand for their services increased. The same has happened for Japan’s SoftBank, but for different reasons. Not so long ago, it looked like the conglomerate was in pretty rough shape.…

Jamie Dimon: The stock market doesn’t reflect Americans’ pain

The stock market’s huge run-up in recent months doesn’t capture everyday Americans’ pain. That’s why the government and Big Business should act to help ease the burden on the least fortunate, said JPMorgan Chase CEO Jamie Dimon, in an interview with CNN Business. “When you have 13 million people out of work, and you’ve got…

Disney just ended the 20th Century Fox brand, one of the most storied names in entertainment

20th Century Fox, one of the most-recognized names in entertainment history, is officially no more. Disney announced on Monday it would be rebranding one of its TV studios, 20th Century Fox Television, as 20th Television. The new name cuts both the “Century” and the “Fox” from the studio’s name. The move follows Disney dropping the…

Hertz sold $29 million in stock despite SEC questions

Hertz did raise millions of dollars through stock sales after its bankruptcy filing, after all. The cash-strapped car rental company had said it would stop the stock sale after the Securities and Exchange Commission had raised questions about the deal. But apparently it did sell some shares before the SEC took action. It’s been quite…

S&P 500 falls short of new record high

The S&P 500 is so close to a new record high — its first since the pandemic hit and exceeding its all-time high from February. The stock index fell short of a new peak on Tuesday, but it remains just an arm’s length away. A new all-time high in the next few days would mean…

Barry Diller’s IAC rolls dice with $1 billion stake in casino giant MGM

IAC recently spun off its stake in Tinder-owner Match. But the company apparently has its sights set on people taking a different kind of gamble: It has bought a nearly $1 billion stake in MGM Resorts. The stake purchased by IAC, a conglomerate run by media mogul Barry Diller, amounts to about a 12% interest…

Trick-or-treating is in doubt this year, so Halloween candy is coming early

No, your eyes aren’t playing tricks on you. Halloween candy displays have arrived even earlier this year. The Covid-19 pandemic, and its potential to put a damper on trick-or-treating and spooky fêtes, has candy manufacturers like Hershey hedging their bets for what is typically their biggest season. That includes dressing up fewer treats in Halloween-specific…

Saudi Aramco sees ‘partial recovery’ in oil market as China picks up

Saudi Aramco said Sunday that its net profit plunged 73.4% in the second quarter to $6.6 billion. But CEO Amin Nasser said there are signs of improvement as coronavirus shutdowns ease. It was the second consecutive quarter of falling earnings at the world’s top oil producer — net profit in the January-March period slumped 25%.…

Kodak stock dives 30% after $765 million loan is put on hold

Kodak stock plunged 30% Monday after a $765 million loan from the US government to help make drug ingredients was put on hold, as regulators are reportedly looking into allegations of insider trading. The stock was temporarily halted after plunging as much as 43% earlier in the day. “Recent allegations of wrongdoing raise serious concerns,”…

McDonald’s is suing its ousted CEO for lying about sexual relationships with employees

Ousted McDonald’s CEO Steve Easterbrook lied to the board about the extent of his relationships with employees, the company alleged in a new lawsuit. He misled investigators about engaging in physical sexual relationships with three employees in the year before his ouster, according to the documents. Now, McDonald’s is suing Easterbrook for the amount of…

Foot Locker is booming as people spend their stimulus on sneakers

Consumers have more money in their pockets thanks to government stimulus checks — and apparently many are using it at malls and online to buy new sneakers, which is good news for Foot Locker. The sneaker chain previewed its second-quarter results Monday ahead of the official release, saying sales were much better than expected and…

Amazon may take over old JCPenneys and Sears to try and speed up deliveries

Amazon may replace closed department stores at struggling malls. The company is in talks with Simon Property Group, the largest mall owner in the United States, to convert former or current JCPenney and Sears stores into distribution hubs to deliver packages, the Wall Street Journal reported Sunday. Both retail chains have filed for bankruptcy (Sears…

Will Richard Branson ever be Richard Branson again?

