Economy

Chancellor extends job furlough scheme until the end of June

May 20, 2020

For an employer to qualify for reimbursement in respect of furloughed employees, those employees originally had to be employed on 28 February 2020. This applies even if the employee is not reemployed until after March 19, 2020. The rationale for this change is clear - it is to bring as many employees as possible within the scope of the CJRS, whilst minimising the opportunity for fraudulent claims.

'Joke' and 'cheap': Australia and China's war of words continue

May 20, 2020

Australia-China connections have a variety of long-running toxic irritants, however Canberra increased Beijing's wrath by top global require an independent worldwide examination right into the beginnings and handling of the coronavirus .

Coronavirus has 'major impact' on jobs as unemployment increases by 50,000

May 20, 2020

Jonathan Athow, deputy national statistician for economic statistics at the ONS, said: "While only covering the first weeks of restrictions, our figures show Covid-19 is having a major impact on the labour market". The unemployment rate was estimated at 3.9 per cent, slightly down on the previous quarter, the ONS said. April's surge would have been even sharper without an emergency government program to pay 80 per cent of the wages of 8 million employees - or about one in four workers - put ...

COVID-19 crisis sees global carbon emissions plummet by 17 per cent

May 20, 2020

The study centered on 69 countries, all 50 USA states and 30 Chinese provinces, which account for 85% of the world population and 97% of all global carbon dioxide emissions. Those changes may translate into long-term cuts in emissions, but that's likely not going to be enough. But with life and heat-trapping gas levels inching back toward normal, the brief pollution break will likely be "a drop in the ocean" when it comes to climate change , scientists said.

Samsung: Samsung will support five new companies founded by their employees

May 20, 2020

The first startup is Blockbuster , a video-editing application that enables content creators to easily apply computer graphics (CG) and 3D effects to videos with their smartphones. Can be integrated into wearable devices, smart cars and smart buildings. It provides startups with investment and business consulting. Samsung today said that it would support five startups: Blockbuster , Haxby , Hyler , RootSensor and SunnyFive .

Walmart Sales Soar Amid Pandemic Stockpiling

May 20, 2020

He added that the Jet brand name could still be used in the future. Jet.com launched with massive VC funding and set its sights set on urban millennials . That network retail locations give Walmart multiple ways to get products to consumers. In stores, shoppers visited less frequently, but they spent nearly 17% more per transaction, the company said on Tuesday as it became one of the first to report earnings from the months of the pandemic.

Moderna's COVID-19 vaccine trial: Biggest hurdles are ahead

May 20, 2020

NY time Monday, its stock offering at 4:18 p.m. (18 minutes after the stock market closed) and the offering price at 10:32 p.m. The vaccine produced antibodies in all 45 healthy volunteers who participated in the study. The Moderna vaccine is made using messenger RNA, or mRNA, a molecule containing the genetic instructions to make a protein on the coronavirus surface that is recognized by our immune systems.

Confirmed: 10% import tax on new cars from European Union

May 20, 2020

Concerns about the ongoing fate of the talks have dragged down the pound in currency markets, which is trading 7.5 per cent lower so far this year, but which was up 0.5 per cent by 1.50pm UAE time after the new tariff regime was announced. The regime, also known as UK Global Tariff , is also said to be cheaper than the EU's Common External Tariff, and will also apply to countries with which the UK has no agreement, while removing all tariffs below 2%.

J&J to stop selling talc-based baby powder in US, Canada

May 20, 2020

In a news release issued Tuesday , Johnson & Johnson said its consumer health department began prioritizing high-demand items during the COVID-19 pandemic and is now choosing to permanently discontinue several of the items it stopped manufacturing, including the talc-based baby powder.

U.S. risks 'permanent damage' from extended shutdown: Mnuchin

May 20, 2020

Mnuchin's comments came in a joint appearance before the Senate banking committee with Jerome Powell , the chairman of the Federal Reserve . "I think the jobs numbers will be worse before they get better", Mnuchin said , adding that the overall economy too was likely to weaken in the near term before starting to recover towards the end of the year.

The US stopped Huawei's latest $700 million order to TSMC

May 20, 2020

In addition, only 1% of its components are from the U.S. This is quite a huge drop from 11% in the Mate 30 4G version. The addition to the blacklist means US companies who seek to export components to Huawei , or any of its affiliated companies, have to obtain a license.

Cash strapped Thai Airways to seek bankruptcy rehabilitation

May 19, 2020

It would seem that the trend of businesses going in the red isn't about to change anytime soon, as it has just been reported recently that one of the world's most renowned airline companies, Thai Airways, will be filing for bankruptcy after suffering massive losses in revenue according to Asian Aviation .

Air Canada to cut workforce by up to 60% due to coronavirus

May 19, 2020

When asked by reporters about a potential bailout of the airline industry by the federal government, the prime minister pointed to the three-month extension of the Canada Emergency Wage Subsidy and the credit available to large companies through the Large Employer Emergency Financing Facility (LEEFF).

