Categories
Business World

Amazon fires employee who protested over safety at warehouse amid COVID-19 pandemic

Amazon warehouse employees and Instacart delivery workers joined protests on Monday to press safety demands, highlighting the risks for workers on the front lines of supplying Americans largely sheltering at home due to the COVID-19 pandemic. An estimated 50 to 60 employees joined a walkout at an Amazon worker warehouse in the New York borough […]

Categories
Business

Robert Bosch develops Corona test tool to detect virus in under 3 hours

Robert Bosch on Thursday said it has developed a diagnostic tool for detecting the coronavirus SARS-CoV-2 in under three hours, potentially aiding the challenge of understanding how far the virus has spread. Bosch’s rapid molecular diagnostic test, which runs on its Vivalytic analysis device, can detect a SARS-CoV-2 coronavirus infection in under two and a […]

Categories
Business

Coronavirus forces London-based satellite start-up, OneWeb to file bankruptcy

OneWeb, the high-profile London-based satellite start-up, has filed for bankruptcy protection in the US. The firm, which has been building a network to deliver broadband across the globe, blamed the Covid-19 crisis for its inability to secure new investment. OneWeb issued a statement saying it was laying off most of its staff while it seeks […]

Categories
Business World

“We have entered recession that will be worse than 2009,” IMF Chief

The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. “It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. With […]

Categories
Business

India’s coronavirus lockdown loss estimated at $120 billion

The cost of the Coronavirus lockdown in India was put at  $120 billion (₹9 lakh crore) or 4 percent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package. The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy […]

Categories
Business India

India’s largest e-commerce firm Flipkart suspends services amid national coronavirus lockdown

Walmart Inc’s Flipkart has suspended services, a notice on the Indian e-commerce firm’s website said on Wednesday, as India began a 21-day lockdown to fight the spread of the coronavirus pandemic. Prime Minister Narendra Modi ordered the lockdown from Tuesday midnight, but a federal government advisory suggested exempting e-commerce deliveries of essentials such as food […]

Categories
Business World

Former Korean Air executive will battle her brother for control of the family airline

The “nut rage” heiress who forced a plane to turn back over her macadamias is fighting a bitter battle – with activist shareholder support – against her brother for control of the family airline, highlighting resistance to reform in South Korea’s chaebols. Cho Hyun-ah, 45, whose family control the Hanjin group that includes flag-carrier Korean […]

Categories
Business World

Coronavirus driven economic slowdown prompts $1 trillion stimulus proposal by Trump administration

The Trump administration pressed on Tuesday for enactment of a $1 trillion stimulus package, possibly to include $1,000 direct payments to individual Americans, to blunt the economic pain from a coronavirus outbreak that has killed over 100 people in the country. With cases of the respiratory illness reported in all 50 states and the total […]

Categories
Business

Coronavirus will bankrupt most airlines by June, experts warn

The coronavirus pandemic will bankrupt most airlines worldwide by the end of May unless governments and the industry take coordinated steps to avoid such a situation, an aviation consultant warned. Many airlines have probably been driven into technical bankruptcy or substantially breached debt covenants already, Sydney-based consultancy CAPA Centre for Aviation warned in a statement […]

Categories
Business

Bill Gates is leaving Microsoft and Berkshire Hathaway boards

Bill Gates is stepping down from the boards of Microsoft and Berkshire Hathaway. In a press release Friday, Microsoft announced that its 64-year-old co-founder was leaving its board to “dedicate more time to his philanthropic priorities.” “It’s been a tremendous honor and privilege to have worked with and learned from Bill over the years,” Microsoft […]

Categories
Business

Apple shuts all stores outside China to curb coronavirus spread until March 27

Apple is closing all of its stores outside China until March 27 in a bid to slow the spread of the coronavirus outbreak, CEO Tim Cook said. Cook said the firm had learned from steps taken in China, where the tech giant has just reopened its retail stores. “One of those lessons is that the […]

Categories
Business India

Modi cabinet approves Yes Bank rescue. ICICI Bank, HDFC, Axis Bank, Kotak Mahindra Bank pledge investment

PM Narendra Modi’s cabinet approved a rescue plan for Yes Bank in a bid to prevent a broader banking crisis. The state-owned State Bank of India (SBI), the country’s largest lender, would take a 49% stake in Yes Bank, Finance Minister Nirmala Sitharaman said, while private lenders also committed to invest in the bank. The […]