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- Business Insider 00:24May 30, 2020Senators want an investigation into TikTok's privacy practices after it allegedly broke its promise to delete videos posted by young kidsReuters Four prominent US senators called on the Federal Trade Commission to investigate allegations that TikTok violated its agreement with the agency to do a better job of protecting kids' privacy.
In a letter sent Friday, they cited a report from leading child advocacy groups claiming TikTok failed to take down videos posted by children under 13, as it had promised to do in a 2019 consent decree.
TikTok said it "takes the issue of safety seriously for all our users" and that it continues to introduce new features on the app to protect kids' privacy.
The letter was signed by Republican Senators Josh Hawley and Marsha Blackburn and Democratic Senators Ed Markey and Richard Blumenthal.
TikTok, a subsidiary of Chinese company ByteDance, has come under fire before from Hawley and other China hawks who worry its ties to Beijing could pose a threat to national security and free speech.
Visit Business Insider's homepage for more stories. Four U.S. senators, including a China hawk, urged the Federal Trade Commission on Friday to investigate allegations that the popular video app TikTok violated a consent decree protecting children's privacy.
In their letter, lawmakers noted a report by the Center for Digital Democracy, Campaign for a Commercial-Free Childhood and others saying that Chinese-owned TikTok had failed to take down videos made by children under age 13 as it agreed under a 2019 consent agreement with the FTC.See the rest of the story at Business InsiderSee Also:The first video uploaded to YouTube, 15 years ago, shows one of the cofounders at the zoo — watch the clip hereThe best deals to expect during Amazon Prime Day 2020This map shows the highest-paying job in every state (we should've been doctors)
< Reuters, Tik Tok, Social Media, Federal Trade Commission, Privacy, Child privacy, Josh Hawley, Marsha Blackburn, Ed Markey, Richard Blumenthal, China, Data Privacy, >
- Business Insider 22:26May 29, 2020Under rising pressure from China, Taiwan is stocking up on naval weaponsREUTERS/Tyrone Siu Taiwan is planning to buy Harpoon anti-ship missiles for coastal defense as part of a broader military modernization effort.
The purchase comes amid rising pressure from China, which sees Taiwan as a breakaway province and has vowed to reunify it with the mainland.
Visit Business Insider's homepage for more stories. TAIPEI (Reuters) - Taiwan plans to buy land-based Boeing-made Harpoon anti-ship missiles as part of its military modernisation efforts, its defence ministry said on Thursday, the latest purchase from the United States to deal with a rising threat from China.
The United States, like most countries, has no official diplomatic ties with Taiwan but is bound by law to provide the democratic island with the means to defend itself.See the rest of the story at Business InsiderNOW WATCH: Watch the US Navy shoot down a medium-range missile in a test after North Korea launched a missile over JapanSee Also:The China-US rivalry is in a 'high-risk period,' China's defense minister says in rare commentsTaiwan may step up its own missile programs in order to keep China at bayChina's coronavirus propaganda campaign is hitting a snagSEE ALSO: Global military spending just saw its biggest spike in a decade, but the US outspends everyone else by far
< Reuters, News Contributor, Taiwan, China, Harpoon missile, torpedo, > - Business Insider 06:46May 29, 2020China says non-peaceful action on Taiwan is last resortREUTERS/Pichi Chuang China will use all means to prevent Taiwanese independence from China, the ruling Communist Party's third most senior leader said on Friday.
Li Zhanshu, who is also the head of China's parliament, said Beijing will use force as a last resort. He added that Beijing will never allow any force, in any way, to separate Taiwan from China.
Visit Business Insider's homepage for more stories. BEIJING (Reuters) - The head of China's Taiwan Affairs Office said on Friday that "one country, two systems" and "peaceful reunification" is the best way to bring China and Taiwan together.
Outside attempts by foreign forces to interfere in "reunification" will fail, Liu Jieyi told an event at the Great Hall of the People marking 15 years since China signed into law its Anti-Secession Law.See the rest of the story at Business InsiderNOW WATCH: Inside London during COVID-19 lockdownSee Also:Xi Jinping urges China's army to prepare for armed combat as Hong Kong protests restart over a new bill that would strip away the city's freedomsDefiant protesters chanting 'liberate Hong Kong' flood the streets to oppose China's grab for controlSouth America has become new COVID-19 epicenter, WHO says
< China, Taiwan, Reuters, >
- Business Insider 17:13May 28, 2020Dozens of companies that received multi-million coronavirus bailouts paid no taxes last yearReuters Many public companies who received multi-million dollar Paycheck Protection Program loans from the US government paid no taxes last year.
A Reuters analysis of public data found around 110 publicly traded companies have each received $4 million or more in emergency aid from the program.
The Trump Administration pledged in April to review all PPP loans more than $2 million, yet there were no stipulations for taxes as part of the application.
Visit Business Insider's homepage for more stories. LONDON/BOSTON (Reuters) - Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a U.S. government program that has provided emergency loans to millions of businesses hit by the coronavirus.
The money was part of the $660 billion Paycheck Protection Program (PPP) -- a linchpin of President Donald Trump's economic rescue package, meant to save small firms convulsed by the pandemic and help them to keep workers on the payroll.See the rest of the story at Business InsiderSee Also:Mike Pence predicted the pandemic would be 'behind us' by Memorial Day. Instead, hospitalizations are rising as deaths near 100,000.The anti-science leadership of Trump, Bolsonaro, and Putin led to the worst coronavirus outbreaks in the world'Should I be? Huh? I never thought about it': Trump asks if he should use insulin at White House seniors event
< Reuters, PPP, Paycheck protection program, White House, coronavirus, Business News Desk, >
- Business Insider 16:50May 28, 2020Russia says it's started building its own stealth bomberViktor Korotayev/REUTERS Russian state media says the country has begun building a prototype of its first stealth bomber.
Russia has already developed a stealth fighter but has yet to build it in large numbers.
Visit Business Insider's homepage for more stories. MOSCOW (Reuters) - Russia has begun building a prototype of its first stealth bomber which should be completed next year, the state-controlled TASS news agency reported on Tuesday, citing two sources in the military-industrial complex.
When completed and operational, the new plane will be able to carry an array of advanced missiles and bombs, including hypersonic weapons, TASS said.See the rest of the story at Business InsiderNOW WATCH: Here's a look at world's first stealth fighter jet, the F-117A Nighthawk, which was retired in 2008See Also:8 ways the coronavirus is more dangerous for veteransThe Marines aren't done issuing the M27, but they're already looking to replace it with Army's next-gen rifleEven with coronavirus restrictions, deadly violence continues to rise in MexicoSEE ALSO: The inside story of 2 supersonic flights that changed how America operates the F-35
< Reuters, News Contributor, Russia, stealth bomber, su-57, >
- Business Insider 11:41May 27, 2020Macy's looks to raise $1.1 billion in bond offering as the pandemic ravages its businessREUTERS/Andrew Kelly Macy's plans to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.
The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.
Earlier this month, the company said it that it is expecting sales to fall by as much as 45% during the first quarter of the year and is forecasting a $1 billion loss during this time.
Visit Business Insider's homepage for more stories. Macy's said on Tuesday it planned to raise $1.1 billion in a bond offering, backed by a first mortgage on some of its properties, to repay funds borrowed under a revolving credit facility.
The department store chain drew down a $1.5 billion credit facility in March as it had to temporarily close stores and limit its business to its app and website due to the COVID-19 pandemic.See the rest of the story at Business InsiderSee Also:These far-flung US regions could become the next big startup hubs as techies abandon Silicon Valley and embrace remote workStop fudging the data!'Reopening' won't fix the economy. Beating the virus will.SEE ALSO: One of the most influential people in fashion hinted that the coronavirus pandemic could end the era of inexpensive, disposable fashion popularized by Forever 21 and H&M
< Reuters, Macy's, Department Stores, Apparel, Retail Apocalypse, COVID-19, coronavirus, >
- Business Insider 11:08May 27, 2020H&M says its 2,500 furloughed workers at the Stockholm headquartersPhoto by Budrul Chukrut/SOPA Images/LightRocket via Getty Images
Visit Business Insider's homepage for more stories. H&M, the world's second-biggest fashion retailer, said on Wednesday it expects the 2,500 furloughed staff at its headquarters in Stockholm to be able to return to work by July.
"As it currently stands, we will not seek to extend the furlough period for our staff at the headquarters in Sweden to the July-October period," an H&M spokeswoman said in a text message.See Also:Gucci announces plans to cut back to 2 fashion shows a year as the coronavirus pandemic ravages the luxury fashion industryOne of the most influential people in fashion hinted that the coronavirus pandemic could end the era of inexpensive, disposable fashion popularized by Forever 21 and H&MItaly's devastated retail landscape: Here's how one of the worst-hit sectors has been impacted by the pandemic and what it will look like.SEE ALSO: One of the most influential people in fashion hinted that the coronavirus pandemic could end the era of inexpensive, disposable fashion popularized by Forever 21 and H&M
< Reuters, H&M, coronavirus, COVID-19, Apparel, Fast Fashion, >
- Business Insider 22:47May 26, 2020Uber just cut 600 jobs from its India offices as the ride-hailing giant's wave of layoffs go globalMatt Winkelmeyer/Getty Images Ride-hailing giant Uber announced that it would cut 600 jobs in India as part of its plans to scale down its workforce, close multiple offices, and survive the downturn.
