pandemic

Tech drives Nasdaq to all-time high as signs of recovery emerge from coronavirus pandemic

(Reuters) – The heavyweight technology and growth stocks that drove Wall Street higher in recent years are again fueling a surge that has taken the Nasdaq from a brutal selloff to an intraday record high in just 11 weeks, as investors look beyond the economic upheaval caused by the coronavirus.

FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. REUTERS/Brendan McDermid

The Nasdaq’s 43% rise since late March puts the tech-heavy index far ahead of the broader S&P 500, highlighting investors’ willingness to bet that tech and communication companies will emerge stronger from the pandemic.

The Nasdaq index on Friday closed 2.06% higher on the day after earlier surpassing the previous intraday record high hit Feb. 19, just before fears of the coronavirus ended Wall Street’s 11-year bull market. The Nasdaq on Friday ended just short of its record high closing

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Amid pandemic, investors bet on India’s Jio and its giant-killer playbook

MUMBAI (Reuters) – From its Silicon Valley-like campus near Mumbai, Indian billionaire Mukesh Ambani’s Jio telecom carrier is emerging as a winner from changes in the way Indian consumers plug into a digital economy made more urgent by the coronavirus pandemic.

FILE PHOTO: Commuters use their mobile phones as they wait at a bus stop with an advertisement of Reliance Industries’ Jio telecoms unit, in Mumbai, India July 10, 2017. REUTERS/Shailesh Andrade/File Photo

For Indian shoppers who prefer to order online, it is launching a grocery ordering service with Facebook Inc’s (FB.O) popular WhatsApp messaging. For Bollywood fans who would prefer to avoid a crowded theater, it is readying same-day-release on the Jio platform.

Those plans had been in the making for months, but the pandemic has given them a shot in the arm. India’s 10-week lockdown has also led to a surge in demand for data, boosting

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Lyft violates Washington DC sick day law during pandemic, lawsuit claims

NEW YORK (Reuters) – Lyft Inc was sued on Friday by a former driver who accused the ride-sharing company of failing to provide required paid sick leave to drivers in Washington, D.C., a policy she said could fuel the spread of the coronavirus.

FILE PHOTO: The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid

Cassandra Osvatics, of Bowie, Maryland, accused Lyft of subjecting current and former drivers to a “Hobbesian choice” between having to risk their livelihoods by staying home when sick, or “risk their lives (and the lives of their passengers)” by working through their illnesses.

Underlying the proposed class action is a belief that Lyft drivers qualify as employees, entitling them in the nation’s capital to about seven paid sick days annually based on 2,000 hours worked.

Lyft and larger rival Uber Technologies Inc have long contended their drivers

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Lithium producers must wait as pandemic slows electric vehicle revolution

JOHANNESBURG/HOUSTON (Reuters) – The coronavirus pandemic has paused the electric vehicle revolution, forcing producers of battery metal lithium into survival mode with output cuts, expansion delays and sales of major assets.

FILE PHOTO: A parking sign for electric vehicles is pictured, where U.S. electric vehicle pioneer Tesla announced to build its first European factory and design center near Berlin, in Gruenheide, Germany, November 13, 2019. REUTERS/Hannibal Hanschke/File Photo

Lithium industry shares have dropped sharply since January as the economic downturn from the pandemic slammed the brakes yet again on the electrification revolution that for years has seemed just around the corner. Investors are giving the cold shoulder to mine developers seeking funding for lithium projects.

“This pandemic further kicks the EV can down the road,” said Seth Goldstein, a lithium industry analyst with Morningstar.

The holdup will result in a shortage of the white metal available for EV batteries when

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