Jan 17, 2018

Saudi Arabia sends $2 billion to war-torn Yemen

Saudi Arabia's King Salman bin Abdulaziz Al Saud. Photo: Lintao Zhang / Pool / Getty Images

Saudi Arabia's King Salman bin Abdulaziz Al Saud ordered a $2 billion transfer to the Yemeni central bank, CNN reports, as a wave to stave off further economic turmoil in war-torn Yemen.

Why it matters: The Saudi Ministry of Culture and Information said in a statement that the money is meant to boost "Yemen's financial and economic situation while bolstering the Yemeni riyal." Per CNN, the riyal (Yemen's currency) has already dropped around %18 in value during January.

  • Saudi Arabia has been deeply involved in the war that has crippled Yemen, leading a coalition against the Iran-backed Houthi rebels. The kingdom has been heavily criticized for not working enough to avoid civilian casualties.

Go deeper

Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support with the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resultant economic shutdown.

Another 6.6 million jobless claims filed last week amid coronavirus crisis

Data: U.S. Bureau of Labor Statistics via FRED; Chart: Andrew Witherspoon/Axios

Another 6.6 million Americans filed for unemployment last week, the Labor Department announced Thursday.

Why it matters: It adds to the staggering 10 million jobless claims in recent weeks — by far the sharpest spikes in American history — as the world economy has ground to a halt in an effort to contain the coronavirus outbreak.

Yelp cutting 1,000 jobs, furloughing others

An image from a Yelp donation program launched in the wake of Covid-19. Photo: Yelp

Yelp told employees Thursday that it is cutting 1,000 jobs and furloughing another 1,100 workers amid a massive drop in its business.

Why it matters: Yelp is the latest company catering to small businesses that has seen much of its customer base decimated amid the COVID-19 outbreak and related shutdowns.