"The impact of Covid-19 and the unpredictable nature of the recovery has left Uber India SA with no choice but to reduce the size of its workforce," Uber India and South Asia President Pradeep Parameswaran told Reuters.
India's countrywide lockdown to contain the spread of the coronavirus has hit both Uber and its South Asia ride-hailing competitor Ola hard.
One source estimated that Uber India employed between 2,4000 and 2,500 employees before Tuesday's cuts, meaning the cuts would hit approximately 25% of the workforce.
Visit Business Insider's homepage for more stories. Uber Technologies Inc will cut around 600 jobs in India as part of its plans to lay off 23% of its global workforce, as the company navigates a lockdown that has brought businesses in the country to a grinding halt.
Last week, Uber said it would focus on its core businesses of ride-hailing and food delivery and cut costs in an attempt to become profitable despite the coronavirus pandemic.See the rest of the story at Business InsiderSee Also:Uber paid its laid-off hourly workers far fewer weeks of severance than others, but the company now plans to retroactively pay them moreDemocratic senators are calling on the DOJ and FTC to scrutinize Uber's potential acquisition of GrubHubWe'll never see another $100 billion technology Vision Fund — from SoftBank or anyone else
< Reuters, Uber, Ride hailing apps, coronavirus layoffs, >
- Business Insider 17:08May 25, 2020A robot barista that takes orders, makes coffee, and delivers drinks to customers is being used in South Korea to help with social distancingREUTERS/Kim Hong-Ji Robot baristas are being used in South Korea to help with social distancing.
The new robot can take orders, make 60 different types of coffee, and serve drinks to customers at their seats.
In a two-storey cafe in South Korea, where this robot is being used, only one human employee was required to be there.
Visit Business Insider's homepage for more stories. The new robot barista at the cafe in Daejeon, South Korea is courteous and swift as it seamlessly makes its way towards customers.
"Here is your Rooibos almond tea latte, please enjoy. It's even better if you stir it," it says, as a customer reaches for her drink on a tray installed within the large, gleaming white capsule-shaped computer.See the rest of the story at Business InsiderSee Also:Doctors in London hospitals are using headsets from Microsoft to reduce the amount of staff coming into contact with COVID-19 patientsI just held a virtual scavenger hunt with my friends over Zoom, and it was one of the best remote games I've played so far. Here's how to create your own.Bored at home this weekend? You can play the popular card game 'Cards Against Humanity' with your friends online for freeSEE ALSO: Photos of people dining out in China post-lockdown offer a glimpse into what lies ahead for US restaurants
< Reuters, coronavirus, COVID-19, Social Distancing, South Korea, Robotics, Robots, UK Weekend, > - Business Insider 06:27May 23, 2020South America has become new COVID-19 epicenter, WHO saysAP Photo/Leo Correa THe World Health Organization announced Friday that South America has become a new epicenter of the COVID-19 pandemic.
Brazil has taken a hard hit from the coronavirus, which causes the respiratory illness known as COVID-19, and authorities have approved the use of hydroxychloroquine — an anti-malarial drug — as a treatment, despite lack of sufficient evidence that it works.
Meanwhile, the WHO said some African countries are seeing an uptick in coronavirus cases, but the death toll has remained relatively low.
Visit Business Insider's homepage for more stories. GENEVA (Reuters) - South America has become a new epicenter of the COVID-19 pandemic with Brazil hardest-hit, while cases are rising in some African countries that so far have a relatively low death toll, the World Health Organization (WHO) said on Friday.
"The COVID-19 pandemic today reached a milestone in Africa, with more than 100,000 confirmed cases. The virus has now spread to every country in the continent since the first case was confirmed in the region 14 weeks ago," the WHO said in a statement, noting there were 3,100 confirmed deaths on the vast continent.See the rest of the story at Business InsiderNOW WATCH: Inside London during COVID-19 lockdownSee Also:What the 10 most visited national parks in the US have said about their plans to reopen, from opening in phases to implementing social distancing guidelinesFord officials were reportedly 'surprised' when Trump took his mask off during a tour of their Michigan factoryFauci just made his first TV appearance in over 2 weeks and says we'll be 'seeing a little bit more' of him
< Reuters, coronavirus, South America, Africa, >
- Business Insider 16:30May 22, 2020Even with coronavirus restrictions, deadly violence continues to rise in MexicoREUTERS/Henry Romero Homicides climbed 2.4% in Mexico over the first four months of the year compared to the same period last year.
There was hope that coronavirus-related restrictions would curb the violence, but the 6,000 homicides in March and April made it one of the worst two-month periods on record.
Visit Business Insider's homepage for more stories. MEXICO CITY (Reuters) - Homicides in Mexico hit record levels in the first four months of 2020, climbing by 2.4% from the same period last year, official data showed on Wednesday, dealing a setback to the government's efforts to restore order.
President Andres Manuel Lopez Obrador pledged to bring down gang-fueled violence afflicting Mexico when he took office in December 2018, but homicides hit a record level in 2019 and have continued to climb even during the coronavirus lockdown.See the rest of the story at Business InsiderNOW WATCH: Mexico has just one store where you can legally buy a gun and it's located on a heavily-guarded military baseSee Also:US Air Force ramps up bomber flyovers near China in sign of rising tensionsNational Guard coronavirus deployments set to end one day short of mark for retirement, education benefitsCoronavirus could delay delivery of up to 24 F-35 fighter jetsSEE ALSO: Coronavirus and crime are a lethal combination for Mexico's tourist hotspots
< Reuters, News Contributor, Mexico, Mexico homicides, Mexican Drug Cartels, >
- Business Insider 16:47May 21, 2020Macy's forecasts $1 billion quarterly loss due to lockdownsIrene Jiang / Business Insider
The health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees and suspend dividends and buybacks in a bid to stay afloat amid store closures.
Just this month, several retailers, including J Crew, J.C. Penney and luxury store chain Neiman Marcus Group filed for bankruptcy after failing to cope with market uncertainties and mounting debt.See the rest of the story at Business InsiderSee Also:Weed sales are skyrocketing. Check out what it's like to get it delivered to your door during the pandemic.This chart shows how restaurants will struggle even after they're allowed to reopenFarmers are being forced to shoot and gas thousands of animals a day, devastating their business amid meat shortages
< Reuters, Macy's, Business News Desk, >
- Business Insider 16:02May 21, 2020Trump to visit Ford plant in Michigan amid tensions with the state's governor, who could be a vice-presidential candidate (F)Reuters Trump is visiting Michigan on Thursday and plans to visit a Ford plant that is making ventilators.
Trump might not wear a mask, defying COVID-19 protocols Ford has put in place.
Trump is also feuding the Michigan's governor, Gretchen Whitmer, who could be a vice-presidential candidate with presumptive Democratic presidential nominee Joe Biden.
Visit Business Insider's homepage for more stories. President Donald Trump travels to the political swing state of Michigan on Thursday to visit a Ford plant amid tension with the state's Democratic governor and differences over the speed at which the country is reopening from its COVID-19 shutdown.
Trump, a Republican who is running for re-election this November, has urged states to loosen coronavirus-related restrictions so the economy can recover.See the rest of the story at Business InsiderSee Also:Harley-Davidson restarts production, but the company is reportedly shipping 70% fewer bikes to dealers in 202021 NFL players who lost a ton of weight in retirement and how they did it10 simple reading strategies that will improve your memory and make you smarterFOLLOW US: On Facebook for more car and transportation content!
< Reuters, Trump, BITranspo, Ford, Gretchen Whitmer, Michigan, COVID-19, coronavirus, F >
- Business Insider 16:31May 20, 2020Harley-Davidson restarts production, but the company is reportedly shipping 70% fewer bikes to dealers in 2020 (HOG)Getty Images Harley-Davidson is undertaking a tentative restart of motorcycle production and shipping a reduced range of bikes to dealers, the Wall Street Journal reported.
Under new CEO Jochen Zeitz, Harley is expected to focus more on its core business to stem a stock slide of over 40% since the beginning of 2020.
Visit Business Insider's homepage for more stories. Harley-Davidson is reopening its factories this week at lower production rates and sending dealers a narrower range of motorcycles, the Wall Street Journal reported on Wednesday.
The motorcycle maker, which closed its US assembly plants in March due to the coronavirus outbreak, may not ship any additional new motorcycles this year to about 70% of its 698 dealers in the country, the report said.See the rest of the story at Business InsiderNOW WATCH: The rise and fall of Harley-DavidsonSee Also:The 40 highest-paying jobs you can get without a bachelor's degreeWhat it takes to have an excellent credit scoreMy favorite class at Wharton taught me a 5-step technique for getting anyone to do anything you wantFOLLOW US: On Facebook for more car and transportation content!
SEE ALSO: Harley-Davidson's new CEO has refocused the company on its core mission. See what that means for the iconic motorcycle maker.
< Reuters, Harley-Davidson, Motorcycles, BITranspo, coronavirus, HOG >
- Business Insider 12:58May 20, 2020Johnson's talc-based Baby Powder is discontinued in the US and Canada after thousands of lawsuits alleged cancer linkReuters Johnson & Johnson is discontinuing sales of its talc-based baby powder in the US and Canada.
The company has faced thousands of lawsuits from consumers claiming its talc products cause cancer due to contamination with asbestos.
