Econ

GDP shrinks by 32.9%

US economy suffers worst quarter since the second world war

Drop in quarterly gross domestic product comes as 1.43m people file for unemployment benefits, a second week of increases, amid Covid-19 pandemic.

Economy

Top US companies to Trump: Leave DACA alone

A coalition of major companies and trade groups that represent more than half of American private sector workers wrote to President Trump on Saturday urging him to leave the Deferred Action for Childhood Arrivals (DACA) program in place.

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Shortnews

Facebook

Ban on political ads

Facebook is considering banning political ads on its platforms in the run-up to this year's election. The potential ban is still in the discussion stage and has not been finalized. The social media giant has largely taken a hands-off approach to political advertising on its platforms, even allowing ads with misinformation. That stance has been heavily criticized by lawmakers, civil rights groups and many of Facebook's own employees. Twitter announced in October it would no longer run political ads, but unlike Facebook the platform was not used much for them in the first place.

Black Lives matter

Estée Lauder has plans to hire more black workers

Cosmetics giant The Estée Lauder Companies plans to hire more black employees and buy more from black-owned companies after staffers put pressure on the brand to address race-related issues in the wake of protests happening throughout the U.S. In a memo, the company outlined extensive plans to change how it operates in a bid to foster a more inclusive environment. The company said it stands behind the Black Lives Matter movement and will source more products from black-owned businesses and expand its shades and formulas for people of color. "We have all taken time recently to grapple with the systemic racial injustice that has plagued the United States for far too long," reads a joint statement from executive chairman William Lauder, and president and CEO Fabrizio Freda. "We also recognize that we have much more work to do in order to accomplish greater results."