Asian shares rise on optimism about Trump’s recovery
TOKYO (AP) — Shares rose today in Asia as investors were encouraged by positive reports about President Donald Trump’s health after he tested positive for the coronavirus.
Today, Japan’s benchmark Nikkei 225 gained 1.2%. Korea’s Kospi jumped 1.3%. Hong Kong’s Hang Seng rose 1.5%. Markets are closed in Shanghai until Friday.
On Wall Street last week, the S&P 500 lost 1%, closing at 3,348.42. Despite the drop, most of the stocks in the index were higher. The Dow Jones Industrial Average closed at 27,682.81, down 0.5%.
Survey: Business economists see coronavirus as biggest risk
WASHINGTON (AP) — The U.S. economy faces risks from a potential resurgence of the coronavirus and from the failure so far of Congress to provide additional financial support for struggling individuals and businesses.
That judgment emerges from a survey released today by the National Association for Business Economics of 52 forecasters who were polled last month.
Among the forecasters, 55 percent said they regarded a second wave of COVID-19 cases as the most serious threat. Twenty percent said they thought a lack of further government economic aid would pose the biggest risk.
The inability of Democrats and Republicans to forge a compromise has meant that unemployed Americans are no longer receiving a federal unemployment benefit.
At least a quarter of Disney layoffs coming from Florida
ORLANDO, Fla. (AP) — At least a quarter of the 28,000 layoffs planned for Disney’s parks division will come from Florida, according to a letter the company filed with state and local officials last week.
The letter says at least 6,390 nonunion Disney employees in Florida will be laid off starting in early December. The number of Florida layoffs, though, could grow as the company negotiates terms with a coalition of unions that represents 43,000 employees at Walt Disney World.
Disney officials said last week that two-thirds of the planned layoffs involve part-time workers and they ranged from salaried employees to hourly workers.
Disney’s parks closed last spring as the pandemic started spreading in the U.S. The Florida parks reopened this summer, but the California parks have yet to reopen as the company awaits guidance from the state of California.
JOB MARKET-LONG TERM UNEMPLOYMENT
Long-term jobless caught in a squeeze that imperils recovery
WASHINGTON (AP) — Millions of Americans who worked in the industries hit hardest by the viral pandemic are finding that their unemployment has stretched from weeks into months. And it’s become painfully unclear when, if ever, their jobs will come back.
In the entertainment field and in other sectors that suffered heavy job losses — from restaurants and hotels to energy, higher education and advertising — employment remains far below their pre-pandemic levels. These trends have raised the specter of a period of long-term unemployment that could turn the viral recession into a more painful, extended downturn.
People who have been jobless for six months or longer — one definition of long-term unemployment — typically suffer an erosion of skills and professional networks that makes it harder to find a new job. Many will need training or education to find work with a new company or in a new occupation, which can delay their re-entry into the job market.
In a worrisome trend, a rising proportion of job losses appear to be permanently gone. When the virus erupted in March and paralyzed the economy, nearly 90% of layoffs were considered temporary, and a quick rebound seemed possible. No longer. In September, the number of Americans classified as permanently laid off rose 12% to 3.8 million. And the number of long-term unemployed rose by 781,000 — the largest increase on record — to 2.4 million.
Cineworld may close US and UK theaters after Bond film delay
LONDON (AP) — Cinema chain Cineworld says it is considering closing all its movie theaters in Britain and the United States, after the postponement of the new James Bond film left a big hole in schedules.
Cineworld Group PLC owns 543 Regal cinemas in the U.S. and 128 Cineworld venues in the U.K. and Ireland. It said Sunday it was considering the temporary closure of their U.K. and U.S. cinemas, but a final decision has not yet been reached.
The statement came after the Sunday Times reported that Cineworld’s U.K. theaters will shut in the coming weeks.
The release of James Bond thriller “No Time to Die” has been delayed from November until April 2021 because of the effect of the coronavirus pandemic.
Other major studios have made similar decisions over the past few weeks. Universal has delayed “Candyman” to next year, and the Walt Disney Co. has postponed a handful of major movies to 2021, including Marvel’s “Black Widow” and Steven Spielberg’s “West Side Story.”
Fashion designer Kenzo Takada dies from COVID-19 at age 81
PARIS (AP) — Kenzo Takada, the iconic French-Japanese fashion designer famed for his jungle-infused designs and free-spirited aesthetic that channeled global travel, has died. He was 81.
The family says in a statement to French media that Takada died from complications from COVID-19 in a hospital in Neuilly-sur-Seine, near Paris.
A public relations officer for the Kenzo brand confirmed that Takada died, but didn’t give a cause of death. Though Takada had been retired from his house since 1999 to pursue a career in art, Kenzo remains one of the most respected fixtures of the high Paris fashion. Since 1993, the brand Kenzo has been owned owned by the French luxury goods company LVMH.