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
Category Archives: CNN – Business
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 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
Journalists have died for their reporting in Indian-administered Kashmir. But since last year, few dare to print the truth
In the basement of a Srinagar hotel last summer, hundreds of journalists in Indian-controlled Jammu and Kashmir jostled to report the most important story of their generation. They queued for hours to use one of just four computers with an internet connection for an allotted 15 minutes, in a city thrust into an unprecedented communications…… MORE
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 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 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
Audi pulls ‘insensitive’ ad featuring girl eating banana in front of car
Audi has apologized for an advert showing a young girl eating a banana in front of a premium car, admitting it was “insensitive” and promising not to use the image in future. The German carmaker posted the advert for the Audi RS4, which was captioned “Lets your heart beat faster — in every aspect,” on…… MORE
