Bloomberg Amazon, Walmart, EBay and other large online sellers were urged by state law enforcement officials to crack down on price gouging that preys on panic over the coronavirus pandemic amid surging complaints by consumers. The attorneys general of New York and California called on the companies to take action as 6,000 complaints have poured in to authorities across the ...

Bloomberg Norwegian Air Shuttle ASA, the indebted low-cost carrier fighting for survival, bought itself some time as it managed to unlock the first, tiny slice of its state aid package. The carrier’s shares jumped as much as 25% when trading started in Oslo on Tuesday, though overall the stock is still down about 75% this year. Two Nordic banks will ...

Bloomberg Neiman Marcus Group Inc, the luxury retailer that’s been struggling to ease its $4.3 billion debt load, is talking with lenders about filing for bankruptcy, according to people with knowledge of the matter. No formal decisions have been made, but Neiman Marcus has held initial talks with lenders about a potential bankruptcy loan that would keep the company running ...

Bloomberg Boeing Co is shutting down its Seattle-area manufacturing hub for two weeks after a worker died of coronavirus complications, adding to a wave of plant closings sweeping the globe as the aviation industry navigates the biggest disruption in decades. Activity at the factories will start winding down and come to a halt on March 25, Boeing said in a ...

Bloomberg US airlines are drafting plans for a potential voluntary shutdown of virtually all passenger flights as government agencies also consider ordering a similar move, the Wall Street Journal reports, citing unidentified industry and federal officials. No final decisions have been made by the airlines or White House, but airlines would generally favour a government order, WSJ cites an industry ...

Bloomberg Modell’s Sporting Goods halted its going-out-of-business sales as customers shelter at home and states order most merchants to close. The bankrupt retailer stopped liquidation sales and closed all stores as of March 21, CEO Mitchell Modell said. It plans to resume once the bans are lifted, he said. Retailers are pausing store-closing sales as a growing number of states and ...

Few words are more overused in our debates than “crisis”. We have many — the education crisis, the inequality crisis and the environmental crisis, to name just a few. The word suggests an impending calamity unless we take instant action. The reality is that most crises are not calamities. They’re stubborn problems that, for one reason or another, defy a ...

Just six weeks ago, Chairman Masayoshi Son was crowing about the value of SoftBank Group Corp and brushing off the notion that he should sell his prized stake in Alibaba Group Holding Ltd after a terrible quarter and massive asset writedowns. Things change. In a surprise announcement on March 23, the Japanese conglomerate said it plans to peddle or monetise ...

Lockdowns imposed to control the coronavirus have battered China’s appetite for everything from coal to copper, pushing stockpiles of raw materials higher and global prices lower. The next crunch could come from supply. The risk of an outbreak is growing in ill-prepared producer countries, with mandatory quarantines and border shutdowns threatening to choke off production. Prices of bulk commodities are ...

Unlike in 2008, when the banking sector brought about the financial crisis, today it can help keep the economy from suffering a deep recession — but only if reforms enacted by regulators in the last decade are relaxed. Central banks around the world have quickly sprung to action cutting interest rates and reactivating various financial crisis era programs. Although these ...