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This Is What It Looks Like When a Texas Oil Boom Busts – The Wall Street Journal

A year ago, the Permian Basin region was one of America’s hottest labor markets, fueled by a fracking gold rush. Today, the oil field has all but shut down, and everyone is feeling the pain, from restaurant owners to landlords to barbers.

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When an oil bust takes hold in West Texas, no one is spared: Drilling rigs collect dust, barber chairs sit empty, students drop out of school and lines swell at the food bank.
The collapse in the wake of the new coronavirus has been historically brutal. In a matter of weeks, global demand for oil shriveled by more than 20% this spring, as people hunkered indoors and stopped flying and driving. Oil prices crashed. A fracking industry that had pushed American production to a world-leading 13 million barrels a day went into…

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Coronavirus: European stocks dip on rising infections and UK quarantine rules – Yahoo Finance

Travel stocks slid most, with worse-than-expected factory data in China and the US stand-off over fiscal stimulus adding to gloomy sentiment.

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European stocks dipped on Friday, amid concerns over rising coronavirus cases in several countries and new coronavirus restrictions on travel between France and Britain.
Worries over worse-than-expected factory and retail data in China and the continued deadlock over new fiscal stimulus in the US also weighed on sentiment.
Britains FTSE 100 (^FTSE) was down 2.3% in morning trading, Frances CAC 40 (^FCHI) down 2.2% and Germanys DAX (^GDAXI) 1.3% lower.
The pan-European Stoxx 600 (^STOXX) fell …

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China’s retail sales unexpectedly fall as consumer caution prevails – Fox Business

The reports raised concerns about the fragility of China’s emergence from coronavirus

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China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus, while the recovery in the factory sector struggled to gain momentum.
Asian markets pulled back on Friday following the disappointing set of economic indicators, which raised concerns about the fragility of China’s emergence from coronavirus.
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China’s recovery had been gath…

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Uber and Lyft Lose Bid to Keep Exploiting Their Drivers for Just a Little Bit Longer – Gizmodo

On Thursday, a California judge denied motions by Uber and Lyft to delay a previous injunction ordering the ridesharing companies to reclassify their contractors as full-time employees. That ruling goes into effect on August 20, to which the companies had req…

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On Thursday, a California judge denied motions by Uber and Lyft to delay a previous injunction ordering the ridesharing companies to reclassify their contractors as full-time employees. That ruling goes into effect on August 20, to which the companies had requested a 10-day extension in order to attempt an appeal.
I am confident that the court of appeal is capable of acting very quickly where it is necessary for it to do so. I am unconvinced that any extension of the 10 day stay is required. B…

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