Business News

November 29, 2020
November 29, 2020
Coronavirus: Suspend peak rail fares over Christmas, says Labour

image copyrightGetty Images Peak rail fares should be suspended over Christmas and mass testing should be provided for transport workers to avoid travel "chaos" when restrictions ease, Labour has said. Three households in the UK will be able to form a "bubble" from 23-27 December. A surge in travel is expected and Labour wants a […]

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November 29, 2020
How green and profitable are e-scooters?

However in an echo of the concerns of authorities in many parts of the world, a senior London policeman, chief superintendent Simon Ovens, this month said that e-scooters "remain notoriously dangerous", with concerns including riders not wearing helmets or having sufficient road awareness.

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November 28, 2020
Black Friday shoppers set record for online sales thanks to COVID-19 pandemic

Shoppers set a new record for spending on Black Friday, only this year, it was online. Nervous about the coronavirus, Black Friday shoppers avoided the stores and took to their keyboards on what is normally the busiest shopping day of the year. Online sales reached $9 billion on the day after Thanksgiving, reflecting growth of […]

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November 28, 2020
Zappos ex-boss and Las Vegas entrepreneur Tony Hsieh, 46, dies after house fire

Tony Hsieh led online retailer Zappos, acquired by Amazon, and helped transform central Las Vegas.

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November 28, 2020
Tony Hsieh, retired Zappos CEO, dead at 46

He passed away Friday in Connecticut, according to a statement from DTP Companies, an investment firm he founded in Las Vegas.

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November 28, 2020
Arcadia: Buyers to 'pick over carcass' of Topshop owner, says former boss

image copyrightReuters Breaking up the Arcadia retail empire, which includes Topshop, Burton and Dorothy Perkins, is "the only way" forward as it faces collapse, its former chief executive said. Lord Rose, now chairman of Ocado, said "people will come and pick over the carcass" but not all the brands and infrastructure are likely to sell. […]

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November 28, 2020
Topshop retail empire of tycoon Philip Green may die amid COVID-19

The retail empire of tycoon Philip Green, which owns well-known British fashion chains like Topshop, appears to be on the brink of collapse following the economic shock of the coronavirus pandemic. In another blow to the British retailing industry in the run-up to the crucial Christmas trading period, Arcadia Group said Friday it is working...

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November 28, 2020
Apple manufacturer Foxconn reportedly to make iPads, MacBooks in Vietnam

Apple will soon begin manufacturing iPads outside of China for the first time ever as it looks to avoid getting caught in the middle of a trade war. The iPhone maker has asked manufacturer Foxconn to move some iPad and MacBook assembly to Vietnam in an effort to diversify its production lines, Reuters reported Friday....

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November 28, 2020
NY authorities fine ‘Walmart of liquor’ over out-of-state gift cards

Big-box liquor store chain Total Wine & More got slapped with a $22,500 fine for distributing gift cards in Florida that were redeemable in New York. New York Fine Wines & Spirits — a massive liquor store in Westbury, LI that’s owned by Total Wine & More — ran afoul of the New York State...

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November 28, 2020
Wall Street gains, Nasdaq hits record high as holiday shopping begins

Wall Street stocks advanced, with the Nasdaq closing at a record high, on Friday in a holiday-shortened week as retailers kicked off the year-end shopping season amid record COVID-19 hospitalizations. The Nasdaq outperformed as investors favored tech-related, market-leading stocks that have fared well during the pandemic, while economically sensitive cyclical stocks weighed. All three indexes...

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November 28, 2020
Facebook mistakenly bans some small businesses ads

Facebook has mistakenly blocked the advertising of some small businesses as it relies more heavily on artificial intelligence to police its platform, according to a report. Bloomberg reported Friday that errors made by AI algorithms looking to rid Facebook of offensive ads has caused already struggling businesses to miss out on online sales opportunities. For...

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November 28, 2020
Small Business Saturday more important than ever amid COVID-19

Steve Bulger, Regional Administrator of the Small Business Association urged holiday shoppers who are under quarantine or scared off by social distancing measures to find other ways to support small businesses.

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November 28, 2020
Brexit: Barnier arrives in UK for face-to-face talks

The EU's Michel Barnier arrived in London on Friday evening, as the two sides try to agree a deal.

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November 28, 2020
Holland-made Tecate beer masquerading as Mexican, lawsuit claims

A New York man says he and other consumers have been duped into believing that Tecate beer is Mexican when it’s actually made by Dutch company Heineken in Holland, new court papers show. Miguel Schelmetty says the beer is masquerading as Mexican “through the brand name, the traditional Meso-American typeface, the mythical Aztec eagle emblazoned...

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November 28, 2020
Topshop owner Arcadia on brink of collapse

The company could make an announcement as soon as Monday - putting 13,000 jobs at risk.

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November 28, 2020
Covid: Road and rail changes planned for Christmas travel spike

Around 500 miles of roadworks are being cleared to ease congestion on motorways over the festive period.

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November 27, 2020
Black Friday 2020: Holiday shopping expected to hit records amid COVID-19

The pandemic looks poised to deliver one of its biggest and most surprising beneficiaries of the year — the holiday shopping season. Retail experts are predicting record-shattering spending during the crucial Christmas stretch, citing robust trends so far and the fact that many consumers are sitting on bigger piles of savings after spending most of […]

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November 27, 2020
Universal’s ‘The Croods’ has $2M box office debut amid pandemic

Universal Pictures’ release of “The Croods: A New Age” logged $2 million in ticket sales at its opening, a paltry sum by industry standards that nevertheless marked the second-best box office debut during the pandemic. The Wednesday debut of the DreamWorks Animation-produced sequel about a prehistoric family was second only to Disney’s $3.1 million debut […]

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November 27, 2020
Black Friday 2020: Online holiday shopping expected to hit records amid COVID-19

Holiday spending online is expected to reach record levels this year as consumers steer clear of stores and shopping malls because of COVID-19. Web-based spending on Thanksgiving reached $5.1 billion, a 21-percent increase over last year, according to Adobe, a data analytics company that tracks visits to US retail web sites. Black Friday spending online […]

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November 27, 2020
Amazon to hand out holiday bonuses after flap over ‘turkey vouchers’

Amazon is handing out holiday bonuses to its warehouse workers companywide, just days after employees griped about getting “turkey vouchers” ahead of Thanksgiving that were worth as little as $10. The e-tailing giant will give $300 to full-time employees working on the front lines, while part-time workers will receive $150. “As we head into the […]

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November 27, 2020
Black Friday comes early for shoppers this year

image copyrightPA Media Black Friday started earlier this year as shoppers turned to online services during the pandemic. The number of parcels being delivered started increasing sharply from the end of October. By last week, it had already surpassed last year's post-Black Friday peak, according to new data. But some retailers are worried there will […]

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November 27, 2020
NHTSA probing Tesla over suspension safety problems in 115,000 vehicles

More than 100,000 Tesla vehicles are being investigated for potential safety problems by the US National Highway Traffic Safety Administration. At issue is the front suspension system for the 2015-2017 Model S and the 2016-2017 Model X, the NHTSA said Friday, with as many as 115,000 vehicles affected. The agency has received 43 complaints alleging […]

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November 27, 2020
Red Bull billionaire loses bid for medieval Austrian hunting estate

The billionaire owner of Red Bull lost his bid for a massive Austrian hunting estate to a fellow countryman. Dietrich Mateschitz was outspent by Austrian Rene Benko, who ponied up $35.8 million for 1,300 hectares of property in the country’s Styria province. The estate features large swaths of forest, and is home to a small […]

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November 27, 2020
Ann Taylor, LOFT and Lane Bryant sold to buyout firm for $540M

Iconic women’s clothing brands Ann Taylor, LOFT and Lane Bryant will be bought out of bankruptcy by private equity firm Sycamore Partners, the companies said Thursday. After filing for Chapter 11 bankruptcy protection in July, Ascena Retail Group — the owner of the apparel brands — reached a deal to sell off its remaining assets […]

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November 27, 2020
Holiday toy supplies in doubt amid southern California port jam

Santa Claus is facing a suspense show getting toys delivered this holiday season — and the drama is coming out of Los Angeles. Some of the hottest toys this year — from LOL Surprise dolls to Tonka trucks — are languishing in shipping containers at big ports in Southern California, with delays loading them onto […]