In a statement, J&J said it "remains steadfastly confident in the safety of talc-based Johnson's Baby Powder," but said that demand had dropped off in the wake of these lawsuits.
Visit Business Insider's homepage for more stories. Johnson & Johnson on Tuesday announced it would stop selling its talc Baby Powder in the United States and Canada, saying demand had dropped in the wake of what it called "misinformation" about the product's safety amid a barrage of legal challenges.
J&J faces more than 19,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen. Many are pending before a U.S. district judge in New Jersey.See the rest of the story at Business InsiderSee Also:The 40 highest-paying jobs you can get without a bachelor's degreeWhat it takes to have an excellent credit scoreA Neiman Marcus creditor is calling for the bankrupt department store to merge with rival chain Saks Fifth AvenueSEE ALSO: Target extends it $2-an-hour coronavirus wage hike days after Amazon is slammed for taking away 'hero pay'
< Reuters, Johnson & Johnson, Baby, lawsuit, > - Business Insider 02:43May 20, 2020'We want accountability more than anyone': WHO chief says it will continue to lead pandemic response after Trump sends scathing letter accusing the organizations of a series of misstepsFabrice Coffrini / AFP / Getty WHO Director-General Tedros Adhanom Ghebreyesus defended the organization's response to the COVID-19 after President Donald Trump sent a scathing letter accusing the agency of a series of missteps.
In the letter sent to the WHO chief Monday, Trump threatened to permanently halt funding and reconsider US membership to the group unless the WHO made "major substantive changes."
The WHO declined to comment on Trump's threat to quit, saying only that it had received his letter and was considering its contents.
Visit Business Insider's homepage for more stories. GENEVA (Reuters) - The World Health Organization's head said on Tuesday he would keep leading the global fight against the coronavirus pandemic, after U.S. President Donald Trump threatened to cut off funding and quit the body.
WHO Director-General Tedros Adhanom Ghebreyesus defended the agency's role after the United States again withheld full support for a resolution on the pandemic.See the rest of the story at Business InsiderNOW WATCH: How waste is dealt with on the world's largest cruise shipSee Also:Trump threatens to permanently cut off WHO funding and membership unless WHO's chief makes 'major substantive improvements'China outplayed the world on the day it was meant to face a reckoning over its coronavirus responseTrump is refusing to unveil Obama's portrait at the White House, breaking a 40-year tradition
< Reuters, coronavirus, Donald Trump, World Health Organization, > - Business Insider 17:16May 18, 2020US lawmakers and officials are crafting proposals to push American companies to move their operations out of ChinaReuters The coronavirus pandemic is boosting US lawmakers' resolve to steer manufacturing jobs out of China.
The effort has bipartisan support as Republicans and Democrats try to decrease US reliance on China-made products.
While diversifying supply chains has gained support on both sides, paying companies to move production to the US is highly debated.
Visit Business Insider's homepage for more stories. WASHINGTON (Reuters) - US lawmakers and officials are crafting proposals to push American companies to move operations or key suppliers out of China that include tax breaks, new rules, and carefully structured subsidies.
Interviews with a dozen current and former government officials, industry executives and members of Congress show widespread discussions underway - including the idea of a "reshoring fund" originally stocked with $25 billion - to encourage US companies to drastically revamp their relationship with China.See the rest of the story at Business InsiderSee Also:A top White House official claimed, without evidence, that China sent sick people to other countries to 'seed' COVID-19 around the worldA report circulating in Congress, which claims that China covered up a virus leak from a Wuhan lab, has been debunkedMore than 120 countries are backing a UN motion to investigate the origins of the coronavirus, despite China's objectionsSEE ALSO: Weed sales are skyrocketing. Check out what it's like to get it delivered to your door during the pandemic.
< Reuters, Supply and Demand, China, Manufacturing, Jobs, Trump, Bipartisan, Politics, coronavirus, COVID-19, >
- Business Insider 18:59May 17, 2020China pushed back on the United States to stop 'unreasonable suppression' of Huawei and other Chinese businessesAssociated Press China's foreign ministry said on Saturday it would defend companies like Huawei against "unreasonable suppression" from the US.
A Chinese newspaper said the government was ready to retaliate against Washington after President Donald Trump's administration moved to block global chip supplies to the blacklisted telecoms company.
Tensions between the world's two largest economies have spiked in recent weeks, with officials on both sides suggesting they could abandon a hard-won deal that defused a bitter 18-month trade war just months after it was signed in January.
Visit Business Insider's homepage for more stories. BEIJING/HONG KONG (Reuters) - China's foreign ministry said on Saturday the United States needed to stop the "unreasonable suppression" of Chinese companies like Huawei, and a Chinese newspaper said the government was ready to retaliate against Washington.
The Trump administration on Friday moved to block global chip supplies to blacklisted telecoms equipment company Huawei Technologies, spurring fears of Chinese retaliation and hammering shares of US producers of chipmaking equipment.See the rest of the story at Business InsiderNOW WATCH: Why electric planes haven't taken off yetSee Also:Police in China, Dubai, and Italy are using these surveillance helmets to scan people for COVID-19 fever as they walk past and it may be our future normalChina central bank should shun risky bond buying as economy improves: adviserChinese survey team plans to summit deserted Everest
< Huawei, Reuters, China, Foreign Ministry, Trump administration, >
- Business Insider 18:42May 17, 2020Orlando's Walt Disney World Resort is reopening: 'it just may feel a bit different than before'Andrew Francis Wallace/Toronto Star via Getty Images The Disney Springs shopping center will be the first part of the Walt Disney World Resort in Orlando, Florida to reopen after a months-long coronavirus shutdown.
The shopping and dining area will begin a phased reopening on May 20, complete with temperature checks, contactless payments, and a face covering mandate.
Closing its theme parks around the world to slow the spread of the novel coronavirus cost The Walt Disney Company over $1 billion and led to the furlough 120,000 cast members.
Visit Business Insider's homepage for more stories. Walt Disney Co. will partially reopen its Disney Springs entertainment and shopping complex at Walt Disney World Resort in Florida on May 20, the company announced Saturday.
Disney and unions representing workers at Florida's Walt Disney World reached an agreement on safeguards to protect employees from the coronavirus, a union statement said on Thursday, removing one of the company's hurdles to reopening its popular theme parks.See the rest of the story at Business InsiderSee Also:Are Airbnbs safe? We spoke to experts, a company representative, and an Airbnb host to share everything you should know before booking someone's homeINFLUENCER MARKETING 2020: Why brands can't get enough of an $8 billion ecosystem driven by Kardashians, moms, and tweensObama took a dig at Trump's handling of the coronavirus during a virtual commencement addressSEE ALSO: 'WHAT THE ACTUAL F***?????': Heiress Abigail Disney slams company for furloughing workers but protecting shareholder payouts and executive bonuses
DON'T MISS: Before-and-after photos show how Disney World went from teeming to deserted in one day after closing for the coronavirus
< Reuters, BI Select, Arts & Culture, coronavirus, The Walt Disney Company, Disney, Disney World, Florida, > - Business Insider 03:40May 16, 2020Justice Department issues subpoenas to big Wall Street banks for small business loans records: ReutersReuters The Justice Department issued grand jury subpoenas to Wall Street banks seeking information in relation to a broader investigation into potential abuse of the small business loan program.
The program allows small businesses hurt by the pandemic to apply with lenders for a government-backed loan which can be forgiven provided at least 75% is spent on payroll costs.
Due to their critical role in processing the loans, banks have reams of information that could point to other fraud.
Visit Business Insider's homepage for more stories. WASHINGTON (Reuters) - The U.S. Justice Department has sent grand jury subpoenas to big banks seeking records as part of a broader investigation into potential abuse of a $660 billion emergency loan program to help small businesses hurt by the novel coronavirus, two people with knowledge of the matter told Reuters.
The previously unreported subpoenas issued by the department's Washington fraud division do not necessarily indicate wrongdoing on the part of the banks, but will compound growing worries among lenders that they risk being swept up in a federal crackdown on Paycheck Protection Program fraud. See the rest of the story at Business InsiderNOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quicklySee Also:'There is no precedent that anybody can find': Obama reportedly excoriated the DOJ's decision to drop the Michael Flynn case in a private callTrump and his allies are launching wild conspiracies about Obama after he slammed the DOJ's decision to drop charges against Michael FlynnYale's most popular class ever is available free online — and the topic is how to be happier in your daily life
< Reuters, Justice Department, Small Business Loans, Wall Street, > - Business Insider 23:17May 14, 2020Cruise is laying off 8% of staff as the coronavirus pandemic hits self-driving startups (GM)Cruise Cruise is laying off staffers — about 8% of its workforce.
The self-driving startup is based in San Francisco; it was acquired by General Motors in 2016 and has achieved a nearly $20 billion valuation with subsequent funding rounds.
Visit Business Insider's homepage for more stories. General Motors self-driving car unit Cruise on Thursday announced it was laying off about 8% of its staff, according to an internal e-mail.
That makes it the latest autonomous vehicle technology firm to cut staff as the coronavirus pandemic has shut down the economy and dried up funding. Even before the pandemic, the autonomous driving industry faced challenges, with the promise of large-scale rollouts of so-called robotaxis pushed out by many years.See the rest of the story at Business InsiderNOW WATCH: Chevy has built a $37.5K all-electric car capable of a 238-mile rangeSee Also:Carnival is laying off workers and cutting pay as COVID-19 freezes the cruise industryThe FDA just released a ghoulish handbook for how to convert trucks from storing coronavirus victims' bodies to hauling foodA 'free-for-all' on empty US roads: Cops detail a surge in dangerous driving, debate whether to risk coronavirus spread by jailing violatorsFOLLOW US: On Facebook for more car and transportation content!
