• Coronavirus: UK sees almost no car manufacturing in April
    BBC

    Coronavirus: UK sees almost no car manufacturing in April

    Output fell by 99.7% from the same month last year as virus closes car plants.

  • Coronavirus: New mortgage holiday should affect credit rating, says Nationwide boss
    BBC

    Coronavirus: New mortgage holiday should affect credit rating, says Nationwide boss

    The UK's biggest building society says struggling applicants should be flagged to lenders.

  • Renault cuts 15,000 jobs in major restructuring
    BBC

    Renault cuts 15,000 jobs in major restructuring

    The French carmaker announces a €2bn cost-cutting plan after seeing a collapse in sales.

  • 'I don't have one cent left': Hispanic Americans hit hardest by layoffs
    The Guardian

    'I don't have one cent left': Hispanic Americans hit hardest by layoffs

    Hispanic Americans saw the highest unemployment rate in April – a major blow after achieving economic gains before the pandemic * Coronavirus – live US updates * Live global updatesWhen the US Bureau of Labor Statistics released its monthly jobs report earlier this month, the unemployment numbers were jaw-dropping: the unemployment rate rose from 4.4% in March to 14.7% in April – a decade’s worth of job gains wiped out in mere weeks.The jobs report also unveiled the grim reality of which communities have been hit hardest from the economic impacts of Covid-19. Hispanic Americans saw the highest unemployment rate of any racial group at 18.9%, over 4% more than the national unemployment rate of 14.7%.Clara Lopez of Miami, Florida, worked for 17 years as a room attendant at the Fontainebleau Miami Beach hotel and was laid off at the end of March as things were starting to shut down. She has been trying to apply for unemployment insurance since 29 March, but has yet to have success. Florida, which has a 12.9% unemployment rate, continues to have a backlog of unemployment applications, meaning people like Lopez have been left with no unemployment insurance to pay essential bills.“I have my light bill, my water bill, my car bill, my electric bill. As of now, I don’t even have one cent left to be able to pay for any of it,” Lopez said. Even though Lopez is able to buy groceries with food stamps, prices in supermarkets have gone up, meaning she is barely able to buy the groceries she needs.The mass job losses hitting the community are a devastating blow in light of the gains that Hispanic Americans had made before the pandemic hit. In September, the Hispanic unemployment rate hit a historic low at 3.9% and hovered about 4% through February. Median household income had risen to $51,450 in 2018, another record high. Hispanic Americans were buying homes at a rate higher than any other race and had the highest labor force participation rate of any race.Just this past March, Donald Trump took credit for the supposed economic boom that Hispanic Americans were seeing. “Under the booming Trump economy, Latinos are achieving record gains,” the president said while giving remarks at the Latino Coalition Legislative Summit on 4 March. Yet even when measurements of wealth showed Hispanic Americans were doing better than ever before, they were still far behind white Americans. The median household income for white households in 2018 was $70,642, while the median household income for Hispanic households was $63,179.Less income means that Hispanic American families struggle to build wealth. The average net worth of a Hispanic American household is $191,200, compared with the average net worth of a white household, which is $933,700. Hispanic American families are also more likely to be in poverty than white families, with 17% of Hispanic families in poverty in 2018 compared to 10% of white families.“Even though the economy, you could say, was good, when you look at the numbers, once you pull back what was really happening, you saw that Latinos were working harder but were still barely struggling to get by,” said Orson Aguilar, director of economic policy for UnidosUS, an advocacy group for Hispanic Americans.The disproportionate economic effect Hispanic Americans are seeing is reminiscent of the effect the Great Recession had on the group.The wealth of many Hispanic families was concentrated in the value of the homes they owned, and many owned homes in states that were hit the hardest by the housing crisis, the Pew Research Center found in 2011. Thus, Hispanic families saw the largest decrease in household wealth of any racial group, dropping by 66%. In comparison, black families saw a 53% decrease in wealth while white families saw a 16% decrease.While Covid-19 is causing a very different crisis that is hitting all groups, economists and policymakers have long said that job segregation has left Hispanic Americans overrepresented in the low-paying industries that have been hit hardest by Covid-19. Though they make up just over 17% of the American workforce, Hispanic Americans make up 49% of maids and housekeeping cleaners, 46% of construction workers and 38% of grounds and maintenance workers. Many of those industries were the ones that saw the most layoffs due to shutdowns.“Latinos support a lot of industries that were hardest hit, and now we’re seeing as a result Latinos being the hardest hit,” Aguilar said.Yaquelin, who asked that her last name be withheld for fear of repercussions from future employers, from Tamarac, Florida, was laid off once lockdowns in the state began by the three families that employed her as a nanny and cleaner. She is unsure of whether she will be able to work for the families again once the pandemic subsides or how that work will affect her health.“Our work is the type of work that is done privately inside homes,” Yaquelin said in Spanish through a translator. “Domestic workers don’t have health insurance, we have no contract to outline our hours.”The National Domestic Workers Alliance estimates there are nearly 2.5 million domestic workers in the US. In a survey, the not-for-profit found 72% of their respondents reported having no jobs in early April.While Congress’s giant coronavirus stimulus package included $600 more in unemployment insurance for those who have been laid off, the checks can only go to people who have been able to successfully file in their state. Many states have antiquated online systems that are unable to handle the mass of people who have been laid off due to the pandemic, meaning millions could be left without unemployment insurance.For Yaquelin, not having a job has also meant considerable stress over bills, especially as she has also not been able to successfully file for unemployment.“I have no appetite, I have insomnia, I wake up many times during the night,” Yaquelin said. “I feel like this is going to change my life completely, and I don’t know how I’m going to manage all my finances.”