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November 27, 2020
Royal Mail could save £225m by cutting Saturday post, regulator says

image copyrightGetty Images Royal Mail would be able to cut Saturday letter deliveries and still meets the needs of most customers, according to the regulator. Cutting the service would save up to £225m per year by 2022-23, a report from Ofcom said. But this in itself would not be enough to make the universal service […]

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November 27, 2020
Brexit: Face-to-face trade talks to resume in London

image copyrightReuters Face-to-face Brexit trade talks will resume in London this weekend, the EU's chief negotiator Michel Barnier has said. In-person negotiations were suspended when Mr Barnier had to self-isolate after a colleague tested positive for Covid last week. The Frenchman said the "same significant divergences persist" in negotiations. Boris Johnson insisted the likelihood of […]

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November 27, 2020
TSB owner Sabadell considers bank's future as BBVA deal scrapped

image copyrightGetty Images Spanish lender Banco Sabadell has said it will consider options for its UK bank TSB after it called off a planned merger with rival BBVA. Sabadell and BBVA said they were in merger talks less than two weeks ago, but they failed to agree a price. Sabadell said it would now seek […]

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November 27, 2020
UK to impose new rules to limit tech giants' power

image copyrightGetty Images The UK will impose new rules next year aimed at preventing Google and Facebook from abusing their market dominance. The Competition and Markets Authority (CMA) said the two firms accounted for around 80% of the £14bn ($18.7bn) spent on advertising online in 2019. The new regime will attempt to give consumers more […]

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November 27, 2020
China slaps up to 200% tariffs on Australian wine

image copyrightGetty Images China will impose taxes on Australian wine of up to 212%, starting on Saturday. Its commerce ministry said these were temporary anti-dumping measures to stop subsidised imports of Australian wine. The duties will range from 107% to 212%, intensifying trade tensions between the two countries. In recent months, Beijing has targeted Australian […]

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November 27, 2020
New rules to limit Google and Facebook's market power

image copyrightGetty Images The UK will impose new rules next year aimed at preventing Google and Facebook from abusing their market dominance. The Competition and Markets Authority (CMA) said the two firms accounted for around 80% of the £14bn ($18.7bn) spent on advertising online in 2019. The new regime will attempt to give consumers more […]

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November 27, 2020
China slaps tariffs on Australian wine as tensions grow

image copyrightGetty Images China will impose taxes on Australian wine of up to 212%, starting on Saturday. Its commerce ministry said these were temporary anti-dumping measures to stop subsidised imports of Australian wine. The duties will range from 107% to 212%, intensifying trade tensions between the two countries. In recent months, Beijing has targeted Australian […]

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November 27, 2020
Southern California port jam puts Christmas toy supplies in doubt

Santa Claus is facing a suspense show getting toys delivered this holiday season — and the drama is coming out of Los Angeles. Some of the hottest toys this year — from LOL Surprise dolls to Tonka trucks — are languishing in shipping containers at big ports in Southern California, with delays loading them onto […]

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November 27, 2020
Dyson to spend $3.67bn on new technologies

image copyrightGetty Images Dyson says it will invest an additional $3.67bn (£2.75bn) into new technologies and products over the next five years. The investment will allow the company to double the number of products it sells, and expand into new areas. The investments will be focused in Singapore, the UK, and the Philippines, and will […]

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November 27, 2020
Black Friday: Next, M&S and Wilko shun sales event

image copyrightGetty Images Some big High Street names have decided to shun the Black Friday shopping bonanza even though online spending in the UK is set to soar. Next, M&S, Wilko and B&M will not be taking part in the sales event on Friday, which is seen as a key trading day in the run-up […]

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November 27, 2020
October redundancies double last year's rate

image copyrightPeter Byrne/PA Wire Some 842 British employers told government of plans to cut 20 or more jobs last month, as growing uncertainty about the pandemic and the government response hit business confidence. That's more than any month on record before the Covid outbreak began, and almost two-and-a-half times the level seen in October last […]

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November 27, 2020
Rishi Sunak faces state pension conundrum

image copyrightGetty Images Retired people are set to receive a 4.1% rise in the state pension in April 2022, an official forecast predicts. The state pension is going up by 2.5% in April 2021, but the bigger forecast rise in 2022 will come at a time when unemployment is expected to be high. Chancellor Rishi […]

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November 26, 2020
Amazon spends $500m on bonuses for Christmas staff

image copyrightGetty Images Amazon is spending hundreds of millions of dollars on bonuses for Christmas staff after sales at the online giant soared during the pandemic. Full-time warehouse workers in the UK and the US will receive £300 or $300, with £150 or $150 for part-time staff. The money, $500m in total, will go to […]

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November 26, 2020
Bar chain owner: 'This is pure and simple business torture'

The owner of a chain of bars in the Midlands and the north of England has warned the government that the hospitality industry is on the brink of financial collapse. Martin Greenhow, who runs the MOJO bar chain, has urged ministers to rethink their rules on pubs and bars or come up with a rescue […]

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November 26, 2020
German Amazon workers to strike for Black Friday

German Amazon workers are being called to strike on Black Friday in an attempt to secure higher wages and better working conditions. Trade union Verdi is telling workers at seven Amazon warehouses across Germany to strike for three days, including on Nov. 27, which is one of the biggest shopping days of the years because […]

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November 26, 2020
If public spending was £100, how would it be split?

image copyrightGetty Images Along with the keys to No 11 Downing Street, the chancellor is given the job of doling out hundreds of billions of pounds of taxpayer money every year. In fact, for the first time this year, government spending will top a massive £1 trillion. But where does it actually go? Like most […]

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November 26, 2020
Spending Review: Council tax likely to rise, says think-tank

Households face a rise in council tax after Chancellor Rishi Sunak cut support for local authorities in his Spending Review, experts say. In its analysis of Wednesday's review the Institute of Fiscal Studies (IFS) said tax bills may have to increase by £70 per household on average. The chancellor has given authorities the ability to […]

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November 26, 2020
Disney to lay off 32,000 workers, mostly from theme parks

So much for being the happiest place on earth. The Walt Disney Company will be laying off about 32,000 workers, mostly from its theme parks, as the entertainment giant continues to struggle with a lack of customers amid the COVID-19 pandemic. In September, the company said it would lay off 28,000 people — but that […]

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November 26, 2020
Covid tiers 'a mortal blow' to hospitality

The hospitality sector will be "decimated" by the new Covid tiers, according to bar chain owner Martin Greenhow, who says it "isn't viable to operate" under the conditions. Mr Greenhow, who has bars in cities including Manchester, says the measures are "a mortal blow" to the sector. The hospitality industry has warned that tens of […]

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November 26, 2020
Hospitality is 'bearing the brunt' of tier pain

image copyrightPA Media The hospitality sector is "bearing the brunt of the pain of closure" under new Covid rules, the industry has warned. The government set out on Thursday what level of restrictions England's regions will face when lockdown ends with cities such as Manchester and Birmingham put in the highest tiers. UK Hospitality boss […]

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November 26, 2020
German property company collapses with my pension

Millions of pounds of investors' pension savings have not been returned by a German property company that was promising to keep them safe, a BBC investigation has revealed. Dolphin Trust, now known as German Property Group, promised high interest payments and investors' original capital back, if they lent it money for up to five years. […]

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November 26, 2020
M&S warns Brexit may affect 15% of NI food lines

image copyrightGetty Images Marks & Spencer has warned that up to 15% of its food product lines could be unavailable in its Northern Ireland shops in January. From 1 January, Northern Ireland will stay in the EU single market for goods but the rest of the UK will leave. The EU has strict rules on […]

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November 26, 2020
Covid: Pub industry warns it faces 'darkest of moments'

image copyrightGetty Images Britain's major pub groups and brewers have pleaded with Prime Minister Boris Johnson to save an industry facing the "darkest of moments". Executives at Fuller's, Carlsberg UK, Greene King, and Heineken UK are among more than 50 signatories of a letter warning of huge job losses. They call on him to publish […]

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November 26, 2020
Black Friday: Why bots will beat you to in-demand gifts

image copyrightGetty Images Black Friday and the Christmas shopping rush is here. But any great deals on a new games console or hot-ticket piece of electronics will probably be snapped up by an army of bots working for those looking to make a profit. Bots are constantly-running software programmes that have hit online retail for […]