< BITranspo, Cruise, GM, coronavirus, Reuters, GM >
- Business Insider 07:55May 13, 20202 newborn babies among the 16 dead in an attack on a hospital in KabulREUTERS/Mohammad Ismail Gunmen disguised as police attacked a hospital in the Afghan capital Kabul on Tuesday, killing 16 people, including two newborn babies.
There was no immediate claim of responsibility.
In a separate attack, a suicide bomber struck the funeral of a police commander, killing at least 24 people and injuring 68. The Afghan affiliate of the Islamic State militant group said it carried out the attack.
Visit Business Insider's homepage for more stories. KABUL/JALALABAD (Reuters) - Gunmen disguised as police attacked a hospital in the Afghan capital Kabul on Tuesday, killing 16 people including two newborn babies from a maternity clinic run by the international humanitarian organisation Doctors Without Borders.
In a separate attack the same day, a suicide bomber struck the funeral of a police commander, attended by government officials and a member of parliament, in the eastern province of Nangahar, killing at least 24 people and injuring 68. Authorities said that toll could rise.See the rest of the story at Business InsiderNOW WATCH: Inside London during COVID-19 lockdownSee Also:20 books billionaire Warren Buffett thinks everyone should read17 things that make the perfect résuméTop US and Chinese officials agree to strengthen cooperation for a Phase 1 trade deal
< Reuters, Afghanistan, Kabul, >
- Business Insider 15:53May 7, 2020Colombia had to abandon contact tracing from its coronavirus app because it didn't work properlyReuters/Paresh Dave Colombia has removed the contact-tracing feature from its official coronavirus information app after the feature experienced glitches.
In its place, the South American country is thought to be keen to adopt Apple and Google's contact-tracing technology, which it perceives as potentially more reliable than its own.
Apple and Google have said their Bluetooth-based technology is more reliable than alternative methods of contact-tracing.
Visit Business Insider's homepage for more stories. Colombia has removed the contact-tracing feature in its official app for informing residents about the novel coronavirus after experiencing glitches, but aims to rebuild using potentially more reliable technology from Apple and Google, a government official told Reuters.
The previously unreported moves by the Colombian government add to a growing number of accounts of countries adopting the Apple-Google technology and dropping alternatives aimed at helping them curtail outbreaks faster.See the rest of the story at Business InsiderNOW WATCH: A cleaning expert reveals her 3-step method for cleaning your entire home quicklySee Also:Apple, Google, 23andMe, and others are fighting COVID-19, from wearables to faster CT scans to contact tracingWorkers and shipments dispersed from one meatpacking plant to 48 states. Mapping their phone data shows how outbreaks at meatpacking plants could spread the coronavirus across the US.Documents show the UK may re-engineer its contact-tracing app to work with Google and Apple's technologySEE ALSO: Documents show the UK may re-engineer its contact-tracing app to work with Google and Apple's technology
< Reuters, Colombia, contact tracing, coronavirus, COVID-19, Google, Apple, >
- Business Insider 21:52May 6, 2020How the US is planning to outgun and out-maneuver China's growing militaryREUTERS/Jonathan Ernst The Trump administration has traded barbs with China over the coronavirus and trade issues, but those disputes have taken place amid a longer-term struggle for military dominance in the Pacific region.
Beijing has rolled out a missile arsenal that can threaten US ships and bases and continues to expand its navy, but the US is looking for ways to counter those moves, including by turning some Chinese tactics around on Beijing.
Visit Business Insider's homepage for more stories. HONG KONG (Reuters) — As Washington and Beijing trade barbs over the coronavirus pandemic, a longer-term struggle between the two Pacific powers is at a turning point, as the United States rolls out new weapons and strategy in a bid to close a wide missile gap with China.
The United States has largely stood by in recent decades as China dramatically expanded its military firepower. Now, having shed the constraints of a Cold War-era arms control treaty, the Trump administration is planning to deploy long-range, ground-launched cruise missiles in the Asia-Pacific region.See the rest of the story at Business InsiderNOW WATCH: Pathologists debunk 13 coronavirus mythsSee Also:Even a pandemic hasn't stopped the military competition in the South China SeaChina's long-range H-20 stealth bomber could make its debut this yearAl Qaeda's affiliate in Somalia is sitting on a coronavirus powder kegSEE ALSO: Even a pandemic hasn't stopped the military competition in the South China Sea
< Reuters, News Contributor, China, Tomahawk missile, > - Business Insider 06:52May 3, 2020Boris Johnson says the British government had a contingency plan in place for his deathPippa Fowles/10 Downing Street/Handout via Reuters British Prime Minister Boris Johnson said in an interview with The Sun that the government had a contingency plan in place for his death.
Johnson grew severely ill with COVID-19 and spent several nights in intensive care receiving "litres and litres of oxygen for a long time," he said.
Johnson said the government had "a strategy to deal with a 'death of Stalin'-type scenario."
Visit Business Insider's homepage for more stories. The British government had a contingency plan for Prime Minister Boris Johnson's death as his condition deteriorated while he battled COVID-19 last month in intensive care, Johnson said in an interview with The Sun newspaper published Saturday night.
Johnson returned to work on Monday, a month after testing positive for COVID-19. Johnson, 55, spent 10 days in isolation in Downing Street from late March, but was then was taken to London's St Thomas' Hospital where he received oxygen treatment and spent three nights in intensive care.See the rest of the story at Business InsiderNOW WATCH: Why electric planes haven't taken off yetSee Also:Small businesses got hundreds of millions of dollars in coronavirus loans that are supposed to be forgivable. Now comes the hard part.Boris Johnson dropped a big hint that British people will soon be told to wear masks to slow the spread of the coronavirusIntelligence officials and disease experts are shooting down Trump's claim that the US has good reason to believe the coronavirus originated in a Wuhan lab
< Reuters, Boris Johnson, coronavirus, > - Business Insider 22:48May 1, 2020Canada is banning assault-style weapons after the country's deadliest mass shootingReuters/Blair Gable Canadian Prime Minister Justin Trudeau announced the country will ban assault-style weapons.
The move comes just two weeks after Canada's deadliest mass shooting in Nova Scotia, which killed 22 people.
On Friday, Trudeau said "there is no use and no place for such weapons in Canada," adding that they were designed for the sole purpose of killing "the largest number of people in the shortest amount of time."
The gun rights debate in Canada is significantly less heated than in the United States, but the federal Conservative Party criticized Trudeau over the decision, saying it was ineffective and unfair to lawful gun owners.
Trudeau acknowledged that many Indigenous communities use firearms to hunt, but added that "you don't need an AR-15 to bring down a deer."
Visit Business Insider's homepage for more stories. OTTAWA (Reuters) - Canada is banning the sale of military-grade assault weapons in the aftermath of the country's deadliest mass shooting two weeks ago, Prime Minister Justin Trudeau said on Friday.
"These weapons were designed for one purpose and one purpose only: to kill the largest number of people in the shortest amount of time," Trudeau said at a daily media briefing in Ottawa. "There is no use and no place for such weapons in Canada."See the rest of the story at Business InsiderNOW WATCH: Inside London during COVID-19 lockdownSee Also:34 business books every professional needs to read before turning 30The best HBO original TV shows of all time — and the worstAmerican Airlines, Delta, and United will soon require facial coverings on US flights
< Reuters, Canada, Gun Rights, Justin Trudeau, Nova Scotia, Mass Shooting, > - Business Insider 21:44May 1, 2020The $1.1 billion deal to sell control of '.org' domain names to a private equity firm has been blocked, after an outcry from critics including California's attorney generalAndrew Cowie/AFP/GettyImages ICANN, the Internet Corp for Assigned Names and Numbers, announced that it had vetoed a controversial $1.1 billion deal passing control of domain names ending in .org to a private investment firm.
"The ICANN Board finds that the public interest is better served in withholding consent as a result of various factors that create unacceptable uncertainty," the Los Angeles-based body said on its website.
The deal, brokered between the Internet Society and the private equity firm Ethos Capital, had prompted alarm from the nonprofits that typically use the .org domain.
It also attracted critics like California's Attorney General Xavier Becerra, who cited a lack of transparency around Ethos Capital as a concern.
Visit Business Insider's homepage for more stories. SAN FRANCISCO (Reuters) -- A body overseeing web addresses said it has vetoed a $1.1 billion deal to sell control of domain names ending in .org to a private investment firm after an outcry from internet pioneers and officials including California's attorney general.
The surprise plans in Noby the Internet Society to sell the Public Interest Registry to a newly formed for-profit firm, Ethos Capital, announced in November, provoked alarm from many of the more than 10 million entities that use the .org suffix, associated with non-profit organizations.See the rest of the story at Business InsiderSee Also:SoftBank is taking a $6.6 billion hit from WeWork's stumblesVerizon says it won't cancel people's plans or charge late fees through June 30Germany backs Apple and Google approach to contact tracing for fighting coronavirus
< Reuters, ICANN, Internet, Domain Names, >
- Business Insider 08:06May 1, 2020American Airlines, Delta, and United will soon require facial coverings on US flightsPablo Blazquez Dominguez/Getty Images Three of the largest four US airlines said Thursday they will require passengers to wear facial coverings on US flights.
