The largest cruise ship company of the world Carnival announced its plans for wide spread axing of jobs and pay cuts in its efforts to cut down on costs as its business is hit by the novel coronavirus pandemic. After implementing the job and salary cuts, the company would be able to save “hundreds of…
Brazil’s oil producing giant Petrobras has warned of the likelihood of the changes in consumer demand and behavior because of the novel coronavirus pandemic to be permanent, even as the company took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday. The company, which is formally known as Petroleo…
Despite facing intense scrutiny from global regulators, Facebook’s Libra project saw Singapore state investor Temasek Holdings joining the cryptocurrency project. Financial regulators are worried that the Libra project when launched could erode national control over money. Late on Thursday, Switzerland-based Libra Association, which manages the Facebook-backed digital currency project, announced Temasek entry into the project.…
On Friday, Taiwan Semiconductor Manufacturing Co Ltd announced it will build a $12 billion chip factory in Arizona with the company saying it reflects a “strong partnership” with the U.S. government. The development coincides with the Trump Administration’s efforts to bring in more manufacturing activity to the United States. The chip factory will create 1,600…
The first annual loss in its 48 year history was reported by Singapore Airlines on Thursday. the airline blamed the crippling of demand for air travel because of the novel coronavirus pandemic,. The national carrier of Singapore also said that internal task force to review its operations has been set up by it which will…
Amid the coronavirus pandemic chaos, semiconductor chip making firm Nvidia Corp announced the launch of a new chip which can be split up digitally to allow the running of more than one programs on just one physical chip. This was the first of its kind product from the company and is set to rival similar…
With lockdowns and travel restrictions imposed by governments all across the world during most part of the first quarter imposed to prevent the spread of the novel coronavirus pandemic, there has been a drop of one fifth in the passenger travel through Dubai International Airport, one of the largest travel hubs of the world, during…
Tesla has become incredibly profitable. After reporting its first ever annual profits for 2019 this January, the first time that the company had made an annual profit despite using the strict accounting measures for judging net income and losses, the United States based electric car maker followed that up with a successful first quarter of…
Even though the Disney park in Shanghai in China has been able to reopen, all of its other amusement parks all around the world still remains shut because of the coronavirus pandemic. According to analysts, the company could be facing loss of earnings of as much as $1 billion before interest and taxes every month…
A collapse of global oil prices that was further accentuated by the novel coronavirus pandemic has forced a 25 per cent drop in the profits of Saudi Arabia’s state-owned oil company, Saudi Aramco. For the first quarter of the year, net profits of 62.48bn riyals ($16.64bn) was reported by the most profitable company of the…
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