Yelp Reveals 60% Of Business Closures Are Now Permanent

The virus pandemic shock is generating deep economic scarring, the likes of which many have never seen before. The virus-induced downturn has led the economy into a “liquidity trap,” in which interest rates will likely reside on the zero lower bound until...

Airbnb files confidential IPO paperwork

Airbnb has submitted a draft registration to the Securities and Exchange Commission for an initial public offering. The company did not disclose its financial information nor did it specify how many shares would be offered. The filing comes after a rough year for...

S&P 500 Closes at a Record, Erasing Last of Pandemic Losses

Wall Street clawed back the last of the historic, frenzied losses unleashed by the new coronavirus, as the S&P 500 closed at an all-time high Tuesday. The day’s move was a relatively mild one, nudging the index up 7.79 points, or 0.2 percent, to 3,389.78....

Manhattan Vacancy Rate Climbs, and Rents Drop 10%

There were more than 67,300 units available in July across the city as it tries to rebound from the coronavirus outbreak. The number of apartments for rent in New York City has soared to the highest rate in more than a decade, a sign that a notable number of residents...

CEO compensation surged 14% in 2019 to $21.3 million

CEOs now earn 320 times as much as a typical worker What this report finds: Corporate boards running America’s largest public firms are giving top executives outsize compensation packages that have grown much faster than the stock market and the pay of typical...

UK crashes into deepest recession of any major economy

London (CNN Business) — UK economic output shrank by 20.4% in the second quarter of 2020, the worst quarterly slump on record, pushing the country into the deepest recession of any major global economy. This crash in GDP in the April-June period, compared with...