Top voted stories
Aston Martin chief to leave, Mercedes-AMG CEO to replace him: Report

Aston Martin chief to leave, Mercedes-AMG CEO to replace him: Report

Aston Martin boss Andy Palmer is leaving the business as part of a boardroom shake-up to restore its flagging fortunes. He will be replaced by Tobias Moers, CEO of Mercedes-AMG, reported Reuters. Palmer became chief executive in 2014 and brought Aston from the brink of bankruptcy to a successful stock market flotation in 2018. But the carmaker earlier this month posted a deep first-quarter loss.

7 hours
Jaguar Land Rover seeks state loans to ride over crisis

Jaguar Land Rover seeks state loans to ride over crisis

Jaguar Land Rover, UK’s largest auto manufacturer is in talks with government to borrow more than £1 billion ($1.2 billion) through the UK’s emergency coronavirus lending program. Owner Tata Motors Ltd. may be required to back part of the UK government loan to secure the funding.

20 hours
IBM to cut jobs across US

IBM to cut jobs across US

Tech giant IBM announced that it’s laying off undisclosed number of workers across US. These would be IBM’s first big layoffs under incumbent CEO Arvind Krishna, who on April 6 replaced Ginni Rometty.

2 days
Unemployment rising as pandemic spreads

Unemployment rising as pandemic spreads

US Labor Department released a report showing that more than 20% of American workforce filed for unemployment due to the spread of the Covid-19 virus all across the United States. Moreover, unemployment rose all across the nation, the most affected states being Nevada and Michigan with more than 23% of workforce filing for unemployment.

2 days
Car rental company Hertz files for bankruptcy

Car rental company Hertz files for bankruptcy

Hertz Global Holdings filed for bankruptcy protection on Friday. Burdened with about $19 billion in debt and nearly 700,000 vehicles that have been largely idled because of the coronavirus, the company had challenges even before the current economic crisis.

2 days
Washington state finds it paid out unemployment benefits to a fraud ring

Washington state finds it paid out unemployment benefits to a fraud ring

Impostors from a Nigerian fraud ring have used the stolen information of tens of thousands of people in Washington to fraudulently receive unemployment benefits. The state’s Employment Security Department head Suzi LeVine confirmed an investigation. LeVine said she can’t release specific numbers but countermeasures ’prevented hundreds of millions of additional dollars from going out’.

2 days
Analysis contests claim that US billionaires got richer during COVID-19

Analysis contests claim that US billionaires got richer during COVID-19

While a new report touts that the net worth of US billionaires has increased by $434 B during the pandemic, an analysis by MarketWatch has revealed otherwise. For a start, the period of study has been March 18 and May 19. Instead MarketWatch studied the net worth from the Feb. 19 peak in the market till Tues. this week. Cumulatively, the top 50 billionaires lost $232 billion during this time.

2 days
Millions miss credit card, car loan payments amid coronavirus crisis

Millions miss credit card, car loan payments amid coronavirus crisis

Nearly 15 million credit cards, or about 3.2% of the US’ accounts, were either frozen, in forbearance or had a deferred payment in April, according to credit-reporting company TransUnion. The same was true for almost 3 million, or 3.5%, of the nation’s auto loans. Last year in April, only 0.03 percent of credit cards and 0.5 percent of auto loans were in similar situation, the company said.

2 days
Specialist Leisure Group goes bust with loss of 2,500 jobs

Specialist Leisure Group goes bust with loss of 2,500 jobs

About 2,500 jobs have been lost and 64,000 bookings cancelled with the insolvency of Specialist Leisure Group. The UK based company operated Caledonian Travel and hotel businesses such as Bay Hotels, Coast and Country Hotels and Country Living Hotels and well-known coach holiday brands Shearings and National Holidays.

2 days
Record government borrowing in April as UK tackles COVID-19 crisis

Record government borrowing in April as UK tackles COVID-19 crisis

The UK govt borrowed a record amount in April, adding £62.1bn to the country’s budget deficit, £51.1bn higher than the same month last year. The figure is twice as high than expected. It comes amid efforts by the govt to prevent job losses from the pandemic by furloughing many of the country’s workers. Public debt jumped to almost 98% of GDP - the highest share of GDP by that measure since 1963.

2 days
Zuckerberg says FB staff can work from anywhere for a price

Zuckerberg says FB staff can work from anywhere for a price

FB CEO Zuckerberg said half of its employees could be working remotely within next five to 10 years, and FB will allow certain employees to WFH on a full-time basis. However such employees will have to inform FB by Jan. 1 and their pay would be adjusted to the respective taxes and accounting of relocation. He also warned of severe ramifications for employees being dishonest in this WFH process.

2 days
19 Ikea stores to be reopened in UK

19 Ikea stores to be reopened in UK

19 Ikea stores are set to be reopened across England and Northern Ireland. The retailer has announced that the stores will reopen on the 1st of June and new social distancing measures will be put into effect. Each and every store will be patrolled by social distancing wardens according to the homeware chain.

2 days
UK Mortgage payment holidays extended by three months

UK Mortgage payment holidays extended by three months

UK mortgage payment holiday scheme which began in March has been extended by three months. The scheme was to support homeowners as the Covid-19 pandemic has seen many businesses being closed, resulting in job losses for some and furlough for many others. More than 1.8 million mortgage payment holidays have been applied till date and the application deadline too has been extended to October.

2 days
UK retail sales fall by record 18.1% in Apr owing to Covid-19 shut down

UK retail sales fall by record 18.1% in Apr owing to Covid-19 shut down

UK retail sales in Apr fell by a record 18.1% owing to Covid-19 lockdown. Among the sectors to suffer was clothing, where sales declined by 50.2% in Apr compared with Mar, which had seen a 34.9% fall. The household stores sales fell 45.4%, on the back of an 8.7% drop in Mar. However increase in non-store retailing at 18% and alcohol stores sales growth of 2.3% was the only bright spot.

2 days
Luckin Coffee stock declines 35% after trading in stock resumes after a month

Luckin Coffee stock declines 35% after trading in stock resumes after a month

Luckin Coffee shares ended 35.8% lower on Wednesday after it resumed trading again after more than a month. Its shares have plunged ~93% for YTD. Luckin is being investigated for financial misconduct and has fired its top executives, including Qian, former CEO. The company is accused of fabricating transactions worth ~$310mn. Amid these uncertainties, Nasdaq has sent company a delisting notice.

3 days
Americans use their $1,200 stimulus checks to splurge at Walmart, Target

Americans use their $1,200 stimulus checks to splurge at Walmart, Target

Millions of Americans used their $1,200 relief checks to buy everything from video games to sewing machines even as the country struggles with record job losses, providing a fillip to sales of major retailers. Walmart and Target Corp noted in their earnings call that quarterly comparable sales, which rose about 10%, got a major boost from increased demand for non-essentials end of last month.

3 days
Latest Business
Get the App