1) Major American companies are extending their ‘work from home’ policy, such as Google, Uber and Airbnb, until the summer of next year. The companies Zillow, Twitter, Facebook and Square have announce that employees can work from home indefinitely. Some companies are also offering stipends to employees for home office equipment as well as a $500 quarterly credit to use specifically on Airbnbs. This at home work policy remains in effect even after offices start reopening. The work at home is even spreading across the international scene with electronic giant Hitachi having 70% of its employees work permanently from home. Nationwide Insurance plans to downsize from 20 physical offices to just four with the majority of its employees continuing to work permanently from home. It’s looking more and more like working at home is becoming the norm for the future in America.
2) In a bid to counter the competition of e-commerce, the traditional department store giant Macy’s has started opening new, smaller stores away from the malls, reflecting a growing trend in the retail industry. The retail giant will test small-format Macy’s and Bloomingdale’s stores outside of underperforming malls, joining a growing trend in retail. The test stores will begin operation the fourth quarter of 2021 in Dallas, Atlanta and Washington DC. Many other major retailers are turning away from the mall format of retailing, leaving many malls withering on the vine, with foot traffic on the decline even before the Convid-19 crisis. This is another indication of a shift in American culture and society.
3) Fashion retailer Old Navy has announced they will pay their employees to work at polling stations comes election day. Each employee will be paid a full days wages for their poll work. Furthermore, store employees will have up to three hours of paid time-off on election day to vote. Old Navy joins other retailers such as Patagonia, PayPal and Levi Strauss & Co. to help in the national elections.
4) Stock market closings for – 2 SEP 20:
Dow 29,100.50 up 454.84 Nasdaq 12,056.44 up 116.78 S&P 500 3,580.84 up 54.19
1) The international British Airways has announced they are retiring their entire fleet of Boeing 747 jets, a direct result of the Convid-19 crisis. Once one of the biggest airlines using the iconic jumbo jet, the contraction of the airline industry and the likelihood that air travel will not return to its previous size is forcing all airlines to abandon their jumbo jets early. They are going to the more modern fuel efficient Airbus A350 and Boeing 787 in their place. British Airways now has 31 Boeing 747s, about 10% of its total fleet, with an average age of 23 years.
2) What appears to be a massive attempt to embezzle monies from the general public has come to light with the social media Twitter confirming that 130 accounts were targeted in a hack. The accounts of a handful of prominent users were compromised that allowed criminals to gain access to prominent users such as Joe Biden, Barack Obama, Elon Musk, Bill Gates and Kanye West to post solicitations for money. The attackers were able to gain control of accounts then send Tweets from those accounts asking to send money via Bitcoin to commit cryptocurrency fraud. Wire fraud is a federal felony crime, so the FBI immediately began an investigation of who and how the fraud was perpetrated.
3) Delta Airlines is proposing a 15% cut to minimum pay for pilots to avoid furloughs for a year. This would have to come after the first of October when federal aid terms expire. This is in view that a quick recovery in air travel is becoming increasingly remote because of the rise in new coronavirus cases. More than 60,000 airline employees across several carriers have been warned that their jobs are at risk, including more than 2,500 of Delta’s 14,000 pilots. As financial losses pile up, employees are urge to take early retirements, buyouts and other forms of leave in a attempt to slash cost as financial losses pile up. So far, more than 1,700 pilots have signed up for early retirements. This is just another indicator how the air travel business is probably fundamentally changing.
4) Stock market closings for – 17 JUL 20:
Dow 26,671.95 down 62.76 Nasdaq 10,503.19 up 29.36 S&P 500 3,224.73 up 9.16
1) Sears is laying off a little less than 300 people in their corporate headquarters in Hoffman Estates, Illinois and company offices in San Francisco, many being informed in a company meeting. The last round of layoffs was 250 employees in September. Restructuring plans include closing 96 more Sears and Kmart stores by February leaving about 180 stores remaining.
2) Wikipedia co-founder Jimmy Wales is starting a social networking and news sharing site as an alternative to Facebook and Twitter. Called WT:Social, it will show the newest links first instead of using algorithms to bump posts with the most comments or likes to the top. Unlike Facebook and Twitter, the service will be funded by advertising. Just a month old, and it already has 50,000 users.
3) Interest in tiny houses continues with Amazon now offering prefabs from 100 square feet up to 1,500 square feet and prices from $5,000 to over $100,000. These style of houses are becoming popular with the young just starting life who don’t have the resources to buy a conventional home. However, their small size, while more friendly to the environment, set constraints on peoples lifestyles, by limiting what they can own or the number of friends they can have over at any one time. Nevertheless, tiny house continue to grow in popularity.
4) Stock market closings for – 14 NOV 19:
Dow 27,781.96 down 1.63 Nasdaq 8,479.02 down 3.08 S&P 500 3,096.63 up 2.58
The EFR Podcast Ep. #29, James Lymon, Jon Don Sterling “On The Boards” and me Sammy BE ,brought you a great podcast. We interviewed a well known comedian and online sensation. This individual has captured hundreds of thousands of followers on the gram (IG) and his presence is known on the internet.
The EFR Podcast had a pleasure of interviewing Rodney Hassell, and his journey developing a comedic presence on social media platforms like IG and twitter, along with his development in attaining a growing audience.
Rodney discussed with us the business aspect and opportunities that can come with being popular on social media, and how it can assist an up and comer’s career or media profile forward. This was an interview you don’t want to miss listening to.
Former Microsoft executive CEO and current Los Angeles Clippers NBA team owner, Steve Ballmer has invested in social media giant, Twitter #TWTR… His 4% stake is valued around $800 million, and leads him to be the #3 individual stakeholder in the company, overtaking more stake in the company then Twitter CEO Jack Dorsey.
With the announcement, Twitter’s stock rose over 5% on Friday, @ $31.34 by the closing stock bell. Mr. Ballmer net worth is over $21 billion dollars in 2015, making him the 35th richest person in the world. Twitter has indicated recently that it will be laying off employees; somewhere around 8-10% of their workforce will be downsizing. -SB