The Oil Price Crash in One Word: ‘Inelasticity’

LISTEN TO ARTICLE SHARE THIS ARTICLE The historic crash in oil prices on Monday—to below zero, believe it or not—can be explained with one wonky word: “inelasticity.” The demand for oil is inelastic. It doesn’t respond dramatically to changes in price in the short term. When we’re cooped up at home because of Covid-19, we’re not going to do a […]

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NBCUniversal’s Fandango Acquiring Vudu From Walmart

Vudu, the digital movie and TV unit of Walmart, is being acquired by NBCUniversal’s Fandango division. Founded in 2004 and acquired by Walmart in 2010, Vudu offers about 10,000 free movie and TV titles through a streaming service. It also enables the rental and purchase of some 150,000 titles, including new releases. The news was confirmed Sunday night in a […]

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GM, Ford Credit Arms May Lose Billions on Car-Price Plunge

In this article General Motors Co. and Ford Motor Co.’s finance arms likely face multibillion-dollar losses linked to the dramatic drop in used-vehicle prices, JPMorgan Chase & Co. analysts said. Prices are falling faster and steeper than JPMorgan was expecting, lead analyst Ryan Brinkman wrote in a report Monday, citing mid-month data from Manheim. The auto-auction firm’s closely watched used […]

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‘UK youth employment prospects crumbling’ in coronavirus crisis

Some of the UK’s biggest employers have cancelled or delayed recruitment schemes and internships, amid concerns that the coronavirus pandemic could hit the job prospects of young people the hardest. Lloyds Banking Group, HSBC and accountants PwC and BDO are among the large companies that have been forced to make changes to their recruitment plans because of the crisis. Callout […]

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Futures Point To Lower Open For Wall Street

U.S. recorded more than 558 thousand infections and total death of 22,129, while 41,831 people recovered from the deadly COVID 19 infection. New York is the most badly affected state in the U.S. during the last 55 days with more than 190 thousand cases and New Jersey comes next with around 62 thousand infections. Spain started easing down restrictions as […]

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Shake Shack Will Return Its Entire $10 Million U.S. Government Loan

Shake Shack, the U.S.-based burger chain, will return its entire $10 million loan from the U.S. government, the company’s leaders said in a statement, amid widespread criticism over who got access to the funds aimed at saving small businesses before they were depleted. More than a dozen publicly traded companies with revenue topping $100 million received funds before the program […]

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Workers without degrees hardest hit by Covid-19 crisis – study

Workers without a university degree will be hardest hit by the Covid-19 crisis, raising fears of increasing inequality across Europe, where up to 59m jobs are at risk. Nearly 80% of workers facing job insecurity – including cuts to hours or pay, temporary furloughs, or permanent layoffs – do not have a university degree, according to new research by the […]

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Wolfgang Puck on closed restaurants: Backbone of America

San Francisco (CNN Business)For local D.C. bakery DC Sweet Potato Cake, $23,000 would have gone a long way. The bakery, known for its eponymous little desserts, sought a Small Business Administration Covid-19 relief loan intended to keep its seven workers, including four full-timers, on payroll. The money would have given the bakery a fighting chance to complete an 11,000-cake order […]

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Fresh Blow for Boeing as China Leasing Firm Scraps Max Order

China Development Bank Financial Leasing Co. canceled an order for 29 Boeing Co. 737 Max planes, worth at least $2.9 billion based on list prices, joining a growing list of customers scaling back plans for buying the grounded jet. The move cuts the company’s outstanding Max order to 70, it said in a statement to the Hong Kong stock exchange […]

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Amazon is assembling a lab for Covid-19 testing

New York (CNN)Amazon has started using thermal cameras at its operations facilities to screen workers for fevers, a common symptom of the novel coronavirus. The move comes after a number of cases were reported at Amazon facilities in states such as Washington, California and New York, and a slew of organized walkouts by workers over coronavirus safety. Amazon has installed […]

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