• Airbnb to pay hosts $250m for COVID-19 cancellations

      Airbnb to pay hosts $250m for COVID-19 cancellations

      Airbnb said it is devoting $250m to help would-be hosts survive financial losses from refunds given to guests who cancelled travel plans due to the coronavirus pandemic. The move came as an olive branch of sorts extended to Airbnb hosts blindsided by a the home-sharing platform's decision several weeks ago to give full refunds to guests who cancelled reservations in order to stay home, as health officials and governments have urged.

      10
    • Trump uses wartime act but GM says it’s already moving fast

      Trump uses wartime act but GM says it’s already moving fast

      Twelve days ago, General Motors put hundreds of workers on an urgent project to build breathing machines as hospitals and governors pleaded for more in response to the coronavirus pandemic. But President Donald Trump, claiming the company wasn’t moving fast enough, on Friday invoked the Defence Production Act, which gives the government broad authority to direct companies to meet national defence needs.

      10
    • Netflix commits $100m to help actors, crews thrown out of work

      Netflix commits $100m to help actors, crews thrown out of work

      Streaming television giant Netflix on Friday established a $100m fund to help suspended actors and production crews endure the hit to paychecks caused by the coronavirus pandemic. As stated by company's chief content officer Ted Sarandos, the fund is meant to help offset hardship in the "creative community," with most of the money going to financially troubled workers on Netflix productions around the world.

      20
    • The world's biggest carmaker is shutting down in Europe

      The world's biggest carmaker is shutting down in Europe

      Volkswagen is preparing to suspend production across Europe as the continent struggles to contain the coronavirus pandemic. The German carmaking giant said Tuesday that production at its plants in Spain, Setubal in Portugal and Bratislava in Slovakia will be halted before the end of the week, while its German factories will close after Friday. The facilities produce cars under brands including Volkswagen, Audi, SEAT, Ducati, Porsche and Lamborghini.

      27
    • Apple fined €1.1bn for anti-competitive behaviour

      Apple fined €1.1bn for anti-competitive behaviour

      France’s competition watchdog (Autorité de la Concurrence) on Monday fined iPhone maker Apple €1.1bn for anti-competitive behavior in its distribution network and an abuse of economic dependence on its resellers. Apple wholesalers Tech Data and Ingram Micro were also fined €76m and €63m, respectively, for unlawfully agreeing on prices, the authority said. Together, the three have achieved the dubious distinction of getting the highest-ever fine for anti-competitive sales tactics.

      18
    • Tesco sells Thailand, Malaysia ops for £8bn

      Tesco sells Thailand, Malaysia ops for £8bn

      Britain's biggest retailer Tesco announced Monday that it has agreed to sell its businesses in Thailand and Malaysia to Thai conglomerate CP Group for £8.0bn ($10.4bn), in a move unanimously agreed by the Tesco board, but remaining conditional on shareholder and regulatory approvals. The deal is set to complete in the second half of this year.

      25