Britain’s Lockdown Drives Tesco’ Sales And Costs Higher
Tesco, Britain’s biggest retailer, said underlying UK sales rose 8.7% year-on-year in its first quarter to May 30, boosted by the country being on coronavirus lockdown for the majority of…
Apple Will Re-Close 14 Stores In Florida Because Of Rising Covid-19 Rates
Apple will re-close 14 stores in Florida as Covid-19 cases rise in the state, the company said on Thursday. The stores will re-close on Friday. The shutdowns come after Apple…
Verizon Is Also Pulling Advertising From Facebook And Instagram
Verizon said on Thursday it is pulling advertising on Facebook until the company “can create an acceptable solution that makes us comfortable.” A company spokesperson said the pause applies to…
Nike Reports Unexpected Loss As Sales Tumble 38%, Shares Fall
Even Nike, often lauded as one of the strongest global brands in the retail industry, is taking a hit from the coronavirus pandemic. The Portland, Oregon-based sneaker maker on Thursday…
Macy’s To Slash 3,900 Corporate Job iIn Restructuring
Macy’s announced Thursday it is laying off 3,900 corporate jobs in a move to cut costs as its business has been hurt by the coronavirus pandemic. The department store chain…
Wirecard Files For Insolvency, Becoming First DAX Member To Fail
Wirecard said on Thursday it was filing for insolvency after disclosing a $2.1 billion financial hole in its accounts, becoming the first sitting member of Germany’s blue-chip share index to…
JC Penney To close 13 More Stores
J.C. Penney is set to close 13 more stores this summer as it works toward restructuring its business in bankruptcy court. The department store announced Monday evening the list of…
California Wants Judge To Classify Uber, Lyft Drivers As Employees
California plans to ask a state court judge to force Uber Technologies Inc and Lyft Inc to classify their ride-hail drivers as employees rather than contractors, ratcheting up the tension…
Facebook To Be Hit By Its Largest Ever Advertiser Boycott Over Racism
Facebook will be confronted with its largest ever advertiser boycott in July, as a coalition of some of America’s biggest brands, including The North Face, Ben & Jerry’s and Patagonia,…
Former Wirecard CEO Freed On Bail In Missing Billions Case
Former Wirecard (WDIG.DE) CEO Markus Braun, who was arrested on suspicion of falsifying the German payments firm’s accounts, has been released from custody, his lawyer told Reuters on Wednesday. Braun…
Ben & Jerry’s Joins Boycott Of Facebook And Instagram Ads In The US
Ben & Jerry’s said on Tuesday that it will pause all paid advertising on Facebook and Instagram in the U.S. beginning on July 1, joining the “#StopHateForProfit” campaign. Last week,…
Former Wirecard Boss Arrested Over €1.9bn Scandal
The ex-boss of scandal-hit payments firm Wirecard has been arrested in Germany. Markus Braun resigned last Friday after auditor EY refused to sign off the firm’s 2019 accounts over a…
Apple Share Hits All Time High After Company Announces New Software
Apple shares hits an all time after the technology company announced new software for its iPhones, iPads, Macs, Apple TV and Apple Watch on Monday. The company also said future…
Banks Warn Debt Forgiveness Will Hurt, Not Help Africa
Scrapping the debt of heavily indebted African nations will only come back to haunt them, according to two of the continent’s largest banks. “Forgiveness is not helpful because your debt…
Nigeria: FG, States Eye N212b Revenue As Naira Heads To N400/$
THE federal, states and local governments are set to earn additional N212 billion revenue this year from the planned unification of the exchange rate platforms, which will further drive down…
Nigeria’s External Reserves Down By $261m
Data published by the Central Bank of Nigeria’s (CBN’s) website showed that Nigeria’s external reserve is now $36.3 billion as at June 18. According to CBN’s data, Nigeria’s external reserve…
Google, Apple, Amazon And Tesla Slam Trump’s Immigration Crackdown
Tech leaders have criticized President Donald Trump’s latest immigration crackdown on the visa programs that their companies rely on to employ thousands of staff. Trump signed an executive order on…
American Airlines Expects To Raise About $2 Billion In Upsized Stock, Notes Offering
American Airlines Group Inc (AAL.O) said on Tuesday it expects to raise about $2 billion through a stock-and-notes offering in an effort to bolster its balance sheet to better deal…
Scandal-Hit Firm, Wirecard Says Missing €1.9bn May Not Exist
Scandal-hit payments firm Wirecard has said the €1.9bn (£1.7bn) missing from its accounts simply may not exist. Wirecard’s chief executive quit on Friday as the search for the missing cash…
Patagonia Joins The North Face In Facebook Ad Boycott
Outdoor apparel brand Patagonia Inc will pause its ads on Facebook Inc (FB.O) and Facebook’s photo-sharing app, Instagram, making it the latest company to join a boycott campaign organized by…
Apple Unveils iOS 14, Its Latest iPhone Software, Which Now Includes Widgets
Apple’s developer conference started on Monday afternoon. It’s announcing a bunch of new software and may announce new products. Apple CEO Tim Cook started the event in a pre-recorded video…
Google Ends Trial Of Photo Service That Picked And Printed Photos For Users
Google is ending the trial program of a service that sent users algorithm-selected prints from their Google Photos libraries, Droid Life reported. The subscription-based service launched in the US in…
Amazon Signals Entry Into Alcohol Delivery In India
Amazon.com has secured clearance to deliver alcohol in India’s eastern state of West Bengal, according to a document seen by Reuters, signalling the U.S. e-commerce giant’s first foray into the…
Elon Musk Tweets Tesla Will Have To Postpone Its Annual Shareholder Meeting
Tesla CEO Elon Musk tweeted late Friday that the company will have to postpone its annual shareholder meeting which was scheduled for July 7 due to the coronavirus outbreak. “We…
BMW To Lay Off 10,000 Contract Workers
BMW (BMWG.DE) will not extend the contracts of 10,000 contract workers, a company source told Reuters on Friday, as the German luxury carmaker seeks to reduce its capacity due to…
UK Retail Sales Rebound In May As Public Debt Passes 100% of GDP
British retail sales rebounded much more strongly than expected last month as the country gradually relaxed its coronavirus lockdown, but public borrowing hit a record high and debt passed 100%…
Alibaba And JD.com Handle A Record $136.51 Billion In Sales During Major Chinese Shopping Event
China’s two biggest e-commerce giants Alibaba and JD.com handled $136.51 billion of sales through their platforms during one of the country’s biggest shopping events. Known as 618 because it falls…
McDonald’s To Hire 260,000 Workers As It Reopens U.S. Dining Rooms
McDonald’s said Thursday that it would hire 260,000 workers in the United States this summer. The announcement follows similar hiring plans from Subway,Yum Brands’ Taco Bell, Panda Express and Dunkin.…
Wirecard Shares Slump Over Missing €1.9bn
Shares in German payments company Wirecard have fallen more than 60% after the firm said its auditor had raised questions over cash balances worth €1.9bn (£1.7bn). Auditors EY had refused…
Hertz Seeks Bankruptcy Loan After Suspending Stock Sale
Hertz Global Holdings Inc is in talks for a bankruptcy loan of up to $1 billion to fund its business reorganization after suspending its plan to sell new shares, the…