Budget airline Ryanair says it will ground nearly all flights from next week due to coronavirus
Budget airline Ryanair says it will ground nearly all its flights from next week due to the coronavirus crisis gripping Europe. The industry has been heavily hit by the outbreak as governments have scrambled to close borders and lockdown citizens. It comes after Flybe, which...
Fed rolls out $2.3 trillion plan to stabilize economy
WASHINGTON — The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy. The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak. The Fed said Thursday that it...
Stocks sees gains over optimism that pandemic’s worst is over
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here. U.S. equity futures are pointing to a higher open on Thursday on optimism that the coronavirus pandemic may be peaking. The major futures indexes are indicating a gain...
Tesla furloughs staff and slashes salaries until June
Tesla is telling staff to brace for pay cuts and furloughs as the Covid-19 pandemic disrupts operations and cripples demand. Starting next Monday, US employees at the electric car company who hold director and vice president-level roles and above will see pay reductions of 20%...
German economy will shrink by 4.2% in 2020, according to forecasts
The German economy will shrink by 4.2% this year, according to Timo Wollmershaeuser, a senior economist at IFO Center for Macroeconomics and Surveys. Economies around the world are bracing for major damage due to the coronavirus outbreak, and data coming out of China, where the...
Coronavirus: Twitter boss pledges $1bn for relief effort
Jack Dorsey, the founder of Twitter and payment app Square, has said he will donate $1bn (£810m) towards efforts to tackle the coronavirus pandemic. According to Mr Dorsey, the donation represented approximately 28% of his wealth. He made the announcement on Twitter, writing that the...
Coronavirus: Offline sex workers forced to start again online
Most sex workers meet customers in person. For them, the coronavirus spells economic ruin. “The virus is a disaster for client-facing businesses – and sex work is no different,” says Goddess Cleo, a dominatrix from London. “Most of my income is generated from one-on-one sessions...
Apple’s newest product is a face shield to protect against COVID-19
As the COVID-19 pandemic continues to surge, one of the things that has become horrifyingly evident is there isn’t enough personal protective equipment (PPE) to go around to all the health professionals and caregivers who are putting themselves in harm’s way treating people struck with...
Domino’s to donate 10 million slices of pizza across the United States amid coronavirus outbreak
Domino’s recently announced that it plans on giving away 10 million slices of pizza to help keep communities across the United States fed during the coronavirus outbreak. The company is also teaming up with its franchises across the nation to help operationalize the plan. QUARANTINE...
Oil slides as Saudi Arabia-Russia talks delayed
Global oil prices have dropped after Saudi Arabia and Russia postponed a meeting about a deal to cut output as the virus pandemic hits demand. The two countries have been locked in an oil price war for the last month. Traders are concerned that, with...
Coronavirus: High street pharmacists ‘needlessly put at risk’
High street pharmacists are “needlessly being put at risk” of catching and spreading coronavirus due to a lack of personal protective equipment (PPE), a professional body says. The Royal Pharmaceutical Society says that its members have not got the right equipment – masks, gloves and...
‘Low-risk’ economic activities to resume in Iran
Iran’s President Hassan Rouhani said on Sunday that “low-risk” economic activities would resume in the hard-hit country from 11 April. Mr Rouhani did not specify what type of activities would be affected. Schools, universities, as well as religious and social centres will remain closed and...
Coronavirus: Tech firms summoned over ‘crackpot’ 5G conspiracies
The culture secretary is to order social media companies to be more aggressive in their response to conspiracy theories linking 5G networks to the coronavirus pandemic. Oliver Dowden plans to hold virtual meetings with representatives from several tech firms next week to discuss the matter....
Inside the luxurious underground bunkers where the rich bug out
When the going gets tough, the rich get going … to luxurious underground bunkers. Suddenly, heading six feet under doesn’t sound so bad, especially when the new digs often include pre-stocked food and blast-proof doors. Helicopters are on standby “if that moment comes,” says one...
Trump May Use Tariffs on Oil Imports to Protect U.S. Energy Jobs
President Donald Trump on Saturday said that, if needed, he will impose tariffs on oil imports in an effort to protect American energy companies and their thousands of employees. During his press conference at the White House with the Coronavirus Task Force, the president was...
German restaurant chain Vapiano files for insolvency
German restaurant franchise company Vapiano (VAO.DE) said on Thursday it had applied to start insolvency proceedings, becoming another high street casualty of a national coronavirus lockdown that is expected to remain in force for weeks. Parent company Vapiano SE said it had filed for insolvency...
