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July 11, 2020
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Reuters - Business

HSBC revives 35,000 job cut plan after pandemic pause

Reuters
LONDON (Reuters) – HSBC is resuming plans to cut around 35,000 jobs which it put on ice after the coronavirus outbreak, as Europe’s biggest bank grapples with the impact on its already falling profits. FILE PHOTO: A woman wearing a protective face mask walks past a logo of HSBC bank......
Reuters - Business

HSBC revives plan to axe 35,000 jobs, memo shows

Reuters
FILE PHOTO: A woman wearing a protective face mask walks past a logo of HSBC bank at the financial and business district of La Defense near Paris as France begun a gradual end to a nationwide lockdown due to the coronavirus disease (COVID-19), May 11, 2020. REUTERS/Gonzalo Fuentes LONDON (Reuters)......
Reuters - Business

U.S. labor market unexpectedly improves; recovery years away

Reuters
WASHINGTON (Reuters) – The U.S. economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long. The Labor Department’s closely watched employment report......
Reuters - Business

Australia’s Woolworths to reward over 100,000 staff with shares for virus efforts

Reuters
FILE PHOTO: Shoppers walk into a Woolworths supermarket in Sydney, Australia August 22, 2017. REUTERS/Jason Reed/File Photo (Reuters) – Australia’s biggest supermarket chain Woolworths Group said on Tuesday it will reward more than 100,000 of its staff with free company shares for their efforts during a period of upheaval amid......
Reuters - Business

Administrators deny South African Airways set to start flying

Reuters
FILE PHOTO: A South African Airways (SAA) plane taxis after landing at O.R. Tambo International Airport in Johannesburg, South Africa, January 18, 2020. REUTERS/Rogan Ward JOHANNESBURG (Reuters) – Administrators for state-owned South African Airways (SAA) said on Wednesday the airline is not aiming to resume domestic flights from mid-June, rejecting......
Reuters - Business

U.S. senators urge Delta, JetBlue to restore employee hours

Reuters
(Reuters) – A group of U.S. senators is urging Delta Air Lines Inc and JetBlue Airways Corp to immediately reverse their decisions to reduce employees’ hours, calling them contrary to the requirements of taxpayer-funded payroll assistance. FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions......
Reuters - Business

Could coronavirus help Amazon workers unionize?

Reuters
WASHINGTON (Reuters) – Warehouse employees last month staged a walkout in Michigan to demand safer working conditions at their facility. So did workers in New York, Illinois and Minnesota. FILE PHOTO: Amazon logo is seen in front of displayed coronavirus disease (COVID-19) in this illustration taken March 19, 2020. REUTERS/Dado......
Reuters - Business

Trump wants to see 7.6% payroll tax cut: White House economic director

Reuters
Aides wearing masks stand behind White House economic adviser Larry Kudlow as he speaks to reporters about the economic impact of the coronavirus disease (COVID-19) at the White House in Washington, U.S., May 15, 2020. REUTERS/Kevin Lamarque WASHINGTON (Reuters) – White House economic adviser Larry Kudlow said on Tuesday that......
Reuters - Business

‘All my dreams are shattered’: coronavirus crushes Asia’s garment industry

Reuters
YANGON/DHAKA/BANGKOK (Reuters) – Zarchi Lwin pawned her only two gold bangles for $140 when the owner of the Myanmar factory where she sewed winter coats for British retailer Next Plc (NXT.L) shut it down after orders dried up due to the coronavirus. Zar Chi Liwn talks to reporters in her......
Reuters - Business

U.S. Senator Rubio calls for fast action to extend U.S. payroll protection program

Reuters
WASHINGTON (Reuters) – The United States needs to quickly revise its coronavirus aid program for small businesses to extend the eight-week period in which the law currently requires companies to spend the money, a key U.S. senator said on Sunday. The Paycheck Protection Program established by Congress in late March......
Reuters - Business

