Vox to layoff hundreds of workers
Hundreds of Vox's freelance workers are about to lose their jobs as California has passed a new law that forbids freelance writers from submitting more than 35 articles a year. The law means that companies will have to reclassify freelancers as employees or fire them entirely. Contractors will be able to apply for jobs at the company.
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Emirates and Qatar airways laying off nearly 40,000 employees
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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AsiaTimes
US risking another COVID-19 wave, Mark Zandi warns
Mark Zandi of Moody's Analytics is getting increasingly worried and said that the states are taking a large gamble by reopening businesses too quickly. "If we get a second wave, it will be a depression," the firm's chief economist told CNBC's "Trading Nation" on Friday. It's a necessary condition for the economy to fully recover," Zandi said.
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Lockdown has already cost the Indian economy around $350 billion
The impact of coronavirus has been severe in sectors like travel and mobility. According to a recent report, India’s daily GDP now stands at around $8 billion, Indian has been under lockdown for 44 days, which makes the overall economy to suffer around $350 billion in GDP loss. Small and Medium enterprises sector has suffered the most in these difficult times as most of the companies have shut down operations
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TOI
3.17 million Americans filed for unemployment benefits last week
US weekly jobless claims hit 3.17 million last week as the seven-week total reached a record 33.5 million. Although jobless claims are slightly above the estimates but remained below the previous week’s 3.8 million. The layoffs associated with social distancing practices have wiped out all of the job gains the economy has seen since the recovery from the Great Recession
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CNBC