Image copyright Walt Disney Studios Image caption The next Mulan is a live action remake of the animated hit movie Walt Disney has delayed and postponed the release of three major films, dealing a fresh blow to cinema operators struggling amid the pandemic. The new Avatar and Star Wars films have been delayed a year, while Mulan has been removed… Read more →
Image copyright Getty Images US blue jeans brand Levi Strauss is cutting 700 jobs, or about 15% of its corporate staff, as it grapples with the downturn caused by the pandemic. The firm, hit by a 62% fall in sales in its most recent quarter, said the reductions were necessary “given the uncertainties” of the virus impact. However, Levi’s said… Read more →
Image copyright Getty Images It has fared relatively well, but the banking and business services sector is still showing worrying signs of stress. Investment and employment have all turned negative, and although some are thriving, in general, business confidence is poor. Offices have been emptied, and an entire industry is now home-based. What will have changed when it returns to… Read more →
Image copyright PA Media The UK’s biggest building society has tripled the deposit it will ask for from first-time buyers. The Nationwide will lower its ceiling for mortgage lending to new customers in response to the coronavirus crisis. It said the change, from Thursday, was due to “these unprecedented times and an uncertain mortgage market”. First-time buyers are likely to… Read more →
Image copyright PA Media The UK’s economy shrank by 20.4% in April – the largest monthly contraction on record – as the UK spent its first full month in lockdown. The Office for National Statistics (ONS) said the “historic” fall affected virtually all areas of activity. The contraction is three times greater than the decline seen during the whole of… Read more →
Image copyright Getty Images Many bed and breakfast providers are struggling to survive as they have not been able to apply for Stormont’s Covid-19 support schemes, according to the Northern Ireland Tourism Alliance. Chief Executive Joanne Stuart said some are “existing on savings or having to look at loans”. Pauline Mendez, who runs a B&B in Bangor, told BBC News… Read more →
Image copyright Getty Images Clothing retailer Gap has reported a loss close to $1bn due to store closures because of the coronavirus pandemic. The company was $932m (£740m) in the red for the three months to May, compared with a profit of $227m in the same period last year. It comes as Gap wrote off the value of the goods… Read more →
Image copyright Getty Images Image caption Disney’s Florida theme park has been shut since mid-March Walt Disney Co suffered a $1.4bn (£1.1bn) hit to profits in the first three months of the year, as it closed its parks, cancelled movie releases and reduced advertising sales. Every part of its business was affected by coronavirus, nearly wiping out profits for the… Read more →