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Inditex, the company which owns Zara, reported a net loss of 409 million euros ($465 million) for February through April, in comparison with a net profit of 734 million euros over the same period in 2019. The loss came despite a 50% increase in online sales in the first quarter and a 95% jump in online sales in April. Inditex expects online sales to grow substantially

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Millions of laborers who lost their jobs weren't counted in China's headline unemployment rate because of quirks in the way the data are gathered -- and many still haven't returned to work. It is assumed that most of the country's roughly 174 million migrant laborers who work away from home have farms they can fall back on if they lose their city jobs

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Brands, gyms, and athletes are ending their affiliations with CrossFit after CEO Greg Glassman tweeted an insensitive remark about George Floyd and the current Black Lives Matter protests happening around the country. In an Instagram video statement, CrossFit pro and CrossFit Games four-time champion Froning said he doesn’t “condone or support” Glassman’s comments, but is still invested in a CrossFit community that is “inclusive and up-lifting.”

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China’s crude oil imports jumped by 13 percent from April to near record-highs of 11.11 million bpd in May, the surge was mainly due to an increase in demand after the coronavirus pandemic. China’s imports from Saudi Arabia jumped by 800,000 bpd, following declines in the two previous months, while imports from Iraq surged by more than 400,000 bpd, OilX data showed

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According to the latest data released by Eurostat, Unemployment in the eurozone rose to 7.3% in April, reflecting job losses as coronavirus lockdowns were in full-swing across the single currency region. The jobless rate rose from 7.1% in March, revised lower from a previous figure when European countries first implemented lockdown strategies. Young people, under 25, are the hardest hit, data shows

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Tesla’s stock (TSLA) is soaring today and significantly outpacing the market despite the lack of significant news about the automaker, but some analysts attribute the jump to SpaceX’s successful launch of two astronauts, which they see as a credibility boost for Elon Musk.

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Local closures will take place in such communities as Azusa, Baldwin Park, Long Beach, Los Angeles, Santa Ana, Rosemead and West Hollywood. A Target at Seventh and Figueroa streets in downtown Los Angeles was among the locations looted over the weekend as protesters took to the streets, attacking police vehicles, breaking store windows and setting multiple fires.

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Moderna has led the pack in the American race to make a vaccine, with share prices for the company surging last month after it announced promising early results from its first stage of human trials. Moderna announced Friday that it has begun its second phase of human trials for its coronavirus vaccines - but the results of its first human tests are now shrouded in controversy

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U.S. retailers large and small have closed some of their stores across the country because of disruptions caused by the widespread street protests over the police killing of George Floyd in Minneapolis. Target, CVS, Apple and Walmart all said Sunday that they had temporarily closed some locations for safety reasons.

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American credit rating and financial services company Moody’s downgraded India's sovereign credit rating for the first time in more than two decades following weak fiscal policies and historically low economic data. They also expect Indian GDP to shrink by 4% in the fiscal year 2021 after a significant impact of lockdowns on the manufacturing and services sector.

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Coronavirus has hit the global economy hard, while other countries are struggling to avoid recession, China looks set to grow as analysts are expecting GDP expansion at a rapid pace in a post-pandemic world. “We don’t want to leave China,” said Joerg Wuttke, President of the European Chamber of Commerce in China. “That’s why we engage more with China and ask for more.”

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United Airlines Holdings Inc said on Friday it will eliminate 13 officer positions even as it adds international flights back to its network, part of a restructuring to address the hit on its business from the coronavirus pandemic.Chicago-based United said it is increasing trans-Atlantic service from Washington, D.C. and San Francisco to cities across Europe in July thanks to a modest rise in demand, and re-starting service to different locations

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Indian economy expanded at the rate of 3.1% in the first quarter of 2020, its weakest quarterly growth in the last eight years but the worst is yet to come as the data is not covering the impact of lockdowns and unemployment numbers. India's economy had been struggling well before the coronavirus pandemic hit, with the rate of expansion slumping to about half of what it was three years ago