United Airlines, Delta Air Lines Inc, and American Airlines Group Inc, along with the smaller Frontier Airlines, announced they will require facial coverings next month.
Many US airlines are also requiring pilots and flight attendants to use facial coverings while on board aircraft.
Visit Business Insider's homepage for more stories. WASHINGTON (Reuters) - Three of the largest four US airlines said Thursday they will require passengers to wear facial coverings on US flights, joining JetBlue Airways Corp in taking the step to address the spread of the coronavirus and convince reluctant passengers to resume flying.
United Airlines, Delta Air Lines Inc, and American Airlines Group Inc, along with the smaller Frontier Airlines, which is owned by private equity firm Indigo Partners LLC, announced they will require facial coverings next month.See the rest of the story at Business InsiderSee Also:Inside the 34-year marriage of Mike Pence, who calls his wife 'mother' and refuses to dine with other womenThe best cat foodThe best budget smartphones
< Reuters, American Airlines, Airlines, Delta, JetBlue, >
- Business Insider 07:07May 1, 2020Trump gave Saudi Arabia an ultimatum to cut oil supply or lose US military supportREUTERS/Kevin Lamarque/File Photo US President Donald Trump gave Saudi Crown Prince Mohammed bin Salman an ultimatum to end its oil price war with Russia — cut oil prices or lose US military support.
Earlier this month, Trump told bin Salman that unless the OPEC started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.
"They were having a hard time making a deal. And I met telephonically with him, and we were able to reach a deal" for production cuts, Trump said.
Visit Business Insider's homepage for more stories. WASHINGTON/LONDON/DUBAI (Reuters) - As the United States pressed Saudi Arabia to end its oil price war with Russia, President Donald Trump gave Saudi leaders an ultimatum.
In an April 2 phone call, Trump told Saudi Crown Prince Mohammed bin Salman that unless the Organization of the Petroleum Exporting Countries (OPEC) started cutting oil production, he would be powerless to stop lawmakers from passing legislation to withdraw U.S. troops from the kingdom, four sources familiar with the matter told Reuters.See the rest of the story at Business InsiderNOW WATCH: Why thoroughbred horse semen is the world's most expensive liquidSee Also:Trump says he 'can't imagine why' there was a spike in calls to emergency hotlines in several states after he 'sarcastically' mused about injecting disinfectant to cure the coronavirusTrump cut funding for a group researching bat-to-human virus transmissions after unfounded conspiracy theories linked it to a Wuhan lab, report saysTrump claims 'very good experts' told him the coronavirus 'would never affect' the US, despite multiple officials publicly warning of an impending outbreak
< Reuters, Donald Trump, Oil price, Saudi Arabia, Saudi Crown Prince, Mohammed bin Salman, > - Business Insider 17:40April 30, 2020Satellite images of luxury boats are more signs Kim Jong Un is at his favorite villa, experts sayKCNA via REUTERS Experts who monitor the North Korean regime say recent movements of luxury boats add to signs that Kim Jong Un and his entourage are at a coastal resort.
South Korean and US official say it's plausible Kim is there, possibly to avoid exposure to the coronavirus, and are skeptical of media reports he has a serious illness.
Visit Business Insider's homepage for more stories. SEOUL (Reuters) - Satellite imagery showing recent movements of luxury boats often used by North Korean leader Kim Jong Un and his entourage near Wonsan provide further indications he has been at the coastal resort, according to experts who monitor the reclusive regime.
Speculation about Kim's health and location erupted after his unprecedented absence from April 15 celebrations to mark the birthday of his late grandfather and North Korea's founder, Kim Il Sung.See the rest of the story at Business InsiderNOW WATCH: Here's how North Korea's Kim Jong Un became one of the world's scariest dictatorsSee Also:From growers in Peru to dealers in Paris, the coronavirus has upended the global drug tradeThe Navy finally took delivery of its next-generation stealth destroyer after years of delaysA growing number of veterans support the US getting out of AfghanistanSEE ALSO: 'Bad news for everyone': How Kim Jong Un's demise could spark unrest and require a military response
< Reuters, News Contributor, Kim Jong Un, North Korea, Wonson, > - Business Insider 16:09April 30, 2020SoftBank is taking a $6.6 billion hit from WeWork's stumblesSoftbank is taking a $6.6 billion hit on its WeWork investment.
The company's value has sunk drastically in recent months following its failed IPO bid.
Overall, Softbank's portfolio is under massive pressure following big tech bets on everything from ride-hailing to hotels that have turned sour amid the global recession.
Read more: We spoke to 12 SoftBank insiders about how Masa Son and the $100 billion Vision Fund lost its way SoftBank said it sees a loss of around 700 billion yen ($6.6 billion) for the year ended March on the portion of its WeWork investment held outside the Vision Fund, as the virus compounds woes at one of the firm's biggest bets.
The hit extends the group's expected net loss to 900 billion yen as investments made via the $100 billion fund sour, with the latest writedown illustrating how the group is racing to keep pace with the deteriorating value of its portfolio.
"Every writedown takes Wework's carrying value closer to reality. Clearly the value is zero," said Kirk Boodry, an analyst at Redex Holdings.See the rest of the story at Business InsiderSee Also:FCC votes to open more spectrums for faster WiFi later this year as wireless networks experience increased strainGermany backs Apple and Google approach to contact tracing for fighting coronavirusThe best dog foodSEE ALSO: We spoke to 12 SoftBank insiders about how Masa Son and the $100 billion Vision Fund lost its way
< Reuters, > - Business Insider 22:00April 29, 2020Big banks have been temporarily locked out of the small business lending programDavid McNew/Getty Images The Small Business Administration is currently only accepting loans from banks that have assets of $1 billion or fewer.
The move may address concerns that small lenders that primarily work with businesses owned by people of color would have to compete with larger banks.
Minority-owned banks were already concerned that businesses owned by people of color would miss out on loans because they were going up against big banks.
Visit Business Insider's homepage for more stories. The Small Business Administration on Wednesday said it would be temporarily closing its Paycheck Protection Program (PPP) for small businesses hurt by the novel coronavirus to all but the country's smallest lenders, in a bid to give them fair access.
The agency said it would only accept loans from banks with assets of $1 billion or fewer as of 4 p.m. EDT (20:00 GMT) on Wednesday, lasting through to midnight.See the rest of the story at Business InsiderNOW WATCH: How waste is dealt with on the world's largest cruise shipSee Also:Sundar Pichai was awarded $281 million in compensation last year. Here's how the Alphabet CEO got his start and rose to become one of the world's highest-paid executives.47 thoughtful gifts to send your mom if you're spending Mother's Day apart this year — for every budgetRobo-advisor Wealthfront offers a high-yield cash account with a minimum deposit of $1 — here's how it stacks upSEE ALSO: Iowa tells workers to return to their jobs or lose unemployment benefits, despite warnings that reopening could lead to a second wave of infections
< Reuters, SBA, PPP, PPP lending program, coronavirus, contributor 2019, >
- Business Insider 08:06April 28, 2020Asian stocks and US futures tank as US crude drop 14% and Brent crude falls 4%Reuters Asian stocks and US futures took a hit as oil prices dropped another 14% on Tuesday, despite optimistic rises in US stocks as states prepare to re-open.
Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse.
MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was down 0.3%. Shares in China <.CSI300> fell 0.7% and South Korean shares <.KS11> fell 0.22%.
U.S. crude <CLc1> skidded 14.24% to $10.96 a barrel while Brent crude <LCOc1> fell 4.05% to $19.18 per barrel.
Visit Business Insider's homepage for more stories. TOKYO/NEW YORK (Reuters) - Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.
MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was down 0.3%. Shares in China <.CSI300> fell 0.7% and South Korean shares <.KS11> fell 0.22%.See the rest of the story at Business InsiderNOW WATCH: We tested a machine that brews beer at the push of a buttonSee Also:US durable goods orders slump the most since 2014, weighed down by the coronavirus pandemic and canceled Boeing ordersMore than 80 million Americans received stimulus checks last week. But top Democratic economists say the government should be doing even more to fight coronavirus.A Trump economic adviser jokingly suggested putting people in 'space outfits' to reopen the economy
< Reuters, coronavirus, Oil price, Oil Price Impact, Oil price crash, Japan, China, South Korea, >
- Business Insider 22:11April 25, 2020Brazil 'super minister' quit over Bolsonaro's alleged interference in the country's worst crisis yet, sparking chaosUeslei Marcelino/Reuters Sergio Moro, the minister of Justice and Public Security under Brazilian President Jair Bolsonaro, quit and accused the president of potentially criminal meddling in law enforcement.
Moro said he was resigning because Bolsonaro fired federal police chief Mauricio Valeixo for personal and political reasons. The accusation sparked outcry across the political spectrum, with Brazil's chief public prosecutor asking for a Supreme Court investigation.
The accusation comes as the latest blow to Bolsonaro, whose popularity has shrunk in recent weeks as he had downplayed the pandemic that has killed more than 3,600 Brazilians and shows signs of worsening.
