Economy / 19

American Airlines Will No Longer Block Middle Seats Starting This Week

July 01, 2020

Fauci said. "I think in the confines of an airplane that becomes even more problematic". In the past few months American and most other airlines have blocked off all or some of the middle seats in Economy but that will stop on Wednesday. Among other large USA carriers, Delta Air Lines DAL.N and Southwest Airlines LUV.N are limiting the number of seats sold on their flights through at least September.

Details of China's national security law for Hong Kong unveiled

June 30, 2020

Hours after the trio announced their exit from Demosisto, the party said it would disband. Hong Kong was upended by seven straight months of protests a year ago, initially sparked by an eventually abandoned plan to allow extraditions to the mainland.

BYJU'S To Raise Funding From BOND, The Global Investment Firm

June 30, 2020

According to media reports, the latest funding, which is likely to be under $100 million, has valued Bengaluru-based Think and Learn Pvt. "Endorsed by millions of students, Byju's has emerged as a clear leader in education technology", said Mary Meeker , General Partner at Bond .

Cirque du Soleil files for creditor protection, terminates 3480 jobs

June 30, 2020

Current Cirque CEO Daniel Lamarre said the company will return stronger, but any transition likely won't happen until the fall. Cirque du Soleil is filing for creditor protection after months of being closed due to the COVID-19 pandemic. The group wants to acquire substantially all of the company's assets for a combination of cash, debt and equity. The company has also received United States $436 million in fresh funding to "support a successful restart, provide relief for Cirque du ...

China's Xi Jinping signs new security legislation for Hong Kong

June 30, 2020

The security legislation imposed on Hong Kong sets the stage for the most radical changes to the former British colony's way of life since it returned to Chinese rule 23 years ago. Chinese foreign ministry spokesman Zhao Lijian, who announced the new sanctions during a press briefing in response to a question about Washington's new visa restrictions, did not specify which US individuals have been targeted.

Microsoft's not interested in Facebook boycott, pauses ads due to placements

June 30, 2020

The campaign also alleged that Facebook had "turned a blind eye to blatant voter suppression" on its platform, adding that while Facebook could protect and support Black users as well as call out Holocaust denial as hate, it is "actively choosing not to do so".

Militant siege on Pakistan stock exchange leaves at least 3 dead

June 30, 2020

Pakistan media outlet Geo News claimed that the militants launched a grenade attack at the main gate of the building before storming the exchange. Governor of the Sindh region, Imran Ismail released a statement on Twitter, "Strongly condemn the attack on PSX aimed at tarnishing our relentless war on terror".

Japan, Taiwan dismayed by China's new security law for Hong Kong

June 30, 2020

The move comes after US Secretary of State Mike Pompeo imposed visa restrictions on Chinese officials over infringement of Hong Kong autonomy. The law was approved Tuesday on the eve of the anniversary of Britain's 1997 handover of Hong Kong to China.

Facebook Ad Boycott Costs Mark Zuckerberg Over $7.2 Billion

June 30, 2020

Free Press and Common Sense, along with U.S. civil rights groups Color of Change and the Anti-Defamation League, launched the campaign following the death of George Floyd , an unarmed Black man killed by Minneapolis police. The liquor giant spent $94.9 million on Facebook advertising in the US alone in 2019, according to estimates by analytics platform Pathmatics. But the publicity around its hate speech policies have hurt its perception and stock.

Supreme Court gives president more consumer agency control

June 30, 2020

President Barack Obama initially considered naming Warren, by then serving as an assistant to the president and adviser to the Treasury secretary on the agency's creation, to head the bureau, but she was dropped when it became clear her nomination could not overcome fierce Republican opposition.

Developing countries will pay less for COVID-19 drug - Gilead reveals

June 29, 2020

The amount that patients pay out of pocket depends on insurance, income and other factors. Gilead also said it agreed to continue to send its supply of remdesivir to the US Department of Health and Human Services (HHS), with the agency and states set to manage allocation to US hospitals until the end of September.

Mark Zuckerberg becomes $7 billion poorer as firms boycott Facebook ads

June 29, 2020

The social media giant and others like it have already run into censorship of politically-sensitive content in the past. Following the ad boycott, Bloomberg reported that Zuckerberg lost about US$7 billion after Facebook shares dropped 8.3% last Friday.

Microsoft confirms it is closing all its physical retail stores globally

June 29, 2020

Microsoft is definitely going to stop physical stores. This mainly concerns stores in the United States, where Microsoft has the most physical stores. Microsoft Stores debuted in 2009, serving as a showcase for Surface, Xbox, and other PCs, as well as information centres for Windows itself. Just last week the company announced it was shuttering its streaming platform Mixer in a merger with Facebook Gaming.