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November 26, 2020
Covid crisis could 'cut pay by £1,200 a year by 2025'

image copyrightGetty Images The covid crisis is on track to cut average pay packets by £1,200 a year by 2025, according to new analysis. The prediction comes from the Resolution Foundation, a think tank focused on improving living standards for people on low-to-middle incomes. It comes a day after Chancellor Rishi Sunak warned unemployment could […]

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November 26, 2020
Noteworthy: Clydesdale Bank's demise

image copyrightCYBG Clydesdale Bank is on the way out and although circulation of its banknotes will continue, that will be on a much reduced scale. It harks back to the origins of paper banknotes, which Scottish bankers innovated, indulging in unscrupulous and sometimes farcical tactics to undermine each other. If money seems scarce, Clydesdale Bank […]

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November 26, 2020
Rishi Sunak: I have to make tough choices on public pay

The economic emergency the UK faces means "tough choices" had to be made over which public sector workers would get a pay rise, Chancellor Rishi Sunak has told the BBC. In Wednesday's Spending Review, he announced a pay freeze that will affect 1.3 million workers. Staff on less than £24,000 and some NHS workers will […]

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November 26, 2020
Boohoo appoints former judge Sir Brian Leveson to probe company's ethics

image copyrightBoohoo Online fashion retailer Boohoo has appointed a former High Court judge to examine its business practices. Sir Brian Leveson, who is best known for leading the inquiry into press ethics after the phone hacking scandal, will chair an independent review of the company's supply chain and ethics. It follows allegations that one of […]

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November 26, 2020
Penguin Random House, Simon & Schuster propose $2.2B mega-merger

Penguin Random House has reached a $2.2 billion deal to acquire Simon & Schuster from ViacomCBS — a tie-up that would create a colossus distributing about a third of all books sold in the US. The merger would create a publishing house of unrivaled size with more than $3 billion in revenue, uniting Penguin Random...

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November 26, 2020
Neiman Marcus now offering no-interest payments on its pricey fashions

Neiman Marcus plans to court shoppers with beer budgets and champagne tastes this holiday season -- inviting them to scoop up high-priced fashions from designers like Chanel, Prada and Louis Vuitton with the help of flexible, no-interest payment plans.

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November 26, 2020
Salesforce reportedly in talks to buy Slack — despite CEO denial

Cloud-based software giant Salesforce reportedly is in advance talks to buy messaging app Slack — just months after Salesforce’s billionaire boss, Marc Benioff, denied he was interested in making any acquisitions. San Francisco-based Salesforce sees Slack as a logical extension of its enterprise offerings, a source told Reuters on Wednesday, adding there is no certainty...

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November 26, 2020
Expensify CEO David Barrett has no regrets about Joe Biden email

Expensify CEO David Barrett stood by his decision to urge his clients to vote for Joe Biden, saying the benefits of the controversial call to action far outweighed the costs. Barrett’s Oct. 22 email calling a vote for President Trump “a vote against democracy” prompted a wide range of reactions among the millions of Expensify...

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November 26, 2020
Amazon’s cloud service experiencing widespread outage

Amazon’s widely used cloud service, Amazon Web Services, is experiencing a large-scale outage, the company said Wednesday, affecting users ranging from websites to software providers. It has also affected the ability to post updates to its service health dashboard, the company said. “Kinesis has been experiencing increased error rates this morning in our US-East-1 Region...

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November 26, 2020
Britons 'misunderstand and distrust economics data'

Groups such as the media and politicians need to explain economics data better, a study suggests.

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November 26, 2020
Union backlash over public sector pay freeze

Leaders of Britain's biggest unions vow to resist chancellor's freeze on workers who "risked everything".

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November 26, 2020
Coronavirus: Shanghai rises to become world's most connected city

London has been dethroned from top spot as the coronavirus pandemic reverses "a century of progress".

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November 26, 2020
Covid: Pub industry tells the PM it faces 'darkest of moments'

image copyrightGetty Images Britain's major pub groups and brewers have pleaded with Prime Minister Boris Johnson to save an industry facing the "darkest of moments". Executives at Fuller's, Carlsberg UK, Greene King, and Heineken UK are among more than 50 signatories of a letter warning of huge job losses. They call on him to publish […]

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November 25, 2020
Dow slides 200 points after cracking 30,000 milestone

US stocks slid Wednesday as Wall Street took a breather following a historic rally that drove the Dow Jones industrial average past the 30,000 mark for the first time ever. The blue-chip index dropped as much as 200.82 points, or roughly 0.6 percent, to 29,845.42 a day after cracking the 30,000 threshold and surging to […]

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November 25, 2020
Delta pilots vote for pay cuts in deal to avoid furloughs through 2022

Delta Air Lines pilots voted in favor of a deal that avoids furloughs through Jan. 1, 2022 in exchange for pay cuts, a union representing the pilots said Wednesday. The 1,713 Delta pilots, who were expected to be furloughed on Nov. 28, will now receive a partial pay of 30 hours a month along with […]

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November 25, 2020
UPS and FedEx reportedly facing shortage of delivery vans

Shipping giants UPS and FedEx are struggling to round up the vans they need to deliver packages amid a coronavirus-fueled surge in demand for their services, a new report says. The pandemic sparked shutdowns at vehicle factories that have led to a shortage of delivery vans at a time when more people are buying things […]

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November 25, 2020
Nikola stock plummets after CEO dodges questions on $2B GM deal

Nikola’s stock price plunged Wednesday after CEO Mark Russell refused to offer assurances that the electric truck maker’s partnership with General Motors had not fallen apart. Shares in the Arizona-based startup sank about 15.4 percent to $29.20 in premarket trading as of 8:53 a.m. after Russell dodged questions about the $2 billion GM deal ahead of a […]

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November 25, 2020
Spending Review: Rishi Sunak 'hasn't gone far enough'

The coronavirus pandemic has hit young people across the UK hard. Exams have been cancelled and plans with friends put on hold. Some are trying their best to work from a kitchen table in a flat-share, or have even been made redundant over Zoom. Recent BBC research found that people aged 16-25 were more than […]

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November 25, 2020
Low-paid public sector workers to get £250 pay rise

image copyrightGetty Images Pay will be frozen for much of the public sector next year, but low-paid and NHS workers will get raises. The chancellor said he could not justify an across the board rise when many in the private sector had seen their pay and hours cut in the crisis. But Rishi Sunak said […]

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November 25, 2020
CEO of Midwest health system leaves after refusing to wear mask

The chief executive of one of the nation’s largest regional health systems is leaving his job after refusing to wear a mask in the office. Sanford Health said it “mutually agreed to part ways” with CEO Kelby Krabbenhoft after he reportedly sent an email to employees last week claiming he didn’t need to wear a […]

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November 25, 2020
US workers file 778,000 jobless claims as COVID-19 crisis total nears 69 million

Some 778,000 American workers applied for unemployment benefits last week as a surge in coronavirus infections kept the labor market’s recovery under pressure, the feds said Wednesday. The latest initial jobless claims reported by the US Department of Labor brought the seasonally adjusted total for the COVID-19 pandemic to about 68.9 million — a number […]

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November 25, 2020
Spending Review: Key points from Rishi Sunak's statement

image copyrightReuters Chancellor Rishi Sunak has set out what the UK government will spend on health, education, transport and other public services next year. In a statement in Parliament, he also briefed MPs about the state of the UK economy and the latest forecasts for the UK's public finances, which have been battered by the […]

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November 25, 2020
Spending Review: Millions face cut in value of workplace pensions

image copyrightGetty Images Millions of retirees will see the future value of their pension cut owing to a planned change in the way payments are calculated from 2030. Many of those with so-called defined benefit workplace pensions see their pension payments increase each year in line with the rising cost of living. The way this […]

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November 25, 2020
Rishi Sunak warns 'economic emergency has only just begun'

The "economic emergency" caused by Covid-19 has only just begun, according to chancellor Rishi Sunak, as he warned the pandemic would deal lasting damage to growth and jobs. Official forecasts now predict the biggest economic decline in 300 years. The UK economy is expected to shrink by 11.3% this year and not return to its […]

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November 25, 2020
Book publishers worry that Barnes & Noble hack will spur holiday snafus

Barnes & Noble has concluded that a cyberattack against its computer systems last month didn’t compromise customer data — even as publishers worry the aftereffects could muck up book distribution during the crucial holiday season. In an exclusive interview, B&N CEO James Daunt said the giant bookseller now believes the data breach it disclosed in […]

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November 25, 2020
Spending review: Chancellor warns of 'lasting' damage to UK economy

image copyrightGetty Images The UK economy will shrink 11.3% this year according to official forecasts that lay bare the damage of Covid-19. While the economy is expected to bounce back in 2021, it will not return to its pre-crisis size until the end of 2022. The government will borrow £394bn this year to deal with […]

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November 25, 2020
Spending Review: Unemployed predicted to rise to 2.6 million

"These are the incalculable but essential parts of our future, and they cannot be mandated or distributed by government. These things must come from each of us, and be shared freely, because the future, this better country, is a common endeavour."

