Author: Jimmy Aki

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works. jimmy@moneycheck.com

Popular American department store brand Nordstrom has announced some sweeping cuts to its locations, as the coronavirus takes a significant toll on its business. The Seattle-based company would be closing as many as 16 store locations and three boutiques in the coming months, USA Today reports. The company is hoping to shed the pandemic’s load and weather the current financial storm. Poor Financial Results Due to COVID-19 The news followed the company’s presentation of its financial report for the first quarter of the year. Nordstrom confirmed that its sales fell as much as 40 percent across the past quarter. Nordstrom’s…

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The Department of Justice has provided an update into its investigation of several Congress members after they engaged in what appeared to be improper trading activities. According to a report from the Wall Street Journal, federal prosecutors will be dropping probes into Sen. Kelly Loeffler (R-GA), Sen. James Inhofe (R-OK), and Sen. Diane Feinstein (D-CA). However, it will continue its probe of Sen. Richard Burr (R-NC). Proof Against Burr Racks Up Burr’s reputation has taken a bit of a hit as a result of the investigations. He recently announced that he’d be stepping down as the Senate Intelligence Committee’s chairperson,…

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Amazon’s business has seen significant growth over the past few weeks, as the coronavirus has continued to be a blessing amid nationwide lockdown rules. While the e-commerce giant has made commitments to look after its front-line workers, a group of shareholders would like to know how it expects to do this. Bezos Should Reveal Proper Details CNBC reported yesterday that a group of shareholders would be looking to bring the coronavirus to the forefront at Amazon’s shareholder meeting on Wednesday. The group, which involves pension funds in New York, Illinois, and California, will reportedly push for Amazon to release more…

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The coronavirus pandemic has been perhaps the worst thing that could happen to the global economy. With millions out of work and businesses unable to operate at full capacity, various economic sectors have felt the pandemic’s pinch. In the United Kingdom, however, the e-commerce industry has seen a boom in revenues as more people purchase items to sustain them while at home. One specific niche that has seen a surge is grocery shopping. Brits Favor Online Grocery Shopping Over Physical Retail Britons spent 1.2 billion pounds (about $1.5 billion) online shopping for groceries between April and May, Reuters reports. Citing…

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The coronavirus pandemic is easily the worst thing that has happened to the global financial and labor markets in almost a century. However, the top 1 percent of the country has continued to roll in the cash. Yesterday, the Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality published a report that showed a general boom in wealth for American billionaires. Bezos Stands Above All The report considered the wealth of some of America’s prominent billionaires, comparing them before and post coronavirus. It took into account the 600-plus members of the three-comma club as of March…

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The global oil industry was rocked when the West Texas Intermediate (WTI), the United States oil benchmark, took its worst dive in history. In April, the WTI benchmark hit negative digits for the first time in history. Oil had lost value significantly, with minimal storage facilities available and a global pandemic that restricted people from making purchases. Washington Readies a Possible Bailout for Big Oil Things haven’t gotten much better since then, although there have been alleviations. However, like every industry in crisis, there have been talks of a possible federal bailout for oil and gas firms that might be…

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Social media giant Facebook is stepping into the e-commerce space, as the firm hopes to cash in on the industry’s boom. This week, the Silicon Valley firm announced Facebook Shop, a new e-commerce platform that it launched with its subsidiary, Instagram. In a Livestream, the firm explained that Shops would integrate with the entire Facebook family of apps. A Better, More Efficient Sales Platform The service is free, and it will allow businesses to set up listings for their products on their Instagram and Facebook profiles. They can also like products on their Instagram Stories and via ads on any…

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Johnson & Johnson, one of the foremost medical service and retail companies, has announced that it would stop selling its talc powder brand in the United States and Canada. In a statement published earlier today, the New Jersey-based company confirmed that it would end its talc-based powder sales in the two countries, citing decreased demand from both countries as a significant driving factor. The Asbestos Claims Continue to Rack Up The company already faced a significant amount of criticism after reports confirmed that some of its products contained harmful content. In late 2019, it had to fend off stories that…

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Retail giant Walmart is making some significant changes to its service, as the firm adapts to the new market landscape. The firm has announced its intention to shut down Jet.com, one of its online subsidiaries. Jet Didn’t Meet Walmart’s Expectations. Online marketplace Jet.com was acquired by Walmart back in 2016, as it sought to focus considerable resources on building an e-commerce presence. The firm had seen the success of companies like Amazon and Alibaba at the time. Looking to seize the opportunity – and a considerable amount of market share – for itself, the firm splurged $3 billion for Jet.…

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JC Penney, the retail giant that recently filed for bankruptcy, is giving more insights into how it will be going about its reorganization. According to reports, the firm will shutter 30 percent of its locations in the coming months, as it seeks to draw up a path to profitability. The Plan for Renewal The Texas-based firm filed for bankruptcy protection earlier this month, as a vast majority of its locations had been rendered all but obsolete as a result of the coronavirus pandemic. The filing came after several years of profits and sales declining, as well as what several news sources…

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The coronavirus pandemic has been an economic disaster for the United States. With stay-at-home orders and travel bans, the economic disruption has been quite substantial. Last month, a study from the University of Illinois, University of Chicago, Harvard Business School, and National Bureau of Economic Research found that the pandemic has forced 100,000 small businesses to have closed up permanently. Drastic Measures Cause Unemployment to Spike Another problem that the virus has had in the county has been the spike in unemployment levels. Forced closures and a lack of customers have forced multiple companies in the United States to scramble…

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The coronavirus pandemic has had terrible effects on several businesses and industries. However, e-commerce is one space that has seen a massive boost. Thanks to the numerous stay-at-home orders, many households have had to rely on e-commerce firms for pretty much everything. These companies themselves are coasting into impressive profits. Companies Switch Online As Physical Stores Remain Closed eBay, one of the largest and most popular e-commerce firms, has seen significant gains in this period, enjoying what is now growing to become an industry-wide boom. The Guardian reported last week that the Silicon Valley firm had recorded a significant increase in…

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