Gilead sets U.S. price for COVID-19 treatment

June 29, 2020

The American drug company producing an antiviral Food and Drug Administration-approved drug that is being used to treat severe cases of coronavirus , says patients who are covered by government programs like Medicaid will be charged $2,340 for a typical five-day treatment course.

Johnson: UK will be 'fitter and happier' if obesity problem is tackled

June 29, 2020

Mr Johnson, who spent time in intensive care battling COVID-19, said the government owed it to all those who have died and suffered to look at exactly "what went wrong and when". Asked if he was still anxious that total deaths and the infection rate remained too high, Mr Johnson said: "Every day I worry". "They are much, much lower than they were a few weeks ago and that is encouraging".

Amazon workers in Germany will strike about COVID-19 bacterial infections

June 29, 2020

Workers criticized the firm for not notifying staff when colleagues tested good for the coronavirus. Opposition Greens party co-leader Annalena Baerbock backed the strike, calling for "fair wages, dignified working conditions and above all a collective bargaining agreement" at Amazon.

Macy's Announces Restructuring To Address Sales Impact From The Pandemic

June 29, 2020

This includes store closures from March 18th to May 4th, 2020 and the company's gradual reopening . For fiscal 2020, the company expects pre-tax costs of about $180 million for these restructuring activities, the majority of which will be recorded in the second quarter and all of which will be in cash.

Wirecard: Cardholders' money locked as FCA freezes United Kingdom subsidiary

June 29, 2020

They said that customers' money was still safe, but would not be accessible for a time. A spokesperson for Curve said: "In April, Curve announced we would bring more processes in house such as card issuing and e-money and move away from a reliance on Wirecard ".

Why this Starbucks barista got $36,000 in tips

June 29, 2020

Next time I will wait for cops and bring a medical exemption.' The post has reportedly been shared over 47,000 times and has earned more than 133,000 comments. This was exactly what happened in a Starbucks store in San Diego recently. The coronavirus pandemic is raging and shows no signs of abating: cases all across the world have seen a steady, and on some days, even a significant increase.

EU, UK keen to step up the pace as trade talks resume

June 29, 2020

European Union and United Kingdom negotiators resumed. European Union chief negotiator Michel Barnier has said a trade deal remains possible if there is compromise on fisheries. "The more rapidly we can arrive at an agreement, the far better - and there's no very clear explanation why the wide outline of a political arrangement cannot be attained in the summertime", a Selection 10 resource advised AFP.

Intu on brink of administration, putting East Mids shopping centres at risk

June 29, 2020

Intu Properties has said talks with lenders have failed to reach an agreement and warned that it is on the verge of calling in administrators. Intu directly employs almost 3,000 people but is vital to numerous UK's regional economies as 102,000 people work in its 17 United Kingdom shopping centres.

Starbucks to pause advertising across social media to help stop hate speech

June 29, 2020

The company said it took the move to protest the amount of hate speech online. Which advertisers are limiting or stopping their advertising on Facebook? Coca-Cola is to suspend advertising on social media for 30 days. Lululemon, a fitness apparel retailer, which spends Rs268 million ($1.6 million) on ads, voiced solidarity on Twitter with the boycott campaign and said that it was "actively engaging with Facebook to seek meaningful change".

More than $48,000 raised for barista at center of viral Facebook post

June 29, 2020

Some of the comments ask Gilles to direct her ire elsewhere while others accuse her of being a "privileged mess". Most of the comments are in defense of Lenin. "It simply goes to point out you there are lots of good folks on the market, and that outweighs the unhealthy", Cowan mentioned. "We respectfully request customers follow social distancing and safety protocols recommended by public health officials, including wearing a facial covering when visiting our stores", the representative added.

Microsoft to Close Its Retail Stores

June 29, 2020

To implement the strategy, the company would "reimagine" the physical spaces at its four Microsoft Experience Centers in New York City, Sydney, London, and its Redmond headquarters. "We deliberately built teams with unique backgrounds that could serve customers from anywhere ..." The company reports that there will be no layoffs as a result of the decision, whilst Microsoft Store VP David Porter insisted via a LinkedIn post that its "commitment to growing and developing careers from this ...

Over 10 million coronavirus cases registered worldwide: AFP tally

June 29, 2020

Infections are also up in some other parts of the world that have reopened. On the other hand, the number of coronavirus cases in the United States topped 2.5 million, reaching 2,500,419, according to the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University.

13 more COVID-19 recoveries; two new cases

June 28, 2020

Federal privacy restrictions prohibit the release of any additional information regarding this case. For the second straight day, San Diego County has recorded over 400 new COVID-19 cases, health officials announced Saturday. This week's totals bring the county to 994 cases since March. - Bracken County, there are 15 confirmed cases. One case is imported, from the U.S., while the other is a contact of a prior imported case.