Richard Branson loves a challenge. The Virgin Group founder has built a reputation, and his more than $4 billion fortune, on the back of his willingness to take bold risks and venture into new areas of business. “Virgin loves to take on seemingly insurmountable problems, and try to overcome them,” he said in 2018. But…

BBC apologizes for use of N-word in news report

The BBC has apologized for airing an uncensored racial slur in a news segment, after initially defending the use of the word in a report broadcast last month. Social Affairs Correspondent Fiona Lamdin used the N-word in a segment on an apparently racially aggravated assault in the city of Bristol, sparking more than 18,600 complaints…

Hong Kong pro-democracy media tycoon Jimmy Lai arrested under new national security law

Hong Kong media tycoon Jimmy Lai, known for his support of the city’s pro-democracy movement and criticism of China, has been arrested on suspicion of “colluding” with foreign forces, according to local police. The offense was created by a new national security law imposed on the city by Beijing last month. Lai’s business partner Mark…

Democratic women leaders call out sexist news coverage of female vice presidential candidates

A group of Democratic women leaders is calling out sexist coverage of female Democratic vice presidential contenders — and they’re asking that newsrooms to do better. In an open letter to top newspaper and network executives, the group said newsrooms should not merely pay attention to problematic stereotypes of women being considered for the position,…

Does BP’s conversion signal the end of Big Oil?

The plunge in oil demand caused by the pandemic won’t fix the climate crisis. But it could force the oil industry to accelerate a shift away from fossil fuels as executives try to carve out a future in clean energy. What’s happening: UBS analysts estimate that earnings in the sector were down 172% on average…

‘Everything is gone.’ Flooding in China ruins farmers and risks rising food prices

By this time of year, the rice growing on Bao Wentao’s family farm should have been ready to harvest. Instead, heavy flooding has engulfed huge swathes of southern China, including more than 36 acres of rice fields that 19-year-old Bao and his father tend to in their village near Poyang Lake. “The crops have completely…

Buffett’s Berkshire Hathaway earnings jumped 87% as it recovers from the pandemic

Berkshire Hathaway is recovering from a rough start to a year in which it was hard hit by the coronavirus. Its second quarter earnings, released Saturday morning, were up almost 87% from last year, and a big turnaround from its huge first quarter loss. Billionaire Warren Buffett’s industrial and insurance conglomerate is typically considered a…

The reality of the US jobs rebound: Part-time work and less pay

Sarah Thomas is back at her job, but she’s no longer earning enough to pay her bills. That’s because she was offered only 15 to 20 hours a week at her employer, a merchandising company, rather than her former full-time position. On top of that, her hourly pay was cut by $4, to $10. When…

Wendy’s is eating McDonald’s breakfast

On March 2, Wendy’s finally launched its highly anticipated breakfast menu nationwide. Then, two weeks later, the morning commute basically collapsed because of lockdown measures encouraging people to work from home. Wendy’s breakfast should’ve flopped because of this. It didn’t. The appetizing array of new menu items, like the Breakfast Baconator and Frosty-ccino, have been…

In a heated exchange, CNN’s Poppy Harlow confronts Trump’s top economic adviser

If you get paid more to stay at home than go to work, why would you go to work? That’s the logic Larry Kudlow, the White House’s Director of the National Economic Council, and the Trump administration subscribe to. In a testy back and forth with CNN’s Poppy Harlow, Kudlow said Republicans want to scale…

Three top executives depart WarnerMedia as CEO Jason Kilar announces focus on HBO Max

WarnerMedia CEO Jason Kilar is reorienting the media company around HBO Max, the new streaming service, and several top executives are leaving as a result of the new structure. HBO Max general manager Andy Forssell is being promoted to run a “newly created HBO Max operating business unit,” Kilar wrote in an internal memo on…

40 million Americans are at risk of eviction without a stimulus bill

Up to 40 million Americans could be evicted by the end of this year, according to a new report published Friday by the Aspen Institute. The report warns that the United States may be facing the most severe housing crisis in history if conditions do not change, with up to 43% of renter households facing…

Escalating US-China tensions spark fresh market fears

The escalating fight between Washington and Beijing poses a big threat to markets, just as the S&P 500 is climbing back toward its all-time high. What’s happening: President Donald Trump on Thursday issued executive orders that would ban social media apps TikTok and WeChat from operating in the United States if the platforms are not…

Etsy’s on fire as reusable face mask sales surge

In just a matter of months, reusable face masks — the kind you wash and wear — have quickly evolved from being a niche product to an essential public health item in the fight against the spread of the pandemic. This has led to a sudden, immediate consumer demand for cloth face masks for daily…

