Business

Thursday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Thursday’s business headlines.

World Bank

A billion kids globally may be out of school because of the pandemic.

The World Bank says it is worried about the kids, especially in developing countries, and especially if a second wave hits or a vaccine takes longer than expected.

An additional 150 million people are now projected to be in extreme poverty next years because of the coronavirus.

Stimulus checks

Americans used most of their stimulus checks on savings and paying down debts.

The Federal Reserve Bank of New York says roughly 36% of the relief payments went to savings, and 35% was used to pay off debt.

About 18% was spent on essentials, and just 8% was allocated to non-essential goods.

Should a second round of payments go out, Americans expect to allocate larger shares to savings and use slightly less for erasing debt.

United Airlines

United Airlines says it’s stockpiling chase and cutting costs are key to withstanding coronavirus pandemic.

It reported a quarterly loss of $1.8 billion, compared with a $1 billion profit during the same period a year ago.

Cash has become key for airlines trying to make it through the most severe challenge in memory, with demand for travel languishing and little revenue coming in.

Simon and JCPenney

JCPenney is still negotiating its planned sale to mall owners Sime and Brookefield in a Process that continues to drag on as key dates loom this week.

Texas bankruptcy judge David Jones approved a timeline in the proceedings last week that would have the retailer cement its sale talks and file a number of documents by this Friday.

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