The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers. Brooks Brothers — pioneer of the polo and uniform of the polished prepster — filed for bankruptcy on Wednesday, as it continues to search for a buyer. The retailer, founded in 1818, boasts of having dressed 40 U.S. presidents and
Nikola Motor Company Badger pickup truck Source: Nikola Motor Company Check out the companies making headlines in midday trading. Nikola — Shares of Nikola soared nearly 18% after JPMorgan hiked its rating on the controversial electric vehicle company to overweight from neutral. The bank said the stock looks attractive for long-term investors after a 40% plunge this month
TOPLINE United Airlines said on Wednesday that it could furlough up to 36,000 employees—almost half its U.S. workforce—in October if the coronavirus pandemic continues to wreak havoc on global travel. The potential job cuts could hit 40% of its staff. Justin Sullivan/Getty Images KEY FACTS United announced that it is warning more than a third
WUHAN, CHINA – JULY 31: South Korean singer IU Lee Ji-eun performs onstage during her concert on … [+] July 31, 2016 in Wuhan, Hubei Province of China. (Photo by Visual China Group via Getty Images/Visual China Group via Getty Images) Visual China Group via Getty Images In the week of May 16, the hit
The new stamp duty holiday could help boost the U.K. housing market Getty Images Stamp duty payments in England and North Ireland have been cut, Rishi Sunak announced today. The U.K. chancellor has increased the threshold at which buyers are required to pay stamp duty from $157,000 to $629,000. The level has been raised to help the
Harvard University and MIT pushed back on Wednesday against a new rule that would require international students to take classes in-person this fall in order to stay in the country. The guidelines issued Monday by Immigration and Customs Enforcement said “students attending schools operating entirely online may not take a full online course load and remain in the
Business spending showed some signs of green shoots in June, as manufacturers bought more equipment and spending shifted away from stay-at-home sectors to ones that could rebound in a reopening economy, according to Cortera, a software company which analyzes business-to-business credit transactions. But overall June spending was still depressed, down 10.9% from the same month
If you’re dreaming of going abroad this summer, countries in the European Union are gradually reopening their borders to residents of select countries around the world. From July 10, people from England, for example, will be able to go to popular destinations such as France, Spain and Italy without having to quarantine on arrival or upon
Joe Biden and Donald Trump Ron Adar | Echoes Wire | Barcroft Media via Getty Images; Mandel Ngan | AFP | Getty Images Goldman Sachs is warning that the upcoming presidential election could see delayed results, and is therefore recommending that clients hedge their market bets through December in anticipation of heightened volatility through November.
The denim maker Levi Strauss & Co.‘s sales fell 62% during its fiscal second quarter, the company announced Tuesday, as its online sales weren’t enough to make up for its stores being temporarily shut for roughly 10 weeks during the Covid-19 crisis. Consumers by and large have shifted away from tight pants and denim, opting
Nobel prize-winning economist Robert Shiller is worried the coronavirus fear factor will weigh on the country for years. According to the Yale University professor, the economic and psychological toll from the coronavirus pandemic could linger — especially if states scrap reopenings due to the virus spikes. “Looks like we might be entering a second phase,”
This recession is different, but different isn’t necessarily a disaster. Financial expert and market analyst John Mauldin says the recession of 2020 is unique. In the first place, by any metric it’s worse than any recession we’ve seen in the last 90 years. In the second place, that’s because our economy has moved in the
Economic Security Planning, Inc. Today’s column addresses questions about the ability to receive spousal benefits after filing early for Social Security retirement benefits, taking Social Security survivor benefits before retirement benefits and whether a survivor’s benefit from a non-covered pension would affect Social Security retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston
CEO of Snappt and President of Berlind Properties. Getty With all 50 states in the process of unfolding plans to reopen the economy after the shutdown caused by the Covid-19 crisis, landlords and tenants alike are curious as to what this new normal will mean for rent payment, deferment or evictions. Like all things in the ongoing
People line up outside of the Social Security Administration office in San Francisco. Getty Images Prospective retirees often face one big question: How long can my funds last? Now, a mainstay for retirement — Social Security — is facing the very same question. Social Security relies on the money in its trust funds, from which it
Steven Mnuchin, U.S. Treasury secretary, speaks during a Senate Small Business and Entrepreneurship Committee hearing in Washington, D.C., U.S., on Wednesday, June 10, 2020. Al Drago | Bloomberg | Getty Images Companies have returned or canceled more than $30 billion in loans approved through the government’s emergency Paycheck Protection Program, a senior administration official said
The coronavirus pandemic has upended the global jobs market. From enjoying one of the tightest labor markets in years, the U.S. is now facing chronic unemployment rates, with similar stories playing out across the world. That paradigm shift has moved power away from employees and over to employers, as countless candidates vie over the same
A man gets tested for coronavirus at a COVID19 testing center on July 7, 2020 in Austin, Texas. Sergio Flores | Getty Images Texas reported more than 10,000 additional Covid-19 cases Tuesday, a record-breaking daily surge as the state responds to a growing outbreak and an increase in hospitalizations. The Texas Health and Human Services
A medical worker wearing a mask walks near the AMC movie theater in Times Square amid the coronavirus pandemic on May 7, 2020 in New York City. Alexi Rosenfeld | Getty Images AMC Entertainment shares jumped as much as 21% after the close of regular trading on Tuesday following a story in the Wall Street
Covid-19 has thrown off everyone’s habit of visiting our aging loved ones. Assisted living, independent living and nursing homes have isolated their residents for months. In most places, no one can visit in person yet. That has to change. Elders’ isolation is doing harm. Some homes have figured out a safe way to allow visitation.