Global Economy Plunges into Worst Recession World Bank
With a projected contraction of 5.2% in the global GDP, the world bank says in its June 2020 Global Economic Prospects report that the pandemic will cause the deepest recession [...]
Volkswagen Group Considers Slashing Costs Amid Financial Downturn
Volkswagen is looking to cut costs to deal with the financial impact of the COVID19 pandemic. Volkswagen Group CEO on Thursday said that the company is facing thinning liquidity due [...]
OPEC Allies Agree to Extend Oil Cuts By One Month
The world's major oil producers on Saturday agreed to extend current oil production cuts until the end of July. At the meeting, OPEC and its allies OPEC+ agreed to extend [...]Bombardier Announces 2,500 Job Cuts
Canadian business jets maker, Bombardier, has announced plans to reduce its worldwide workforce by 2,500 people within its aviation division. Montreal newsreports that the cuts will see 1,500 layoffs in [...]Luxury Carmaker, Bentley, Announces 1,000 Job Cuts
British carmaker, Bentley, has announced plans to implement 1,000 job cuts through a voluntary redundancy scheme, as it tries to remain afloat during the COVID-19 pandemic. The move comes even [...]Malaysia Rejects $3 Billion in Settlement of 1MDB Case with Goldman Sachs
Finance Minister Tengku Aziz says Malaysia will not accept even a $3 billion out of court settlement against Goldman Sachs. The government will, instead, pursue the case as long as [...]SP Downgrades American Airlines Credit to B-
SP Global Ratings has downgraded American Airlines credit to B-, the lowest rating among its airline peers. According to SP, the carrier's rating remains negative, seeing that it is now [...]Amazon Leases 12 Boeing Cargo Planes
Amazon plans to lease 12 Boeing 767 jets that have been converted to cargo from Air Transport Services Group (ATSG). The lease brings the Amazon Air fleet to 82 cargo [...]Google Faces $5 Billion Lawsuit Over Alleged Privacy Breach
Search giant Google is facing a $5 billion class-action suit for allegedly tracking users' data in browsers set in private mode. The lawsuit covers millions of users who browsed in [...]Amazon in Talks to Buy $2 Billion Stake in Bharti Airtel
The E-commerce giant, Amazon, is reportedly eyeing a $2 billion stake in Bharti Airtel, roughly 5% of the Company's current market value. The investment will not only boost India's digital [...]Zoom Posts 169% Jump in Q1 Revenue
Zoom generated $328.2 million in the first quarter of 2020 compared to $122 million in the first quarter of 2019. Its performance beat analysts' projections who expected $202.48 million in [...]Australia Set For Its First Recession in 3 Decades
Australia is bracing for its first recession in 29 years after its Gross Domestic Product (GDP) fell in the first quarter of 2020. A recession is defined as two quarters [...]