U.S. expected to revise PPP aid program for small businesses: WSJ

Reuters
A woman waits in front of a closed and shuttered storefront amid the coronavirus disease (COVID-19) outbreak in Lynn, Massachusetts, U.S., May 4, 2020. REUTERS/Brian Snyder (Reuters) – The United States is expected to revise its aid program for small businesses to cope with the economic fallout of the coronavirus......
Reuters - Business

Temporary layoff schemes no cure-all in slow COVID recovery

Reuters
BRUSSELS (Reuters) – Temporary unemployment schemes operating across Europe could struggle to save the jobs of leisure and travel sector workers facing drawn-out or partial recoveries from the COVID-19 pandemic, even if they help industries that rebound quickly. FILE PHOTO: Closed restaurants are seen in the deserted old town of......
Reuters - Business

British grocer Tesco’s slavery review reports abuses in Malaysia

Reuters
FILE PHOTO – Signage is seen outside a Tesco extra superstore near Manchester, Britain January 8, 2020. REUTERS/Phil Noble KUALA LUMPUR (Reuters) – U.K.-based multinational groceries chain Tesco PLC (TSCO.L) has found abuses against migrant workers at its stores and distribution centres in Malaysia and Thailand, it said in its......
Reuters - Business

Amazon extends temporary raise in pay through May 30

Reuters
FILE PHOTO: The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, April 22, 2020 . REUTERS/Pascal Rossignol/File Photo (Reuters) – Amazon.com Inc (AMZN.O) said on Wednesday it would extend the temporary increase in its hourly pay and double the overtime pay through May 30,......
Reuters - Business

Debt-stricken Chesapeake Energy to advance incentive executive pay

Reuters
NEW YORK (Reuters) – Chesapeake Energy Corp said it would prepay a total of $25 million in incentive compensation to 21 top executives to ensure they are motivated, even as it prepares to file for bankruptcy protection to tackle its nearly $9 billion debt pile. FILE PHOTO: A Chesapeake Energy......
Reuters - Business

Rupert Murdoch gives up bonus after News Corp post $1 billion loss

Reuters
FILE PHOTO: Tennis – US Open – Mens Final – New York, U.S. – September 10, 2017 – Rupert Murdoch, Chairman of Fox News Channel stands before Rafael Nadal of Spain plays against Kevin Anderson of South Africa. REUTERS/Mike Segar (Reuters) – News Corp (NWSA.O) Executive Chairman Rupert Murdoch is......
Reuters - Business

Michigan governor allows coronavirus-hit manufacturers to reopen on May 11

Reuters
(Reuters) – Michigan Governor Gretchen Whitmer on Thursday said the state’s factories can reopen on May 11, removing one of the last major obstacles to North American automakers bringing thousands of laid-off employees back to work amid the coronavirus pandemic. FILE PHOTO: Michigan Democratic gubernatorial candidate Gretchen Whitmer with U.S.......
Reuters - Business

StanChart highlights climate goals amid criticism over carbon financing

Reuters
LONDON (Reuters) – Standard Chartered (STAN.L) defended its environmental credentials after renewed criticism from climate campaigners for its funding of fossil fuel companies as the bank held its annual shareholder meeting on Wednesday. FILE PHOTO: A logo of Standard Chartered is displayed at its main branch in Hong Kong, China......
Reuters - Business

California sues Uber, Lyft over misclassifying drivers as contractors

Reuters
(Reuters) – California and three of its largest cities on Tuesday sued Uber Technologies Inc and Lyft Inc, accusing them of classifying their drivers improperly as independent contractors instead of employees, evading workplace protections and withholding worker benefits. FILE PHOTO: An Uber sticker is seen on driver Margaret Bordelon’s car......
Reuters - Business

United Airlines to cut 30% of management in October, preparing pilot changes too: company memos

Reuters
(Reuters) – United Airlines Holdings Inc (UAL.O) plans to cut at least 3,400 management and administrative positions in October as the coronavirus pandemic crushes air travel demand, and has told pilots to brace for changes as well, according to two memos seen by Reuters. FILE PHOTO: A United Airlines passenger......

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