Britain's lockdown drives Tesco's sales, costs higher

June 28, 2020

Tesco said that overall sales in its first quarter rose by 8.2% in the United Kingdom and Ireland when currency fluctuations are excluded. The retailer is now delivering more than 1.3 million online orders per week, with a total of 12.6 million filled during the first quarter.

Oil prices creep up on demand recovery, tempered by virus outbreaks

June 28, 2020

Oil import spending was $ 112 billion in 2019-20. "Traffic in London and NY rose steadily in recent weeks although it remained well below pre-Covid-19 levels, TomTom data showed, while in Moscow it was back at last year's levels". Both S&P Global Platts and Argus Media will launch Gulf Coast assessments on June 26 to reflect light, sweet oil loaded for shipment from there. But shipments may take a hit over the next few months after record purchases in May crushed port infrastructure, another ...

Global covid-19 cases hit 1 crore as pandemic gains momentum

June 28, 2020

The recovered cases have exceeded the active cases by 1,06,661 as on Saturday, the ministry said. India has recorded over five lakh confirmed cases since the outbreak began in China in December previous year. Puducherry has recorded 619 COVID-19 cases, Chandigarh has 428, Nagaland has 387 and Arunachal Pradesh 177 and Dadra and Nagar Haveli and Daman and Diu together have also reported 177 COVID-19 cases.

Walmart face huge backlash for selling 'All Lives Matter' t-shirts

June 28, 2020

Many users expressed outrage as some view those slogans as a sort of counter-protest to the Black Lives Matter movement and worldwide demonstrations against racism. Amazon did not immediately respond to a request for comment. We've forwarded your comments to the appropriate department to look into it further. A spokesperson for Walmart later stated: "We stand against any form of racism or discrimination".

Ford F-150 Teased One Last Time Before June 25 Debut

June 28, 2020

According to Ford , the new F-150 has an even bolder and tougher appearance, but looking at the two generations side by side, all we see is a slightly simpler and arguably more modern design. This allows occupants to turn on and off individual sections of exterior lights through the SYNC 4 screen or remotely with the FordPass app on their phone, so they never have to work, camp or do anything in the dark.

Singapore network operators pick Nokia, Ericsson

June 28, 2020

IMDA issued the final awards in a 5G Call for Proposal (CFP) process to Singtel Mobile Singapore Pte Ltd (Singtel) and the Joint-Venture Consortium (JVCo1) formed by StarHub Mobile Pte Ltd (StarHub) and M1 Limited (M1). Singtel and JVCo are assigned 100MHz of 3.5GHz spectrum, while Singtel, StarHub and M1 each get their hands on 800MHz of "mmWave spectrum" for "localized coverage".

Philippines to investigate Wirecard's missing billions case

June 27, 2020

Marsalek's lawyer could not be reached for comment. Among those affected are likely many online gamblers who use Wirecard-branded Mastercards for getting money in and out of gaming accounts. The damning assessment came hours after Wirecard filed for administration. New CEO James Freis, a former financial investigator at the U.S. Treasury and compliance chief at the Frankfurt Stock Exchange, is holding crisis talks with a consortium of 15 banks led by Germany's Commerzbank.

Bain wins bid to buy ailing Australian airline Virgin

June 27, 2020

On June 2, the troubled airline narrowed the shortlist of bidders down to two: Bain Capital and Cyrus Capital Partners. Travel credits and employee entitlements are preserved under the Bain deal, the administrators said. He repeated his call for the Morrison government to aid the airline sector, which has been devastated by the coronavirus crisis, by introducing an "aviationkeeper" package to keep money flowing if jobkeeper payments to workers are cut off as planned in September.

Biden to accept presidential nomination at scaled-back convention

June 27, 2020

The standing committees of the convention - including the platform, credentials, and rules committees - will conduct their business virtually. He sought to draw a contrast with Trump's push for a traditional convention in North Carolina, clashing with the state's Democratic governor, Roy Cooper, and public health officials over the details amid the pandemic.

WestJet announces organizational changes to secure its future

June 27, 2020

The pandemic has seen the airline park two-thirds of its fleet after border shutdowns prompted it to suspend most of its schedule - including all global trips - in late March. According to Statistics Canada, there were about 61,000 people working in the Canadian airline industry as of 2017, the latest year that data is available.

Facebook boss Mark Zuckerburg announced the company's remote working policy this week

June 27, 2020

The company's new set of plans comes days after the company chose to begin work in San Francisco Bay Area in a limited fashion. The Facebook CEO estimated that over the course of the next decade, half of the company could be working fully remotely.

Amazon Reportedly Buys Self-Driving Startup Zoox For Over $1.2 Billion

June 27, 2020

The Financial Time reports that the deal is worth $1.2 billion . The Zoox acquisition is specifically aimed at helping the startup "bring their vision of autonomous ride-hailing to reality", according to Amazon , so this doesn't look to be immediately focused on Amazon's logistics operations for package delivery.

