Markets
Uber Technologies to cut 3,000 jobs, mulls selling non-core units
Combined with 3,700 pink slips the company handed out earlier this month, the latest cuts - which CEO Dara Khosrowshahi announced in a company-wide email - bring Uber's coronavirus-fueled layoffs to about 25 percent of the company's workforce. [Full Article...]
Coronavirus: Merkel and Macron propose €500bn European Union recovery fund
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Commission president Ursula Von der Leyen has not given a specific figure, but has said the plan would be linked to the EU's regular budget and funded in part by the commission borrowing on financial markets. Italian Premier Giuseppe Conte called the proposal "a first, important step in the direction hoped for by Italy". During his speech, Macron indicated that "the 500 billion euros are there... [Full Article...]
Ford Mustang Mach-E Fast Charges 30 Percent Quicker Than Previously Expected
That's for the rear-wheel drive version with the 98.7-kwh extended-range battery. The all-wheel drive model should reach an average of 107 km in around 10 minutes of charging, the AWD and RWD models will be able to go from 10 to 80% of autonomy in just 45 minutes. [Full Article...]
U.S. facing severe crisis, but not a depression, says Fed's Powell
The world's top economy was strong before the COVID-19 outbreak hit, like a natural disaster, causing nationwide business shutdowns, Powell said. But he repeated his message that the economy likely will need more government spending to support workers and businesses to allow the economy to recover, beyond the almost $3 trillion already approved by Congress. [Full Article...]
Full economic recovery may require coronavirus vaccine, says US Federal Reserve chief
Powell said the nation's gross domestic product would contrast at an annualized rate of almost 30% between April and June, and the unemployment rate go up to almost 25%, although he stressed "the thing that matters more than anything else is the medical metrics. [Full Article...]
Oil prices recover on demand revival signs, Brent at USD 33/bbl #87451
Futures in NY climbed around 4% after nearly doubling in a run of three weekly advances. The number of drilling rigs in the US fell for a ninth week to levels not seen in more than a decade, while stockpiles at the key storage hub in Cushing, Oklahoma, shrank for the first time since late February. [Full Article...]
Dyson's Canceled EV Apparently Surpassed Tesla Model X in Range
Over this weekend, however, the company chose to show off its concept through an interview led by theSunday Times Rich List with Sir Dyson. N526 would have weighed in at 2.6 tons, could have gone from zero to 62 miles per hour in 4.8 seconds with a top speed of 125 miles per hour. [Full Article...]
Twitter Allows Employees To Work From Home Indefinitely
In the message, a spokesperson was quoted as saying, "We've been very thoughtful in how we've approached this from the time we were one of the first companies to move to a work-from-home model". They have suspended all unnecessary business travel until the offices will reopen. It will assess 2021 events later this year. "That will remain our top priority as we work through the unknowns of the co... [Full Article...]