Category Archives: CNN – Business

Airline bookings start to tumble again as coronavirus cases spike

Airline bookings start to tumble again as coronavirus cases spike

Airline travel is bouncing back — but so are American coronavirus cases. That spike could put the aviation rebound in reverse. United Airlines presented sobering facts to employees Monday that bookings are tumbling as Covid cases soar. Also hurting travel demand: regulations in New York, New Jersey and Connecticut that mandate travelers from the pandemic’s…MORE

Big banks stand to earn hundreds of millions from PPP loan fees

Big banks stand to earn hundreds of millions from PPP loan fees

America’s largest banks are set to earn hundreds of millions of dollars in fees paid out by the federal government under its Paycheck Protection Program, according to S&P Global. The loan program is designed to help smaller American businesses survive the coronavirus recession, and was part of Washington’s $2 trillion economic stimulus package. But the…MORE

Cash is slowly dying. These are the companies replacing it

Cash is slowly dying. These are the companies replacing it

It’s no longer all about the Benjamins. Or the Jacksons, Lincolns and Washingtons, for that matter. The pandemic has accelerated the demise of cash because of infection concerns — and that’s great news for Square as well as Venmo owner PayPal. Their stocks are surging this year as people shun physical bills and coins, shop…MORE

Black Friday as we know it is finally dead

Black Friday as we know it is finally dead

This could be the year Black Friday finally unravels. For decades, the day after Thanksgiving has attracted massive crowds and hysteria outside of malls and stores nationwide. Thousands of shoppers gather sometimes as early as 5 pm Thanksgiving Day itself, jostling for the mad dash into their favorite shops to grab Black Friday doorbuster deals…MORE

Europe’s recession will be even deeper than expected

Europe’s recession will be even deeper than expected

Europe’s economy will contract more sharply this year and take longer to recover from the coronavirus pandemic than previously expected, piling pressure on EU leaders to finalize plans for a huge recovery package. The European Commission said Tuesday that it expects the EU economy to shrink 8.3% in 2020, considerably worse than the 7.4% slump…MORE

Deutsche Bank slammed with $150 million fine for failing to flag Jeffrey Epstein’s shady transactions

Deutsche Bank slammed with $150 million fine for failing to flag Jeffrey Epstein’s shady transactions

New York regulators fined Deutsche Bank $150 million Tuesday and slammed the lender for “mistakes and sloppiness” in its relationship with accused sex-trafficker Jeffrey Epstein. Authorities said Deutsche Bank’s “significant compliance failures” allowed Epstein to conduct hundreds of transactions totaling millions of dollars that should have prompted additional scrutiny. The penalties, which also relate to…MORE

Women, young people and low earners are getting hurt most by jobs crisis

Women, young people and low earners are getting hurt most by jobs crisis

The jobs crisis created by the pandemic will last years. That’s according to a new report from the Organization for Economic Cooperation and Development, which said Tuesday that unemployment is far worse than what followed the 2008 financial crisis and will persist at elevated levels at least until 2022. The Paris-based agency encouraged countries to…MORE

The ugly truth about millions of American jobs: They are not coming back

The ugly truth about millions of American jobs: They are not coming back

The American economy’s unprecedented jobs rebound masks a difficult truth: For millions of people, the jobs they lost are never coming back. “It’s clear that the pandemic is doing some fundamental damage to the job market,” said Mark Zandi, chief economist for Moody’s Analytics. “A lot of the jobs lost aren’t coming back any time…MORE

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