In today’s top news, Alibaba has made almost $3 billion in loans available for companies hurt by the coronavirus, and Japan’s recent sales tax triggers fears of a recession. Also, HSBC cuts 35,000 jobs and $100 billion in assets in a streamlining and restructuring effort.
Alibaba has made 20 billion yuan ($2.86 billion) in loans available via Ant Financial’s MYBank to help companies affected by the coronavirus. Another 10 billion yuan ($1.43 billion) has been set aside for companies in Hubei, the center of the virus outbreak.
Japan is on the brink of a recession due to a severe decrease in tourism brought on by the coronavirus outbreak and a sales tax hike implemented in October.
While looking to invest in Asia and the Middle East, HSBC is streamlining businesses in the U.S., mainland Europe, and its investment bank by slashing 35,000 jobs and $100 billion in assets. Despite being headquartered in Europe and located in 50 countries around the world, over 50 percent of its revenue comes from Asia.
Apple said it won’t meet its projected revenue for the first quarter of 2020 because of the coronavirus outbreak, which has forced the tech giant to limit sales in China and production for worldwide sales.
Quick delivery times no longer impress diners — restaurants battling in today’s market need compelling delivery pricing to stand out. But that’s only possible if restaurants can streamline expenses, especially in high-rent cities. In this month’s Order To Eat Tracker, Charlie Yi, CEO of Zoku Sushi, explains how delivery-only ghost kitchens and avoidance of aggregator platform partnerships has helped lower operational costs, allowing affordable prices and improved customer loyalty.
Card-based rewards points are so ubiquitous these days, consumers are becoming increasingly immune to their charms. That’s why Visa and Accor are partnering to bring a new card to market — aimed at hitting the reset button on rewards, by replacing standard generic fare with custom curated experiences.
1-800-Flowers is purchasing Personalization Mall from Bed Bath & Beyond for $252 million. The acquisition will help expand 1-800-Flowers’ gifting brands offerings.