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November 25, 2020
Spending Review: Chancellor outlines government spending plans

image copyrightHM Treasury Chancellor Rishi Sunak is unveiling the government's spending plans for the coming year. The Spending Review will include details on public sector pay, NHS funding and money for the devolved administrations in Northern Ireland, Scotland and Wales. Mr Sunak will also set out the extent of the damage done to the UK […]

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November 25, 2020
Tesla recalling more than 9,000 Model X cars

Tesla is recalling more than 9,000 Model X vehicles over concerns that parts of their roofs could fly off while the car is in motion. The electric SUVs have pieces of cosmetic trim on their roofs that are attached with urethane. The appliques were applied to some 2016 Model X’s without using primer, which can […]

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November 25, 2020
Covid: What are the new rules for pubs and restaurants?

image copyrightAFP New rules for visits to pubs and restaurants in England are being introduced, when lockdown ends on 2 December. Different rules are in place in Wales, Scotland and Northern Ireland. There are also special rules over the Christmas period. Despite the special rules for meeting others over the festive period, you will not […]

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November 25, 2020
Spending Review: Chancellor to set out government spending plans

image copyrightHM Treasury Chancellor Rishi Sunak will unveil the government's spending plans for the coming year later. The Spending Review will include details on public sector pay, NHS funding and money for the devolved administrations in Northern Ireland, Scotland and Wales. Mr Sunak will also set out the extent of the damage done to the […]

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November 25, 2020
Harrabin: Now will the Treasury go green?

image copyrightPA Media Last week, UK Prime Minister Boris Johnson unveiled his 10-point plan to create jobs and cut carbon emissions. It included investment in wind and solar power, carbon capture, hydrogen and nuclear. But here’s a question – as Mr Johnson is driving emissions down, is his chancellor preparing to drive them back up? […]

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November 25, 2020
Coronavirus: Second-hand car website becomes latest 'unicorn'

image copyrightGetty Images A second-hand car website has seen its value rocket to more than $1bn (£750m), putting it into unicorn status. India's Cars24 has seen a big rise in business during the pandemic as people look to alternatives to public transport such as pre-owned cars. India's popular but unreliable rail networks were shut off […]

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November 25, 2020
US-China trade war: Trump gives one last twist

image copyrightGetty Images The US will slap tariffs on Chinese twist ties, which are commonly used to seal bread bags and tie up cables. The US said that China has been unfairly subsidising twist ties to the disadvantage of American producers. This is the first time the US Commerce Department will impose tariffs to reduce […]

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November 25, 2020
Barnes & Noble survives hack attack unscathed before holiday season

Barnes & Noble has concluded that a cyberattack against its computer systems last month didn’t compromise customer data — even as publishers worry the aftereffects could muck up book distribution during the crucial holiday season. In an exclusive interview, B&N CEO James Daunt said the giant bookseller now believes the data breach it disclosed in […]

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November 25, 2020
Coronavirus: Second-hand website becomes latest unicorn start-up

image copyrightGetty Images A second-hand car website has seen its value rocket to more than $1bn (£750m), putting it into unicorn status. India's Cars24 has seen a big rise in business during the pandemic as people look to alternatives to public transport such as pre-owned cars. India's popular but unreliable rail networks were shut off […]

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November 25, 2020
'My dream flat left me with a £20,000 repair bill'

Chris Worrall said he had been asked to pay additional payments of up to £2,000 as well as facing a hefty increase in his service charge after his housing association, Clarion, had previously underestimated the service charge. He calls the rise in his service charge "obscene" after it increased from £2,270 a year, when he […]

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November 24, 2020
Purdue Pharma pleads guilty to criminal charges in opioid case

OxyContin maker Purdue Pharma formally admitted to its role in the nationwide opioid epidemic on Tuesday by pleading guilty to three criminal charges. Company chairman Steve Miller entered the plea on behalf of Purdue — controlled by the Sackler family, who were once fixtures on the New York social circuit — during a virtual court […]

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November 24, 2020
US shares set records as investor optimism grows

image copyrightAFP US shares hit fresh records on Tuesday with the Dow Jones index closing above 30,000 points for the first time amid hopes of a strong economic recovery and end of political uncertainty. The S&P 500 also hit an all-time high as investors bought economically sensitive financial and energy stocks. Trading was fuelled by […]

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November 24, 2020
Dow closes above 30,000 for the first time in history

The Dow Jones industrial average closed above the 30,000 mark for the first time ever on Tuesday as Wall Street cheered good news on coronavirus vaccines and a key step toward a peaceful transfer of power in Washington. The blue-chip index surged 454.97 points, or 1.5 percent, to close at 30,046.24. Earlier in the session, the […]

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November 24, 2020
Dow crosses 30,000 mark for the first time in history

The Dow Jones industrial average surged past the 30,000 mark for the first time ever on Tuesday as Wall Street welcomed good news on coronavirus vaccines and a key step toward a peaceful transfer of power in Washington. The blue-chip index was recently up 488.41 points, or 1.7 percent, at 30,079.68. Earlier in the session, […]

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November 24, 2020
Amazon sorry for Sidewalk 'confusion'

image copyrightGetty Images Amazon has apologised after UK customers received an email announcing the launch of a service available in the US only. Amazon Sidewalk uses customer broadband accounts to create a neighbourhood-wide network for local devices. It can be accessed by certain Amazon-branded devices up to 500m (0.3 miles) away if the home wi-fi […]

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November 24, 2020
Twitter will now warn users if they try to like a ‘misleading’ tweet

Twitter is doubling down on stopping the spread of misinformation following the US Presidential election, adding even more hurdles to stop misleading tweets from going viral. The social network said Tuesday that it would begin taking users who attempt to hit the like button on a flagged tweet to a screen informing them that the […]

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November 24, 2020
Elon Musk passes Bill Gates on rich list, but still lags in philanthropy

Elon Musk may only be the world’s second-richest man, but he arguably holds the title for world’s cheapest. The Tesla chief has given away a paltry portion of his $128 billion fortune compared to more philanthropic billionaires like Microsoft co-founder Bill Gates. Musk, 49, has donated roughly $100 million to charitable causes over the course […]

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November 24, 2020
JPMorgan fined $250 million over risk management failings

JPMorgan Chase has agreed to pay $250 million for risk management and other control failings in its asset and wealth management business, a US regulator said Tuesday, in the second chunky penalty for the bank in less than two months. The Office of the Comptroller of the Currency said it found that JPMorgan’s risk management […]

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November 24, 2020
Former Netflix exec Cindy Holland joins board of entertainment SPAC

Cindy Holland, whose surprise departure from a top role at Netflix this summer shocked Hollywood, has resurfaced as a board member at a blank-check company that’s focused on the media and entertainment space. A key visionary behind Netflix’s strategy to develop original content for nearly two decades, Holland will advise Horizon Acquisition Corp. — a […]

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November 24, 2020
Tiffany beats profit forecasts as China, online sales soar

Tiffany & Co., which is being bought by French luxury giant LVMH, beat Wall Street expectations for quarterly profit on Tuesday as the US jeweler benefited from an over 70 percent rise in sales in China and a recovery in demand at home. The results bode well for the upcoming holiday season for the jeweler […]

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November 24, 2020
Dow crosses 30,000 for the first time in history

The Dow Jones industrial average surged past the 30,000 mark for the first time in history on Tuesday as Wall Street welcomed good news on coronavirus vaccines and a key step toward a peaceful transfer of power in Washington. The blue-chip index climbed as many as 479.4 points, or about 1.6 percent, to an intraday […]

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November 24, 2020
Amazon staffers not happy with ‘turkey vouchers’ as new hires get bonuses: report

Amazon has upset some of its veteran workers by giving them vouchers to buy Thanksgiving turkey while cutting $3,000 bonus checks for some new hires, a new report says. The e-commerce giant’s staffers have griped about the disparity in social-media forums where they’ve shared pictures of “turkey vouchers” worth as little as $10 that they […]

