Lyft lays off nearly 1000 employees from its workforce and furloughs dozens amid Coronavirus

Lyft lays off nearly 1000 employees from its workforce and furloughs dozens amid Coronavirus

Lyft said it will lay off nearly 1,000 employees, or about 17 percent of its workforce, as the novel coronavirus pandemic continues to decimate the already cash-strapped ride-hailing industry. The layoffs, which the company announced in a filing with the Securities and Exchange Commission on Wednesday, come as the company’s larger rival, Uber, is reportedly also … Read more

Hertz Global Holdings Inc. may file for bankruptcy after missing lease payment, report says

Hertz Global Holdings Inc. may file for bankruptcy after missing lease payment, report says

Hertz Global Holdings Inc. is preparing for a possible bankruptcy filing after the rental-car company failed to make lease payments to preserve cash amid the Covid-19 pandemic, according to people familiar with the matter. The rental-car company and its advisers are negotiating with senior lenders and certain holders of its vehicle finance subsidiary’s notes with the aim of temporarily … Read more

Uber Technologies Inc’s Chief Technology Officer Thuan Phamc resigns

Uber Technologies Inc's Chief Technology Officer Thuan Phamc resigns

Uber Technologies Inc’s Chief Technology Officer Thuan Pham has resigned, effective May 16, the ride-hailing company said in a regulatory filing on Tuesday. Pham, who joined Uber in 2013, is among the senior-most executives at the company. Pham’s departure is coming at a crucial time for Uber as stay-at-home orders around the world severely curtail … Read more

Donald Trump to sign an Executive Order to keep Meat Processing Industry open

Donald Trump to sign an Executive Order to keep Meat Processing Industry open

WASHINGTON – President Donald Trump will sign an executive order Tuesday meant to stave off a shortage of chicken, pork and other meat on American supermarket shelves because of the coronavirus. The order will use the Defense Production Act to classify meat processing as critical infrastructure to keep production plants open. The order comes after industry leaders … Read more

Simon Property Group to reopen 49 Malls and Outlets across the Country

Simon Property Group to reopen 49 Malls and Outlets across the Country

Simon Property Group (SPG) said it would reopen dozens of malls across the country next weekend as states begin to allow some commerce to resume during the coronavirus pandemic. A memo obtained by CNBC indicated that 49 malls owned by SPG, the nation’s largest mall owner, would reopen under reduced hours and special guidelines to prevent the spread of … Read more

UPS Misses Earnings for 1st Quarter, Withdrew 2020 Guidance Over Coronavirus

UPS Misses Earnings Views, Suspends 2020 Guidance Over Coronavirus

UPS (UPS) missed on earnings for the first quarter early Tuesday and withdrew 2020 guidance, citing the coronavirus uncertainty. Before the open, UPS stock fell. UPS Earnings Estimates: Analysts expected UPS earnings fall 11.5% to $1.23 a share while revenue rises 2.6% to $17.61 billion, according to Zacks Investment Research. Results: UPS earnings of $1.15 per … Read more

Earnings of BP PLC fall, but maintains quarterly dividend

Earnings of BP PLC fall, but maintains quarterly dividend

BP PLC said Tuesday that earnings fell in the first quarter, reflecting a challenging commodity environment exacerbated by declining oil prices and weak demand. The London-based energy giant swung to a replacement cost loss–a metric similar to the net income figure that U.S. oil companies report–of $628 million for the three months ended March 31 … Read more

Bitfinex Launches Social Platform for Community Members to Interact and Share Ideas

Bitfinex Launches Social Platform for Community Members to Interact and Share Ideas

Bitfinex, one of the most popular cryptocurrency exchanges, has launched a social platform for community members to interact and share ideas. Earlier this morning, the British Virgin Islands firm made the announcement on its official Twitter handle. How Bitfinex Pulse Works As the firm explained, the new app, which it called Bitfinex Pulse, will serve as a medium … Read more