May, 2020

• 28 May

  Trump should stop acting like owning it all

  

  Nobody in business likes auditors: They can be intrusive, meddlesome second-guessers. But managers of publicly traded companies understand that independent auditing is essential, because it protects shareholders against fraud and wasteful spending — and maintains public confidence in the enterprise. President Trump spent most of his career managing a private company. Public accountability wasn’t a big part of Trump’s business ...

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• 28 May

  Sorry Trump, Twitter makes own rules

  

  My view of the dust-up between Twitter and President Donald Trump is simple: The company should treat him exactly like it would treat any other user. But I’ll also admit to a degree of concern about how it treats other users, particularly the company’s growing determination to regulate opinions expressed on its site. Twitter, long criticised by the left for ...

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• 28 May

  Can China’s spenders lift world economy?

  The Chinese consumer has been one of the most important drivers of the world economy over the past decade, fueling hopes of prolonged growth and profits. So it’s worth looking at what’s happening to household balance sheets as Covid-19 wreaks havoc on a population now feeling the downside of growing personal leverage from the boom. In the last major financial ...

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• 28 May

  Coronavirus tightens Putin’s economic grip

  Vladimir Putin has steadily expanded the Russian state’s involvement in an economy that’s increasingly dominated by large companies. The coronavirus crisis, with its lopsided financial assistance that benefits big employers more than entrepreneurs, looks set to continue this process. In the short term, this will strengthen the hand of a vulnerable president. Over the longer term, it spells stagnation. Governments ...

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• 28 May

  Covid-19: EasyJet plans to cut 30% of workforce

  

  Bloomberg EasyJet Plc will cut thousands of jobs representing as much as 30% of the workforce to cope with a long-term hit to demand from the coronavirus crisis. Europe’s second-biggest discount carrier will begin employee consultations in coming days, it said in a statement on Thursday. The Luton, England-based firm has about 15,000 workers, suggesting 4,500 posts are at risk. ...

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• 28 May

  American Air to slash 30% of management

  

  Bloomberg American Airlines Group Inc plans to cut 30% of its management and support staff as it tries to weather the dramatic downturn brought on by the coronavirus pandemic. The move was announced in a letter to staff from Elise Eberwein, American’s executive vice president of people and global engagement. Other cost-saving steps include requiring staff to take 50% of ...

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• 28 May

  Boeing begins first, planned job cuts with 6,770 layoffs in US

  

  Bloomberg Boeing Co unveiled the first and deepest of its planned job cuts, saying it would notify 6,770 employees in the US that their positions would be eliminated. The collapse in air travel sparked by the coronavirus pandemic has sapped demand for jetliners, forcing Boeing to scale back its commercial business, Chief Executive Officer Dave Calhoun said in a message ...

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• 28 May

  Ralph Lauren ramps up online shift amid store reopenings

  

  Bloomberg Ralph Lauren Corp has reopened a significant portion of its global store network and will accelerate its digital plans as pandemic restrictions ease around the world. Chief Executive Officer Patrice Louvet said all stores in China and Korea are back in business, and Japan and Australia are set to return this week. Two-thirds of Ralph Lauren stores have been ...

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• 28 May

  SAS warns investors it needs more money

  Bloomberg Scandinavia’s main carrier SAS AB warned shareholders it will need to generate more funding to see it through the crisis triggered by Covid-19. The company has halted most of its traffic and started a process to cut 5,000 jobs, it said. SAS is in “ongoing and constructive discussions” with its “largest owners on a recapitalisation plan to secure adequate ...

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• 28 May

  China approves HK security legislation, defying Trump

  

  Bloomberg Chinese lawmakers approved a proposal for sweeping new national security legislation in Hong Kong, defying a threat by US President Donald Trump to respond strongly to a measure that democracy advocates say will curb essential freedoms in the city. The National People’s Congress (NPC), China’s rubber-stamp legislature, approved the draft decision by a vote of 2,878-1 at its annual ...

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