Airlines are set to lose $84 billion as the coronavirus pandemic reduces revenue by half to mark the worst year in the sector’s history, the International Air Transport Association forecast on Tuesday. With most of the world’s airliners currently parked, IATA said revenue would likely fall to $419 billion from $838 billion last year. “Every … Read more
The next Xbox is still slated to hit store shelves this holiday season — coronavirus be damned. In an interview with Time, Microsoft CEO Satya Nadella said that despite the pandemic forcing employees to work from home, the next-generation gaming system will keep its original launch window. “Yes, we are on track,” Nadella said. “The … Read more
The Neiman Marcus store at Hudson Yards is being eyed for office space. Opened barely a year ago at the swanky mega mall it anchored on Manhattan’s West Side, the bankrupt luxury retailer is considering closing the store for good while its landlord shops the three-story, 188,000-square-foot space to office tenants, according to reports. Related … Read more
Macy’s said on Tuesday its 450 reopened stores were performing better than expected, giving some respite for the department store chain that reported nearly $1 billion in quarterly operating losses due to COVID-19 lockdowns. The company’s shares rose 12 percent in premarket trading, a day after Macy’s said it had raised $4.5 billion to navigate … Read more
Two Americans accused of helping Carlos Ghosn flee Tokyo have a simple argument for why they shouldn’t face charges in Japan: They didn’t break the law. In a lengthy federal court filing, lawyers for ex-Green Beret Michael Taylor and his son Peter said the pair’s alleged role in the ex-Nissan CEO’s dramatic flight out of … Read more
Wendy’s said its beef supply “has returned to near normal levels” after a shortage left some restaurants without hamburgers. Nearly one in five Wendy’s restaurants stopped selling beef products last month as coronavirus outbreaks shuttered some of the nation’s largest meat processing plants, according to an analysis from investment bank Stephens. The fast-food chain managed … Read more
Calls for the resignation of Bon Appétit’s longtime editor in chief Adam Rapoport reached a boiling point after a photo surfaced that showed him in brownface. A freelance writer for the Condé Nast-owned foodie magazine on Monday unearthed and posted a 2013 photo, originally posted on Instagram by Rapoport’s wife Simone Shubuck, that shows the … Read more
A group of financial lenders is angling to acquire Cirque du Soleil in a possible bankruptcy reorganization — and they may partner with its charismatic co-founder, The Post has learned. The cash-strapped circus — which was forced in March by the coronavirus pandemic to shutter dozens of shows in cities worldwide — on Monday got … Read more
US stocks erased their 2020 losses on Monday, boosted by optimism that the US economy is poised for a quicker-than-expected comeback after being brought to a near standstill by the coronavirus pandemic. The Dow Jones industrial average rose 461.46 points, or 1.7 percent, to close at 27,572.44, building on Friday’s 829-point rally fueled by a … Read more
Jeff Bezos would have become the world’s first $200 billion man on Monday — if not for that pesky divorce last year. The world’s richest man saw his net worth grow by $2.6 billion on Monday to top $152 billion, according to Forbes, while ex-wife MacKenzie Bezos saw her own wealth hover just shy of … Read more