  • 'I'm working to survive, not to live.' Essential workers face pay gaps during the pandemic
    USA TODAY

    'I'm working to survive, not to live.' Essential workers face pay gaps during the pandemic

    Nationwide, essential employees earn an average of 18.2% less than employees in other industries.

  • 2020 Hyundai Sonata hybrid delivers 52 mpg, surprising features
    USA TODAY

    2020 Hyundai Sonata hybrid delivers 52 mpg, surprising features

    Nature sounds? A solar roof that adds 700 miles a year to your range? The Hyundai's new hybrid offers it all to compete with Honda and Toyota.

  • Rebuilding America: Will grocery shopping ever be the same after the pandemic?
    USA TODAY

    Rebuilding America: Will grocery shopping ever be the same after the pandemic?

    What lies beyond depends on whether consumers or their finances ultimately change during the pandemic and once it ends.

  • 'Is pork essential?' In a Smithfield town, a coronavirus-plagued meat factory comes back to life
    LA Times

    'Is pork essential?' In a Smithfield town, a coronavirus-plagued meat factory comes back to life

    Smithfield, one of the nation's largest pork plants in Sioux Falls, S.D., shut down after nearly a quarter of its workers were infected with the coronavirus. As it reopens, refugees who work the factory floor and hog farmers wonder if the risks are worth it.

  • Bitcoin’s intrinsic value is now in line with its market price, says JPMorgan strategist
    The Block

    Bitcoin’s intrinsic value is now in line with its market price, says JPMorgan strategist

    Bitcoin’s intrinsic value, or the fundamental value, is now in line with its market value, according to JPMorgan strategist Nikolaos Panigirtzoglou.The post Bitcoin's intrinsic value is now in line with its market price, says JPMorgan strategist appeared first on The Block.

  • PR Newswire

    Trip.com Group Announces Put Right Notification for 1.99% Convertible Senior Notes due 2025

    Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com Group" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged tours and in-destination services, corporate travel management, and other travel-related services, today announced that it is notifying holders of its 1.99% Convertible Senior Notes due 2025 (CUSIP No. 22943F AH3) (the "Notes") that pursuant to the Indenture dated as of June 24, 2015 (the "Indenture") relating to the Notes by and between the Company and The Bank of New York Mellon, as trustee and paying agent, each holder has the right, at the option of such holder, to require the Company to purchase all of such holder's Notes or any portion of the principal thereof that is equal to US$1,000 principal amount (or an integral multiple thereof) for cash on July 1, 2020 (the "Put Right"). The Put Right expires at 5:00 p.m., New York City time, on Monday, June 29, 2020.

