I know a lot of the economists out there are certainly raising a lot of red flags about how bad things are, but I think a lot of that negative news is priced into the market." Another positive sign from China: Tickets for the re-opening of Shanghai Disneyland sold out quickly.
In March, Bernie Sanders lost his second bid for the Democratic presidential nomination. According to the NY Times the George Floyd protests and their cultural repercussions, may have destroyed Sanders entire case for a socialist America. The paper posits that this summer he may lose his battle for the future of the left, his legacy gone up in smoke. Cultural battles, pro business and pro Wall Street programs have over shadowed Sanders "millionaires and billionaires are evil" narrative.
Tech stocks are the only game in town on Wall Street, according to Kramer Capital Research's Hilary Kramer. She fears the euphoria surrounding tech is resembling the 2000 dot-com bubble. Conway G. Gittens reports.
Tesla CEO Elon Musk has reportedly signed a letter of intent to sell his Los Angeles properties. Developer Ardie Tavangarian will be the buyer, reports Business Insider. The LLC intends to combine the properties to form a single development. The LLC will also handle all aspects of architecture, construction, and design. Tavangarian, a renowned developer and designer, purchased the properties for an undisclosed amount.
During the coronavirus pandemic, Tesla CEO Elon Musk told workers to “not feel obligated to come to work.” According to Business Insider, two workers were terminated after they chose to take his advice. The two workers said the human resources department cited their inability to reach them as the reason for their termination. Yet they believe it may be punishment for speaking out about working conditions in May.
Eager shoppers have queued for hours as 16 Penneys stores reopened across the Republic of Ireland. Some shops were due to open at 10.30am, but as the queues built up, gardai advised managers to open earlier at 8.45am. Some 150 people were in the queue at Dublin’s Henry Street store when the doors were opened.
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JCPenney has launched a new bedding brand. The brand is called Linden Street. Business Insider says the new brand comes just over a week after the department store filed for bankruptcy. JCPenney said that refreshing its merchandise offering would be a key part of its transformation strategy in bankrutpcy.
Robert Barnes/Getty Images JCPenney has filed for bankruptcy. The department store has been in the midst of a turnaround plan in order to reduce its roughly $4 billion in debt. It was forced to temporarily close all of its 850 stores amid the coronavirus pandemic but began to reopen certain locations at the beginning of May. On April 15, CNN Business reported that the company had missed a debt payment and invoked a 30-day grace period. It also skipped a second payment on May 7.
According to Business Insider, research shows that Americans who work for themselves report high levels of happiness and satisfaction. And considering the US now has a higher rate of unemployment than during the Great Depression, perhaps it's time to think about creating your own job. If you're thinking about starting your own business, the first thing to do is to get started. Think about what you want to do or sell, and if there's a market for it.
Boris Johnson has announced a spending spree and a new “opportunity guarantee” to help the economy cope with the “aftershock” of the coronavirus crisis.The Prime Minister acknowledged that jobs which existed at the start of the pandemic may be lost forever but said the new guarantee would ensure placements or apprenticeships for young people.Mr Johnson promised his response would not be a return to the austerity that followed the financial crisis, but instead a stimulus package inspired by US president Franklin D Roosevelt, who led America out of the Great Depression with his New Deal in the 1930s.
Credit: PA - Press Association STUDIO Duration: 01:56Published
The COVID-19 Pandemic has cratered the global economy. U.S. consumers reduced spending by the most on record for the second straight month in April. Reuters reports that savings is at an all-time high. Economists anticipate the largest contraction in gross domestic product in the second quarter since the Great Depression of the 1930s. The data this month has been dismal on the labor market, manufacturing production and homebuilding.
The US unemployment rate jumped to 14.7% in April. It's the highest it's been since the Great Depression. According to Business Insider, the April jobs report shows that more than 20 million jobs were lost in a single month. Losing a job is frightening for anyone, but particularly for foreign workers who are in the US on an H-1B visa. Laid off foreign workers have 60 days to come up with a formal reason for staying in the US. If the reason isn't accepted, the worker must leave.
Wall Street rallied broadly Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries. Fred Katayama reports.
Piper Sandler senior technical analyst Craig Johnson says investors' fear of missing out on the rally are driving the markets up. He tells Reuters' Fred Katayama technical indicators suggest the markets will march higher.
United Airlines has warned of booking declines and potential furloughs due to new travel restrictions in an internal presentation to the carrier's employees, a person with knowledge of the matter told Reuters. Fred Katayama reports.
The Cleveland Indians followed the lead of the NFL's Washington Redskins as the Major League Baseball club said it too will consider changing a team name that has been in place for 105 years. Fred Katayama reports.
The European Commission said Friday it had given conditional approval for the use of antiviral drug remdesivir in severe COVID-19 patients. As Fred Katayama reports, that makes it the region's first authorized therapy to treat the virus.
California's Public Utilities Commission made an order Tuesday regarding Uber and Lyft drivers. All drivers are "presumed to be employees" under AB-5, the state's new gig work law. The agency said they must now comply with existing regulations related to employees. The ruling is a significant defeat for Uber and Lyft, which had argued publicly and in lawsuits. Their argument was that their drivers were properly classified as independent contractors.
Reuters Lyft said some cities were starting to see significant rebounds following the coronavirus' decimation of ride-hailing requests. Overall, US rides were up 26% in May compared to April, with some cities like Austin, Texas up as much as 73%. Shares of Lyft rose about 4% in after-hours trading as investors welcomed the rebound. Visit Business Insider's homepage for more stories.
Uber and Lyft said they'll suspend rides and deliveries in cities where curfews are issued. Over the weekend, Uber temporarily shut down in parts of country says Business Insider. California, Minnesota, New York City, Los Angeles, Washington D.C. and others have enacted curfews. Rentable scooters have also become a mainstay of protests. Lime says it's removing vehicles from select cities. The companies hope to discourage people from using their companies to get to protests.
Tesla CEO Elon Musk tweeted a photo of an ice cream sundae in a martini glass. According to Business Insider, he followed that tweet saying: “ Life should be lived.” Some people claimed Musk was trying to use the photo to pretend he was out during lockdown. People made these assumptions because Musk has aggressively pushed for businesses to reopen since his Tesla plant was shut down. Tesla has even broken lockdown rules to resume production at its factory in Fremont, California.
Tesla and officials in California have resolved their acrimonious clash over safety procedures at the automaker’s sole U.S. assembly plant with a deal that allows production to resume as early as Monday, county officials said. This report produced by Yahaira Jacquez.
Electric car maker Tesla was ordered by a California county official to cease operations at its Fremont factory. But according to Business Insider, Tesla CEO and founder Elon Musk has shrugged the order off. Tesla defied direct orders sent in a letter on Monday, as it reopened its shuttered car factory. President Trump even chimed in on the fight Tuesday morning, saying the company should be allowed to operate. Tesla has filed suit against Alameda County.
At Tesla's factory in Fremont, California, employee parking lots were packed with cars on Tuesday, along with workers standing in line for a food truck, amid a standoff with county officials who have ordered Tesla to remain temporarily closed. This report produced by Jillian Kitchener.
Elon Musk went on a rant on Twitter about the state of California shutting down his Tesla factories. While Musk announced his Freemont, CA plan would reopen to his staff, Alameda County’s interim public health office said it wasn’t approved. Alameda County confirmed 1,961 COVID-19 cases and 70 deaths, which is where the factory is located. According to Jalopnik, Musk said Tesla will sue Alameda County and will move its headquarters to Texas/Nevada.