WeChat ban sends shockwaves through global tech stocks

President Donald Trump’s decision to ban TikTok and WeChat rattled shares from Hong Kong to Tokyo, Amsterdam and Johannesburg on Friday in a cautionary sign that Washington’s crackdown on Chinese companies could have far-reaching consequences for global tech investors. The reckoning was immediate for WeChat parent, Tencent. The company’s stock plunged as much as 10%…

Your UPS packages could get a lot more expensive this fall

Shopping online during the upcoming holiday season could get more expensive if it’s delivered by UPS. The company will begin imposing surcharges of several dollars on companies that ship a huge amount of items this fall and early winter, anticipating rising costs as more more people shop online because of coronavirus. The new fees would…

Stocks finish mixed despite solid jobs report as worries about China resurface

Stocks ended the day mixed Friday despite the better than expected jobs report, as new fears about economic tensions between the United States and China cast a shadow over Wall Street after President Trump threatened to ban Tencent-owned messaging app WeChat. The market had been heading for a drop before the jobs numbers came out,…

Fastly’s stock plummets because its largest customer is TikTok

One of the pandemic’s best-performing new companies took a hit Thursday because of — you guessed it — TikTok. Fastly, a cloud computing service provider, has risen 364% in the Nasdaq in 2020, and has even outpaced Zoom during the pandemic. Yet President Donald Trump’s recent threats to outlaw TikTok — which accounted for 12%…

College dining will look completely different this fall

As the pandemic continues to surge across the country, colleges and universities are making multiple changes to try to keep students and staffers safe. So far, about 350 four-year colleges in the United States have decided to operate primarily online, according to data from the Chronicle of Higher Education and Davidson College’s College Crisis Initiative.…

Three journalists of color resign from Bon Appétit’s Test Kitchen videos

Three Bon Appétit journalists of color said Thursday they will no longer participate in the Condé Nast-owned food brand’s popular video series. Priya Krishna, Sohla El-Waylly and Rick Martinez posted simultaneous announcements on social media about their decisions following their unsuccessful contract negotiations with the company. Krishna and Martinez alleged in their posts they were…

E! News is canceled after 29 years on air

Here’s another casualty of Covid-19: E! News The entertainment news show, launched in 1991, was canceled in response to the economic fallout from the coronavirus pandemic, a representative for NBC Universal confirmed with CNN Business in an email. In addition, E!’s seven-month-old celebrity news shows, “Pop of the Morning” and “In the Room,” a celebrity interview series hosted…

Bank regulators crack down on Capital One after its massive data breach

The US government and Federal Reserve on Thursday took action against Capital One in response to the bank’s massive 2019 data breach. The Fed filed a cease and desist order, laying out steps Capital One must take to improve its risk-management program and internal controls related to cybersecurity and information security. It’s part of consent…

Why 2020 is the year of the SPACs (And what the heck is a SPAC?)

Lordstown Motors is the latest high-profile company that plans to go public by merging with a special purpose acquisition company or SPAC. These types of so-called blank check or reverse merger deals used to be an object of scorn on Wall Street. Now they’re all the rage. Among the companies that have recently hit Wall…

Americans have less debt for the first time in six years

Americans have less debt for the first time in six years, as they spent less money during the pandemic lockdown, new data from the Federal Reserve Bank of New York shows. American credit card balances fell by $76 billion, their steepest decline on record, between April and June, which included the most restrictive period of…

Lebanon’s economy was already in crisis. Then the blast hit Beirut

A cataclysmic blast in Beirut, Lebanon’s capital, is poised to send an economy already deep in crisis hurtling toward a dangerous unknown. On Tuesday, a massive explosion at the city’s port left at least 135 people dead and 5,000 injured. The number of deaths is expected to climb as search-and-rescue efforts continue. The blast, which…

LEGO is launching braille bricks for students across the US

LEGO is launching a line of braille bricks. The LEGO Foundation designed and created a line of bricks molded with studs that correspond to numbers and letters in the braille alphabet. The foundation is sending the blocks, free of charge, to school districts across the United States, according to a press release from American Printing…

Big tech stocks could fall sharply if there’s a vaccine

Hopes are growing that a Covid-19 vaccine is coming. But Goldman Sachs thinks a vaccine might actually upend the stock market, which has continued to rally despite worries about a rise in cases in several key states. A team of Goldman Sachs economists said in a report Thursday that there is a growing chance there…

