Business News

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

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…

The world could look very different to investors in three months

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…

Lufthansa is looking beyond 2024 for the recovery in air travel

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

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…

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

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

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…

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

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

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

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…

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

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 —…

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

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…

Kraft mac and cheese is now a breakfast food, apparently

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…

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

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…

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

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…

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,…

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

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.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…