cuts

U.K. Insurance Ruling; Businesses Make Deeper Cuts: Virus Update

(Bloomberg) — Citigroup Inc., Qantas Airways Ltd. and Singapore’s United Overseas Bank Ltd. joined companies worldwide making deeper cost cuts, from property and equipment to staff and pay, as the pandemic persists.

A U.K. court ruling in a landmark insurance case could lead to tens of millions of payouts related to Covid-19. Britain’s labor market took a turn for the worse in July, taking total job losses during the crisis to almost 700,000, fresh data showed.

In India, where infections trail only the U.S., total cases approached 5 million. Hong Kong reported no locally transmitted infections for the first time since early July. The city injected its struggling economy with fresh stimulus and lifted some social distancing measures, including temporarily reopening bars.

A vaccine may be available for “ordinary Chinese” as soon as November, the state-owned Global Times newspaper said.

Key Developments:

Global Tracker: Cases pass 29.2 million; deaths exceed

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Businesses Make Deeper Cuts; Hong Kong Stimulus: Virus Update

(Bloomberg) — Citigroup Inc., Qantas Airways Ltd. and Singapore’s United Overseas Bank Ltd. joined companies worldwide making deeper cost cuts, from property and equipment to staff and pay, as the pandemic persist. U.K. job losses during the crisis reached almost 700,000, fresh data showed.

In India, where infections trail only the U.S., total cases approached 5 million. Hong Kong reported no locally transmitted infections for the first time since early July. The city injected its struggling economy with fresh stimulus and lifted some social distancing measures, including temporarily reopening bars.

A vaccine may be available for “ordinary Chinese” as soon as November, the state-owned Global Times newspaper said. In the U.K., researchers are beginning the first study of whether two experimental vaccines can be inhaled.

Key Developments:

Global Tracker: Cases pass 29.2 million; deaths exceed 928,500Lockdowns halt Europe’s air-travel recovery, threaten jobsLagarde leverages virus to push for greener monetary policyThis

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Bed Bath Cuts 2,800 Jobs In Reshuffle To Boost Online Sales

Bed Bath & Beyond said it will cut its workforce by 2,800 employees to generate $150 million in cost savings as the retailer focuses on online sales growth.

BBBY) said the move is part of a broader cost restructuring plan, which also includes planned store closures, and targets annualized savings of between $250 and $350 million, excluding one-time costs. The retailer added that the changes will help fund a number of growth initiatives to improve the shopping experience in store and online, building on the recent introduction of Buy-Online-Pickup-In-Store (BOPIS) and curbside pickup services.” data-reactid=”13″Bed Bath (BBBY) said the move is part of a broader cost restructuring plan, which also includes planned store closures, and targets annualized savings of between $250 and $350 million, excluding one-time costs. The retailer added that the changes will help fund a number of growth initiatives to improve the shopping experience

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Persimmon back to pre-pandemic building, M&S cuts jobs, and BHP cuts dividend

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Persimmon back to pre-pandemic building levels

PSN.L) jumped to the top of the FTSE 100 on Tuesday thanks to a strong half-year report.” data-reactid=”25″House builder Persimmon (PSN.L) jumped to the top of the FTSE 100 on Tuesday thanks to a strong half-year report.

Persimmon chief executive Dave Jenkinson confirmed that building rates were “back at pre-Covid levels” as the company confirmed a 40p per share interim dividend.

Revenue in the six months to the end of June was down 35% to £1.1bn ($1.4bn) and pre-tax profit fell 42% to £292m. However, this had been expected given months of lockdown in the first half of the year.

“Despite the significant disruption, the Group’s preparedness, agility and strength ensured a robust first half performance with 4,900 new home completions and

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48 CEOs Taking Pay Cuts To Help Their Companies Survive the Coronavirus

From restaurant chains to movie theaters, airlines to publishers, nearly all major industries are feeling the financial impacts of the coronavirus pandemic. With major companies losing major money, many CEOs are stepping up and sacrificing their own salaries to keep their companies afloat. It’s worth noting that many of these salary cuts only affect executive base pay and do not include bonuses, stock options and other compensation.

Guess officially furloughed all U.S. and Canada store employees on April 2; it also furloughed roughly 50% of its corporate employees, Footwear News reported. Salaries were cut for all management positions, beginning at 15% for lower-level managers and going up to a 70% cut for CEO Carlos Alberini and chief creative officer Paul Marciano.

“These are some of the most difficult decisions our company has had to make in our entire four-decade history. And while many of these decisions have proven very challenging, … Read More

Burberry proposes 500 job cuts as fashion firm posts sales drop

Burberry is planning to cut around 150 jobs at its London and Leeds offices, it emerged on Wednesday as the fashion company posted a fall in first-quarter sales.