  • Big Lots Reports Q1 Results
    PR Newswire

    Big Lots Reports Q1 Results

    Big Lots, Inc. (NYSE: BIG) today reported net income of $49.3 million, or $1.26 per diluted share, for the first quarter of fiscal 2020 ended May 2, 2020. This result compares to adjusted net income of $37.0 million, or $0.92 per diluted share (non-GAAP), for the first quarter of fiscal 2019. As a reminder, on March 30, 2020 the company withdrew its previously communicated guidance for fiscal 2020 as a result of the uncertainty stemming from the COVID-19 pandemic.

  • Clough Global Opportunities Fund Section 19(a) Notice
    PR Newswire

    Clough Global Opportunities Fund Section 19(a) Notice

    On May 29, 2020, the Clough Global Opportunities Fund (NYSE MKT: GLO) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.0897 per share to shareholders of record at the close of business on May 19, 2020.

  • Clough Global Equity Fund Section 19(a) Notice
    PR Newswire

    Clough Global Equity Fund Section 19(a) Notice

    On May 29, 2020, the Clough Global Equity Fund (NYSE MKT: GLQ) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.1104 per share to shareholders of record at the close of business on May 19, 2020.

  • Growing Overseas Power Generation Activities to Provide Impetus to Development of Global Offshore Corrosion Protection Market; Valuation to Rise up to US$13 Bn by 2030, Find TMR
    PR Newswire

    Growing Overseas Power Generation Activities to Provide Impetus to Development of Global Offshore Corrosion Protection Market; Valuation to Rise up to US$13 Bn by 2030, Find TMR

    Transparency Market Research has recently published a new research report providing intricate details about the overall working dynamics and performance metrics of the global offshore corrosion protection market. In this research report readers can get detailed and meaningful insights about the key driving factors, restraining factors, prominent segments, overall geographical outlook, and the current overview of the competitive landscape of the global offshore corrosion protection market.

  • Did Miami’s flooding cause your car to sink and your roof to leak? You have some options
    Miami Herald

    Did Miami’s flooding cause your car to sink and your roof to leak? You have some options

    South Florida saw some of the worst flooding in years this week. And while much of the water has receded, the heavy rain over several days left damage in its wake.

  • PR Newswire

    100 Years of Maintaining the Status quo is Being Challenged by a Small Swiss Beauty Company With a Fitting Name - RÉDUIT

    Most of the cosmetics products and staple names known today were born out of the early Hollywood film industry in the 1920s with stars like Theda Bara and her makeup artist, Helena Rubenstein, along with other key figures such as Max Factor, Elisabeth Arden and Eugene Schueller (founded L'Oréal in 1909).

  • PR Newswire

    China Zenix Auto International Schedules 2019 Fourth Quarter Press Release and Conference Call for June 4, 2020

    China Zenix Auto International Limited (OTC: ZXAIY) ("Zenix Auto" or "the Company"), the largest commercial vehicle wheel manufacturer in China in both the aftermarket and OEM market by sales volume, today announced that it plans to release its unaudited financial results for the fourth quarter and fiscal year of 2019 ended December 31, 2019 on Thursday, June 4, 2020 before the market opens.

  • PR Newswire

    B. Riley Principal Merger Corp. II Announces the Separate Trading of its Common Stock and Warrants, Commencing June 3, 2020

    B. Riley Principal Merger Corp. II (NYSE: BMRG.U) (the "Company") announced today that, commencing on or about June 3, 2020, the holders of the Company's units (the "Units") may elect to separately trade the shares of Class A common stock (the "Common Stock") and warrants (the "Warrants") included in the Units. The Common Stock and Warrants that are separated will trade on The New York Stock Exchange (the "NYSE") under the symbols "BMRG" and "BMRG WS", respectively. Units that are not separated will continue to trade on the NYSE under the symbol "BMRG.U". No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. Holders of Units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the Units into Common Stock and Warrants.

  • Clough Global Dividend And Income Fund Section 19(a) Notice
    PR Newswire

    Clough Global Dividend And Income Fund Section 19(a) Notice

    On May 29, 2020, the Clough Global Dividend and Income Fund (NYSE MKT: GLV) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.1008 per share to shareholders of record at the close of business on May 19, 2020.

