Mar 26, 2020 - Economy & Business

StubHub furloughs two-thirds of its workforce

Photo: Interim Archives/Getty Images

Online ticket resale firm StubHub confirmed on Wednesday that it had put a significant portion of its workforce on unpaid leave. Some 450 employees, two-thirds of StubHub's workforce, were affected, Business Insider reported.

The big picture: StubHub is just one of many tech companies whose business has dried up overnight because the coronavirus has decimated a wide swath of industries, from entertainment to travel to health and beauty.

What they're saying: A StubHub representative confirmed the move, but declined to say how many people were put on leave.

  • "We continue to support our customers and partners and look forward to a time when we are able to return to the joy of live events and the special, human connections that come with them," the company said in a statement.

Context: The move comes as all the major professional and college sports leagues have come to a halt and half the country is sheltering in place in an effort to slow the spread of the coronavirus.

  • For those who had bought tickets for events that were canceled, StubHub has been offering customers a coupon worth 120% of the value of the ticket.

Meanwhile:

Go deeper: Biggest spike in jobless claims in U.S. history

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The EU makes its move on a green coronavirus recovery

Illustration: Sarah Grillo/Axios

The European Commission this morning proposed a $825 billion package of economic responses to the coronavirus pandemic that includes financing for renewable energy, electric vehicle charging and other emissions-friendly projects.

Why it matters: The energy components of the "Next Generation EU" plan, part of a wider multi-year budget proposal, appear to be the most substantial attempt yet to stitch low-carbon investments into economic recovery plans.

Zipline drones deliver masks to hospitals; vaccines could be next

Zipline's drone drops medical supplies via parachute. Image courtesy of Zipline.

Zipline, a California drone company, has made its U.S. debut by delivering medical supplies to hospitals in North Carolina under a pilot program honed in Africa.

Why it matters: The effort, made possible by a waiver from the Federal Aviation Administration to Novant Health, is the nation's longest-range drone delivery operation and could demonstrate how drones could be used in future pandemics, Zipline officials said.

NHL unveils 24-team playoff plan to return from coronavirus hiatus

Data: NHL; Table: Axios Visuals

The NHL unveiled its return-to-play plan on Tuesday, formally announcing that 24 of its 31 teams will return for a playoff tournament in two hub cities, if and when medically cleared.

Why it matters: Hockey is the first major North American sports league to sketch out its plans to return from a coronavirus-driven hiatus in such detail, and it's also the first one to officially pull the plug on its regular season, which will trigger ticket refunds.