COVID-19 vaccine won’t rescue global oil demand until next year

COVID-19 vaccine won't rescue global oil demand until next year

A coronavirus vaccine is “unlikely to ride to the rescue” of the global oil market until sometime next year, the International Energy Agency says. The intergovernmental body reduced its forecast for worldwide oil demand Thursday, saying a surge in COVID-19 infections in the US and Europe and the attendant lockdowns will put renewed pressure on … Read more

Walmart to sell pet insurance as Americans adopt more animals

Walmart to sell pet insurance as Americans adopt more animals

The pandemic has prodded millions of hunkered-down Americans into pet ownership — and Walmart wants to sell them insurance. The largest retailer in the world said Thursday it has partnered with insurance provider Petplan, which offers a 10-percent discount on veterinary bills and is underwritten by Stamford, Connecticut-based XL Specialty Insurance Co. Walmart’s push into … Read more

Revlon confirms it has reached a deal to avoid bankruptcy

Revlon confirms it has reached a deal to avoid bankruptcy

Revlon said Thursday it has closed a debt-exchange with creditors including billionaire Carl Icahn that will save the company from bankruptcy. Confirming an exclusive Wednesday report by The Post, the cosmetics giant controlled by Ron Perelman said early Thursday that it “does not expect that any bankruptcy or insolvency proceedings will be necessary” after closing … Read more

‘Spirit of the Rose’ pink diamond sells for record $26M

'Spirit of the Rose' pink diamond sells for record $26M

An “incredibly rare” purple-pink Russian diamond was auctioned this week for more than $26 million, a record for a gem of its kind. Sotheby’s said it sold the massive 14.8-carat stone — dubbed “The Spirit of the Rose” — at a Wednesday auction in Geneva to an anonymous buyer who placed the winning bid over … Read more

709,000 workers file for unemployment

709,000 workers file for unemployment

Another 709,000 Americans applied for unemployment benefits last week as the labor market continued a slow recovery threatened by a dangerous new wave of coronavirus infections, the feds said Thursday. The latest initial jobless claims brought the number filed during the COVID-19 pandemic to a seasonally adjusted total of more than 67.4 million — a … Read more

Moderna stock jumps after key step toward COVID vaccine results

Moderna will have 20M COVID-19 vaccines ready this year

Moderna’s stock price jumped early Thursday as the biotech firm drew one step closer to revealing how well its experimental coronavirus vaccine works. Shares in the Massachusetts-based company climbed about 3.3 percent to $85.20 in premarket trading as of 7:53 a.m. after it announced that it has enough data from a late-stage clinical trial to … Read more

Chinese consumers spend over $100B during shopping festival

Chinese consumers spend over $100B during shopping festival

Chinese consumers spent over $100 billion during this year’s Singles’ Day shopping festival, signaling a rebound in consumption as China recovers from the coronavirus pandemic and a battering of the economy. From Nov. 1 to Nov. 11, shoppers spent 498.2 billion yuan ($75.1 billion) on Taobao and Tmall, the e-commerce platforms operated by Alibaba, China’s … Read more

Swiss to ban deducting bribes from taxes starting in 2022

Swiss to ban deducting bribes from taxes starting in 2022

Swiss companies will no longer be able to deduct bribes paid to private individuals from their taxes, Switzerland’s government said Wednesday, according to an update of tax laws due to take effect on Jan. 1, 2022. Beyond bribes, costs from financing criminal activities or money paid in return for a crime to be committed will … Read more

Facebook extends ban on US political ads for another month

Facebook extends ban on US political ads for another month

As election misinformation continued to rage online, Facebook said Wednesday its post-election ban on political ads would likely last another month, raising concerns from campaigns and groups eager to reach voters for key Georgia Senate races in January. Facebook, which had announced the ban as part of measures to combat misinformation and other abuses on … Read more

Hollywood gets back to work as film permits rise 24 percent

Hollywood gets back to work as film permits rise 24 percent

Hollywood is slowly returning to work after the pandemic devastated film and TV production this year. According to FilmLA, a non-profit group that tracks production in Tinseltown, more sitcoms, reality shows and movies were shooting in Hollywood in October than in previous months. The group said over the last 20 weeks, it has received roughly … Read more