Disney is to stop paying more than 100,000 employees from this week as its theme parks and hotels remain closed due to COVID-19.
The company is expected to save up to $500 million a month as a result of this decision.
Disney made operating income of $1.4 billion for its parks, experiences and products in the last quarter of 2019, and its executive chairman earned $47.5 million last year.
Ian Guider, markets editor of the Business Post, brought us this story and more of the day's business news, including:
- Banks announce new rules on mortgages in light of COVID-19
- AIB to refund tracker customers in July and August
- Richard Branson has offered up his private island to the UK government in return for a bailout of Virgin Atlantic
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