BUSINESS

BUSINESS

Airbnb Goes To Market To Raise US$3 Billion

Home rental company Airbnb Inc is aiming to raise around US$3 billion in its upcoming initial public offering (IPO). Airbnb will be one of the largest and most anticipated U.S. stock market listings of 2020 which has already been a blockbuster year for IPOs. The company’s current plan is to make its filing publicly available in November after the U.S […]

BUSINESS

H&M Set To Close 250 Stores World-wide

Hennes & Mauritz AB, the Swedish multinational clothing-retail company, known for its fast-fashion clothing for men, women, teenagers, and children, plans to cut 250 of its stores globally. H&M operates in 74 countries with over 5,000 stores under the various company brands, with 126,000 full-time equivalent positions. The planned closures will come next year after the firm said the COVID-19 […]

BUSINESS

Bahamas Expresses FATF Blacklist Concerns

Bahamas Attorney General Carl Bethel said recently that the country faces the immediate imposition of a potentially devastating blacklisting by the European Union, effective October 1. Bethel said the Bahamas will likely remain on the Financial Action Task Force (FATF) gray list until at least February 2021. He said this pandemic has totally derailed efforts to get off this blacklist. […]

BUSINESS

JPMorgan Set To Move $234 Billion In Assets From UK

According to Press reports, JPMorgan Chase & Co is seeking to move about $234 billion of assets from the United Kingdom to Germany as a result of Britain’s exit from the European Union. In January, the bank had also announced it would significantly expand its Paris hub as part of plans to relocate some services from London after Brexit. The […]

BUSINESS

President Trump Seeks To Remove TikTok And WeChat From App Stores

TikTok and WeChat will be banned from U.S. app stores unless U.S. President Donald Trump agrees to a deal involving American companies. The Department of Commerce said it would bar people in the U.S. from downloading the messaging and video-sharing apps through any app store on any platform. The Trump administration says the companies threaten national security and could pass […]

BUSINESS

Oil Prices Reclaim Lost Ground

Oil prices perked up last week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. Oil prices reclaimed lost ground, with West Texas Intermediate topping more than $41 per barrel. Nigel Bell, Readers Bureau, Contributor Edited by Jesus Chan Do you […]

BUSINESS

U.S. vs. China — WTO Rules

The World Trade Organization (WTO) has ruled that tariffs the U.S. imposed on Chinese goods in 2018, triggering a trade war, were inconsistent with international trade rules. The WTO said the U.S. did not provide sufficient evidence to support its assertions that China’s unfair technology theft and state aid justified the imposed border taxes. Chinese officials welcomed the ruling. The […]

BUSINESS

Economist — Five Years At Least For Global Economic Recovery

Carmen Reinhart, World Bank Chief Economist, has said the global economic recovery from the recession created by the COVID-19 pandemic will probably take at least five years. The economist, however, underscored the point that there will be rebounds. However, she said the real recovery will have direct bearing on how long the average person rebounds in terms of their income. […]

BUSINESS

Trinidad And Tobago Reports 10% Contraction In Economy

Trinidad and Tobago is reporting a 10 percent shrink in its economy resulting from the impact of the coronavirus pandemic. The twin island republic shut down its borders and required people to remain at home in an effort to curb the spread of the virus.   Prime Minister Dr. Keith Rowley said oil and gas production declined significantly. He said the […]

BUSINESS

British Airways Set To Shed Up To 13,000 Jobs

British Airways (BA) owner, IAG, is cutting more flights over the next three months as it adjusts to the continuing collapse in demand for air travel. IAG, which also runs Aer Lingus and Iberia, said quarantine restrictions meant capacity this autumn would be 60% below 2019 levels. According to the group, expected levels of recovery will not be realized until […]