Category Archives: CNN – Business

American and Delta are preparing for potentially massive layoffs

American and Delta are preparing for potentially massive layoffs

Plummeting demand for travel has forced two major US carriers — Delta Air Lines and American Airlines — to gut their workforces through voluntary exit programs and layoffs. In a letter addressed to employees, American said Wednesday that it needs to eliminate about 30% of its management and support staff because of its transition into…MORE

America’s awful economy in the first quarter was even worse than we thought

America’s awful economy in the first quarter was even worse than we thought

America’s economy fared worse than initially reported in the first quarter, according to the Bureau of Economic Analysis. US gross domestic product, the broadest measure of the American economy, shrank by an annualized rate of 5% between January and March. A preliminary report estimated the first-quarter economy shrank by 4.8%. It was the worst performance…MORE

1 in 4 American workers have filed for unemployment benefits during the pandemic

1 in 4 American workers have filed for unemployment benefits during the pandemic

More than 40 million Americans have filed for first-time unemployment benefits since the coronavirus pandemic forced the US economy to shut down in March. One in four American workers has filed for unemployment insurance. Another 2.1 million people filed initial jobless claims last week, the Department of Labor reported Thursday morning. It was the tenth-straight…MORE

Facebook and Twitter shares fall as Trump targets social media

Facebook and Twitter shares fall as Trump targets social media

US President Donald Trump is going to battle against Twitter and Facebook — a move that could weigh on companies whose shares have so far outperformed during the pandemic. What’s happening: Trump is set to announce an executive order targeting social media companies on Thursday, though it’s not clear what exactly the order will include.…MORE

Beware of bankrupt stocks like JCPenney and Hertz

Beware of bankrupt stocks like JCPenney and Hertz

The bankruptcies are piling up. Hertz and JCPenney are two of the most high profile publicly traded companies to file for Chapter 11 protection since the Covid-19 pandemic hit the United States. They have plenty of company. Energy firms Diamond Offshore and Whiting Petroleum, retailers Tuesday Morning and Stage Stores as well as satellite firm…MORE

EasyJet to slash workforce by 30% as it prepares for years of weak demand

EasyJet to slash workforce by 30% as it prepares for years of weak demand

Low-cost European carrier EasyJet has announced plans to slash its workforce by up to 30% as it overhauls operations to reflect reduced demand for air travel due to the coronavirus pandemic. The company said in a statement Thursday that it will start a consultation with employees in the coming days to reduce staff numbers. It…MORE

Nissan to cut production capacity by 20% after suffering worst year since 2009

Nissan to cut production capacity by 20% after suffering worst year since 2009

Nissan committed on Thursday to slashing production capacity by 20% and closing a plant in Spain as part of a sweeping overhaul announced after the Japanese carmaker revealed its first annual operating loss in more than a decade. The company posted an operating loss of 40.5 billion yen ($376 million) for its fiscal year ended…MORE

Playlist