Instagram’s algorithm blocked negative hashtags of Trump, but not Biden

A bug in Instagram’s algorithm systemically shielded Donald Trump from negative hashtags without doing the same for rival Joe Biden, the company confirmed. According to an investigation from the Tech Transparency Project, since at least June, searches for Biden-related content returned hashtags with counter-messaging, while searches for Trump-related content did not return any hashtags at…

Bank of England sees smaller hit to UK economy but slower recovery

The UK economy will take longer than expected to recover from the coronavirus pandemic, the Bank of England said Thursday, as it warned of rising unemployment and other risks to its forecast, such as a second wave of infections and Brexit. The central bank said in a statement that UK GDP is projected to shrink…

Lufthansa is looking beyond 2024 for the recovery in air travel

Demand for air travel will not fully recover until 2024 “at the earliest,” Lufthansa said on Thursday as it unveiled a record quarterly loss and warned that layoffs in its home market, Germany, can no longer be ruled out. The Lufthansa Group posted an operating loss of €1.7 billion ($2 billion) in the second quarter,…

Another 1.2 million Americans filed for first-time unemployment benefits last week

In recent weeks the recovery from America’s jobs crisis seemed to have hit a roadblock, but last week’s claims for first-time unemployment benefits fell more than expected. That said, another 1.2 million Americans filed for initial jobless benefits in the week ending August 1 on a seasonally adjusted basis, the Department of Labor reported on…

The world could look very different to investors in three months

As investors carefully scan an uncertain horizon, one thing is clear: The backdrop for markets will look very different in three months’ time. In a note to clients this week, Goldman Sachs strategists including Kamakshya Trivedi predicted a “substantially different landscape” by December. They pointed to three potential developments: We’ll know the results of sending…

How the Covid-19 economy is hurting US Latinos more than any other group

Latino households in the United States are having more trouble making ends meet during the coronavirus pandemic than any other demographic group, according to a new Pew Research study. The think tank released the findings from its latest American Trends Panel survey on Tuesday. The group’s researchers surveyed more than 9,600 US adults in April…

Bill English, co-inventor of the computer mouse, dies at 91

William “Bill” English, the engineer who helped create the first computer mouse, died July 26 in California. He was 91. With the mouse, English — alongside his partner, Douglas Engelbart, who died in 2013 — helped revolutionize modern computing, at a time when most computers were slow, impersonal metal behemoths. According to the New York…

These unknown brands took over store shelves while Purell and Clorox disappeared

Walk into any drug store, grocery chain or market today, and you’ll be hit with a wall of hand sanitizers and cleaning products that help fight against the coronavirus — but most have names that are unfamiliar to the average shopper. Clean n’ Natural, Germs Be Gone, SmartCare, Safe & Soft and M. Skin Care…

PepsiCo’s new Mac & Cheese product is made with Cheetos

You can add Cheetos Mac ‘n’ Cheese to your list of pandemic comfort foods. The new PepsiCo product comes in three flavors — Bold & Cheesy, Flamin’ Hot and Cheesy Jalapeño. It will be sold at Walmart in boxes and single-serve cups and will be available beginning on Saturday. For PepsiCo, the product is a…

Everything at the grocery store is getting more expensive

Grocery prices have skyrocketed during the coronavirus pandemic. That has Americans spending more at the supermarket than they have in years. Prices are spiking — and not just because people are buying more groceries as they spend more time at home. The pandemic has had a strong impact on grocery prices this year, according to…

Gold price rockets past $2,000 per ounce and it could keep going

Powered by a dominant tech sector, stocks keep rising. But if gold prices are any indication, traders are still hedging their bets against an uncertain economic future. What’s happening: Gold has rallied past $2,000 per ounce for the first time ever, with spot prices jumping as high as $2,041 per ounce on Wednesday. The metal’s…

New York Times’ digital revenue exceeds print for first time ever

The nation’s newspaper of record is looking more and more like a digital shop, and it has the subscription numbers to show it. Digital revenue for The New York Times exceeded its print revenue for the first time in its history, the company reported Wednesday in its second quarter report. The Times added 669,000 digital…

