US jobs figures fall far short of expectations
US employers hired fewer workers than expected last month despite a huge stimulus package that saw the government send $1,400 (£1,000) cheques to most Americans. Just 266,000 jobs were added in April and the unemployment rate edged up to 6.1%, according to the Bureau of...
Italy political crisis erupts over EU Covid spending
The coalition government of centrist Italian Prime Minister Giuseppe Conte is in chaos after ex-PM Matteo Renzi withdrew his tiny party from it. Mr Renzi objects to Mr Conte’s plans for spending €209bn (£186bn; $254bn) of EU recovery funds – part of a huge EU...
Billionaires Grow Wealth By Over $1 Trillion Since Pandemic Began
Billionaires in the U.S. have grown their wealth by over a third — or by more than $1 trillion — since the COVID-19 pandemic hit the nation in March, a new report finds. At the same time, the economic crisis caused by the coronavirus pandemic...
China’s President Personally Scuttled Jack Ma’s Ant IPO
Chinese President Xi Jinping personally made the decision to halt the initial public offering of Ant Group, which would have been the world’s biggest, after controlling shareholder Jack Ma infuriated government leaders, according to Chinese officials with knowledge of the matter.
France’s champagne industry goes flat
It’s fair to say that, for many people, 2020 hasn’t been a year that lends itself to popping the champagne and celebrating. With weddings cancelled and restaurants closed, the sparkling luxury wine has taken something of a back seat. In fact, producers in France’s eastern...
Gold price rises above $2,000 for first time
Gold has topped $2,000 (£1,527) an ounce for the first time as traders look for havens amid the pandemic. Investors have moved cash into the precious metal as Covid-19 cases rise in the US and more money is pumped into the global economy. The record...
TikTok: Pompeo says Trump to crack down on Chinese software in coming days
US President Donald Trump will take action “in the coming days” against Chinese-owned software that he believes pose a national security risk, Secretary of State Mike Pompeo said. Mr Pompeo said popular video app TikTok was among those “feeding data directly to the Chinese Communist...
Staring down defeat, Trump attempts a coronavirus reset
A month ago, he insisted the novel coronavirus was “dying out” in the U.S. As the pandemic overwhelmed huge swaths of the nation, he maintained the threat was “fading away.” Health officials across the nation begged him for more attention on the widening health crisis...
Huawei launches media blitz as UK weighs its role in 5G networks
Huawei is launching a newspaper and internet campaign to mark 20 years of business in the UK. In an open letter to the public, the Chinese telecoms company says it is “as committed as ever” to provide “the best equipment” to the UK’s 5G mobile...
Coronavirus: New UK travel quarantine rules a stunt, says Ryanair boss
New rules requiring all people arriving in the UK to self-isolate for 14 days have come into effect. Those arriving by plane, ferry or train – including UK nationals – must give an address where they will self-isolate. Rule breakers will be fined. Home Secretary...
Retailer Gap posts near-$1bn loss due to coronavirus
Clothing retailer Gap has reported a loss close to $1bn due to store closures because of the coronavirus pandemic. The company was $932m (£740m) in the red for the three months to May, compared with a profit of $227m in the same period last year....
Coronavirus: AstraZeneca to begin making potential vaccine
Drug company AstraZeneca is to start producing a potential vaccine for coronavirus, its boss has told the BBC. Trials of the drug are under way but Pascal Soriot said the firm must start making doses now so that it can meet demand if the vaccine...
HSBC and StanChart back China security laws for HK
HSBC and Standard Chartered have given their backing to China’s new security laws for Hong Kong. Both banks made statements saying the proposed law can help maintain long-term stability in the troubled city. On Wednesday, HSBC’s Asia Pacific chief executive Peter Wong signed a petition...
Google in $5bn lawsuit for tracking in ‘private’ mode
Google has been sued in the US over claims it illegally invades the privacy of users by tracking people even when they are browsing in “private mode”. The class action wants at least $5bn (£4bn) from Google and owner Alphabet. Many internet users assume their...
Nissan: UK factory still under threat from no-deal Brexit
The UK’s largest car manufacturing plant is “unsustainable” if the UK leaves the European Union without a trade deal, owner Nissan says. The Japanese company’s global chief operating head told the BBC people had to understand the EU was the Sunderland factory’s biggest customer. Ashwani...