There are also some 350 non-UK roles in shops that could be affected by a restructure, Burberry’s finance chief Julie Brown said.

The plans were outlined as the luxury retailer reported a 45% fall in first quarter sales and showed how Covid-19 has hit the business.

The company was hurt by the Covid-19 lockdown when various countries ordered retailers to shut shops and travel restrictions came in. In England non-essential stores were only allowed to reopen from June 15.

In total Burberry employs 10,000 people, including 3500 in Britain. There are 1350 based in the London HQ.

In the UK Burberry said it wants to “streamline office-based functions”, but Brown said Horseferry House in Victoria will continue to be its HQ. Most

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Coronavirus’s painful side effect is deep budget cuts for state and local government services

<span class="caption">Washington state cut both merit raises and instituted furloughs as it faced a projected $8.8 billion budget deficit because of the coronavirus.</span> <span class="attribution"><a class="link rapid-noclick-resp" href="https://www.gettyimages.com/detail/news-photo/washington-state-olympia-state-capitol-building-with-spring-news-photo/452908636?adppopup=true" rel="nofollow noopener" target="_blank" data-ylk="slk:Wolfgang Kaehler/LightRocket via Getty Images">Wolfgang Kaehler/LightRocket via Getty Images</a></span>
Washington state cut both merit raises and instituted furloughs as it faced a projected $8.8 billion budget deficit because of the coronavirus. Wolfgang Kaehler/LightRocket via Getty Images

Nationwide, state and local government leaders are warning of major budget cuts as a result of the pandemic. One state – New York – even referred to the magnitude of its cuts as having “no precedent in modern times.”

Declining revenue combined with unexpected expenditures and requirements to balance budgets means state and local governments need to cut spending and possibly raise taxes or dip into reserve funds to cover the hundreds of billions of dollars lost by state and local government over the next two to three years because of the pandemic.

Without more federal aid or access to other sources of money (like reserve funds or borrowing), government officials have made it clear: Budget cuts will be happening in the coming

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McConnell eyes virus aid as evictions, benefits cuts loom

WASHINGTON (AP) — An eviction moratorium is lifting. Extra unemployment benefits are ending. Parents are being called to work, but schools are struggling to reopen for fall as the COVID-19 crisis shows no signs of easing.

With Congress bracing for the next coronavirus aid package, Senate Majority Leader Mitch McConnell is outlining Republican priorities as earlier programs designed to ease Americans through the pandemic and economic fallout begin to expire. He is eyeing $1 trillion in new aid.

“This is not over,” McConnell said during a visit to a food pantry Monday in Louisville, Kentucky.

The GOP leader’s next virus aid package is centered on liability protections, a top priority for Republicans seeking to shield doctors, schools, businesses and others from coronavirus-related lawsuits brought by patrons claiming injuries during reopenings.

McConnell is also considering a fresh round of direct payments targeted at those earning $40,000 a year or less. He

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Four Ways Small Businesses Can Cuts Costs

While running a business is often a juggling act of different roles and tasks, the one constant is the job of managing the capital used to fund it all. Regardless of what larger social or economic issues might be at play at any given time, effectively managing your business’s expenses and investments is the best way to ensure that it can continue to grow and evolve in the future.

While there are a number of items that business owners monitor in order to more effectively allocate their capital, what follows are four areas that any business can target to cut unnecessary or wasteful spending.

Manage Resources Strategically

At its core, owning and operating a small business is about managing resources. From the talent on staff to the equipment and materials used in production, business owners are trained to make sure all of their resources are allocated optimally.

Of course, after

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YouTube cuts off Shane Dawson’s ad money

Shane Dawson
Shane Dawson

YouTube has stopped allowing Shane Dawson to make money from adverts on his three channels, which have 34 million subscribers between them.

The decision comes after the vlogger apologised for having uploaded multiple offensive videos, including appearing in blackface and using racial slurs.

On Friday, Dawson posted a video titled Taking Accountability, in which he apologised for such content.

“I should lose everything,” he said. “I have put so much hate on the internet.”

Dawson became one of the streaming giant’s original stars after launching ShaneDawsonTV in 2008, building a reputation as an online shock jock of sorts.

The 31-year-old has 22.4 million subscribers on his main channel, but has lost almost a million subscribers in the past month, according to tracker Socialblade.

In the past, he has also posted videos insulting people living with disabilities, and joked about paedophilia and hypothetically murdering a woman.

Controversies

YouTube confirmed

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