Moderna already got $400 million for a Covid vaccine that isn’t available

Moderna, one of the companies working on a treatment for Covid-19, said Wednesday that it’s on track to finish enrollment for a phase 3 study of its vaccine by the end of September. The biotech, which has received funding from the United States’ Operation Warp Speed program, also said it had about $400 million of…

America’s jobs crisis could be about to get even worse

America’s fragile jobs market recovery, after just two months of improvement, appears to be losing steam as Covid-19 infections rise and federal funds for businesses begin to dry up. On Friday, the US government is set to release its monthly jobs report, and economists are predicting another 1.6 million jobs were added in July —…

Kraft mac and cheese is now a breakfast food, apparently

Kraft wants you to wake up and smell the mac and cheese. More Americans are eating at home as the pandemic spreads across the United States, and household routines are changing. So Kraft Heinz announced Tuesday that it will rebrand its Kraft Macaroni and Cheese Dinner along with its iconic blue box. It’s not getting…

Kodak is reportedly under SEC investigation after its stock price exploded more than 2,757%

The Securities and Exchange Commission is reportedly investigating how Eastman Kodak received a a $765 million loan from the US government to help make drug ingredients, according to the Wall Street Journal. Last week’s surprise announcement sent Kodak’s shares soaring — as much as 2,757% — and sparked heavy trading volume for the largely forgotten…

& Other Stories used a racial slur for the internal name of a hat. Employees are furious

An internal photo uploaded to a product overview system named a purple hat as ‘Nigga Lab Beanie,’ last month at clothing company & Other Stories. Upon complaint from employees, they issued a companywide apology and the caption was never made public. The company said it is investigating how the hat was named with the racial…

Virgin Australia cuts 3,000 jobs and plans to focus on shorter flights

Virgin Australia is slashing about a third of its headcount, offloading some planes and focusing on shorter flights under its new owner, Bain Capital. The airline announced a sweeping restructuring plan Wednesday as it works to reduce costs amid the coronavirus pandemic. To adjust to ongoing challenges, Virgin Australia will cut 3,000 jobs, remove some…

NBCUniversal plans company-wide layoffs of less than 10% of 35,000-person staff

NBCUniversal is the latest media company to make staff cuts in the wake of the pandemic’s economic fallout. The cuts are expected to affect less than 10% of the company’s 35,000 full-time staffers and will extend across divisions including its broadcast networks, movie studio and theme parks, according to a source familiar with the matter.…

The Fortune 500 now has a record number of female CEOs: A whopping 38

Clorox just named Linda Rendle as its new chief executive, bringing the number of women CEOs on the Fortune 500 list to 38 — a new record that underscores the slow pace of change at the highest levels of business. Rendle, who is currently president of the company, has been with Clorox for 17 years…

‘Mulan’ is finally heading to Disney+… for $30

Disney’s “Mulan” has been delayed multiple times this year because of the coronavirus outbreak, but audiences will finally be able to see the blockbuster soon. It just may not be in the theaters. Disney announced on Tuesday that the remake of the 1998 animated classic will be heading to Disney+, the company’s new streaming service,…

Virgin Atlantic files for bankruptcy in the US to secure its rescue deal

Virgin Atlantic has filed for bankruptcy in the United States as it races to finalize a $1.5 billion plan to rescue it from the aviation industry’s worst crisis. The company, which is based in the United Kingdom, filed for Chapter 15 bankruptcy protection in New York on Tuesday, which shelters the US assets of foreign…

Argentina strikes deal with major creditors to restructure $65 billion in debt

Argentina has struck a deal with its major creditors to restructure roughly $65 billion in sovereign debt, a hopeful sign for a country that now faces a brutal coronavirus-related recession on top of longstanding economic problems. The agreement, announced by the government, breaks an impasse between Argentina and a group of private investors, including BlackRock…

Booking.com aims to lay off 25% of its workforce

Booking Holdings plans to lay off 25% of its global workforce as a result of the downturn in travel demand caused by Covid-19. The proposed layoffs at its Booking.com unit, which amounts to roughly 4,000 employees, will begin in September after it finishes consulting with “works councils, employee representatives and other relevant organizations,” the company…

Black-owned companies are shutting down twice as fast as other businesses

Black-owned businesses have been hit substantially harder by the coronavirus pandemic than companies overall, according to the Federal Reserve Bank of New York. The New York Fed on Wednesday unveiled a study on the virus’ impact on business owners nationwide, and the results show disparities in how the business owners of various races have struggled.…

