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US workers file 787,000 new jobless claim amid Covid-19 pandemic

US workers file 787,000 new jobless claim amid Covid-19 pandemic

The number of Americans who lost their jobs and applied for unemployment benefits in mid-October sunk to a new low in the Covid-19 pandemic. Unemployment claims filed through state programs fell by 55,000 to 787,000 in the seven days ending October 17. However, the decline is partly a result of fewer new claims in California owing to a temporary freeze on new applications in the state.

4 hours
Volunteer in AstraZeneca COVID-19 clinical trial dies but trial continues

Volunteer in AstraZeneca COVID-19 clinical trial dies but trial continues

Brazilian health authority said on Wed. that a volunteer in a clinical trial of the COVID-19 vaccine developed by AstraZeneca and Oxford U. died, saying there had been an investigation of the matter. The regulator said testing of the vaccine would continue but provided no further details citing medical confidentiality. Elsewhere, it was reported the person who died had not received the vaccine.

Yesterday
US auto sector in slump but Tesla post fifth straight qtr of higher net profits

US auto sector in slump but Tesla post fifth straight qtr of higher net profits

The US auto industry is going through a slump but Tesla posted a stronger-than-expected net earnings for Q3. The company reported $331mn, or 27 cents per share, for its fifth-straight profitable qtr. Excluding one time adj. of stock-compensation, Tesla made 76 cents per share, surpassing estimates of 57 cents. Revenue for Q3 was $8.77bn significantly higher than analysts expectations of $6.3bn.

20 hours
OxyContin maker Purdue Pharma to plead guilty to 3 criminal charges: DoJ reports

OxyContin maker Purdue Pharma to plead guilty to 3 criminal charges: DoJ reports

DoJ announced that Purdue Pharma, maker of OxyContin, agreed to plead guilty to criminal charges and pay $8.3 billion in penalties. This could lead to settlement of lawsuits against Purdue for its role in the opioids epidemic. Sackler family members who own Purdue will pay $225 million in civil penalties. Prosecutors said Purdue executives or individual Sacklers could still face criminal charges.

Yesterday
Google accused of monopoly by US in largest lawsuit in two decades

Google accused of monopoly by US in largest lawsuit in two decades

The U.S. Justice Department and 11 states filed an antitrust lawsuit against Alphabet Inc’s Google on Tuesday for allegedly breaking the law in using its market power to fend off rivals.

Yesterday
UK govt borrowing hits £36bn in Sep. as it in on spending spree to boost economy

UK govt borrowing hits £36bn in Sep. as it in on spending spree to boost economy

UK Govt borrowing rose to £36.1bn in Sept as it spent significantly to support jobs and economy through the pandemic. The ONS published data stating the figure of £28.4bn was more than in the same month last year, which was the third-highest borrowing in any month since records keeping began in 1993. This includes £4.9bn on furlough scheme and £1.0bn in payments to support self-employed workers.

Yesterday
Apollo board to review CEO Black’s ties with Epstein

Apollo board to review CEO Black’s ties with Epstein

A group of Apollo Global Management’s independent board members will review CEO Leon Black’s relationship with Jeffrey Epstein. At a meeting Tuesday, Black requested that the board’s conflict-committee members hire a law firm to examine his business dealings with Epstein. The move is an effort by Black to put to rest renewed speculation into the nature of his ties to Epstein.

Yesterday
Cathay Pacific cuts 8,500 jobs

Cathay Pacific cuts 8,500 jobs

Hong Kong airline Cathay Pacific Airways plans to cut 8,500 jobs and shut a regional airline as it grapples with the plunge in air travel due to the pandemic. About 5,300 employees based in Hong Kong and another 600 elsewhere will likely lose their jobs, and 2,600 unfilled positions will be cut. The cuts are about 24% of the company’s workforce.

Yesterday
Chinese smartphone brand Vivo jumps in EU’s crowded mobile market

Chinese smartphone brand Vivo jumps in EU’s crowded mobile market

Vivo’s entry in EU smartphone sector marks entry of yet another Chinese player. Vivo has launched a slew of devices, including its X50 5G flagship phone. Additionally it has also launched a trio of budget devices under Vivo’s Y-series lineup: the Y70, Y20s, & Y11s. They use less powerful Snapdragon 6- and 4-series silicon, and are aimed at price-sensitive users whose priority is battery endurance.

Yesterday
Caribbean travel spots are reopening with restrictions

Caribbean travel spots are reopening with restrictions

Most of the newly reopened travel destinations are requiring visitors to show negative coronavirus test results before entry. That has airlines, as well as airport-based testing services, jumping in. If testing is not enough to reassure tourists, the countries are using tactics like restricting visitor numbers, limiting where they can go and requiring medical insurance.

Yesterday
Disneyland and larger theme parks in California to continue to remain closed

Disneyland and larger theme parks in California to continue to remain closed

Reopening guidelines for theme parks in California which were closed for over seven months because of Covid-19 were announced on Tuesday. However larger theme parks such as Disneyland and Disney California Adventure, Universal Studios Hollywood; Knott’s Berry Farm and Six Flags Magic Mountain are not allowed to open until their respective counties are in the ’yellow’ tier.

Yesterday
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