Nora Tam | South China Morning Post | Getty Images Electric carmaker Tesla has entered into an agreement for a working capital loan of up to 4 billion yuan ($565.51 million) with a lender from China for its Shanghai car plant, according to a regulatory filing on Friday. The loan, […]
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Booking Holdings CEO says a coronavirus vaccine is needed to make travelers feel safe again
Until a vaccine for the coronavirus hits the market, the travel industry is expected to suffer, one industry executive said Friday. “I think no one is going to feel comfortable, fully comfortable, traveling until they can feel that they are safe and that requires either, perhaps we’ll have a vaccine […]
House Democrats hope to vote on coronavirus bill next week as Republicans press pause
Speaker of the House Nancy Pelosi, D-Calif., conducts a news conference in the Capitols Rayburn Room where she took questions from reporters working offsite because of the COVID-19 pandemic on Thursday, May 7, 2020. Tom Williams | CQ-Roll Call via Getty Images House Democratic leaders aim to vote on the […]
California legislative analyst projects deficits totaling $126 billion through 2024
California Street, usually filled with iconic cable cars, is seen mostly empty in San Francisco, California on March 17, 2020. Josh Edelson | AFP | Getty Images California’s coronavirus-induced budget deficits will continue through at least 2024, the state’s nonpartisan Legislative Analyst’s Office said Friday, totaling up to $126 billion […]
Outback parent company Bloomin’ Brands doubles down on takeout business after sales triple
Restaurant holding company Bloomin’ Brands is doubling down on takeout and delivery services after sales grew exponentially during the coronavirus lockdown, CEO David Deno told CNBC Friday. Bloomin’, the parent of Outback Steakhouse and Carrabba’s Italian Grill among other dining chains, saw its off-premise business triple while much of the […]
Coronavirus live updates: Google will start reopening offices in June, Californians can vote by mail in November
The April jobs report showed the U.S. unemployment rate skyrocketing to 14.7%, the worst job losses since the post-World War II era, as coronavirus restrictions shuttered businesses for the month and put millions out of work. State officials are attempting to thread the needle between reopening parts of the economy […]
Stocks expected to trade the economy’s reopening in the week ahead
Lay Guzman stands behind a partial protective plastic screen and wears a mask and gloves as she works as a cashier at the Presidente Supermarket on April 13, 2020 in Miami, Florida. Joe Raedle | Getty Images Investors will watch the economy’s reopening progress, as well as a series of […]
Tesla is not cleared to reopen US factory, local officials say
Kuka robots work on Tesla Model X in the Tesla factory in Fremont, California. Mason Trinca | The Washington Post | Getty Images Tesla CEO Elon Musk wanted to restart production at the company’s U.S. car plant in Fremont, California, on Friday afternoon following weeks of “minimum basic operations” required […]
Coronavirus fallout: Here are the 16 department stores Nordstrom is closing permanently
Nordstrom announced earlier this week it will be permanently closing 16 of its department stores, after assessing each state that it operates in and the hit it is taking because of the coronavirus pandemic. The company today has 116 full-line stores, absent its off-price Nordstrom Rack locations and Trunk Club business. […]
Dow rises more than 400 points despite record job losses, posts first weekly gain in three
Stocks rose on Friday even after the ugliest monthly jobs report ever as investors bet the worst of the coronavirus and its impact on the economy has passed. The Dow Jones Industrial Average jumped 455.43 points, or 1.9%, to 24,3331.32, closing near its session high. The S&P 500 gained 1.6%, or 48.61 […]