Economy

US weighs blacklisting top Chinese chipmaker

September 07, 2020

Shares in China's Semiconductor Manufacturing International Corp ( SMIC ) tumbled on Monday in response to reports of potential sanctions against the company from Washington. It said SMIC products are "solely for civilian and commercial end-users and end-uses". SMIC is one of Huawei's manufacturers. Industry sources say placing SMIC on the list could impact US companies.

Australian PM announces deal for 84 mln doses of coronavirus vaccine

September 07, 2020

Should both vaccines pass clinical trials, Australia will spend A$1.7 billion (935.04 million pounds) for a total of almost 85 million doses, Morrison said. Each person would have a dose of one vaccine followed by a second dose of the same one within a few weeks. Should both vaccines prove successful, Australia has secured to right to donate or sell on without a mark-up.

Australia expects to receive AstraZeneca's Covid-19 vaccine within months

September 07, 2020

Prime Minister Scott Morrison said his government has struck a manufacturing deal with CSL Ltd (AX:) to produce an AstraZeneca (L:) and Oxford University COVID-19 vaccine, with 3.8 million doses to be delivered in January and February 2021.

Australia's CSL agrees to manufacture two Covid-19 vaccine candidates

September 07, 2020

The next step for the vaccine is that it will now enter a 40,000 strong later-stage trial. The vaccine was administered in two forms - frozen and freeze-dried - and the frozen form showed greater efficacy in terms of production of neutralising antibodies and T-cells.

Labor Day gas prices are set to be lowest since 2004

September 07, 2020

The lowest price in Iowa of a gallon of regular gas is in Ankeny, where it is selling for $1.73. That's according to Gas Buddy . That is 49 cents lower than this time previous year. "We forecasted that more than 700 million Americans would take trips this summer with 97 percent of those being road trips", said Michigan Spokesperson for AAA Adrienne Woodland.

Softbank Bets Heavily On Option Purchases, Primarily In Tech Sector

September 06, 2020

However, when the prices tend to fall the puts rise. SoftBank bought a roughly equal amount of call options tied to the shares it bought, according to the Wall Street Journal . This has contributed to the speculative nature of the market in recent weeks, "said Chris Igo, chief investment officer at AXA Investment Advisors". What does such solitary activity mean for a wider market? Raymond James market strategist Ellis Phifer said the buying by SoftBank would have helped push up ...

Britons Dine Out on $700 Million of Treasury's Pandemic Stimulus

September 06, 2020

The UK Government scheme, which ran throughout August, saw 111 Moray businesses sign up, with 85,000 meals discounted - saving local diners £489,000. "This initiative is just one part of an extensive package of United Kingdom government support for Scotland's economy and jobs".

Virgin Atlantic Plans 1,150 More Job Cuts After Completing Rescue Deal

September 06, 2020

Virgin Atlantic said it was cutting another 1,150 jobs and putting 600 staff on furlough despite the struggling airline receiving approval for its privately-financed £1.2bn rescue plan. Virgin Group owns the remaining shares. Virgin Atlantic does not foresee a return to pre-crisis levels of flying until 2023. Transatlantic flying is 70% of Virgin Atlantic's network, and the airline called on Britain to introduce virus tests at airports to replace its policy of travellers having to ...

McDonald’s and Travis Scott Confirm Partnership, Travis Scott Meal Available Next Week

September 06, 2020

Chief Marketing Officer Morgan Flatley says it's the first time a celebrity's name has been featured on its menu since Michael Jordan in 1992, almost 30 years ago. "Then you couple that with his huge followership and his fans, social-media footprint, and". The new meal will be available to hungry customers from September 8 until October 4, and Scott has designed custom T-shirts for McDonald's staff members to wear during the promotion.