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November 24, 2020
Ed Stack, Dick’s Sporting Goods CEO who took stance on guns, to step down

Dick’s Sporting Goods Chief Executive Ed Stack, who took a controversial stand on guns after a school shooting, is leaving the helm of the company after 36 years. Stack, 65, who is also the company’s largest shareholder, will be succeeded as CEO on Feb. 1 by Lauren Hobart, who has been president of the retailer […]

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November 24, 2020
Moderna boss says COVID-19 vaccine not proven to stop spread of virus

Moderna’s coronavirus vaccine may not get life back to normal right away because it hasn’t yet been proven to prevent the deadly bug from spreading, the company’s top doctor says. Research has shown that the biotech firm’s shot is effective at preventing people from getting sick with COVID-19, but there’s no hard evidence that it […]

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November 24, 2020
Elon Musk passes Bill Gates to become world’s second-richest person

Tesla boss Elon Musk surpassed Bill Gates to become the world’s second-richest person as the electric-car maker continued its staggering stock-market surge. A 6.5 percent jump in Tesla’s share price added about $7.2 billion to Musk’s fortune on Monday, putting his total net worth at $127.9 billion — slightly eclipsing Microsoft co-founder Gates’ $127.7 billion, […]

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November 24, 2020
NYC restaurants coming up with creative offerings to stay in business during holidays

New York City restaurateurs are concocting novel ways to drum up business during the holidays, even as a looming COVID-19 lockdown threatens to shutter their venues citywide for the second time this year. The Tao Group — which was forced to close many of its high-profile hangouts this spring because of the pandemic — is […]

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November 23, 2020
Japan committed ‘abuse’ by keeping Carlos Ghosn in jail, UN panel says

A United Nations human rights panel says Japan committed an “extrajudicial abuse of process” by arresting ex-Nissan CEO Carlos Ghosn multiple times to keep him in jail for months. The UN Human Rights Council’s Working Group on Arbitrary Detention issued the finding in a 17-page report accusing Japanese authorities of violating the fugitive auto honcho’s […]

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November 23, 2020
Joe Biden to nominate Janet Yellen as Treasury Secretary

President-Elect Joe Biden plans to nominate former Federal Reserve chairwoman Janet Yellen to become the next Treasury Secretary, sources told The Post. If confirmed, the 74-year-old Yellen will be the first woman to run the Treasury Department, and also the first person ever to hold the top three economic positions in American government. In addition […]

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November 23, 2020
Pandemic fails to put a crimp in holiday shopping outlook

The pandemic hasn’t derailed holiday shopping this year — at least not yet. Retail sales are on track to grow by as much as 5.2 percent to $767 billion during November and December as many consumers enter the holiday season with fatter savings accounts and less debt, according to a forecast by the National Retail […]

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November 23, 2020
Feds reveal Elizabeth Holmes texts showing Theranos bosses panicking

Panicked text messages between the two top executives at Theranos showed they knew how much trouble the blood-testing startup was in before it collapsed, prosecutors say. In a trove of texts, iMessages and Skype chats, Theranos founder Elizabeth Holmes and Ramesh “Sunny” Balwani, her top lieutenant and former lover, expressed anxiety about the company’s struggling […]

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November 23, 2020
Amazon reportedly hired Pinkerton spies to monitor unionization efforts

Amazon has a network of spies monitoring its global workforce and keeping tabs on threats to its business, according to a new report. The e-commerce juggernaut relies on third party intelligence operatives, including from the fabled Pinkerton agency, to help it keep its employees in line, Motherboard reports. Documents reviewed by the publication show a […]

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November 23, 2020
Regal’s owner Cineworld gets $750 million lifeline to avoid bankruptcy

Regal Entertainment’s UK-based owner Cineworld said Monday that it secured a financial lifeline to help it avoid a bankruptcy filing. Lenders will provide the movie-theater owner with a $450 million loan to help it keep afloat through the coronavirus pandemic. Other lenders will provide Cineworld with additional flexibility on its revolving loan and other debt […]

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November 23, 2020
GM recalls 5.9 million vehicles to replace Takata air bags

General Motors will recall 5.9 million vehicles with potentially dangerous Takata air bag inflators after a US safety agency said Monday it had rejected the Detroit automaker’s petition to avoid the callback. The National Highway Traffic Safety Administration said GM must recall the 2007-2014 model year trucks and SUVs because the inflators “are at risk […]

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November 23, 2020
Sony CEO on PlayStation 5: ‘Absolutely everything is sold’

Sony’s PlayStation 5 supply issues don’t look like they’ll be letting up anytime soon. Speaking to Russian news outlet TASS, Sony Interactive Entertainment CEO Jim Ryan said the next-generation console will continue to experience steep stock shortages for the foreseeable future. “Everything is sold. Absolutely everything is sold,” Ryan said. “I’ve spent much of the […]

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November 23, 2020
Netflix hit ‘The Queen’s Gambit’ causes chess set sales to spike

Sales of chess sets reportedly have exploded thanks to the hit Netflix show “The Queen’s Gambit,” a series that depicts the rise of a young female prodigy in the 1950s. Toronto-based toy merchant Spin Master, whose classic games division owns about 70 percent of the US market, has seen its chess sales increase by “triple […]

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November 23, 2020
Stocks jump as investors cheer AstraZeneca COVID-19 vaccine

US stocks jumped Monday as investors cheered a third promising coronavirus vaccine that could help the global economy return to normal. The Dow Jones industrial average climbed as much as 227.45 points, or about 0.8 percent, to 29,490.93 in early trading after AstraZeneca revealed its experimental COVID-19 shot was 70 percent effective on average. The benchmark […]

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November 23, 2020
Theranos founder Elizabeth Holmes’ wealth irrelevant to fraud trial: lawyers

Theranos founder Elizabeth Holmes wants to stop prosecutors from detailing the luxe lifestyle she lived while leading the blood-testing startup during her upcoming fraud trial. The disgraced Silicon Valley wunderkind’s legal team argued in a court filing that the wealth she accumulated as Theranos’ CEO has “no bearing” on the charges that she defrauded investors […]

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November 23, 2020
Black Friday web shoppers to surpass in-person shoppers for the first time

For the first time on Black Friday, more shoppers will be buying their gifts online than in stores, according to a survey. As the number of COVID-19 cases continues to surge across the country, 58 percent of consumers are ditching long-held traditions of trekking out to shopping malls and stores to scoop up bargains, making […]

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November 23, 2020
Qantas airline to mandate COVID-19 vaccine for international flights

No shot, no service. Australian airline Qantas will require travelers on international flights to be jabbed with a coronavirus vaccine once an inoculation is ready, CEO Alan Joyce said. “Whether you need that domestically, we’ll have to see what happens with COVID-19 in the market, but certainly for international visitors coming out and people leaving […]

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November 23, 2020
Here’s what’s coming to Manhattan West next year

The perimeter plywood has come down, a second huge office skyscraper has begun to rise and — ­COVID-19 be damned — the ambitious Manhattan West complex is at last coming into focus. Brookfield Property Partners’ 8-acre site just east of Related’s larger Hudson Yards is already home to office tower One Manhattan West, where moved-in […]

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November 22, 2020
Hedge fund trying to make American Apparel founder’s ‘life miserable’

A years-long financial feud between disgraced American Apparel founder Dov Charney and his former hedge-fund ally Soo Kim is getting personal. After years of trying and failing to collect on a $20 million loan to Charney from 2014 — part of an unsuccessful bid to keep the scruffy American Apparel CEO in his post amid […]

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November 22, 2020
Mega-music retailer Guitar Center filing for Chapter 11 bankruptcy

They can’t string this out any longer. Guitar Center, the nation’s largest musical instrument retailer, is filing for bankruptcy, according to a report. With the economy out of tune due to the coronavirus pandemic, the mega-music chain said it’s filing for Chapter 11 protection as it tries to keep its 269 locations afloat while battling […]

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November 22, 2020
Jewelry chain Alex and Ani allegedly failed to give charity cash to ASPCA: lawsuit

Where’s the doggone cash? The ASPCA claims jewelry chain Alex and Ani has failed to hand over more than $99,000 the company raised for the animal nonprofit by selling a special paw print bangle. The Rhode Island-based Alex and Ani began selling the “Prints of Love” charms as part of its “Charity by Design” effort, […]

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November 22, 2020
Airbnb exec resigned over concerns company shared too much data with China

