Category Archives: CNN – Business

Brooks Brothers files for bankruptcy

Brooks Brothers files for bankruptcy

Brooks Brothers, the 200-year-old menswear retailer that has dressed 40 US presidents and unofficially became the outfitter of Wall Street bankers, has filed for bankruptcy. The privately held company had been struggling as business attire grew more casual in recent years. But it has been decimated by the coronavirus pandemic, which sent demand for suits…MORE

Stocks can hold onto gains. But it won’t be easy

Stocks can hold onto gains. But it won’t be easy

Some on Wall Street think stocks can hold their ground over the next year. But even those making such calls warn of serious risks. The latest: Citigroup told clients this week that it believes the S&P 500 can hit 3,160 by this time in 2021. That would be a slight increase over current levels; the…MORE

UK to spend $38 billion on restaurant discounts and tax breaks as jobs crisis hits

UK to spend $38 billion on restaurant discounts and tax breaks as jobs crisis hits

UK finance minister Rishi Sunak has unveiled another £30 billion ($37.6 billion) coronavirus stimulus package aimed at stemming Britain’s growing jobs crisis and lifting the economy out of its worst slump in centuries. Speaking in parliament on Wednesday, Sunak said that significant job losses are the most “urgent challenge” the UK economy faces, as he…MORE

ESPN Radio reshuffles lineup, bringing back Mike Greenberg

ESPN Radio reshuffles lineup, bringing back Mike Greenberg

ESPN is reshuffling its radio lineup by bringing one Mike back and saying goodbye to another. Mike Greenberg, who was the co-host of ESPN’s popular “Mike & Mike” radio show for nearly 20 years, is coming back to do a new broadcast called “The Mike Greenberg Show” starting on August 17. The new show will…MORE

Don’t expect to fly on a Boeing 737 Max anytime soon

Don’t expect to fly on a Boeing 737 Max anytime soon

More than 15 months after its best-selling plane was grounded, Boeing is finally close to getting approval to fly passengers on the 737 Max again. But don’t expect to see any of those passengers on board until late this year, at best. The plane was grounded in March 2019 after two fatal crashes that killed…MORE

United warns 36,000 employees they may be furloughed this fall

United warns 36,000 employees they may be furloughed this fall

United Airlines is warning nearly half of its frontline workforce that they could be furloughed this fall. The world’s third-largest airline says 36,000 workers — including 15,000 flight attendants, 11,000 customer service and gate agents, 5,550 maintenance employees and 2,250 pilots — will receive layoff notices. The Wednesday announcement paints a grim picture for an…MORE

Amazon drops Boohoo over worker exploitation claims

Amazon drops Boohoo over worker exploitation claims

Online fashion retailer Boohoo is launching an independent review of its UK supply chain after a media report revealing dire working conditions at a factory caused sellers including Amazon to drop its products. Boohoo said in a statement on Wednesday that it takes “extremely seriously all allegations of malpractice, poor working conditions, and underpayment of…MORE

Gold tops $1,800 and hits highest level since 2011

Gold tops $1,800 and hits highest level since 2011

These are strange times on Wall Street. Stocks are surging on optimism about a potential economic rebound. Yet investors are still very nervous about the growing threat of a second wave of Covid-19 cases in the United States. Just look at the rally in gold. The price of the metal is now above $1,800 an…MORE

Mary Trump reveals how she became a top source for The New York Times

Mary Trump reveals how she became a top source for The New York Times

Mary Trump, President Trump’s niece, reveals in her forthcoming tell-all book that she was a source for The New York Times’ Pulitzer Prize-winning story about the President’s tax returns. The Times’ article — published in October 2018 by reporters David Barstow, Susanne Craig, and Russ Buettner — revealed that “through dubious tax schemes” Trump received…MORE