  • Minneapolis protests escalate as police precinct is set on fire and evacuated; Trump lashes out at looters on Twitter: What we know
    USA TODAY

    Minneapolis protests escalate as police precinct is set on fire and evacuated; Trump lashes out at looters on Twitter: What we know

    A Minneapolis police precinct was overrun and torched late Thursday night as protests intensified following the death of George Floyd.

  • Is Hermès International Société en commandite par actions (EPA:RMS) Using Too Much Debt?
    Simply Wall St.

    Is Hermès International Société en commandite par actions (EPA:RMS) Using Too Much Debt?

    Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...

  • An economic turning point for Europe?
    The Week

    An economic turning point for Europe?

    Most of the big eurozone countries were caught badly unawares by the coronavirus pandemic. France, Spain, Italy, and even Germany suffered severe outbreaks, though most are well on the way to being contained now.Now eurozone countries are beginning to deal with the resulting economic fallout — and there are some surprising glimmerings of hope that they might actually fix the snarled economic institutions and austerity fixation that have throttled the region's economy since 2008. It is far from a sure thing, but it is the best opportunity in years, and a potential major turning point in the trajectory of the European Union.Let me review some background. For over a decade the eurozone has been in the stranglehold of an austerity cult. After the initial economic crisis of 2008, the currency area fell into a debt crisis caused not by debt itself, but by the political strictures of the eurozone structure. As Steve Randy Waldman explains, a eurozone-wide crisis that clearly called for a region-wide response was instead pinned on a few scapegoats. Countries like Italy and Greece had indeed borrowed heavily during the preceding decade, but were encouraged to do so by banks in Northern Europe, especially France and Germany. Those same banks had also invested heavily in U.S. mortgage securities, which both turned out to be full of toxic waste, and more importantly, denominated in dollars. Where the U.S. could borrow and print dollars to its heart's content to rescue its banks, Western Europe (unlike China or Russia) had no big dollar hoards to defend itself. A severe dollar shortage quickly developed on the continent as banks tried to unwind their positions. By 2009, a euro-dollar currency crisis was looming, and thereafter a chaotic collapse of the European banking system.Some kind of banking rescue was unavoidable, but simply saving the banks from their own misdeeds with no punishment or reckoning, out in the open, would have been deeply unpopular. So Eurozone elites chose to bail out the banks by routing the money through peripheral nations, especially Greece. That country got a "bailout" in 2010, but almost all the money went directly to French and German banks to get Greek loans off their books. Meanwhile, the Federal Reserve quietly forestalled a currency crisis by granting the European Central Bank (and several other nations) the power to exchange printed euros for dollars. Those two programs, which got little attention, allowed rich eurozone countries to save their banks.Then, so euro elites could pretend they weren't just rescuing their idiot banker friends, and to maintain the fiction of neoliberal orthodoxy, they forced gallons of austerity poison down Greece's throat. The whole problem was blamed on purported Greek irresponsibility, which must be paid for with eyewatering tax hikes and savage cuts to social programs. This crushed the Greek economy, which shrank by 28 percent by 2015. Unemployment soared to almost 28 percent. That in turn made the debt problem worse, not better, as the Greek economy shrank faster than the debt load. It had still not come even close to recovery when the pandemic struck.The broader economic consequences have been disastrous — the eurozone as a whole has been in a moderate depression for a decade, with countries like Germany and France doing only somewhat poorly but ones like Greece, Spain, and Italy suffering a 1930s-scale catastrophe. Here I have charted inflation-adjusted eurozone growth (in red) against that of the United States (in blue), showing the change since the second quarter of 2009 (scaled to 100). Up through the last quarter of 2019, the U.S. economy had grown by 27 percent, while the eurozone had grown by just 15 percent — a yearly average of a meager 0.98 percent over the period:It's important to remember also that the U.S. growth record is itself lousy over this period, coming in at about 15 percent below the previous 1945-2007 trend. What the eurozone very obviously needed in 2009-10 was a write-off of unpayable debts (which additionally would have sent a signal to both nations and lenders to be more careful in future), a restructuring of its rotten banks, and a honking great stimulus package to restore employment