Disney streaming services' chief Kevin Mayer to become TikTok CEO : Bulletin: Business Today
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Disney streaming services' chief Kevin Mayer to become TikTok CEO

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BusinessToday.In | May 19, 2020

Coronavirus effect: Uber cuts 3,000 jobs as demand tumbles
Uber has cut 3,000 jobs from its workforce, its second major wave of layoffs in two . Coronavirus has obviously slashed demand for rides. The San Francisco company has cut a quarter of its workforce since the year began, eliminating 3,700 people from the payroll earlier this month. It is trying to rejig its strategy by re-focusing on its core business, moving people and delivering food and groceries, said CEO Dara Khosrowshahi.
Coronavirus fallout: Full global economic recovery unlikely in 2021, says IMF chief
The head of International Monetary Fund has said the global economy will take much longer to recover fully from the shock caused by the new coronavirus than initially expected. Managing Director Kristalina Georgieva said the Fund was likely to revise downward its forecast for a 3% contraction in GDP in 2020, but gave no details. That would likely also trigger changes in the Fund's forecast of a partial recovery of 5.8% in 2021.

Softbank CEO pins all hopes on 'winged unicorns' to save collapsing tech empire
SoftBank Group Corp CEO Masayoshi Son on Monday pinned his hopes on a small group of "winged unicorns" to save the performance of his $100 billion Vision Fund - although he gave few clues on which ones they would be. Announcing a record annual loss for his tech conglomerate, and an $18 billion shortfall at the Saudi-backed Vision Fund, Son told an earnings presentation on Monday that tech unicorns had plunged into the "valley of the coronavirus".

Disney streaming services' chief Kevin Mayer to become TikTok CEO
Walt Disney Co's top streaming executive, Kevin Mayer, will leave the entertainment and theme parks giant to become the chief executive officer of TikTok, the popular video app owned by China's ByteDance Technology Co, the companies said on Monday. Mayer led the successful launch of the Disney+ streaming service in November but in February was passed over as Disney's new chief executive. Mayer's appointment will be effective June 1, when he will also become chief operating officer of ByteDance, the Chinese company said.
Supreme Court quashes MHA order to pay full salaries during coronavirus lockdown
Supreme Court has overturned an order by the Ministry of Home Affairs which asked industries to pay full wages to their employees for the lockdown period. The apex court has ordered government not to take any coercive action against private companies unable to pay the full salaries to their workers.

Coronavirus update: India's fuel demand recovery improves as lockdown eases
A recovery in fuel demand in India gathered momentum in the first half of May versus April as curbs on transport and industrial activity were partly lifted in areas that have contained the spread of coronavirus. Demand for refined fuel is expected to get another boost as India has lifted more restrictions under its extended lockdown that runs until May 31.

Taking HCQ for about 'a week and a half' to protect against COVID-19: Trump
President Donald Trump said Monday that he is taking a malaria drug to protect against the new coronavirus, despite warnings from his own government that it should only be administered for COVID-19 in a hospital or research setting due to potentially fatal side effects. Trump told reporters he has been taking the drug, hydroxychloroquine, and a zinc supplement daily "for about a week and a half now." Trump spent weeks pushing the drug as a potential cure or prophylaxis for COVID-19 against the cautionary advice of many of his administration's top medical professionals.

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