Category Archives: CNN – Business

Don’t slam on the fiscal brakes too soon, warns OECD

Don’t slam on the fiscal brakes too soon, warns OECD

A robust recovery in China should help global GDP — the broadest measure of economic health — recover to pre-pandemic levels by the end of next year. That’s according to the Organization for Economic Cooperation and Development, which released its latest forecasts on Tuesday. “For the first time since the pandemic began, there is now…MORE

25,000 jobs at risk as Debenhams closure follows Topshop collapse

25,000 jobs at risk as Debenhams closure follows Topshop collapse

Debenhams, Britain’s biggest department store chain, is permanently closing its UK operations. The announcement came less than 24 hours after Topshop owner Arcadia filed for bankruptcy protection. Together, the business failures put 25,000 UK jobs at risk. Debenhams, which collapsed into administration in April for the second time in 12 months, said in a statement…MORE

Amazon sales surge during a record-breaking holiday shopping season

Amazon sales surge during a record-breaking holiday shopping season

Amazon was already having a blowout year. And it’s shaping up to be a record-breaking holiday shopping season, too. Shoppers have been increasingly relying on Amazon to deliver goods to their homes during the pandemic, and that has proven particularly true as infections soar during the colder months. Amazon said Tuesday that this year’s holiday…MORE

Unilever is testing a four-day work week in New Zealand

Unilever is testing a four-day work week in New Zealand

Unilever has become the latest major company to hop on the four-day work week bandwagon, lending credence to the idea that flexible working is here to stay. On Tuesday, the distributor of Lipton’s tea, Dove soap and Ben & Jerry’s ice cream announced it would test shorter working hours for all its employees in New…MORE

Fed chair calls the economic recovery ‘extraordinarily uncertain’

Fed chair calls the economic recovery ‘extraordinarily uncertain’

Federal Reserve Chairman Jerome Powell said the outlook for the United States economy is “extraordinarily uncertain” as the rise in Covid-19 cases continues to take an economic toll on the country. “As we have emphasized throughout the pandemic, the outlook for the economy is extraordinarily uncertain and will depend, in large part, on the success…MORE

Topshop owner Arcadia files for bankruptcy

Topshop owner Arcadia files for bankruptcy

UK retailer Arcadia is seeking protection from creditors as it scrambles to save 13,000 jobs and brands such as Topshop after clothing sales collapsed during the pandemic. The company, which also owns Miss Selfridge and Dorothy Perkins, has entered administration, which is roughly equivalent to Chapter 11 bankruptcy protection in the United States, according to…MORE

DoorDash and Airbnb lead a parade of unicorn IPOs

DoorDash and Airbnb lead a parade of unicorn IPOs

Demand for initial public offerings has roared back to life on Wall Street, led most recently by highly anticipated debuts from Silicon Valley darlings Airbnb and DoorDash, which are both expected to begin trading in December. DoorDash disclosed in its latest filing with the Securities and Exchange Commission Monday that it was looking to price…MORE

As JCPenney exits bankruptcy, its long-term outlook remains grim

As JCPenney exits bankruptcy, its long-term outlook remains grim

JCPenney has survived to see its 119th holiday shopping season. How many more it has ahead of it is tough to say. In May, the storied department store chain filed for bankruptcy, having been brought to the brink by a combination of the Covid-19 pandemic, unaffordable levels of debt and years of miscalculation and blunders…MORE

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