Markets
Shopify announces post-office model, most staff to permanently work from home
The company said it had supported distributed teams whose members were able to work from any location since its inception and that employees would receive tools including laptops, video conferencing equipment and cameras plus "best practices to ensure they remain productive and connected". [Full Article...]
Another 2.4 million Americans filed for unemployment benefits last week
Continuing claims, which lags initial jobless claims data by one week, are anticipated to total 23.5 million in the week ending May 9 after a record 22.83 million in the previous week. Economists said claims numbers were staying high also as states were now processing applications for gig workers and many others trying to access federal government benefits. [Full Article...]
Workers Hit McDonald's With Class Action Over COVID-19 Safety
Five employees sued in IL state court Tuesday claiming they are being forced to work "in close proximity" to potentially infected co-workers and customers, and that McDonald's and its franchise restaurants "are failing to take important steps to contain the virus, such as providing adequate protective equipment, hand sanitizer, and safety training for employees, or enforcing safety protocols". [Full Article...]
Economic warning: "severe recession" underway as jobless benefit claims surge
The data, published by the Office for National Statistics, marks a 69 per cent rise in universal credit and jobseekers' allowance claims in just one month, the highest single month rise since records began in the early 1970s. "The longer the recession, the likelihood the degree of scarring is higher", he said. The emergency financial support unleashed by the Treasury, with a rapidly rising price... [Full Article...]
Deflation expected in April CPI report as pandemic lockdown took hold
The consumer price index dropped to an annual rate of 0.8% in April from 1.5% in March, official data showed today, broadly in line with economists' expectations in a Reuters poll. Excluding gasoline, inflation rose 1.6% from the same period past year. The Office for National Statistics, which produces the CPI, said earlier this month that inflation readings were likely to be volatile because ... [Full Article...]
‘Disgrace’: Trump Dismisses China’s Anti-U.S., Europe Propaganda Attacks
The president of the United States has just accused his country's rival superpower with "mass Worldwide killing" in what counts as just another Wednesday morning for Donald Trump . Earlier, Lijian said on Twitter that the "US non-stop disinformation may confuse and mislead some for a while". "But history has proven that only by following the trend of the times can one develop and prosper". [Full Article...]
EasyJet to restart some flights in June with compulsory masks
A small number of flights will restart initially, the airline said, and comprise mainly domestic routes in the United Kingdom and France. In the United Kingdom, these include Gatwick, Bristol, Birmingham, Liverpool, Newcastle, Edinburgh, Glasgow, Inverness and Belfast. [Full Article...]
Jobless claims: Another 2.438 million Americans file for unemployment benefits
Economists had been expecting around 2.4 million for weekly claims. The largest decrease in claims was in California, where claims dropped by 103,590. The jobless claims report, the most timely data on the economy's health, could offer early clues on how quickly businesses rehire workers as they reopen and on the success of the government's Paycheck Protection Program (PPP). [Full Article...]