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LATAM Airlines Group, the largest air carrier in Latin America, filed for Chapter 11 bankruptcy on Tuesday, according to a statement released on its website. "We are looking ahead to a post-Covid future and are focused on transforming our group to adapt to a new and evolving way of flying, with the health and safety of our passengers and employees being paramount," officials said

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According to an online study conducted by IIM Lucknow with the name of “ Understanding public sentiment during lockdown”, people in India are more worried about the economic crisis than health issues emanating from the coronavirus pandemic. The study, based on responses of participants from 104 cities across 23 states, said the majority of respondents are worried about the economic impact of the lockdown

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China’s third-richest man is relatively unknown if you compare with Jack Ma but he is one of the country’s youngest billionaire entrepreneurs. Colin Zheng Huang, age 40, founded the online discount platform Pinduoduo in 2015 and took the e-commerce firm public on the Nasdaq in 2018. Following a 14.5% surge in share price on Friday that boosted Huang’s fortune by $4.5 billion, Huang is now worth $35.6 billion

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Anti-viral drug remdesivir cuts recovery times in coronavirus patients, according to the full results of a trial published Friday night, three weeks after America's top infectious diseases expert said the study showed the medication has "clear-cut" benefits. Remdesivir for the Treatment of Covid-19—Preliminary Report, New England Journal of Medicine (2020) mentioned the findings.

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Hertz, America’s largest car rental company based in Florida filed for bankruptcy protection Friday, saddled with about $19 billion in debt and nearly 700,00 vehicles that have been largely idled because of the coronavirus. The company entered chapter 11 proceedings in the U.S. Bankruptcy Court in Wilmington, Del., hoping to survive a drop-off in-ground traffic from the pandemic and avoid a forced liquidation of its vehicle fleet

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Economic war between the US and China is getting intense, the US announced on Friday it would add 33 Chinese firms and institutions to an economic blacklist for helping Beijing spy on its minority Uighur population or because of ties to weapons of mass destruction and China’s military. The blacklisted companies focus on artificial intelligence and facial recognition

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After recovering from the coronavirus pandemic, China promised on Friday to throw $500 billion at its economy this year in extra stimulus measures as part of a bid to create 9 million jobs and blunt the fallout from the coronavirus pandemic. Chinese Premier Li Keqiang said China would not be able to set a target for growth in the world's second-biggest economy for 2020 because of the "great uncertainty"

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Despite the technological innovation in Germany, Cash remained the king in the country as most of the small businesses were using cash as the only payment method, but Coronavirus has changed everything. It has changed German payment behavior faster than any single technology ever has. Since the onset of the coronavirus pandemic, cash payments have, for the first time, been actively discouraged in Germany

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Turkish central bank announced on Wednesday that it has tripled its currency swap agreement with Qatar, securing much-needed funding as the country facing a widening fiscal deficit and potential full-year recession. The move amended the original limit of $5 billion on the two countries’ initial swap agreement in 2018, raising it to $15 billion. The Turkish lira dropped to the lowest level on record against USD earlier this month

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Tao Lin, vice president of Tesla China said that Tesla Shanghai Gigafactory is expected to produce 4,000 electric vehicles per week by next month in an effort to exceed the production capacity. 4,000 units per week would result in Tesla producing roughly 200,000 electric cars per year at the plant. The Tesla executive also shed some light on the planned timeline to bring the Model Y to China

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Two of the leading international airlines, Emirates and Qatar airways are planning to layoff around 40,000 employees. Emirates Airlines, whose hub Dubai served the most international travelers of any airport in 2019, is reportedly preparing to lay off 30,000 employees, Bloomberg said. Qatar Airways, in rival Doha, is meanwhile prepping to let go approximately 9,000 members of its workforce

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Retail giant Walmart says that the company will discontinue Jet.com, the online-only marketplace that Walmart acquired in a whopping $3 billion deal back in 2016. It was an expensive effort to take on Amazon, “Due to continued strength of the Walmart.com brand, the company will discontinue Jet.com,” the company said in a short statement. “The acquisition of Jet.com nearly four years ago was critical to accelerating our Omni strategy.”

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