Govt raises petrol price by almost Rs26 citing 'global rise in prices'

June 27, 2020

Diesel may still be cheaper than petrol in other metropolitan cities but prices of both fuels have touched new highs in recent weeks. Light diesel oil was earlier being sold at Rs 47.51 per liter. Meanwhile, as cases related to coronavirus ballooned across the world and many countries imposed nationwide lockdown, the demand for crude oil dramatically fell, pulling down the crude oil prices.

Cambridge local council approves £1bn Huawei facility despite security row

June 27, 2020

The site is meant to eventually serve as Huawei's global headquarters for its optoelectronics business, where it will research, develop, and produce semiconductor technology focused on optoelectronics used in fiber optic broadband networks.

Google says it will pay publishers for news content

June 27, 2020

The American Internet giant has for years tried to fend off demands for payment from news publishers worldwide in return for using their content, with European media groups among the fiercest critics. The major Australian publishers believe Google Australia should be paying hundreds of millions of dollars for the use of premium content. The company has already been working with Germany's Spiegel Group, InQueensland and InDaily in Australia, and Brazil's Diários Associados.

Slamborghini! Supercar wrecked just 20 minutes into first trip

June 27, 2020

As if that wasn't bad enough for the auto owner, the vehicle was just 20 minutes old. This was the unfortunate fate of a brand new black Lamborghini Huracan driver. " Hit from behind by an innocent motorist #couldhavecried ". A police spokesperson confirmed the Lamborghini and a van had collided. They suffered a head injury, though it was not believed to be serious, according to the BBC .

Feds sent coronavirus stimulus checks to 1.1 million dead people

June 26, 2020

As of May 31, the GAO found that the Treasury Department had issued 160.4 million payments totaling $269.3 billion, "including payments to more than a million deceased individuals". "Where's the Republican oversight?" said Sen. House Democrats have pushed for more payments to households. In particular, the Small Business Administration rebuffed attempts to get information on the $349 billion it has distributed in loans under the Paycheck Protection Program.

Stocks drop after Fed's latest stress test of major banks

June 26, 2020

Stocks rose on Wall Street Thursday after a choppy start as investors weigh a mixed batch of economic reports highlighting the damage that the coronavirus lockdowns have inflicted on the economy. Despite shedding its gains for June, the S&P 500 still is on pace for its best quarter since the fourth quarter of 1998. The Dow Jones Industrial Average rose 1.2% to 25,745.60.

Working from home forever: Facebook to begin remote hiring

June 26, 2020

But there's a lot of "ifs", "ands" and "buts" attached - although not butts in the seats. There will be "severe ramifications" for those discovered to be falsifying addresses. Those elements of work cultures will undoubtedly be affected. Earlier in the year, as the presidential race was heating up, Facebook faced criticism for refusing to introduce major changes to its advertising policies, that allowed disinformation to spread online, with both Democrats and Republicans slamming the ...

Lufthansa shares soar 15% after top shareholder backs government bailout

June 26, 2020

Germany's plan for Lufthansa is part of an overall rescue that became a reality on Wednesday after a billionaire shareholder reversed course and backed the plan. Lufthansa plans to execute the sale of shares to Germany for 2.56 euros apiece, almost one fourth the current market price, in the coming days to unlock the financing.

Resurgence in Covid cases makes gold prices touch new highs

June 26, 2020

Spot gold prices have surged almost 14% this year boosted by unprecedented central bank stimulus measures as the coronavirus outbreak wrecked economies. The pandemic is accelerating globally with the World Health Organization reporting a record increase in worldwide coronavirus cases to 183,020 on Sunday.

Twitter announces employees can work from home permanently

June 26, 2020

Twitter Inc. will let employees work from home permanently even after health authorities allow workers to return to their offices when the danger of the COVID-19 outbreak recedes. Now, as states and counties look toward loosening stay-home restrictions and allowing more businesses to open up, many are watching Big Tech's plans to go back to their open offices.

Qantas to cut 6000 jobs due to pandemic

June 26, 2020

Mr Morrison said there were parts of the economy that will feel the effects of the COVID-19 recession "for longer". "This is a remarkable and unwelcome and unnecessary decision that has been made and announced today by Mr Joyce. And that means becoming a smaller airline in the short term'. It aims to use up to $1.9 billion in funds raised to speed up its recovery. In addition to a gradual recovery of domestic flights, which Joyce said should be up to 40 percent of pre-COVID levels in July, ...

US sent Covid-19 stimulus cheques to one million dead people

June 25, 2020

But with the economic stimulus checks sent out in April and May in response to the COVID-19 crisis, the Treasury and IRS "did not use the death records to stop payments to deceased individuals for the first three batches of payments because of the legal interpretation under which IRS was operating".

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