Lawrence Gash

US exports suffer record plunge

May 06 2020 @ 09:55
Exports of American goods and services suffered their worst decline on record last month, according to the latest data from the US Commerce Department. While debate still rages as to the veracity of Chinese statistics, the United States is currently the nation worst-affected by the novel coronavirus outbreak, with more than 1.2 million confirmed cases […]
 

Hong Kong suffers worst contraction on record

May 05 2020 @ 10:36
Hong Kong has suffered its worst economic contraction on record, as a result of the global turmoil triggered by the Covid-19 pandemic. With GDP shrinking by 8.9 per cent on an annualised basis, the territory’s Financial Secretary Paul Chan Mo-po stated: “Our economic situation is very challenging. We are in deep recession.” The latest figures […]
 

WeWork founder accuses SoftBank of abusing its power in new lawsuit

May 05 2020 @ 10:33
Japanese conglomerate dismisses ‘meritless claims’ Adam Neumann, the now-departed co-founder and CEO of WeWork, has sued Softbank. He accuses the Japanese conglomerate of abusing its power to withdraw from a multi-billion dollar agreement. The lawsuit filed by Neumann states: “Mr Neumann put his trust in [SoftBank] to be stewards of WeWork, which he – and […]
 

L Brands calls off deal to take Victoria’s Secret private

May 05 2020 @ 10:24
Parent company has its knickers in a twist due to Covid-19 shock L Brands (LB) the owner of Victoria’s Secret, has seen its deal scrapped with the private equity firm Sycamore Partners to take the retailer private. This comes just three months after reaching the $525m (£421m, €484m) agreement. Although the move was widely expected, it […]
 

Exxon reports first quarterly loss in three decades

May 04 2020 @ 10:15
Energy giant loses $610m in Q1 Exxon Mobil (XOM) has reported its first quarterly loss in 32 years, as the plunge in global oil prices continues to haemorhage the energy giant.               The company lost $610m (£488m, €555m) in the first quarter of 2020, largely thanks to the $2.9bn in […]
 

Ryanair to cut 3,000 jobs

May 04 2020 @ 10:14
O’Leary blasts state aid to competitors Ryanair (RYA) has announced plans to cut 3,000 jobs to help it cope with the pressures of the economic crisis triggered by the Covid-19 pandemic. Europe’s largest budget airline announced that it had pushed back the start of its return to normal scheduling from June to July. With the […]
 

US unemployment total passes 30 million

May 01 2020 @ 10:02
A further 3.8 million Americans filed for unemployment benefits last week, according to the US Labor Department. Although this represents a fall from the previous week’s figure of 4.4 million, the latest data brings the total number of initial jobless claims in the world’s largest economy to 30.3 million in the past six weeks. With […]
 

Kellogg stock up on stockpiling profits

May 01 2020 @ 10:00
U.S. food firm’s share price jumps 3.5 per cent after Q1 report Kellogg, the American food manufacturer has reported a 23 per cent rise in quarterly profit in the first three months of the 2020, as consumers on both sides of the Atlantic rushed to stockpile foods amid Covid-19 lockdowns. The Michigan-based corporation reported net […]
 

Elon Musk blasts US Covid-19 lockdowns

May 01 2020 @ 09:54
Elon Musk, the founder and CEO of Tesla (TSLA) and SpaceX, has forcefully condemned the current lockdowns in place across much of the US to limit the spread of the coronavirus pandemic. In Tesla’s recent earnings call, the billionaire stated: “I would call it forcibly imprisoning people in their homes against all their constitutional rights, in my opinion, […]
 

US regulator's pro-crypto comissioner won’t seek another term

Apr 30 2020 @ 09:54
Brian Quintenz to step down as CFTC commissioner One of the Commodity and Futures Trading Commission’s (CFTC) most pro-crypto commissioners has announced that he will not seek another term at the U.S. regulator. Brian Quintenz stated: “It has been a privilege to serve my country in this role, easily the most rewarding experience of my […]
 
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