The former chief trust officer of Airbnb was so concerned about how much user data the internet behemoth was sharing with China, he resigned from his post last year after just six months on the job. Sean Joyce, Airbnb’s former chief trust officer — also a former deputy director with the FBI — reportedly resigned […]

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November 21, 2020
Massive 14-hour line forms as Colorado gets first In-N-Out Burger joints

That menu must not be much of a secret after all. Colorado fans of the iconic California chain In-N-Out Burger waited on epic lines Friday as the state’s first two outlets opened. In Aurora, cops were called to control the crowds as cars and customers snaked around the new fast food restaurant and an adjacent […]

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November 21, 2020
NJ firm that offers up mansions to TikTok influencers goes public

A New Jersey-based firm that provides TikTok influencers with posh pads featured in viral videos went public this week, according to a report Friday. West of Hudson Group — whose poolside Beverly Hills-based “Clubhouse” is often flaunted by stars on the social media app — began selling stocks after it struck an unusual deal Wednesday, […]

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November 20, 2020
Wynn Resorts loses bid to partner with Sinclair’s sports TV networks: sources

Wynn Resorts just lost a bid to secure a toehold in the burgeoning TV sports gambling sector — and some insiders fear it may have been the casino empire’s biggest and last chance. Las Vegas-based Wynn — which has struggled since its billionaire founder Steve Wynn left the company in 2018 amid a slew of […]

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November 20, 2020
Ann Taylor to ditch alpaca wool after PETA probe

Ann Taylor is packing up the alpaca. Ascena Retail Group, the clothing conglomerate that owns the Ann Taylor, LOFT and Lou & Grey plans to stop using wool from the llama-like creatures amid concerns from animal-rights activists about the sometimes brutal process of producing it. Ascena’s brands currently sell several sweaters made with fabric blends […]

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November 20, 2020
Midwest health system CEO says he had COVID-19, won’t wear mask

The head of one of the largest regional health systems in the Midwest has told his employees that he has recovered from COVID-19 and is back in the office — without a mask. Sanford Health’s president and chief executive, Kelby Krabbenhoft, said in an email Wednesday that he believes he’s now immune to the disease […]

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November 20, 2020
Bitcoin climbs to three-year peak, nears all-time high

Bitcoin rose to a nearly three-year high Friday, as investors continued to scoop the virtual currency on expectations it could well exceed its all-time peak of just under $20,000. Bitcoin surged to $18,766.79, the highest since December 2017, and was last up 4.9 percent at $18,696. It has gained 17 percent so far this week, […]

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November 20, 2020
Universal strikes another ‘exclusivity’ deal with major theater chain

Another major movie theater chain has struck a deal with Universal Pictures to allow for shorter exclusive theatrical windows. Canada’s Cineplex has agreed on a multiyear “dynamic window” agreement, the film exhibitor and Universal Filmed Entertainment Group said Friday. Like the deal struck with Cinemark earlier this week and AMC Theaters before that, Universal and […]

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November 20, 2020
Johnson & Johnson’s damages award cut to $120 million in baby powder case

Johnson & Johnson has been ordered by a New York state judge to pay $120 million in damages to a Brooklyn woman and her husband, after she blamed her cancer on asbestos exposure from using the company’s baby powder. Justice Gerald Lebovits of the state Supreme Court in Manhattan reduced the payout from the $325 […]

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November 20, 2020
Mnuchin defends move to end Treasury’s COVID-19 loan programs

Treasury Secretary Steven Mnuchin defended his decision to wind down five emergency loan programs, even as the Federal Reserve and other critics warned it could remove an important support beam for the pandemic-battered economy. In a Friday interview, Mnuchin insisted he was merely following Congress’s instructions by not renewing the credit facilities that shored up […]

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November 20, 2020
‘Star Wars’ author says Disney is stiffing him on royalties

Sci-fi writer Alan Dean Foster says Disney has been behaving like the evil empire from his “Star Wars” novels by stiffing him on royalties for some of his popular books. The prolific author says the Mouse House hasn’t paid him a penny for his novelizations of the iconic franchise since its 2012 purchase of Lucasfilm, […]

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November 20, 2020
Disney may release ‘Pinocchio,’ ‘Peter Pan,’ ‘Cruella’ straight to Disney+

Disney is considering bypassing movie theaters and sending its upcoming films “Pinocchio,” “Peter Pan” and “Cruella” directly to its Disney+ home streaming service, according to a new report. Citing anonymous sources, Deadline reported Friday that the uncertainty of the coronavirus pandemic has the Mouse House rethinking its theatrical release strategy. At this point, the films […]

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November 20, 2020
Airlines see bookings drop as COVID-19 cases surge

Big US airlines say they’re seeing bookings drop amid a nationwide surge in coronavirus infections that’s made holiday travel particularly risky. American, United and Southwest have reported decreased demand for air travel as COVID-19 case counts and hospitalizations surged to record highs and sparked renewed lockdowns in some parts of the country. “It’s really too […]

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November 20, 2020
Treasury wants to end COVID-19 loan programs — and the Fed isn’t happy

The Trump administration plans to pull the plug on five loan programs that supported the economy during the coronavirus crisis — prompting a rare objection from the Federal Reserve. Treasury Secretary Steven Mnuchin said his department won’t renew the emergency programs — which shored up the corporate bond market, municipal governments and struggling Main Street […]

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November 19, 2020
DOJ in antitrust probe of Penske Media’s deal to buy The Hollywood Reporter

The Department of Justice is investigating antitrust concerns surrounding Penske Media’s deal to buy The Hollywood Reporter, The Post has learned. Sources close to the situation said the DOJ has begun a formal and “active investigation” of the merger, concerned that it would put three of the four major trade publications that cover Hollywood under […]

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November 19, 2020
NY apparel exec fired after raising alarms over PPE price gouging: suit

The boss of a New York apparel company that’s backed by several current and former NFL players axed an executive after she raised alarms over his plans to sell PPE gear at inflated prices during the COVID-19 pandemic, an explosive new lawsuit claims. Looking to cash in on surging demand in March, Careandwear chief executive […]

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November 19, 2020
BuzzFeed to acquire HuffPost from Verizon Media in stock deal

BuzzFeed is buying HuffPost from Verizon in a stock deal that will let the telecom giant retain a minority investment in the digital news and aggregation website, which had been struggling even prior to the pandemic. Jonah Peretti, founder and CEO of BuzzFeed, was one of the co-founders of the site when it was launched […]

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November 19, 2020
Bill Ackman ‘bullish’ on 2021 but sees volatility in coming months

Billionaire hedge fund investor Bill Ackman said Thursday that he expects to see market gains next year but warned there could be volatility in the months ahead as the coronavirus continues to take its toll. Ackman told investors that he’s “happy to be long” on equity exposure and is “bullish” on 2021 at a time […]

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November 19, 2020
George Soros claims he regrets investing in Palantir as stock surges

George Soros claims he has buyer’s remorse about his investment in Palantir — even though he’s kept his lucrative stake through some of the secretive Silicon Valley firm’s biggest controversies. The left-leaning billionaire’s eponymous fund revealed last week that it owns more than 18 million Palantir shares amounting to a roughly 1 percent stake in […]

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November 19, 2020
Men with small penises have this advantage over well-hung guys

This brings new meaning to job compensation.  Size does matter when it comes to salary — but not in the way you might think. A survey by online bazaar OnlyBuy found that the biggest earners tend to have the smallest willies. To determine whether penis proportions correspond to paycheck size, the e-commerce site recruited 997 […]

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November 19, 2020
Wendy’s wants to buy nearly 400 of its restaurants out of bankruptcy

Wendy’s disclosed Thursday it has submitted a bid to buy nearly 400 restaurants under its own name and operated by bankrupt franchisee NPC Quality Burgers. NPC filed for bankruptcy protection in July and started a process to sell its assets, including its interests in Wendy’s restaurants across eight different markets. Restaurants have been among the […]

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November 19, 2020
Regal Cinemas owner Cineworld eyes UK theater closures and rescue deal

Regal Cinemas owner Cineworld, the world’s second-largest movie theater operator, is considering a rescue deal that could spur permanent UK cinema closures. The deal, dubbed “Company Voluntary Arrangement,” would help the company weather the pandemic by restructuring and renegotiating its growing $8.2 billion pile of debt. Cineneworld has hired restructuring experts AlixPartners to help with […]