Adds 15,300 jobs in August as pandemic recovery continues

September 06, 2020

Underlying details of the publication revealed that the Participation Rate improved modestly to 64.6% and came in line with analysts' estimate. The increase in unemployment is due to the COVID-19 pandemic. Only Toronto is in between the two Alberta cities with a rate of 13.9 per cent. "With provincial reopening plans having largely gone as far as they will go before a vaccine is available, we will be entering a new phase of the recovery where the path higher for employment is slower and ...

Oil prices hover around multi-week lows on demand worries

September 06, 2020

The American Petroleum Institute reported crude inventories dropped by 6.36 million barrels last week, according to people familiar with the figures. Brent crude futures climbed 49 cents or 1.1 per cent to $45.77 a barrel at 0406 GMT. "We need to see economic activity back up to get demand flowing". Futures prices turned negative after weekly government data from showed lower gasoline demand from a week earlier, prompting traders to shrug off bullish USA crude inventory data.

Mackenzie Scott, Jeff Bezos' ex-wife, becomes world's richest woman

September 06, 2020

She is now No. 12 on the list with an estimated net worth of $64.8 billion. Scott, who owns a 4 percent stake in the ecommerce giant, has added another $30.3 billion to her bank balance in the past year, taking her net worth to a staggering $67.4 billion, according to Bloomberg Billionaires Index .

Splashy return planned for the Jeep Grand Wagoneer

September 05, 2020

Unlike previously speculated, it doesn't have much influence from the iconic Wagoneer models. But since this is a plug-in hybrid , the Wrangler 4xe can also run on pure electric power for up to 40 km should there be sufficient charge from the battery.

Unacademy bags $1.5 billion valuation in $150 million round

September 05, 2020

While announcing the fund-raise, Munjal said, "Our goal always has been to democratize knowledge and make it more affordable and accessible by getting the best experts of the world help everyone achieve their goals". The company caters to the learning needs for 35+ competitive exams, besides important life goals such as Chess. Unacademy acquired PrepLadder , which offers courses aimed at medical students, for $50 million in July.

Ship feared sunk with 42 crew and nearly 6000 cows on board

September 05, 2020

Dramatic footage of Wednesday's rescue showed the man bobbing in the open ocean in an orange lift jacket and rescuers battling violent waves to pull him on to their boat with a rope. Last year, there were almost 500,000 Filipino seafarers, on vessels ranging from oil tankers to cruise ships. The Gulf Livestock 1 left New Zealand on 14 August headed for China, with the journey expected to take 17 days, New Zealand's foreign ministry said.

Stocks drop sharply as tech sector stumbles; Apple down 7.1%

September 05, 2020

The S&P 500 tech sector sank 1.34 percent, following a 5.83-percent drop in the previous session. The US stock market took a dive on Thursday , with the tech industry getting hit the hardest, making it the worst day for the market since June.

Canada added 245,800 jobs in August

September 05, 2020

No matter how it is interpreted, the result was worse than any single week of the 2008-2010 global financial crisis, reflecting the ongoing damage from business shutdowns that began in the United States in March in an effort to stem the pandemic.

Unemployment Falls Under a Key Threshold

September 05, 2020

Further details of the publication revealed that the Unemployment Rate dropped to 8.4% from 10.2% in July and came in better than analysts' estimate of 9.8%. Another 881,000 Americans filed initial claims for benefits last week on a seasonally adjusted basis. The United States keeps regaining more of the jobs that vanished when the viral pandemic flattened the economy early this spring.

France unveils €100-billion economy rescue plan

September 04, 2020

Prime Minister Jean Castex hailed the plan saying it aimed to stop unemployment rising by creating at least 160,000 jobs by next year. The money will be divided three ways, with $42 billion going towards making French businesses more competitive by slashing corporate taxes, now among the highest in Europe .

