Category Archives: CNN – Business

Virgin Australia cuts 3,000 jobs and plans to focus on shorter flights

Virgin Australia is slashing about a third of its headcount, offloading some planes and focusing on shorter flights under its new owner, Bain Capital. The airline announced a sweeping restructuring plan Wednesday as it works to reduce costs amid the coronavirus pandemic. To adjust to ongoing challenges, Virgin Australia will cut 3,000 jobs, remove some…MORE

The Fortune 500 now has a record number of female CEOs: A whopping 38

Clorox just named Linda Rendle as its new chief executive, bringing the number of women CEOs on the Fortune 500 list to 38 — a new record that underscores the slow pace of change at the highest levels of business. Rendle, who is currently president of the company, has been with Clorox for 17 years…MORE

‘Mulan’ is finally heading to Disney+… for $30

Disney’s “Mulan” has been delayed multiple times this year because of the coronavirus outbreak, but audiences will finally be able to see the blockbuster soon. It just may not be in the theaters. Disney announced on Tuesday that the remake of the 1998 animated classic will be heading to Disney+, the company’s new streaming service,…MORE

NBCUniversal plans company-wide layoffs of less than 10% of 35,000-person staff

NBCUniversal is the latest media company to make staff cuts in the wake of the pandemic’s economic fallout. The cuts are expected to affect less than 10% of the company’s 35,000 full-time staffers and will extend across divisions including its broadcast networks, movie studio and theme parks, according to a source familiar with the matter.…MORE

Virgin Atlantic files for bankruptcy in the US to secure its rescue deal

Virgin Atlantic files for bankruptcy in the US to secure its rescue deal

Virgin Atlantic has filed for bankruptcy in the United States as it races to finalize a $1.5 billion plan to rescue it from the aviation industry’s worst crisis. The company, which is based in the United Kingdom, filed for Chapter 15 bankruptcy protection in New York on Tuesday, which shelters the US assets of foreign…MORE

Booking.com aims to lay off 25% of its workforce

Booking.com aims to lay off 25% of its workforce

Booking Holdings plans to lay off 25% of its global workforce as a result of the downturn in travel demand caused by Covid-19. The proposed layoffs at its Booking.com unit, which amounts to roughly 4,000 employees, will begin in September after it finishes consulting with “works councils, employee representatives and other relevant organizations,” the company…MORE

Black-owned companies are shutting down twice as fast as other businesses

Black-owned companies are shutting down twice as fast as other businesses

Black-owned businesses have been hit substantially harder by the coronavirus pandemic than companies overall, according to the Federal Reserve Bank of New York. The New York Fed on Wednesday unveiled a study on the virus’ impact on business owners nationwide, and the results show disparities in how the business owners of various races have struggled.…MORE

Argentina strikes deal with major creditors to restructure $65 billion in debt

Argentina strikes deal with major creditors to restructure $65 billion in debt

Argentina has struck a deal with its major creditors to restructure roughly $65 billion in sovereign debt, a hopeful sign for a country that now faces a brutal coronavirus-related recession on top of longstanding economic problems. The agreement, announced by the government, breaks an impasse between Argentina and a group of private investors, including BlackRock…MORE