Audi pulls ‘insensitive’ ad featuring girl eating banana in front of car

Audi has apologized for an advert showing a young girl eating a banana in front of a premium car, admitting it was “insensitive” and promising not to use the image in future. The German carmaker posted the advert for the Audi RS4, which was captioned “Lets your heart beat faster — in every aspect,” on…

The Clorox wipes shortage is expected to last into 2021

Clorox, the world’s biggest maker of disinfectant cleaning materials, said consumers will continue to see a shortage of its wipes and other products into 2021 because of overwhelming demand during the pandemic. While all kinds of disinfectant products have been flying off store shelves since March, wipes have been in especially high demand with consumers.…

How Kodak went from photography pioneer to pharmaceutical producer

Kodak is back in the news again after some time flying under the radar, and for a somewhat surprising reason: The Trump administration has tapped the legacy film and photography pioneer to produce pharmaceutical ingredients. The company will receive a $765 million government loan to launch a new division called Kodak Pharmaceuticals, which will eventually…

BP will slash oil production by 40% and pour billions into green energy

BP is planning to slash oil and gas production and pour billions of dollars into clean energy as part of a major strategic overhaul unveiled on Tuesday alongside a huge second quarter loss and dividend cut. The London-based company said that it plans a 10-fold increase in annual low carbon investments to $5 billion by…

Ta-Nehisi Coates is guest editing the September issue of Vanity Fair

Award-winning author and writer Ta-Nehisi Coates will guest edit the September issue of Vanity Fair, the magazine’s editor-in-chief Radhika Jones told CNN Business in an exclusive interview. The issue will focus on art, activism and power in 21st century America. Jones said she and Coates had been talking about the opportunity for a while. Vanity…

Apple is the world’s most valuable public company. $2 trillion beckons

Apple has lapped Saudi Aramco to become the most valuable public company on Earth — and don’t expect the rankings to flip again any time soon. What’s happening: Apple shares jumped more than 10% on Friday after the company reported earnings, reaching an all-time high. The stock rose another 2.5% on Monday to $435.75, giving…

Amazon was selling shoes using the N-word until a UK lawmaker complained

Amazon has removed a post selling shoes described as “n***er brown” after a British lawmaker discovered the listing while shopping online, prompting calls for tighter controls on Amazon’s item descriptions. “Just buying brown brogues tonight leads to this racist micro aggression. Is it 2020 or 1720? Please ⁦⁦@amazon⁩ take it down,” wrote David Lammy on…

Hannity partners with RNC to fundraise for Trump’s re-election by selling ‘priority access’ to his new book

Fox News host Sean Hannity is helping the Republican National Committee raise money for President Trump’s re-election campaign, despite network rules supposedly barring employees from participating in campaign events. In fundraising emails the RNC sent on Sunday and Monday, the committee told supporters that those who donate $75 or more would get “priority access” to…

Wawa is building a drive-thru only convenience store

Convenience store operator Wawa is testing a new store format as people look for contactless ways to shop during the pandemic. Wawa said the 1,850 sq-ft test store is expected to open in December in Falls Township, Pennsylvania. It’s one of two drive-thru locations planned this year. (The other one will be in Westhampton, New…

Another hedge fund is sweeping up newspapers. This time, journalists are cautiously optimistic

Hedge fund ownership of newspaper groups typically spells doom for the newsrooms. Just ask some of the former employees at the Denver Post who famously revolted against owner Alden Global Capital’s order to cut staff. But Chatham Asset Management’s takeover of McClatchy — scheduled to be finalized on Tuesday — is actually inspiring some cautious…

Chipotle is using avocado pits as dye for its new sustainable clothing line

Chipotle wants its customers to eat — and wear — its avocados. The company announced a new “responsibly sourced” clothing and goods line Monday, and all of the T-shirts, sweatshirts and tote bags will be dyed with the food chain’s used avocado pits that would otherwise go to waste. After using avocados to make guacamole,…

Dwayne “The Rock” Johnson is part of the team buying XFL for $15 million

Dwayne “The Rock” Johnson is teaming up with his ex-wife and a top sports management company to buy the bankrupt XFL football league for $15 million. Johnson — a former WWE wrestling star who has since become one of Hollywood’s most bankable action heroes — and the partners are purchasing the assets of the XFL…

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