Unemployment dips as 246000 jobs added in August: StatCan

September 04, 2020

Now, it is below the national unemployment rate. But the rate of hiring has slowed each month this summer, a signal that the economic recovery from the coronavirus pandemic may be losing steam. Casino and hotel operator MGM Resorts, slammed by declines in travel and tourism, said last week that it's eliminating 18,000 jobs . Salesforce is cutting 1,000 jobs, Bed Bath & Beyond 2,800.

U.S. trade deficit surges in July to highest in 12 years

September 04, 2020

The overall trade deficit rose by 18.9 percent to 63.6 billion dollars from a revised 53.5 billion dollars in June, according to the department. Exports were also up but by a smaller 8.1% to $168.1 billion. For July, the deficit with China in goods totalled US$31.6 billion, an 11.5 per cent increase from the June imbalance. Market expectations were for a trade deficit of about $2.5 billion, according to economists at Bank of Nova Scotia.

U.S. Companies Added Just 428000 Jobs Last Month

September 04, 2020

Small businesses created 52,000 jobs and medium businesses 79,000, the analysis said. The goods-producing sector, in contrast, gained only 40,000 jobs last month, mainly in the construction industry, which added 28,000 jobs. According to a Reuters survey of economists, private payrolls probably increased by 1.265 million jobs in August after rising 1.462 million in July.

Australia breaks 29-year growth streak and falls into recession

September 04, 2020

The Australian dollar fell after the report, trading at 73.41 USA cents at 11:33 a.m.in Sydney from 73.60 cents. The bureau's head of national accounts, Michael Smedes, said the pandemic and containment efforts were to blame for the "unprecedented" drop that exceeded previous records "by a wide margin".

SoftBank eyes TikTok India unit

September 04, 2020

The Masayoshi Son-led investment firm owns a minority stake in TikTok's parent company ByteDance. India, a long-time regional rival, has taken a particularly tough stance, banning 59 of China's largest internet services in July, including TikTok.

Jeep introduces its first electric-powered hybrid the 2021 Wrangler 4xe

September 04, 2020

It will get the equivalent of 50 miles per gallon of gasoline. While it may only have a 2.0-liter turbocharged engine under the hood that's good for 268 PS and 400 Nm of torque, it gets a helping hand from two electric motors and a 400-volt, 17 kWh lithium-ion battery pack.

United Airlines to cut 16,370 jobs as the pandemic rages

September 04, 2020

Congress also approved another $25 billion in loans for airlines under the first stimulus package, but not all of them are tapping the funds. Flight attendants will bear the brunt of the cuts, with 6,920 getting furlough notices. Chicago-based United has said that it doesn't expect any meaningful recovery in travel demand until a coronavirus vaccine is developed and widely distributed and administered.

U.S. federal budget deficit forecast to hit $3.3tn this year

September 04, 2020

The US government is projected to run its largest-ever budget deficit this fiscal year. CBO projected that the national debt will amount to 98% of GDP this year, up from 79% of GDP at the end of 2019 and 35% of GDP in 2007. The mounting US debt load is at the center of a debate in Congress over how much additional relief the government can afford to provide to households and businesses hit by the pandemic.

Call for 50%-off meal scheme to be extended

September 04, 2020

FSB Scotland has called for the scheme to be extended in Aberdeen which has missed out because of the lockdown imposed on the city. More than 85,000 outlets have taken part and 35 million discounted meals were claimed across the United Kingdom in the first two weeks of the scheme.

Hot Tech Stocks Reverse Course, Sending Market Into A Tailspin

September 04, 2020

Market watchers have been questioning recently whether those gains were overdone. Technology stocks, which account for a significant chunk of the USA stock market's value these days, fell broadly. U.S.jobs report Friday is forecast to show payrolls continued to rebound in August from virus lows. USA traders have numerous macroeconomic releases to look forward to, including the non-manufacturing ISM (Institute for Supply Management) and final services purchasing managers' index (PMI) for ...

