Royal Caribbean Cruises Ltd said on Wednesday it would lay off or furlough about 26% of its workforce in the United States, affecting nearly 1,300 of its more than 5,000 employees in the country, as the coronavirus chokes international travel.
The news comes as the fast-spreading pandemic led to the extension of the “no sail order” for all cruise ships by the U.S. Centers for Disease Control, as it looks to curb the spread of the virus. “A majority were layoffs,” a company spokesperson said, without specifying separately the percentage of furlough and layoffs. …read more […]
New York Governor Andrew Cuomo has hired high-powered consultants to develop a science-based plan for the safe economic reopening of the region that can thwart expected pressure from U.S. President Donald Trump to move more rapidly, state government sources told Reuters on Wednesday.
The International Monetary Fund is looking to triple its concessional financing for the poorest countries to over $18 billion to help them respond to the novel coronavirus pandemic, Managing Director Kristalina Georgieva said on Wednesday.
Asian stocks look set to tumble on Thursday, as fears that the world is in its worst recession since the 1930s were heightened by data showing U.S. retailers suffered a record sales collapse in March due to the coronavirus outbreak.
The global economy is already in the early throes of a recession, but business is booming at Amazon (AMZN). As Deutsche Bank’s Lloyd Walmsley puts it: “it may not be judicious for the company to be perceived as profiting from the COVID-related turmoil.”The proof is in the pudding. While unemployment figures have risen dramatically since the viral outbreak has sent millions of workers home, Amazon has set in motion the hiring of an additional 100,000 employees to help with the surging demand. According to the NY Times, orders for Amazon groceries are 50 times higher than normal during this stay-at-home …read more […]
A U.S. judge canceled a key permit Wednesday for the Keystone XL oil pipeline that’s expected to stretch from Canada to Nebraska, another setback for the disputed project that got underway less than two weeks ago following years of delays. Judge Brian Morris said the U.S. Army Corps of Engineers failed to adequately consider effects on endangered species such as pallid sturgeon, a massive, dinosaur-like fish that lives in rivers the pipeline would cross. Pipeline sponsor TC Energy will need the permit for future construction across hundreds of rivers and streams along Keystone’s 1,200-mile (1,930-kilometer) route. …read more […]
U.S. retail sales suffered a record drop in March and output at factories declined by the most since 1946, buttressing analysts’ views that the economy contracted in the first quarter at its sharpest pace in decades as extraordinary measures to control the spread of the novel coronavirus shut down the country.
After closing their doors to prevent the spread of the coronavirus, many small businesses face an uncertain future following government-ordered lockdowns.
(Bloomberg) — The physical oil market, where millions of barrels of real cargoes are traded each day, needed OPEC+’s historic cuts to global crude production months ago.On Sunday, producer nations pledged to limit output by an unprecedented 10% of global supply. While there’s skepticism the cuts will prove deep enough — demand has plunged by far more — a more pressing issue is one of timing: the real market, the one that underpins headline prices, has a huge glut and the output curbs won’t even begin until May. Before then, it’s pump at will so the curbs won’t really affect …read more […]
Already sanctioned by the SEC on a fraud charge, Elon Musk and Tesla fight a civil suit on his buyout claim. …read more […]
(Bloomberg) — GoPro Inc. said it will cut more than 200 jobs, shift the company’s sales operation to market its digital adventure cameras directly to consumers and withdraw its 2020 financial guidance in response to the Covid-19 pandemic.The operational changes, staff reductions of more than 20% and cuts to office space will save $100 million in 2020, and reduce expenses next year to $250 million, the San Mateo, California-based company said Wednesday in a statement. GoPro said its shift to direct sales will mean a stronger focus on its website. The company said it still will use retail outlets for …read more […]
U.S. President Donald Trump said on Wednesday that data suggested the country had passed the peak on new coronavirus infections, and said he would announce “new guidelines” for reopening the economy at a news conference on Thursday.
Alphabet Inc’s Google will slow hiring for the rest of the year, Chief Executive Officer Sundar Pichai told the company’s staff in a memo on Wednesday.
Warehouse operator Costco Wholesale Corp on Wednesday raised its quarterly dividend by about 8%, joining a small but growing list of companies to do so at a time when most of corporate America is suspending shareholders returns in order to shore up liquidity as the coronavirus crisis deepens.
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