Thomas Cook Aviation: Airline bankruptcy due to corona pandemic
With the airline Thomas Cook Aviation it has now hit the first German airline – it is filing for bankruptcy. “Focus” reports, citing a video message from the management. According to the magazine, airline boss Ralf S. Nagel said that the company is seeking bankruptcy...
Coronavirus: Oil prices rise on hopes of a price war truce
Global oil prices have risen after Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their price war. The cost of crude had fallen to 18-year lows as the two countries slashed prices and ramped up production. At...
How has the EU responded to the economic crisis resulting from the coronavirus pandemic?
The economic fallout of the coronavirus pandemic has been unprecedented. For the first time in history, the EU suspended its fiscal rules on public deficits and the European Central Bank launched a 750 billion euros stimulus package. Since the outbreak of Covid-19 in Europe, and...
Coronavirus: Banks bow to pressure and axe shareholder payments
Some of the UK’s biggest banks have agreed to scrap dividend payments and hold onto the cash, which may be needed during the coronavirus crisis. The Bank of England welcomed the decision to suspend the payments to shareholders and urged the banks not to pay...
Coronavirus pushes gas prices below $2 for first time in 4 years
If you’re heading out to fill up your car, you will see a stark difference in the price you pay at the pump. For the first time in four years, gas prices in the U.S. have dropped below $2 a gallon. AMID CORONAVIRUS, US COULD...
US economy’s recovery from coronavirus could be stunted by excessive corporate borrowing, Janet Yellen says
Former Federal Reserve Chairwoman Janet Yellen said the high level of corporate debt across Wall Street — aided in part by historically low interest rates and a lack of regulatory oversight — could make it more difficult for the U.S. economy to recover from the...
As oil tanks, Trump talks with Russia’s Putin, Saudi Arabia’s crown prince
Saudi Arabia and Russia are engaged in an oil price war that is decimating the U.S. energy industry as demand falls due to the coronavirus, and President Trump is getting involved. During his coronavirus press briefing on Tuesday, Trump said he spoke by phone with...
Japan’s business mood hits 7-year low as virus revives deflation specter
Japan’s business confidence soured to levels not seen since 2013, a closely watched survey showed, as the coronavirus pandemic hit sectors from hotels to carmakers and pushed the economy closer to recession. The worsening corporate morale underscores the challenge Prime Minister Shinzo Abe faces in...
Coronavirus-induced recession poses lowest risk to East Coast, Midwest cities
While a recent Fox News poll found that 89 percent of registered voters are concerned about an economic recession, if you live in cities like Hartford, Kansas City and Milwaukee you may suffer less of an economic impact from the expected coronavirus related recession. According...
Coronavirus panic-buying shoppers spent £60million extra in first week of March
WORRIED Brits spent nearly £60million extra on stockpiling essentials in the first week of March due to the coronavirus. Popular products included pasta and shower gel, while an extra £17.6million was spent on toilet roll alone. Overall, shoppers spent £124million across the 10 most popular...
Macy’s to put all 130,000 workers on unpaid leave as stores stay shut due to coronavirus pandemic
ICONIC department store chain Macy’s is furloughing most of its 130,000-strong workforce as “the Covid-19 outbreak continues to take a heavy toll”. The retail firm – temporarily shut since March 18 – announced today that it “will remain closed until we have clear line of...
Democrats fret as Joe Biden becomes ‘irrelevant’ in coronavirus crisis
Just days after his commanding primary victories in Florida, Arizona and Illinois, the coronavirus has turned former Vice President Joe Biden into a virtual prisoner of his Delaware home, where he’s reduced to sniping at President Trump from the family rec room. “He’s making himself...
Globalisation is no longer business as usual. Coronavirus has changed how the world works ǀ View
COVID-19 is the new guy in town, or rather the whole world. It is not even an electronic virus that would devastate computer servers wreaking havoc on social media and financial networks, defence systems and telecommunications. It is a “traditional” virus, which apparently originated in...
Stock futures trade lower on US job concerns
U.S. equity futures are trading lower ahead of weekly jobless claims numbers. The major futures indexes are indicating a decline of about 0.4 percent when trading begins on Thursday. GET FOX BUSINESS ON THE GO BY CLICKING HERE Jobless claims are expected to surge to...