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November 19, 2020
SEC boss Jay Clayton to take a deeper look at the blank-check company boom

Wall Street’s top regulator wants to take a closer look at blank-check companies on his way out the door. Securities and Exchange Commission Chairman Jay Clayton said Thursday that his agency is exploring how to improve disclosures for special purpose acquisition companies, or SPACs, that have become all the rage on Wall Street in 2020. […]

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November 19, 2020
Bath & Body Works sales surge, boosting shares of parent L Brands

L Brands shares skyrocketed Thursday as a coronavirus-fueled sales surge at Bath & Body Works helped the retailer post a blowout quarterly profit. The Ohio-based conglomerate’s stock price climbed nearly 19 percent to $39.95 in early trading after it smashed Wall Street’s expectations for the August-to-October quarter, largely thanks to increased demand for Bath & […]

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November 19, 2020
Macy’s sales plunge 20% as COVID-19 threatens holiday season

Macy’s comparable sales plummeted more than 20 percent in the last three months amid a surge in coronavirus cases that could hamstring the holiday season, the retailer said Thursday. The department store giant expects sales to remain about that far below 2019’s levels for the second half of the year even though they’ve recovered since […]

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November 19, 2020
Dutch grocery giant Ahold Delhaize buying majority stake in FreshDirect

Dutch supermarket conglomerate Ahold Delhaize is buying a majority stake in the FreshDirect grocery delivery service as the coronavirus pandemic spurs a shift to online food shopping. The companies announced the deal Wednesday — about a year after The Post reported that Bronx-based FreshDirect was searching for a buyer — but did not disclose the […]

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November 19, 2020
US workers file 742,000 new jobless claims as COVID-19 surge continues

Some 742,000 Americans applied for unemployment benefits last week as a surge in coronavirus infections threatened to shut down businesses again, the feds said Thursday. The latest batch of initial jobless claims brought the seasonally adjusted total filed during the coronavirus pandemic to roughly 68.1 million — equivalent to more than 42 percent of the […]

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November 19, 2020
Sinclair Broadcast Group to rename sports channels after Bally’s casinos

Sinclair Broadcast Group and casino operator Bally’s Corp. are teaming up to bet big on sports gambling, The Post has learned. The two companies just signed a deal for Sinclair to rename its 21 sports networks Bally Sports, source said. Bally’s, which owns Bally’s Atlantic City Hotel & Casino, will pay Sinclair $85 million over […]

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November 18, 2020
Sinclair Broadcasting to rename sports channels after Bally’s casinos

Sinclair Broadcast Group has signed a deal to name its 21 regional sports channels after casino operator Bally’s Corp. in the latest major bet on sports gambling, The Post has learned. The deal calls for Sinclair — which owns exclusive media rights to 42 US sports teams including the Arizona Diamondbacks, the Detroit Tigers, the […]

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November 18, 2020
Hollywood writers’ guild exec allegedly threatened to ‘kill’ WME agent

The protracted legal battle between Hollywood’s writers and its agents just got uglier. The executive director of the guild that represents Hollywood screenwriters has been accused of threatening to “kill” Rick Rosen, a top exec at Ari Emanuel’s talent agency WME, during a testy phone call over writers’ compensation, according to a new legal filing. […]

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November 18, 2020
Apple is slashing some App Store fees amid battle with ‘Fortnite’

Following months of criticisms over its hefty fees, Apple announced plans to slash its App Store commissions in half — but only for apps that pull in less than $1 million a year. The iPhone maker said Wednesday that smaller app developers will automatically receive the new rate beginning Jan. 1. Apple’s previous policy — […]

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November 18, 2020
Apple is slashing some App Store fees amid battle with Fortnite

Following months of criticisms over its hefty fees, Apple announced plans to slash its App Store commissions in half — but only for apps that pull in less than $1 million per year. The iPhone maker, which even kicked   said Wednesday that smaller app developers will automatically receive the new rate beginning Jan. 1. Apple’s […]

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November 18, 2020
Goldman Sachs says commodities poised for bull market

Goldman Sachs on Wednesday maintained its “overweight” recommendations for commodities in 2021, reasoning the sector was possibly the best hedge against likely inflation and poised for another bull market. The bank forecast a return of about 27 percent over a 12-month period on the S&P/Goldman Sachs Commodity Index, with a 19.2 percent return for precious […]

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November 18, 2020
NRA agrees to five-year ban of insurance sales to settle NY charges

The National Rifle Association agreed to a five-year suspension of its insurance business in New York state and will pay a $2.5 million civil fine to settle charges it offered insurance to members without a license and concealed how it routinely kept some premiums for itself. New York’s Department of Financial Services announced the settlement […]

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November 18, 2020
Xbox Series X, PS5 sold out nearly everywhere until Black Friday

Gamers trying to get their hands on the new PlayStation 5 or Xbox Series X look likely to be stuck playing the waiting game instead. The next-generation video-game consoles launched last week, but have been virtually impossible to come by for anyone who wasn’t able to snag a preorder back in September. For those who […]

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November 18, 2020
Apple to pay $113M to settle iPhone slowdown complaints

Apple Inc will pay $113 million to settle allegations from 33 US states and the District of Columbia that it slowed down iPhones to mask battery issues and get users to purchase new devices, state officials announced Wednesday. The deal with a coalition led by Arizona, Arkansas and Indiana is separate from a proposed settlement […]

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November 18, 2020
Jamie Dimon takes jab at Trump’s refusal to concede the election

Jamie Dimon took shots at the outgoing Trump administration, even as he made it clear he won’t be joining the Biden White House. In a Wednesday interview, the JPMorgan Chase chief took thinly veiled jabs at President Trump for refusing to concede the election, even as he lashed out at lawmakers over stalled stimulus talks […]

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November 18, 2020
Delta Air Lines extends middle seat blocks through March 30

Delta Air Lines said Wednesday it will continue blocking middle seats through March 30, setting it apart from its largest US rivals under a longer-term strategy to fetch higher passenger revenues. Recent medical research has shown that the risk of contracting the coronavirus on airplanes is very low when passengers wear masks, underpinning other large […]

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November 18, 2020
Bitcoin’s valuation surpasses $18,000 for first time since 2017

Bitcoin’s recent rally is showing no signs of slowing, briefly pushing the digital token’s value past the $18,000 mark. The cryptocurrency’s valuation hit a level it hasn’t seen since December 2017, with a single bitcoin worth as much as $18,488 earlier Wednesday morning. It is quickly approaching its all-time high of $19,891.99, which it reached […]

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November 18, 2020
Dow edges higher as Pfizer touts vaccine trial, Boeing shares jump

US stocks edged higher on Wednesday, fueled by upbeat news from Pfizer and Boeing. The Dow Jones industrial average was up 139 points, or 0.5 percent, and was on its way to erase its Tuesday dip. The small bump keeps the Dow within spitting distance of the never-reached 30,000 mark, at 29,922.51 — but still […]

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November 17, 2020
Elon Musk now richer than Mark Zuckerberg as Tesla shares keep surging

Elon Musk vaulted past Mark Zuckerberg to become the world’s third-richest person after Tesla snagged a spot in the S&P 500, turbocharging the electric-car maker’s stock. Tesla shares on Tuesday jumped more than 8 percent on news that the benchmark index is finally adding Tesla. The change will require big investment firms that duplicate the […]

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November 17, 2020
Hospitals may limit access to Eli Lilly COVID-19 treatment

American hospitals may have to ration Eli Lilly & Co.’s new COVID-19 treatment as the rapid spread of the virus strains their limited supplies, according to a new report. Hospitals and medical groups are considering giving the antibody drug — which was cleared for emergency use last week — only to people with multiple coronavirus […]

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November 17, 2020
Instagram reportedly weighs sharing ad revenue with publishers

Instagram is reportedly weighing plans to share some of its advertising revenue with publishers who are helping turn the platform into a hub for news content. The plan under consideration would see the Facebook-owned social network give outlets a cut of the ad sales from clips they post to Instagram’s IGTV video platform, Axios reported […]

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November 17, 2020
Amazon Pharmacy announcement sends stocks of drugstore chains tumbling

Amazon just handed the nation’s pharmacy chains a tough pill to swallow. The e-tail giant on Tuesday launched Amazon Pharmacy, its new online store which will allow customers to order prescription drugs directly to their homes. The announcement sent shares of CVS tumbling 8.8 percent Tuesday afternoon, while Rite Aid plummeted 16 percent and Walgreens […]