Visit Business Insider's homepage for more stories. BRASILIA (Reuters) - Brazil's Jair Bolsonaro suffered the heaviest blow to his presidency so far as his popular justice minister quit on Friday and accused him of potentially criminal meddling in law enforcement, adding to the turmoil of a government struggling to confront a fast-growing coronavirus outbreak.
Sergio Moro, who won broad public support for jailing corrupt politicians and businessmen as a judge, said he was resigning because Bolsonaro fired federal police chief Mauricio Valeixo for personal and political reasons.See the rest of the story at Business InsiderNOW WATCH: Tax Day is now July 15 — this is what it's like to do your own taxes for the very first timeSee Also:Trump says he's close to reaching a deal with Congress for a $400-billion-plus coronavirus aid package that includes a boost for small-business loansA look inside the daily routine of first lady Melania Trump, who eats 7 pieces of fruit a day, is a 'full-time mom', and has been self-isolating at the White House during the coronavirus pandemicThe best treadmills for your home gym
< Reuters, Jair Bolsonaro, Brazil, > - Business Insider 19:00April 25, 2020From growers in Peru to dealers in Paris, the coronavirus has upended the global drug tradeREUTERS/Mariana Bazo Countries around the world have shut their borders and told people to stay at home in order to stem the spread of the coronavirus.
For the members of the drug trade, from Andean farmers to street pushers, dimished cross-border trade and a lack of foot traffic have severly undercut their business.
Visit Business Insider's homepage for more stories. RIO DE JANEIRO/MEXICO CITY (Reuters) - Countries around the world have spent billions of dollars bailing out businesses affected by the coronavirus outbreak. Peru's coca farmers, who grow the bushy plant used to make cocaine, say they want help, too.
Prices for coca leaves sold to drug gangs have slumped 70% since Peru went on lockdown last month, according to Julián Pérez Mallqui, the head of a local growers' organization. He said his members cater to Peru's tightly regulated legal coca market, but acknowledged some growers sell on the black market. Peruvian officials say more than 90% of the country's coca crop goes to traffickers who are now struggling to move product.See the rest of the story at Business InsiderNOW WATCH: Why the price of cocaine in America has barely moved in decadesSee Also:The Navy just graduated its newest class of SEALs despite the coronavirus'Sewage surveillance' may be early-warning tool for fighting the coronavirusHow Trump gets it wrong about the WHO's response to the coronavirusSEE ALSO: Brazil's gangs are flooding Europe with cocaine
< Reuters, News Contributor, Drug trafficking, drug smuggling, Cocaine, Peru, Mexico, Brazil, France, coronavirus, COVID-19, > - Business Insider 05:52April 25, 2020AutoNation is returning $77 million in US payroll assistance coronavirus relief loansAssociated Press AutoNation Inc <AN.N>, the largest US auto dealership chain, said on Friday it will return $77 million it received in forgivable loans from the US Paycheck Protection Program (PPP) meant to help struggling small businesses and employees during the coronavirus outbreak.
Marc Cannon, a spokesman for the company, told Reuters that AutoNation was "clearly eligible and applied on behalf of the 7,000 employees furloughed caused by the COVID-19 crisis."
On Thursday, the Small Business Administration issued new guidelines on the program and soon after AutoNation called a board meeting "and decided to cancel all PPP applications and return all PPP funds" by May 7.
The loans are forgivable if companies use at least 75% on payroll expenses. AutoNation said it had planned to use all of the funds on payroll.
Visit Business Insider's homepage for more stories. WASHINGTON (Reuters) - AutoNation Inc <AN.N>, the largest US auto dealership chain, said on Friday it will return $77 million it received in forgivable loans from the US Paycheck Protection Program (PPP) meant to help struggling small businesses and employees during the coronavirus outbreak.
Marc Cannon, a spokesman for the company, told Reuters that AutoNation was "clearly eligible and applied on behalf of the 7,000 employees furloughed caused by the COVID-19 crisis."See the rest of the story at Business InsiderNOW WATCH: Why Pikes Peak is the most dangerous racetrack in AmericaSee Also:Delta's CEO said he would support an 'immunity passport' program or other steps to jumpstart travel as the airline reports its first quarterly loss in more than 5 years'The supervisor coughed in a coworker's direction as a joke': As coronavirus cases at the US Postal Service surpass 1,200, employees say a lack of supplies and care is putting them at riskThe 1,000-bed US Navy hospital ship that docked in New York to help the city brace for coronavirus is leaving — see inside the USNS Comfort
< Reuters, autonation, Stimulus, coronavirus, >
- Business Insider 02:52April 25, 2020China sent team including medical experts to advise on North Korea's Kim Jong Un, sources sayKCNA via Reuters China has dispatched a team to North Korea including medical experts to advise on North Korean leader Kim Jong Un, according to three people familiar with the situation.
The trip by the Chinese doctors and officials comes amid conflicting reports about the health of the North Korean leader, but Reuters was not able to ascertain what this signals about Kim's health.
A delegation led by a senior member of the Chinese Communist Party's International Liaison Department left Beijing for North Korea on Thursday, two of the people said.
Visit Business Insider's homepage for more stories. BEIJING/SEOUL (Reuters) - China has dispatched a team to North Korea including medical experts to advise on North Korean leader Kim Jong Un, according to three people familiar with the situation.
The trip by the Chinese doctors and officials comes amid conflicting reports about the health of the North Korean leader. Reuters was unable to immediately determine what the trip by the Chinese team signaled in terms of Kim's health.See the rest of the story at Business InsiderNOW WATCH: Why thoroughbred horse semen is the world's most expensive liquidSee Also:A look inside the daily routine of first lady Melania Trump, who eats 7 pieces of fruit a day, is a 'full-time mom', and has been self-isolating at the White House during the coronavirus pandemicThe best men's workout clothes'I wish him well': Trump says he's unsure of Kim Jong Un's condition but hopes 'he's doing fine'
< Reuters, North Korea, Kim Jong Un, China, BI International, >
- Business Insider 22:58April 22, 2020Rupert Murdoch and his son Lachlan are giving up their Fox salaries in a bid to prevent layoffsReuters Fox Corp Chairman Rupert Murdoch and CEO Lachlan Murdoch are giving up their salaries in a bid to prevent layoffs, Lachlan announced in a memo to employees Wednesday.
About 700 other Fox employees will also take pay cuts between 15% and 50% through the end of September, and the company has also banned pay raises.
Disney is also using executive pay cuts to save cash during the coronavirus crisis.
Visit Business Insider's homepage for more stories. Fox Corp Chairman Rupert Murdoch and Chief Executive Officer Lachlan Murdoch will forgo their salaries in response to the coronavirus crisis, according to an internal memo sent to employees on Wednesday.
Other executives including Chief Operating Officer John Nallen, Chief Legal Officer Viet Dinh and Chief Financial officer Steve Tomsic will also forego their salaries through Sept. 30, effective immediately, the memo said, adding that pay cuts will impact about 700 Fox employees.See the rest of the story at Business InsiderNOW WATCH: Here's what it's like to travel during the coronavirus outbreakSee Also:We tried the alcohol diet Tom Brady put Rob Gronkowski on, and it was a lot harder than we imaginedBill Gates just dropped $43 million on an oceanfront home in California. Here's how he spends his $102 billion fortune, from a luxury-car collection to incredible real estate.25 people who became highly successful after age 40SEE ALSO: 'WHAT THE ACTUAL F***?????': Heiress Abigail Disney slams company for furloughing workers but protecting shareholder payouts and executive bonuses
DON'T MISS: What Rupert Murdoch's life is really like: How the mogul grew his media empire and $7.35 billion fortune, weathered scandal, and became engrained in international politics
< Reuters, Arts & Culture, BI Select, Fox news, Rupert Murdoch, Lachlan Murdoch, coronavirus, Fox, Reuters US, Contributor, >
- Business Insider 16:15April 21, 2020IKEA plans to start reopening its European stores in May — and is stocking up for a post-coronavirus baby boomIna Fassbender/picture alliance via Getty Image Ikea is aiming to open its European stores as soon as May.
In an interview, the CEO of the retailer's parent company said home office and kitchen supplies have spiked amid quarantine orders.
As things return to normal, he's anticipating a baby boom and says the company is stocking up.
Visit Business Insider's homepage for more stories. IKEA store owner Ingka Group, the world's biggest furniture retailer, aims to start reopening shops in Europe in May after closures and sliding demand due to the COVID-19 pandemic slashed group sales by 60%, its chief executive said.
Most of Ingka's stores in main market Europe and all in North America are closed since March while in Asia almost all are open.See the rest of the story at Business InsiderSee Also:US could run out of soda and beer as producers fall short of vital ingredientLuxury fashion brands have been aiding the fight against the global pandemic — here's what comes next for themThe coronavirus pandemic has hit the Greek tourism sector hard with 65% of hoteliers saying they could face bankruptcy
< Reuters, Ikea, coronavirus, baby boom, Business News Desk, >
- Business Insider 13:09April 21, 2020Starbucks launches a new plant-based menu in China, featuring Beyond Meat productsNICOLAS ASFOURI/AFP via Getty Images Starbucks is launching a new plant-based lunch menu in China, featuring Beyond Meat's products.
The menu includes pastas and lasagne using Beyond Meat's plant-based beef products along with dishes from Omnipork, a plant-based pork alternative brand.
This is Beyond Meat's debut into the Chinese market, where meat alternative products have yet to take off in the same way as in the US and Europe.