U.S. manufacturing continues recovery in August

September 03, 2020

Other notable metrics in the report included: a 6.2% decline in inventories, to 45.8, down after two months of growth; a 6.6% increase in prices, to 64.2, increasing at a faster rate for the fifth consecutive month; and backlog of orders, at 56.6, eking out a 0.7% increase, growing, at a faster rates, for the third consecutive month.

Hyundai Kona and Kona N Line revealed, Australian plans confirmed

September 03, 2020

In its pilot project, EESL had ordered 10 Kona Electric SUVs a year ago and has now ordered another 100 units in line with the government's mission of creating a sustainable EV ecosystem in India. The new Kona Electric, we can reveal, will come with the same 64kWh battery for up to 480km of zero emissions driving range. The most significant changes are on the outside.

U.S. unemployment claims drop to lowest level of lockdown

September 03, 2020

In the week ending August 29, the number of Americans filing for unemployment benefits decreased by 130,000 from a revised level of 1 million, the Labor Department said in a report released on Thursday, making it the second time in the past 24 weeks that the figure has come in below 1 million.

United States government debt to pass 100 per cent of GDP in 2021

September 03, 2020

The Congressional Budget Office published its latest report on federal deficits and debt on Wednesday. "This report shows that our unsustainable fiscal challenges have rapidly accelerated, as our national debt will now exceed the size of our entire economy next year", said Peter G Peterson Foundation Chief Executive Michael Peterson.

4th-gen Hyundai Tucson teased ahead of global debut

September 03, 2020

The design language is called "Sensuous Sportiness", and this was rolled out in the also recently revealed new Elantra . Spy photosof the fourth-gen Tucson showed that many design elements from the Vision Concept T SUV will be carried over and the new images confirm this.

Survivor: Livestock ship with 42 crew sank off Japan coast

September 03, 2020

A ship carrying 43 crew and almost 6,000 cattle from New Zealand to China capsized after losing an engine in stormy weather in the East China Sea, the only crew member rescued so far told Japan's coastguard on Thursday (Sept 3). "MPI wants to understand what happened on the sailing of the Gulf Livestock 1", it said. The DFA Office of the Undersecretary for Migrant Workers' Affairs and the Philippine Overseas Labor Office in Osaka are also closely coordinating with local manning agency ...

Abbott urges lifting of virus restrictions

September 03, 2020

She is President of the Board of Trade and she's been told that she's going to jobshare with a bloke from Australia ", she added. He's a misogynist he has very poor views on LGBT+ rights, and I just don't think this is a man who should be anywhere near our Board of Trade.

Woman Uncovers Perfectly Preserved McDonalds Burger & Fries from 1996

September 03, 2020

A TikTok person not too long ago shared a movie displaying off a McDonald's hamburger and French fries that apparently have been sitting in a box inside of a closet considering that 1996. At the time of the man's video, McDonald's representatives responded in a statement, saying that its, "burgers could decompose in the right environment, specifically a moisture-rich one".

S&P 500, Nasdaq end at records, extending Wall Street rally

September 03, 2020

Nvidia Corp, the best-performing S&P 500 constituent this year, was also one of the benchmark's biggest boosts on Wednesday, gaining 3.7% after several brokerages hiked their price targets on its shares after its announcement of powerful gaming chips in collaboration with Micron Technology Inc and Samsung Electronics Co Ltd.

MGM Lays Off 18000 Staff Across The US Due to Slow Recovery

September 02, 2020

A company spokeswoman said the hotel will reopen when it can be done safely and there is enough demand. MGM Resorts International has announced that it's Borgata Hotel Casino in Atlantic City is laying off 2,295 employees. In light of the above context, the biggest and most famous casino owners of Las Vegas, Metro-Goldwyn-Mayer ( MGM ) have moved to terminate almost 18,000 of their Casino employees.

Australia In Recession For 1st Time In Nearly 30 Years

September 02, 2020

The 7 per cent quarterly GDP slump was also more than three times worse than the previous biggest fall of 2 per cent in June 1974. "Today's national accounts confirm the devastating impact on the Australian economy from COVID-19", Treasurer Josh Frydenberg said.