and growth — perhaps funded by eurozone-wide bonds. With all that, the eurozone could have beaten the American sluggard easily, but instead it made everything worse, and hence fell well short of even that humiliating mark.However, the coronavirus pandemic seems to have broken, temporarily at least, the austerity mindset. Countries across the continent have been forced to spend huge sums to keep their economies in stasis during the lockdown. These programs have been funded by borrowing, and interest rates in the eurozone have been kept down by the European Central Bank — which, instead of causing a bank run to smash leftist governments, as it did in Greece in 2015, is actually buying up government debt across the currency area, as a central bank should do in a crisis. Remarkably, now the whole European Union — which includes 27 states, not just the 19 in the eurozone — is now considering a $2 trillion coronavirus relief package, funded by bonds backed by the entire EU. If approved (requiring a unanimous vote), the point would be to cushion the blow to the hardest-hit countries, allowing them to spend more without increasing their sovereign debt.Now, the German Constitutional Court recently challenged a European Court of Justice ruling that the ECB bond-buying program is legal, throwing a possible legal wrench into its support of euro area debt markets. This raises the prospect that German conservatives, who have been the main political force behind austerity, will block coronavirus relief and reform. However, the grounds for the ruling were that the ECB was overstepping its legal authority, which is obviously true and has been for years. According to European treaties, the ECB is not supposed to intervene in politics, but it has been perhaps the most meddlesome political institution on the continent for the last decade — just now doing so in a beneficial way rather than acting as the thuggish leg-breaker for austerity.A response to the German ruling could be a new treaty or legal settlement subjecting the ECB to democratic oversight. That, plus the creation of EU or eurozone bonds, could be the first step towards true economic democracy on the continent. Central bank "independence" is a ridiculous impossibility — all central banks are inherently political. If it was democratically-elected authorities overseeing the ECB's power, rather than finance-connected elites, the chance of that power being exercised for good, and the European population accepting those decisions as legitimate, would be greatly increased.The European project stands at a crossroads. The whole point of the EU and the eurozone was to defuse the nationalist passions that touched off the worst war in history. A more connected Europe, it was argued, would be a less dangerous one. Instead, elite bungling and austerity have rekindled the flames of right-wing nationalism across the continent. Already the EU has lost one member state, and should it continue down the pre-crisis path of economic stagnation and authoritarian austerity, more would likely follow.The pandemic is a chance to reverse that damage. It turns out Greece, which handled its outbreak far, far better even than Germany, has much to teach its neighbors. European citizens and policymakers may not get another chance to create a European economy that works for all Europeans. I suggest they seize it.Want more essential commentary and analysis like this delivered straight to your inbox? Sign up for The Week's "Today's best articles" newsletter here.More stories from theweek.com Amy Klobuchar didn't prosecute officer at center of George Floyd's death Jimmy Kimmel explains why Trump's 'war with Twitter' is 'obviously insane,' doomed to fail Melania Trump reportedly warned Trump to take COVID-19 seriously — and he 'totally blew her off'

  • Roam close to home: Europe's tourists play safe in pandemic
    Associated Press

    Roam close to home: Europe's tourists play safe in pandemic

    Many a journey to far-flung corners of Europe starts in a dusty industrial yard in east Berlin, where Felix Rascher carefully tends to his small fleet of Volkswagen camper vans, a favorite among free-spirited travelers the world over. Hotels, airlines, travel agents, tour operators, restaurants, local guides and car rentals saw income evaporate as lockdowns came into force. “Our business normally begins in mid-March,” Rascher, 37, said.

  • Big Lots Announces Quarterly Dividend on Common Stock
    PR Newswire

    Big Lots Announces Quarterly Dividend on Common Stock

    Big Lots, Inc. (NYSE: BIG) announced today that on May 28, 2020 the Board of Directors declared a quarterly cash dividend of $0.30 per common share for the second quarter of fiscal 2020.

  • Analysts Have Just Cut Their Picanol nv (EBR:PIC) Revenue Estimates By 14%
    Simply Wall St.

    Analysts Have Just Cut Their Picanol nv (EBR:PIC) Revenue Estimates By 14%

    Today is shaping up negative for Picanol nv (EBR:PIC) shareholders, with the analysts delivering a substantial...