Visit Business Insider's homepage for more stories. Starbucks Corp said on Monday it would roll out a new plant-based lunch menu in China this week, launching Beyond Meat Inc's products in a country where it is trying to recover from the novel coronavirus pandemic-led shutdown.
The world's biggest coffee chain has reopened most of its stores in China, where the outbreak appears to be slowing, and is banking on a slew of new plant-based food and beverage offerings to pull in more curious and environment-conscious diners.See the rest of the story at Business InsiderSee Also:Starbucks prepares to reopen stores closed in coronavirus pandemic, predicting a return to normal operations in JuneJCPenney misses a $12 million debt payment amid reports that the struggling department store chain is considering bankruptcy optionsJCPenney exploring bankruptcy options as the coronavirus pandemic shatters its hopes of a turnaroundSEE ALSO: Starbucks is now serving oat milk lattes at certain stores across the US as its cashes in on the craze for this non-dairy milk
< Reuters, Starbucks, Beyond Meat, plant-based, >
- Business Insider 17:19April 20, 2020Europe's coronavirus-tracing apps risk an unprecedented increase in mass surveillance, experts warnedReuters There's a battle in Europe about the best way to roll out contact-tracing apps, a digital way of monitoring people with COVID-19 symptoms and alerting people they've had contact with.
The fight centers on whether these apps, produced variously by health authorities and government, rely on centralized systems or more privacy-friendly decentralized methods.
Asia was fast to rollout contact-tracing apps, but its reliance on GPS and location data are incompatible with Europe's approach to privacy.
Several European countries, including the UK, are working on contact-tracing apps with the goal of rolling out in the coming weeks.
Visit Business Insider's homepage for more stories. A rift has opened up over the design of smartphone apps to trace people in Europe at risk of coronavirus infection, potentially hindering efforts to curb the pandemic and ease crippling travel restrictions.
Scientists and researchers from more than 25 countries published an open letter on Monday urging governments not to abuse such technology to spy on their people and warning of risks in an approach championed by Germany.See the rest of the story at Business InsiderSee Also:$2 billion telehealth unicorn Babylon Health has furloughed 5% of its staff in response to COVID-19Staying up late reading scary news? There's a word for that: 'doomscrolling'Airbnb laid off most of its contractors and postponed summer internships during a Zoom Q&A with the company's CEO
< Reuters, contact tracing, European tech, coronavirus, COVID-19, >
- Business Insider 02:40April 20, 2020Trump says he's close to reaching a deal with Congress for a $400 billion-plus coronavirus aid package that includes a boost for small business loansReuters President Donald Trump said during a Sunday press conference that Democrats and Republicans are nearing agreement on approving extra money to help small businesses hurt by the coronavirus pandemic.
The deal, which Trump said could be ready as early as Monday, would end a stalemate over Trump's request to add $250 billion to a small-business loan program established last month as part of a $2.3 trillion coronavirus economic relief plan. That fund has already been exhausted.
Democratic leaders want more money for small businesses but with additional safeguards to ensure that credit reaches businesses in underserved communities.
Visit Business Insider's homepage for more stories. WASHINGTON (Reuters) - US Democrats and Republicans are near agreement on approving extra money to help small businesses hurt by the coronavirus pandemic and could seal a deal as early as Monday, President Donald Trump said, despite hopes for a deal on Sunday.
Trump told his daily White House briefing on the crisis that Republicans were "close" to getting a deal with Democrats, and suggested there could be a resolution on Monday.See the rest of the story at Business InsiderSee Also:Nearly 20 Republican lawmakers are considering returning to DC next week in defiance of recess extended to MayDr. Fauci throws cold water on conspiracy theory that coronavirus was created in a Chinese labFox News host defended anti-lockdown protesters carrying Confederate flags and falsely accused Michigan's governor of calling them Nazis
< Reuters, Trump, Congress, coronavirus, coronavirus aid, COVID-19, >
- Business Insider 19:19April 18, 2020Mafia loan sharks are preying on families desperate for food and cash under Italy's coronavirus lockdownAndrea Ronchini/NurPhoto via Getty Images Prosecutors and officials told Reuters that the mafia is capitalizing in Italy as families become desperate amid the ongoing coronavirus lockdown.
In southern Italy, in particular, mafia clans are offering struggling families food and supplies in order to curry favor.
They're also offering cash loans with the aim of later entrapping borrowers.
"The Camorra knows this is the right time to invest," Federico Cafiero De Raho, Italy's national anti-mafia prosecutor, told Reuters.
Visit Business Insider's homepage for more stories. ROME (Reuters) - Italy's mafia clans are taking advantage of the coronavirus pandemic to buy favour with poor families facing financial ruin, prosecutors and officials say, and are offering loans and food in what is seen as an age-old recruitment tactic.
After decades of campaigning to curb the influence of the mafia in its traditional strongholds of southern Italy, officials and charitable groups say the pandemic has created new opportunities for organised crime to regain people's loyalties.See the rest of the story at Business InsiderNOW WATCH: Inside London during COVID-19 lockdownSee Also:After one month of coronavirus lockdown, more than 50% of Los Angeles is now unemployedA third of the global population is on coronavirus lockdown — here's our constantly updated list of countries and restrictionsWhile some travel nurses receive lucrative paychecks to work with COVID-19 patients, those in other departments are out of work as contracts for cancelled
< UK Weekend, Reuters, Contributor, Mafia, coronavirus, Italy, > - Business Insider 20:47April 17, 2020Americans are turning to bikes instead of public transportation because of the coronavirusREUTERS/Bryan R Smith Coronavirus fears have commuters in dense cities ditching public transportation in droves.
Many have turned to bikes as a socially distant alternative.
Bike shops in New York City have seen an uptick in traffic as people consider the humble two-wheelers.
Visit Business Insider's homepage for more stories. Add fear to the list of reasons people ride bikes.
"I'm 51 and healthy, but I don't want to get on the subway," said John Donohue, a Brooklyn-based artist who bought a bike two weeks ago. Donohue, who doesn't own a car, says he's not sure when he'll be comfortable on mass transit again.
The coronavirus pandemic has sparked a surge in bike sales across the United States, according to a major manufacturer and a half dozen retailers interviewed by Reuters.
Many of the purchases are by people looking for a way to get outside at a time of sweeping shutdowns and stay-at-home orders aimed at containing the virus: Even the worst affected states are allowing people out to exercise.
Still, a portion of the sales, especially in urban areas, are to people like Donohue who also want to avoid the risk of contagion on buses or subways.
He plans to use his new 24-gear hybrid for journeys such as regular visits to a printing shop across town that he normally travels to by subway. A key feature, he said, was the bright red panniers he added to carry his artwork.To be sure, bikes remain well down the list of U.S. commuting preferences.
REUTERS/Bryan R Smith
About 870,000 Americans, on average, commuted to work by bicycle in the five years through 2017, or about 0.6% of all workers, according to the U.S. Census Bureau. The rate was higher in urban areas, at about 1.1%, and about 20 cities with at least 60,000 residents had rates of about 5% or more.
A more recent survey, though, showed a higher percentage of U.S. workers using a bike to get to work. Private research firm Statista Inc.'s 2019 survey showed 5% rode their own bike, while another 1% used a bike share service, an increasingly common option in larger cities.
Running out of stock.
REUTERS/Bryan R Smith
The government has declared bicycles an essential transportation item, so many bike shops remain open despite the widespread business shutdown. Many, though, have modified how they operate, no longer letting buyers test bikes and handing them over on the curb rather than inside the store.
According to the National Bicycle Dealers Association, roughly three-quarters of U.S. bike sales are through big box stores. While many of the outlets of large specialty sporting goods chains are closed, general merchandisers like WalMart Stores Inc <WMT.N>, the largest seller of bikes, remain open. Walmart did not respond to a request for comment.
Kent International Inc., which imports bikes from China and also makes them at a plant in South Carolina, said sales of its low-priced bikes had surged over the past month.
Kent is already out of stock on five of its top 20 models and expects that to rise to 10 by the end of the month, chief executive and chairman Arnold Kamler said. He noted supplies were flowing in from China, which has reopened much of its manufacturing base over the past month.
Kamler said sales at most of the major retailers he supplies were up 30% last month and are up over 50% so far in April, with the surge in demand forcing him to change shipping arrangements.
He normally imports bikes to ports on both the East and West Coasts. But with many retailers asking for more bikes, he's now directing all shipments into West Coast ports, then transporting them across the country. That adds to freight costs, he said, but can cut weeks off delivery times.
Low Prices
REUTERS/Bryan R Smith
Mark Vautour, who manages a bike store near the Boston University campus, said he had sold bikes to anxious commuters - including at least one medical worker who wanted an alternative to using the subway.
"We've joked for years that trains are like a petri dish," Vautour said.
Mostly, though, his sales have been children's bikes, "because parents don't know what to do with their kids."
One indication that people are buying bikes for more utilitarian uses like commuting is that many of the purchases are low-priced bikes, several bike retailers said.
Joe Nocella, owner of 718 Cyclery & Outdoors in Brooklyn, said his normal "sweet spot" was bikes that sell for $1,500 to $2,000, used by city dwellers for touring.
"Now the average bike has turned to $500 to $800," he said.
Those lower prices are one reason many bike retailers are struggling, despite strong sales.