USA oil production rose to 10.4 million bpd in June

September 02, 2020

U.S. West Texas Intermediate rose 11 cents, or 0.3 per cent to $42.87. US crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said , more than forecast. Oil markets largely shrugged off the hurricane's impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm.

A man flying a jetpack was reported by pilots above Los Angeles

September 02, 2020

The FBI is investigating following the sighting from two pilots on separate flights near Los Angeles International Airport on Sunday. A Skywest pilot also reported seeing the mysterious man in the jet pack. Young says he doesn't doubt what the pilots saw because they typically have excellent vision and are trained to spot small objects in the sky. Industry expert David Mayman was dubious that it was a jetpack spotted by the pilots.

Planned TikTok deal entails China's approval under revised catalogue

September 02, 2020

ByteDance could announce its pick as early as Tuesday, CNBC reports , though any deal could face major delays in light of the new Chinese regulations. So far, Microsoft and Oracle have been in talks to buy the business, with the former company partnering up with Walmart to offer a joint bid that will compete with the California-based computer technology company.

RBA policy meeting: Cash rate held, bank support expanded

September 02, 2020

So far, ADIs have drawn $52 billion under the Term Funding Facility, with a total $200 billion available after today's changes. When asked when Aussies could expect banks to make the move, half of the respondents said banks were likely to announce out-of-cycle rate hikes during the first half of 2021.

France accuses United Kingdom of stalling in post-Brexit trade talks

September 02, 2020

Ex-Australian PM Tony Abbott, who has spoken to ministers about a role in post-Brexit trade talks, yesterday told MPs in an online meeting he hoped the European Union "comes to its senses" and offers "at least a Canada-style free trade deal".

Canada contracts with Novavax for 76 million vaccine doses for 2021

September 01, 2020

The federal government is acknowledging that competition to secure prospective vaccines is fierce as countries jockey to ensure they will be able to inoculate their populace once a treatment is available. "It's possible there is a breakthrough soon that will allow us to get a vaccine more quickly", says Trudeau. "That is how we will move forward on a sustainable path to a full recovery".

Biden blames Trump for "stoking violence in our cities" in Pittsburgh speech

September 01, 2020

The former vice president also highlighted the nation is facing multiple crises at once. Wisconsin Governor Tony Evers has asked Trump not to visit, citing fear of greater tensions. While accusing Trump of "rooting for chaos and violence", Biden said Trump's failings on the pandemic, on foreign policy and even on Social Security had made Americans much more vulnerable.

Tesla to raise $5 billion through share offering

September 01, 2020

Citigroup Global Markets Inc, and Morgan Stanley will sell the shares at Tesla's direction. "We believe this is the smart move at the right time for Musk & Co. Electric carmaker Tesla followed suit earlier this month by announcing a 5-for-1 split to portion its richly valued stock into smaller chunks, which also took effect on Monday.

Coronavirus: Portugal return to quarantine list would cause 'chaos and hardship'

September 01, 2020

If the number of cases per 100,000 tips over 20 in a country, it means quarantining rules will be considered. The boss of the parent company of British Airways warned against reimposing restrictions on arrivals from Portugal . Searches for flights to Portugal soared after the country was removed from the UK'squarantine list just over a week ago. Internet users were specifically searching "flights to Portugal " at around 6pm on 20 August - shortly after the travel corridor was announced.

MGM Resorts laying off 18K furloughed workers

September 01, 2020

In the separation letter, MGM CEO Bill Hornbuckle said: "Nothing pains me more than delivering news like this". Revenue tumbled 28% in the Atlanta company's most recent quarter. The steady drip of job losses may have already begun to play out in other crucial parts of the economy. However, with tourism levels lower than usual and business conferences and travel down, it is a hard time for the gaming industry.

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