The impact if the novel coronavirus pandemic on the global automotive industry is forcing the Formula One team owner and maker of supercars, McLaren Group, to cut 1,200 jobs. The Surrey-based company had a total workforce 4,000 people and there for the job cuts is equivalent to more than a quarter of its total employee…

According to news reports, United States plane making giant Boeing is poised to make an announcement of job cuts by this week. The company has last month announced its plans to reduce its global workforce by as much as 10 per cent. The total number of people employed by the company globally is about 160,000…

Since March, a “steady recovery” has been seen by Alibaba in its business in China, said the Chinese e-commerce giant, but also warned about there are a lot of uncertainties in the path to economic recovery. In the first three months of this year, there was a 22 per cent growth in the company’s sale…

After the novel coronavirus pandemic hit the business of the United States based 102-year-old car rental firm Hertz very badly, the firm has been forced to file for bankruptcy protection in the US. It had voluntarily filed for Chapter 11 reorganisation, the company said in a US court filing on Friday. The company is also…

While wanring that it will take “several years” for the global airline industry to completely recover the damages caused by the novel coronavirus pandemic, the Derby, UK based company Rolls-Royce has announced 9,000 job cuts. This job cut, which is almost one fifth of its total workforce, will mainly impact the employees in its civil…

Social media giant Facebook is now coming up with a market place of its own. Christened as ‘Shop’, this will be a service that will allow users and businesses to display and sell products on its platforms, the company said on Tuesday. Shops is being positioned as a means to expand the markets for small…

United States based electric car maker Tesla is enhancing price for the cars that comes with the “self-driving” option throughout the world. The company said that the price will be hiked by $1,000 for a start. The price “will continue to rise” as its technology improves, tweeted the company’s founder and CEO Elon Musk. But…

Kevin Mayer, the high profile head of Disney’s streaming business, is set to join TikTok, the popular short-video app that has run into controversy in the United States because of concerns over national-security and privacy issues. Mayer will not only head the app but will also be appointed as the chief operating officer of ByteDance,…