Andrew Crooks, chief executive of NYC Velo, a three-store chain in the New York area, said the drop in average selling prices meant revenues had fallen at a time when he was still paying rents, salaries and other costs.
"So we could keep our doors open and still end up with a business that's not viable," he said.
Still, some new buyers say they are switching to bikes for the long term.
Having been stuck at home in Baltimore, Kaitlyn Lee bought a $550 bike this weekend so she could get outdoors safely and avoid public transport when she gets a job.
Lee will finish a graduate degree in public health at the University of Maryland this spring and has applied for jobs at the Centers for Disease Control and the Health Resources and Services Administration, part of the U.S. Department of Health and Human Services. Her plan is to commute by bike to a future job, if possible.
"I mean, it'll never completely vanish," she said of the coronavirus. "Rather we will learn how to live alongside of it, just like with other viruses."
(Reporting by Tim Aeppel; Editing by Dan Burns and Mark Potter)
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< Features, Reuters, Bikes, bicycling, coronavirus, Cycling, BITranspo, Business News Desk, > - Business Insider 19:29April 16, 2020Facebook is scaling back its digital currency project Libra as it tries to win regulatory approvalDrew Angerer/Getty Images Facebook is scaling back its cryptocurrency project Libra.
The ambitious plan to build a new transnational digital currency faced a wave of criticism and regulatory scrutiny.
On Thursday, it announced it would be linked to individual currencies and have additional oversight by watchdogs.
It is now seeking approval from Switzerland's markets watchdog. Facebook is scaling back its beleaguered cryptocurrency project Libra in an attempt to win regulatory approval.
The Silicon Valley-based social networking giant's ambitious digital currency will now be linked to individual currencies and overseen by global watchdogs, it announced on Thursday. See the rest of the story at Business InsiderNOW WATCH: How waste is dealt with on the world's largest cruise shipSee Also:Allbirds' sustainable 'Tree' sneakers were a game changer when they debuted in 2018 — here's how they've held up after 2 years of regular wearInside the daily routine of billionaire Bill Gates, who loves to read, tours missile silos, and washes the dishes every nightHouse Dems just proposed $2,000 payments for many Americans, creating a basic income to see the US through the pandemic. Here's how the Silicon Valley dream of universal basic income slowly — then suddenly — became a solution for inequality in the US and abroad.
< Facebook, libra, Reuters Tech, >
- Business Insider 15:11April 16, 2020JCPenney misses a $12 million debt payment amid reports that the struggling department store chain is considering bankruptcy options (JCP)Jeffrey Greenberg/Universal Images Group via Getty Images JCPenney confirmed Wednesday that it had missed a $12 million interest payment on its long-term corporate bonds.
In a regulatory filing, the company said it had a 30-day grace period to make the payment.
The news comes as Reuters reported that the department store chain is also considering bankruptcy options.
Visit Business Insider's homepage for more stories. JCPenney said on Wednesday it will not make a $12 million interest payment on its long-term corporate bonds, a day after Reuters reported the department store operator was considering filing for bankruptcy protection.
In a regulatory filing, the company said it had a 30-day grace period to make the payment, on Senior Notes maturing in 2036, that was due on Wednesday, before it constitutes a default.See the rest of the story at Business InsiderSee Also:H&M, Staples, and Primark are refusing to pay rent, and it's setting a dangerous precedent that could squeeze retail landlords globallyFrench luxury brand Hermès pulls in $2.7 million in a day at a flagship store in China as wealthy shoppers splurge after the coronavirus lockdownJCPenney exploring bankruptcy options as the coronavirus pandemic shatters its hopes of a turnaroundSEE ALSO: H&M, Staples, and Primark are refusing to pay rent, and it's setting a dangerous precedent that could squeeze retail landlords globally
< Reuters, Retail, COVID-19, coronavirus, JCPenney, department store, JCP >
- Business Insider 15:46April 15, 2020JCPenney exploring bankruptcy options as the coronavirus pandemic shatters its hopes of a turnaround (JCP)Robert Barnes/Getty Images JCPenney is considering filing for bankruptcy protection, sources familiar with the matter told Reuters.
Sources said that JCPenney has enough to cash to survive without revenue for the next few months but filing for bankruptcy would enable it to rework its finances and address its pile of debt.
Before the pandemic, JCPenney was in the process of executing a turnaround effort under the leadership of CEO Jill Soltau.
Visit Business Insider's homepage for more stories. JCPenney is exploring filing for bankruptcy protection after the coronavirus pandemic forced the US retailer to temporarily shut its 850 department stores, upending its turnaround plans, according to people familiar with the matter.
The Plano, Texas-based company has access to enough cash to survive in the months ahead, even as revenue dries up because of the store closures, the sources told Reuters.. Still, the company is contemplating a bankruptcy filing as one way to rework its unsustainable finances and save money on looming debt payments, which include significant annual interest expenses, the sources added.See the rest of the story at Business InsiderSee Also:Walmart, CVS, and Target promised to help fight coronavirus by rolling out testing centers, but only a handful are now operating. Here's the latest on the White House-led project.Amazon fires employees who were critical of warehouse working conditions during coronavirus pandemicBaking yeast, hair clippers, and spiral hams: Here's how Americans' spending habits have evolved after weeks staying at homeSEE ALSO: Hundreds of thousands of retail workers are being furloughed or permanently laid off during the coronavirus pandemic. Here's who has been affected.
< Reuters, JCPenney, Department Stores, COVID-19, coronavirus, Retail, JCP >
- Business Insider 13:11April 14, 2020SoftBank warns of a $17 billion loss at its Vision FundTomohiro Ohsumi/Getty Images Japanese mega-investor SoftBank says its tech-focused Vision Fund will book a $17 billion annual operating loss.
The Vision Fund has posted operating losses for three consecutive quarters, pushing the entire group into the red.
SoftBank didn't detail which of the Vision Fund's bets — which include Slack and DoorDash — had dragged down its performance.
In February, SoftBank presented a wildly optimistic turnaround plan for WeWork.
Visit Business Insider's homepage for more stories. SoftBank expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen ($16.5 billion) due to the worsening performance of its tech bets, which will tip the group as a whole into its first loss for 15 years.
A third consecutive quarter of losses by the Saudi Arabian-backed fund will push SoftBank Group to an annual operating loss of 1.35 trillion yen ($12.5 billion), it said in a statement on Monday.See the rest of the story at Business InsiderSee Also:Chinese online retailers offer discounts on iPhone 11 as country recovers from coronavirusThe rise and fall of Elizabeth Holmes, the Theranos founder awaiting trial on federal charges of 'massive fraud'30 books Bill Gates thinks everyone should read
< Reuters, Softbank, Vision Fund, OneWeb, >
- Business Insider 05:51April 12, 2020Spain's government is issuing back-to-work guidelines after its coronavirus death rate slowedReuters/Sergio Perez Spain's government has issued guidelines for returning to work after the coronavirus outbreak left most of the country under lockdown.
Spain just reported its lowest one-day increase in deaths from coronavirus since March 23.
On Monday, some industries, such as construction and manufacturing, will be allowed to restart.
Visit Business Insider's homepage for more stories. MADRID (Reuters) - Spain's government on Saturday set out guidelines for people returning to work under a loosening of lockdown restrictions, while the country reported its lowest one-day increase in deaths from the coronavirus since March 23.
Most Spaniards have been confined to their homes since mid-March with only businesses in sectors deemed strategically important allowed to operate normally.See the rest of the story at Business InsiderNOW WATCH: Extremists turned a frog meme into a hate symbol, but Hong Kong protesters revived it as an emblem of hopeSee Also:North Korea says it's taking 'more thorough state measures' to prevent the spread of coronavirusNew York state now has more confirmed coronavirus cases than any country in the worldForeign intelligence operatives are reportedly using online platforms and video-conferencing apps like Zoom to spy on Americans
< Reuters, coronavirus, Spain, Lockdown, > - Business Insider 05:28April 12, 2020North Korea says it's taking 'more thorough state measures' to prevent the spread of coronavirusKCNA via Reuters North Korea is urging stricter measures to prevent the spread of the novel coronavirus, state media reported.
The country has not confirmed any infections, but has quarantined 500 people, according to a representative of the World Health Organization.
On Sunday, the ruling Workers' Party of Korea adopted a resolution to take "more thorough state measures" to protect people's lives and safety against the pandemic, according to the Korean Central News Agency.
But state media photographs showed that none of those at the meeting, including leader Kim Jong Un, wore masks or sat unusually far apart from each other.
Visit Business Insider's homepage for more stories. SEOUL (Reuters) - North Korea called for tougher and more thorough countermeasures to keep citizens safe from the fast-spreading coronavirus at a meeting where leader Kim Jong Un presided, state media said on Sunday.
North Korea continues testing for the virus, with more than 500 people in quarantine, but has no confirmed infections yet, a country representative of the World Health Organization told Reuters this week.See the rest of the story at Business InsiderNOW WATCH: Extremists turned a frog meme into a hate symbol, but Hong Kong protesters revived it as an emblem of hopeSee Also:Foreign intelligence operatives are reportedly using online platforms and video-conferencing apps like Zoom to spy on AmericansNew York state now has more confirmed coronavirus cases than any country in the worldTrump is rewarding big political donors with speaking time at his coronavirus briefings, and they're thanking God for his leadership
< Reuters, North Korea, Kim Jong Un, coronavirus, >
