Economy

Business • Economy
2020-04-09T13:32:57+00:00
Morgan Stanley CEO James Gorman has recovered from COVID-19

Morgan Stanley's Chief Executive Officer James Gorman said he has fully recovered from the illness caused by the novel coronavirus, according to a video that was sent to the bank's employees on Thursday. Morgan Stanley had not disclosed earlier that Gorman had tested positive for the respiratory disease.

Business • Economy
2020-04-09T13:19:51+00:00
U.S. weekly jobless claims top 6 million for second straight week

The number of Americans seeking unemployment benefits in the last three weeks has topped 15 million, as weekly new claims topped 6 million for the second straight time last week. The Labor Department said first-time claims for unemployment benefits in the week ended April 4 totaled about 6.6 million, down modestly from an upwardly revised 6.87 million the week before.

Business • Economy
2020-04-09T11:24:11+00:00
Irish coronavirus adjusted unemployment rate soars to 16.5%

Ireland's unemployment rate has risen to 16.5% at the end of March including those receiving emergency coronavirus jobless benefits, the state's statistics office said on Thursday. The new COVID-19-adjusted unemployment measure was based on the 283,037 people on the higher emergency payment and 207,200 on regular benefits at the end of the month. A further 224,000 received the emergency payment in the first three days of April, the employment affairs office said on Monday.

Business • Economy
2020-04-08T10:39:01+00:00
German economy likely shrank by record 9.8% in second-quarter due to coronavirus, institutes say

The German economy, Europe's largest, probably shrank by 9.8% in the second quarter, its biggest decline since records began in 1970, due to measures imposed to slow the spread of the coronavirus, Germany's leading think tanks said on Wednesday. That would be more than double the drop seen in the first quarter of 2009, during the global financial crisis, the institutes said.

Business • Economy
2020-04-08T08:15:56+00:00
Britain eases rules to speed up company capital raising

The British Financial Conduct Authority (FCA) set out temporary measures on Wednesday to help companies raise cash quickly to get through the epidemic that has shuttered much of the economy. The FCA said one of the measures is that companies with a premium listing on the London Stock Exchange can ask the FCA for permission not to hold a general meeting to approve a capital raising.

Business • Economy
2020-04-02T20:38:36+00:00
Germany permits 40,000 foreign workers to work inside Germany in April and May

After previously banning the entry of seasonal workers from outside Germany as part of the measures against the coronavirus, the German agriculture minister Julia Klöckner has announced that around 40,000 workers will now be allowed inside the country. In order to secure the harvest of fruits and vegetables, mainly strawberries and asparagus, and at the same time prevent the coronavirus from spreading further, foreign seasonal workers are required to travel by plane and employers are required to do mandatory health checks on arrival. For the first 14 days, the newly arrived workers are also required to work separately from other workers and are not allowed to leave the premises of the company.

Business • Economy
2020-04-02T13:53:37+00:00
Rising unemployment numbers in the US: 6.65 million new filings in past week

The federal labor department has announced that the unemployment numbers in the United States have continued rising. With more than 6.65 million people filing for unemployment benefits in the United States in the last week, adding to the around 3.3 million in the week before, the United States have an unprecedented rise in people filing for unemployment benefits.

Business • Economy
2020-04-01T18:33:10+00:00
Wet markets in China have reopened

The wet markets in China, where scientists believe that Covid-19 has first been transferred from a bat to another animal and then to humans, have reopened. The markets are guarded to prevent pictures from being taken.

Business • Economy
2020-03-31T06:43:21+00:00
Amazon, Instacart workers strike amid working conditions under coronavirus pandemic

Amazon warehouse workers on New York’s Staten Island, and Instacart works across the United States, went on strike Monday to call attention to what they called a lack of protections for employees who continue to come to work amid the coronavirus outbreak.
Workers for both companies want more access to paid sick time off. At this time, it's available only to those who have tested positive for the coronavirus or get placed on mandatory self-quarantine.
Amazon workers want their warehouse to be closed for a longer cleaning, with guaranteed pay.
Instacart's grocery delivery workers ask for disinfectant wipes and hand sanitizer and better pay.

Business • Economy
2020-03-29T18:13:56+00:00
Thailand's king isolates in German four-star hotel

King Maha Vajiralongkorn, the King of Thailand also known as Rama X, has booked the entire Grand Hotel Sonnenbichl. The hotel got a special permit to host the king and a part of his entourage because they form a "single, homogenous group of people with no fluctuation", but 119 members of said entourage have been sent back to Thailand due to suspicions of the coronavirus. The group includes 20 concubines and numerous servants, but it is unclear if the king's four wives are staying at the hotel as well.

Business • Economy
2020-03-29T07:40:24+00:00
China and Vietnam are planning to impose ban on wildlife trade

Following the worldwide spread of the coronavirus, originating from a "wet market" in Wuhan on which live animals were bought and sold, China and Vietnam are planning to impose a ban on such markets. The formal bans are expected to be signed into law later this year.

Business • Economy
2020-03-27T20:42:14+00:00
Worlds leading producer of condoms had stopped production

The Malaysian company Karex Bhd had stopped the production of condoms following a lockdown by the government due to the coronavirus. This has led to a missing production of around 100 million condoms, with the company normally producing 20 percent of all condoms globally. Now deemed a critical industry the government has permitted to start the production again with 50% of the workforce.

Business • Economy
2020-03-27T04:59:30+00:00
CEO of Texas Roadhouse forgoes salary in order to pay restaurant workers

The Chief Executive Officer and founder of the steak restaurant chain Texas Roadhouse, W. Kent Taylor has announced to forgo his regular salary payments as well as additional bonus payments in order to make the salary payments of frontline restaurant workers possible. The company also announced that it would not pay dividends in order to have more money on hand because of the coronavirus pandemic.

Business • Economy
2020-03-26T12:55:05+00:00
3.3 million filed for unemployment in the US last week

According to the Labor Department, more than 3.3 million workers filed for unemployment and applied for benefits in the last week, showing the first impact the Covid-19 pandemic has on the economy. These figures do not include some part-time, gig and low-wage workers nor independent contractors and the self-employed as they don’t qualify for unemployment benefits. In comparison, 200,000 people filed for unemployment three weeks ago.

Business • Economy
2020-03-25T17:05:03+00:00
Amazon opens its workers relief fund to outside donations

The e-commerce company implemented a fund to support "employees and partners" and contributed $25 million in funds themselves. In addition to this, the company opened up the fund for outside donations stating "While we aren’t expecting anyone to do so, you can make a voluntary donation to the fund if you desire to do so" on their website.

Business • Economy
2020-03-24T16:34:00+00:00
138,000 people filed for unemployment in Austria since March 16th

The unemployment figure has been rising since Austria ordered a nationwide lockdown on Monday, March 16th. As of today, 138,000 people filed for unemployment – affected industries include the catering and accommodation sector (47,000), construction (17,000) and other economic services such as trade, maintenance and repair (13,000). Sectors with strong fluctuations in employment are particularly affected.