Coronavirus deals US job losses of 20.5 million, historic unemployment rate in April

The US economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel coronavirus pandemic is battering the world’s biggest economy. The Labor Department’s closely watched monthly employment report on Friday also showed the unemployment rate surging to 14.7% last […]

Someone’s heading for a Disney theme park soon

Shanghai: The Shanghai Disneyland sold out of tickets for its May 11 reopening after a four-month shutdown – a sign consumers in China are prepared to spend as the nation recovers from the coronavirus pandemic. Some areas and shows will remain closed. Tickets during the initial reopening phase are 399 yuan ($56) for regular days […]

India’s Reliance picks its third billion-dollar deal in two weeks

Mumbai: India’s Reliance Industries announced a $1.5 billion stake sale in digital unit Jio Platforms – a third deal in a little over two weeks that will inject a combined $8 billion in the telecoms-to-energy group to help it pare debt. Private equity firm Vista Equity Partners is buying a 2.3 per cent stake in Jio […]

Coronavirus: Uber COVID-19 losses widen to $2.9b

San Francisco: Uber said Thursday its losses widened to $2.9 billion (Dh10.7 billion) in the first quarter as the ridesharing giant felt the impact of the global pandemic lockdowns while pointing to signs of a tentative recovery. The San Francisco-based company said ride bookings were up eight per cent over the first three months of […]