United States stocks tumbled on Thursday as there is still no stimulus deal on the horizon

On Thursday, United States stocks fell as there is still no stimulus deal on the horizon & Europe is going back to safety measures to contain the spread of coronavirus. Wall Street opened sharply lower but has since pulled back from their lows. At midday, the Dow was 0.5% lower, while the S&P 500 was… Read More United States stocks tumbled on Thursday as there is still no stimulus deal on the horizon

IMF downgrading its forecasts for 2021 & warns of a long, slow recovery that will stoke poverty & damage growth

On Tuesday, The International Monetary Fund said that the world economy will fall 4.4% in 2020, a less severe contraction than it forecast in June. The new prediction is due to a stronger than expected bounce in the US & Europe after lockdowns lifted, as well as China’s return to growth. However, the IMF downgraded its… Read More IMF downgrading its forecasts for 2021 & warns of a long, slow recovery that will stoke poverty & damage growth

Microsoft disrupted a massive hacking operation that could have affected election infrastructure

American multinational technology company Microsoft took down the servers behind Trickbot, an enormous malware network that hackers were using to launch other cyberattacks, including a strain of highly potent ransomware. According to The Washington Post, tech giant said it obtained a federal court order to disable the IP addresses associated with Trickbot’s servers, & worked… Read More Microsoft disrupted a massive hacking operation that could have affected election infrastructure

Retail companies with functioning e-commerce businesses are reporting record-breaking increase in online sales

The Covid-19 pandemic has distributed retail organizations into 2 distinct parts: those with operational e-commerce businesses, & those without. Many of the have-nots won’t survive the harsh pandemic. The coronavirus crisis made Amazon to hire more employees & overhaul its supply chains. But the company has emerged stronger than ever, repeatedly trouncing Wall Street’s sales… Read More Retail companies with functioning e-commerce businesses are reporting record-breaking increase in online sales

Scottish heritage brand Edinburgh Woollen Mill to sell parts of the company which employs 24,000 people

Proprietor of the Scottish heritage brand Edinburgh Woollen Mill has warned of major job cuts as it struggles to protect the company from bankruptcy. Company plans to appoint administrators to restructure the brand. It is considering selling portions of the company, which employs 24K individuals. UK based organizations facing insolvency can appoint administrators to provide… Read More Scottish heritage brand Edinburgh Woollen Mill to sell parts of the company which employs 24,000 people

Square, a financial services company owned by Twitter’s CEO, bought 4,709 bitcoins at the price of $50 million

Square, an American financial services, merchant services aggregator, & mobile payment company, announced on Thursday that it bought 4,709 bitcoins at the price of $50 million. “We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a… Read More Square, a financial services company owned by Twitter’s CEO, bought 4,709 bitcoins at the price of $50 million

Samsung soon to retake its position as the world’s top smartphone seller from embattled Chinese rival Huawei

South Korean multinational conglomerate Samsung predicts its profit rose almost 60% last quarter, suggesting it could soon retake its position as the world’s top smartphone seller from Huawei. Samsung said on Thursday that it expects to make an operating profit of roughly $10.6 billion for the July-September quarter. That’s up 58% from the same period… Read More Samsung soon to retake its position as the world’s top smartphone seller from embattled Chinese rival Huawei