Asia’s fishermen and farmers go digital during virus
During a national lockdown, farmers from Malaysia’s Cameron Highlands were faced with throwing away tons of fresh vegetables. Wet markets were shut down as social restrictions were introduced to stop the virus spreading. E-commerce was their saviour as they went online for the first time...
Coronavirus: Marriott reopens all hotels in China as travel rebounds
Marriott has reopened all of its hotels in China and the group says it has seen a recovery in business travel. The world’s third largest hotel chain has 350 outlets across China and says that occupancy rate is now at 40%. Marriott gave an upbeat...
Renault cuts 15,000 jobs in major restructuring
Renault is cutting 15,000 jobs worldwide as part of a €2bn (£1.8bn) cost-cutting plan after seeing sales plunge because of the virus pandemic. “This plan is essential,” said interim boss Clotilde Delbos, who announced cuts in production to focus on more profitable car models. Some...
France cuts nearly 850,000 jobs in April
We should be getting the latest unemployment claims numbers in the US in about 30 minutes, at 13:30 BST (12:30 GMT). In the past eight weeks more than 30 million Americans have lost their jobs amid the pandemic. Meanwhile in France, nearly 850,000 people became...
Nissan backs UK plant as it unveils survival plan
Nissan’s UK factory in Sunderland will stay open as the Japanese carmaker carries out a global restructuring amid the coronavirus pandemic. It will close its factory in Barcelona with the loss of about 2,800 jobs after the firm plunged to a $6.2bn (£5bn) net loss...
Coronavirus: Cyprus to pay holiday costs of infected tourists
Cyprus has pledged to cover the holiday costs of anyone who tests positive for the virus after travelling there. In a letter made public on Wednesday, the government said it would pay for accommodation, medicine and food for patients and their families. Tourists “will only...
Coronavirus: EasyJet plans up to 4,500 job cuts
EasyJet is to cut up to 30% of its workforce as it struggles to cope with the collapse in demand for air travel caused by the coronavirus pandemic. The airline did not say exactly how many jobs would go, but it employed 15,000 people at...
Eurozone economy will shrink by 8-12% this year, European Central Bank says
The eurozone economy will shrink by 8% to 12% in 2020 because of the coronavirus, European Central Bank (ECB) President Christine Lagarde has said. Lagarde said the economic impact of the virus would fall between the economic impact of the virus. She said the bank’s...
Google plans to reopen some offices in July
Even as some tech companies are telling employees they’ll be able to work from home “forever,” others are already planning to have a portion of their workforces back on site as early as this summer. Google CEO Sundar Pichai told employees on Tuesday that the...
Twitter tags Trump tweet with fact-checking warning
A post by US President Donald Trump has been given a fact-check label by Twitter for the first time. Mr Trump tweeted, without providing evidence: “There is NO WAY (ZERO!) that Mail-In Ballots will be anything less than substantially fraudulent.” Twitter put a warning label...
Coronavirus: France announces €8bn rescue plan for car industry
The French government has announced an €8bn (£7.1bn) rescue plan for its car industry, which has been severely impacted by the coronavirus pandemic. President Emmanuel Macron’s proposal includes €1bn to provide grants of up to €7,000 to encourage citizens to purchase electric vehicles. It also...
Record drop in energy investment, warns International Energy Agency
The coronavirus crisis is causing the biggest fall in global energy investment in history. Before the pandemic, funding was set to rise 2%, but now it’s predicted to plunge 20%, says the International Energy Agency (IEA). Fossil fuels are hit hardest, with a 30% funding...
Coronavirus: Lufthansa agrees €9bn rescue deal with Germany
Lufthansa has agreed a rescue deal worth €9bn (£8bn) with the German government that saves it from collapse. The German airline has been severely affected by a decline in travel due to the coronavirus and closed its budget airline Germanwings in April. The German government...
Coronavirus: New York Stock Exchange trading floor to reopen
The New York Stock Exchange (NYSE) is set to reopen its trading floor on Tuesday after a two-month closure due to the coronavirus pandemic. But the exchange is likely to look and feel very different as new rules come into effect. The NYSE is one...
Car rental company Hertz files for bankruptcy
The car rental company Hertz filed for bankruptcy on Friday, becoming the latest victim of the sudden economic downturn sparked by the Covid-19 pandemic. The company had missed an April 27 payment due to a group of lenders that leases vehicles in Hertz’s day-to-day US...