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November 17, 2020
US retail sales stagnate amid COVID-19 surge

The recovery in US retail sales slowed last month as consumers confronted a surge in coronavirus infections and a lack of government aid to see them through the pandemic. Retailers’ total sales rose just 0.3 percent to about $553 billion in October following September’s 1.6 percent growth, the US Census Bureau said Thursday. That fell […]

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November 17, 2020
Walmart sees promising holiday season as online sales soar

Walmart said Tuesday it was optimistic about its holiday sales prospects in a pandemic-ridden year after the big-box retailer beat Wall Street expectations for quarterly results as Americans increasingly shift their spending online. The surge in demand for essentials at Walmart seen at the peak of the coronavirus lockdowns has carried into the second half […]

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November 17, 2020
Stocks slide after Wall Street’s record-setting COVID-19 vaccine rally

US stocks tumbled Tuesday as Wall Street retraced part of the prior day’s record-setting rally that was fueled by hopes for a coronavirus vaccine. The Dow Jones industrial average dropped as much as 430.15 points, or 1.4 percent, to 29,520.29 in early trading, nearly erasing the 470-point gain it posted Monday on news that Moderna’s COVID-19 shot was nearly 95 percent […]

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November 17, 2020
COVID-19 pandemic could change how people shop for gifts, survey reveals

The coronavirus won’t shrink Americans’ holiday budgets very much — but it could change how people shop for gifts, a new survey says. US consumers expect to spend an average of $1,248 on holiday gifts, travel and entertainment during the last two months of the year, down just about 3 percent from last year’s levels, […]

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November 17, 2020
Jack Dorsey, Mark Zuckerberg face Senate hearing over censorship concerns

The Big Tech titans face another grilling over accusations of censorship during a Senate hearing Tuesday. Twitter CEO Jack Dorsey and Facebook honcho Mark Zuckerberg are testifying before the Senate Judiciary Committee after their companies came under a firestorm of criticism for blocking The Post’s exposé on Hunter Biden’s business dealings in Ukraine and China. […]

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November 17, 2020
Nearly 300 US businesses that got COVID-19 aid through PPP have reportedly closed

Nearly 300 American businesses have folded despite receiving hundreds of millions of dollars in federal loans meant to keep them afloat during the coronavirus pandemic, a new report says. Some 285 companies that got aid from the Trump administration’s Paycheck Protection Program have filed for bankruptcy since March, according to The Wall Street Journal’s analysis […]

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November 17, 2020
Universal and Cinemark agree on earlier home release for movies

Universal Pictures has inked a deal with the Cinemark cinema chain to allow its movies in US homes as soon as 17 days after they debut in theaters. The multi-year agreement is similar to one that the Comcast-owned Universal made in July with AMC Entertainment, the world’s largest theater chain, marking a major shift from […]

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November 17, 2020
NYC restaurants lose money, battle with customers over 10 p.m. curfew

If you thought restaurateurs were unhappy about New York’s 10 p.m. dining curfew, you should see their customers. Big Apple eatery owners say revenues dropped by roughly 30 percent over the weekend as they were forced to comply with the governor’s latest efforts to rein in rising coronavirus cases. Adding to their misery — they’ve...

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November 17, 2020
Airlines hiding name of Boeing’s 737 MAX as planes set to resume flying

Boeing’s troubled 737 MAX is expected to take flight again next week — but in an apparent rebranding move, some airlines are already trying to hide the name. The jetmaker first slapped the “MAX” title to its latest 737 as a marketing strategy in 2011. Billed for its stellar performance, the branding name took a...

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November 17, 2020
Top dealmaker leaves Goldman Sachs to run Michael Dell’s investment firm

A top Goldman Sachs dealmaker is leaving the megabank after almost three decades to run Texas computer tycoon Michael Dell’s investment firm. In a move that shocked Wall Street insiders, Gregg Lemkau, Goldman’s co-head of global investment banking, is stepping down to become chief executive at MSD Partners, a firm that manages $15 billion including...

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November 17, 2020
Newsmax chief denies interest in becoming ‘Trump TV’

Newsmax reportedly doesn’t want to become the seat of President Trump’s prospective media empire — but it wouldn’t turn down the chance to put him on the air once he’s out of office. Newsmax CEO Christopher Ruddy threw cold water on reports that the right-wing cable channel could be acquired by a Trump-aligned private equity...

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November 17, 2020
SL Green’s One Madison tower is a $2.3 billion bet against COVID-19

Bucking fears of a bleak future for office buildings, SL Green is taking the plunge on a $2.3 billion, speculative project that bets on a revived city three years from now. On Monday, the publicly traded developer started work on One Madison — a 1.4 million square-foot tower that superimposes 21st century environmentally attuned construction...

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November 17, 2020
Here’s who Joe Biden brought in to focus on racial gap as he fills key posts

President-elect Joe Biden is relying on experts to help his team address racial inequality as he prepares to fill key economic posts. He selected Mehrsa Baradaran, whose book “The Color of Money” focuses on the racial gap. Baradaran is a member of the Biden transition team focusing on the Treasury Department. Lisa Cook, an economist...

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November 16, 2020
HBO Max is finally coming to Amazon Fire TV under new deal

WarnerMedia's new streaming service HBO Max will begin rolling out this week on Amazon Fire TV and Fire tablets, roughly six months after its launch.

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November 16, 2020
Big Tech lobbying Joe Biden to end Trump’s immigration rules

Big Tech and its allies are eager to work with the incoming Biden administration to reverse President Trump's stricter immigration policies that they complain made it difficult to employ visa holders.

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November 16, 2020
Uber reportedly in talks to sell its autonomous vehicle business

Uber may be close to waving the white flag on its autonomous driving ambitions. The ride-hail giant is reportedly in talks to sell its Advance Technologies Group — which has been beset by infighting and setbacks — to self-driving car startup Aurora. The talks have been ongoing since October, TechCrunch reports, though there is no...

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November 16, 2020
Moderna COVID-19 vaccine nearly 95 percent effective in trial, firm says

Moderna released breakthrough research Monday showing its experimental coronavirus vaccine is nearly 95 percent effective and doesn’t need to be stored at ultra-cold temperatures — adding to hopes that an inoculation for the deadly virus could be ready soon. The promising data from Moderna’s late-stage clinical trial put its vaccine alongside Pfizer’s at the front...

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November 16, 2020
US stocks march toward record highs on Moderna COVID-19 vaccine hopes

Moderna's vaccine announcement put Wall Street on pace to build on last week's massive rally sparked by Pfizer's announcement that its experimental vaccine was more than 90 percent effective.

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November 16, 2020
SEC Chairman Jay Clayton plans to step down at the end of 2020

Wall Street’s sheriff is hanging up his spurs. Securities and Exchange Commission Chairman Jay Clayton announced Monday morning that he will be stepping down at the end of 2020, ending a three-and-half year term that saw the SEC collect $14 billion in fines from Wall Street wrongdoers. That figure includes the $4.68 billion that the...

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November 16, 2020
PNC to buy Spanish bank BBVA’s US business for $11.6 billion

American bank PNC has reached a deal to buy Spanish finance giant BBVA’s US business for $11.6 billion, the companies announced Monday. The cash acquisition will expand Pittsburgh-based PNC’s retail presence while pulling BBVA out of the US altogether in the second-largest US banking deal since the 2008 financial crisis that sparked the Great Recession....

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November 16, 2020
Home Depot to retake control of HD Supply Holdings in $8 billion deal

Home Depot said it plans to buy industrial wholesale giant HD Supply Holdings for about $8 billion, setting itself up to regain control over the industrial material wholesaler after spinning it off over a decade ago. The hardware store chain said it will pay $56 per share in cash for HD Supply, which sells construction materials,...

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November 16, 2020
New Xbox, PlayStation 5 going for more than $1,000 on eBay amid shortages

There’s one group that’s even happier about the release of the new Xbox and PlayStation consoles than gamers: scalpers. The $500 consoles are routinely pulling in double their MSRP on eBay, as sky-high demand has led customers to open their wallets for the hard-to-find gaming systems. PlayStation 5 listings on the auction website ending Monday...

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November 16, 2020
Doctor’s offices, medical industry also taking financial hit from COVID-19

Doctor's offices have felt the squeeze of the COVID-19 pandemic as more than 16,000 practices across the country have been forced to close due to safety concerns, fewer patient visits and other challenges, according to a report.

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