November 29, 2020

Info IEC

Business & Finance Information

News

People look at jewelry at Macy’s Herald Square during early opening for the Black Friday sales in Manhattan, New York, November 27, 2020.

Eduardo Munoz | Reuters

Online sales on Black Friday are on track to reach a record high this year, as bargain hunters combed websites for deals and avoided stores during the coronavirus pandemic, according to preliminary data from Adobe Analytics.

As of late Friday, online sales were on pace to amount to between $8.9 billion and $9.6 billion, an increase of between 20% and 29% from last year, depending on how many shoppers make purchases late

Walt Disney Co. plans to lay off a total of 32,000 employees by March, the company said, a further reduction in its workforce that comes as the pandemic hits the entertainment company’s theme-park businesses especially hard.

The number of layoffs is about 4,000 more employees than the 28,000 job cuts announced in September. Most of the job losses will come in the company’s theme-park ranks, where thousands of workers have already been furloughed or laid off.

The…

Source link

An employee cleans the grounds behind the closed gates of Disneyland Park on the first day of the closure of Disneyland and Disney California Adventure theme parks, in Anaheim, California, on March 14, 2020.

DAVID MCNEW | AFP | Getty Images

Disney is expanding the scope of its layoffs to around 32,000 workers as the coronavirus pandemic continues to pummel the theme park industry.

In an SEC filing published Wednesday, the company revealed that thousands of employees will have their jobs terminated in the first half of fiscal 2021. The majority of these layoffs will be from its parks, experiences

When she led President Clinton’s Council of Economic Advisers in the late 1990s, Janet Yellen confided to her husband, economist George Akerlof, about the challenges she faced navigating Washington’s political storms.

Those storms are about to become Ms. Yellen’s headache again. As President-elect Joe Biden’s pick for Treasury secretary, Ms. Yellen is looking at the most political role she has had in nearly three decades of high-profile policy making. Her job will be to formulate and defend Mr. Biden’s policies at a time when…

Source link

SINGAPORE – Travel is recovering more quickly in Asia than in the West — but its the domestic market that’s driving that recovery, an online travel agency told CNBC this week.

“Asia is generally leading the way,” said John Brown, chief executive of Agoda, a subsidiary of American online travel firm Booking Holdings. “We’ve seen again in markets like Taiwan, certainly places like Thailand, where they really have the best control over Covid — those are the markets where we see the domestic bookings doing the best.”

The best pockets of recovery are domestic travel in Taiwan, Thailand and increasingly,

After scrambling to hoard cash in the spring, some large U.S. companies that halted their dividend payments are reversing their decision, a sign that their leaders believe the worst of the crisis is behind them.

Earlier this year, when much of the country’s economy shut down in the first waves of the coronavirus pandemic, companies withdrew cash from credit lines, stopped repurchasing stock and halted dividend payments amid the uncertainty. The public health plight continues, but many businesses—from factories to law firms—have…

Source link

View of Corporate and Research and Development Headquarters of Regeneron Pharmaceuticals on Old Saw Mill River Road in Tarrytown, New York.

Lev Radin | LightRocket | Getty Images

The Food and Drug Administration on Saturday granted an emergency use authorization for Regeneron‘s Covid-19 antibody treatment, the experimental therapy given to President Donald Trump when he contracted the coronavirus in October.

Regeneron submitted an emergency use application that month after preclinical studies showed that the therapy, called REGN-COV2, reduced the amount of virus and associated damage in the lungs of non-human primates. The company said trial data also shows the

Coach is cutting its handbag styles by half. Bed Bath & Beyond is reducing its can opener selection by two-thirds. Kohl’s is culling its towel offerings by nearly a fifth.

Retailers ramped up choices in recent decades as the internet created a so-called endless aisle that freed them from the space constraints of physical stores, according to analysts and industry executives. They tried to capitalize on the shift toward personalization with a desire to please everyone and added variety to tempt people to buy items they didn’t…

Source link

Samsung Electronics‘ wearable device sales are up by more than 30% this year, a senior executive at the world’s largest consumer electronics and smartphone company told CNBC.

Taejong Jay Yang, senior vice president at Samsung Electronics, said consumers are buying wearable products that they can use to monitor their health during the coronavirus pandemic.

“Although a majority of consumers plan to spend less this year due to the pandemic, wearable device sales have grown by 30% or more compared to last year,” Yang told Chery Kang, in a CNBC interview as part of the annual East Tech West conference

AT&T Inc.’s Warner Bros. said Wednesday it will debut its highly anticipated “Wonder Woman” sequel simultaneously in theaters and on the HBO Max streaming service on Christmas Day. The move responds to both the crisis facing the movie business due to Covid-19 and the company’s desire to attract consumers to its new digital platform.

For weeks, Hollywood’s biggest parlor game has been speculating about Warner Bros. plans for “Wonder Woman 1984.” Major studios have largely canceled plans to release high-profile films in theaters…

Source link