Lloyds Banking Group has announced that it intends to cut 780 ’full-time jobs’. In the past year Lloyds has posted a 26% drop in profits. However, the reason for the layoffs is changed consumer behavior and less footfall in their branches. They have not yet identified the positions or branches being closed.
Starbucks Corp said on Wednesday its Canadian stores will start selling a Beyond Meat Inc plant-based breakfast sandwich next week. According to the company, Starbucks worked together with Beyond Meat to develop a recipe uniquely designed with the Starbucks customer in mind. The sandwich features a plant-based patty topped with cheddar cheese and egg on an artisanal bun.
Fox News posted an average of 3.53 million total viewers in prime time, the highest ratings in its 23-year history. It was also its 44th consecutive month that it was the most-watched channel on basic cable. Meanwhile, MSNBC averaged 1.78 million and CNN hit 1.05 million. Year over year, Fox News was up 35% in total viewers.
Global markets continue to be gripped in fear and the coronavirus spreads. Shares in mainland China led losses among major Asia Pacific markets on Wednesday. On Tuesday, the Dow tumbled 879 points, bringing its two-day losses to nearly 1,900 points. Gold edged slightly higher Wednesday as investors sought safe haven assets. Brent crude rose slightly to $55.37 a barrel on account of short covering.
Fed Vice Chair Richard Clarida said on Tuesday that the bank is ’closely monitoring’ the escalating coronavirus outbreak. He, however, added that ’it is still too soon to even speculate about either the size or persistence of these effects, or whether it will lead to a material change in the outlook’. Clarida stressed that both the US economy and monetary policy are currently in ’a good place’.
Amazon on Tuesday is set to open ’Amazon Go Grocery,’ a cashier-less store in Seattle’s Capitol Hill. The concept targets customers in residential neighborhoods rather than office workers, whom the smaller Amazon Go convenience stores serve. Customers just have to scan an ’Amazon Go’ smartphone app on a gated turnstile to enter and start shopping.