Business News

How the coronavirus pandemic might change the car business for good

How the coronavirus pandemic might change the car business for good

Morsa Images/iStockBy MORGAN KORN, ABC News(NEW YORK) — The Great Recession nearly brought the automotive industry to its knees. A decade later, carmakers are reckoning with a new threat: the novel coronavirus, an unforeseen force that has halted production, disrupted sales and caused financial pain to an industry that was able to bounce back from…

Future of fashion: Will COVID-19 change fashion as we know it?

Future of fashion: Will COVID-19 change fashion as we know it?

webphotographeer/iStockBy JACQUELINE LAUREAN YATES, ABC News (NEW YORK) — COVID-19 has disrupted all facets of the economy and the fashion industry is no exception.With over 38 million people currently unemployed, leisure fashion has taken a backseat in favor of necessities.Buying the latest designer shoe or handbag isn’t exactly top of mind in a pandemic, and…

NYSE reopens at 25% capacity with temperature checks, social distancing

NYSE reopens at 25% capacity with temperature checks, social distancing

ablokhin/iStockBy CATHERINE THORBECKE, ABC News(NEW YORK) — After being closed for nearly two months, the New York Stock Exchange will reopen its trading floor on Tuesday at about 25% capacity.Stacey Cunningham, the president of the NYSE, told ABC News’ chief economics correspondent Rebecca Jarvis that the decision to reopen was made with the health and…

African Americans in the hair industry say COVID-19 social distancing is crushing them

African Americans in the hair industry say COVID-19 social distancing is crushing them

MayvennBy OLIVIA EUBANKS, ABC News(NEW YORK) — As the rapid spread of COVID-19 disproportionately devastates black communities across the country, African Americans in the hair care business say stay-at-home orders and social distancing has crushed an industry which relies solely on clientele for a steady income.”When COVID hit it was like losing my livelihood overnight,”…

Restaurant owner discusses effects of COVID-19 on his Georgia community

Restaurant owner discusses effects of COVID-19 on his Georgia community

ucpage/iStockBy ERIC MOLLO, ABC News(NEW YORK) — Georgia was one of the earliest states in the country to relax coronavirus restrictions. Businesses are opening back up again across the state, including in Albany, a hard-hit city of over 70,000 people, many of whom are African-American.Glenn Singfield was born and raised in Albany, Georgia. He is…

California wineries reopen for Memorial Day weekend

California wineries reopen for Memorial Day weekend

Juanmonino/iStock(SONOMA COUNTY, Calif.) — The California Wine Country has been hit hard in recent years by wildfires and now COVID-19 shutdowns. But this Memorial Day weekend, life is beginning to return once again. In Sonoma County wineries that serve food and restaurants can now reopen with patio dining only. Seats in dining areas must be…

Volunteers in Brooklyn step in to help low-income, immigrant residents

Volunteers in Brooklyn step in to help low-income, immigrant residents

Elena Medoks/iStockBy PAULINA TAM, ABC News(NEW YORK) — Whitney Hu knows the route by heart. Every Saturday morning, the 29-year-old wakes up at 6 o’clock to go to a theater-turned-warehouse in the heavily immigrant neighborhood of Sunset Park, Brooklyn, in New York City. There, she slips into the routine she has been performing since the…