Vaccine trial by Moderna shows promising early results

May 19, 2020

He said the results indicate the vaccine has a "high probability to provide protection from COVID-19 disease in humans". Investors cheered the initial results Monday morning, sending Moderna's stock up almost 30%. What's more, it's promising the antibodies the patients developed were "shown to be effective at limiting the virus's replication in the lab", he added.

Uber Cuts 3000 More Jobs As Pandemic Squeezes Ride-Hailing

May 19, 2020

It's closing down some units, including an artificial intelligence lab. Uber planned to provide laid-off workers with at least 10 weeks pay and continue providing health benefits through the end of this year. In a separate regulatory filing , Uber on Monday said the lay-offs and restructuring measures are expected to generate $1 billion in annual cost savings compared to pre-pandemic estimates.

Dyson’s Cancelled Electric SUV Seats 7, Had 600-Mile Range

May 19, 2020

If you get a flutter of excitement at first glance of this intriguing new vehicle as we did, try not to be too disappointed when you learn, even though it came close to setting a new standard in the electric auto performance, it will never be offered as a production model.

Fed’s Powell says full economic recovery may require coronavirus vaccine

May 19, 2020

In an interview with CBS 60 Minutes aired Sunday, he said the economic recovery could take more than a year and "stretch through the end of" 2021. "There's no clear finding that it actually does support economic activity on net". On Sunday night, Powell said the Fed's programs were essentially unlimited, helping to spark a stock market rally Monday. That could be a veiled reference to yield curve control, where the Fed undertakes to hold yields out to a certain maturity at a certain level, ...

Coronavirus: France and Germany propose €500bn recovery fund

May 19, 2020

The Commission has welcomed the proposal with President Ursula von der Leyen saying that it "acknowledges the scope and the size of the economic challenge that Europe faces, and rightly puts the emphasis on the need to work on a solution with the European budget at its core".

Powell: US recovery could take till end of 2021

May 18, 2020

Powell said the Fed could deploy new lending programs beyond the arsenal of facilities that it has opened up since the COVID-19 crisis began. From a fundamental perspective, Monday's surge appears to have been triggered by warnings out of the Federal Reserve about potential asset price declines if the coronavirus "pandemic takes an unexpected course, the economic fallout prove adverse, or financial system strains reemerge".

Oil prices broke the monthly record

May 18, 2020

Futures in NY climbed around 5% after nearly doubling in a run of three weekly advances. Kuwait and Saudi Arabia have agreed to halt oil production from the joint Al-Khafji field for one month, starting from June 1, Kuwait's Al Rai newspaper reported on Saturday.

Dyson’s scrapped electric auto: founder reveals what could have been

May 18, 2020

If you get a flutter of excitement at first glance of this intriguing new auto as we did, try not to be too disappointed when you learn, even though it came close to setting a new standard in the electric vehicle performance, it will never be offered as a production model.

Twitter Won’t Reopen Offices Before Sept., Allows Permanent Work From Home

May 18, 2020

Twitter was one of many first tech firms to make it necessary for its nearly 5,000 workers to work at home . Twitter said that opening offices will be its decision, and that when and if Twitter's staff come back, the decision will be theirs.

Japan's growth drops amid pandemic, worse times likely ahead

May 18, 2020

The world's third-largest economy shrank an annualized 3.4% in the three months through March from the previous quarter as exports slid and social distancing crimped consumer spending, official figures showed Monday, confirming the second-straight quarterly contraction.

US Commerce Department tightens screws on Huawei export controls

May 18, 2020

On Friday, the Trump administration said it would amend an export rule to block shipments of semiconductors that are the "direct product of certain USA software and technology", Reuters reported . technology and software, a significant escalation in its battle with the Chinese telecommunication giant and one that will likely inflame tensions with Beijing.

Fed's Powell says full economic recovery may require coronavirus vaccine

May 18, 2020

In an interview with CBS's " 60 Minutes ", Powell noted that the economy was fundamentally healthy before the virus struck suddenly and forced widespread business shutdowns and tens of millions of layoffs. "And it's going to take a while for us to get back", said Powell. He said that he expected "a couple more months" of job losses and acknowledged that the unemployment rate, which hit 14.7 percent in April , could peak at 20 percent or even 25 percent.

US Fed Chair Powell warns of prolonged recession amid COVID-19 crisis

May 18, 2020

Powell's comments on Wednesday sent investors scurrying to the relative safe-haven appeal of the greenback while USA stocks posted their biggest two-day fall in more than three weeks. As a former real estate developer, the notion of being able to borrow at low or negative rates suits President Trump's mindset, the strong United States dollars has given him leverage to push for negatives rates.

United States to Charge Google with Antitrust Violations

May 18, 2020

According to the NYT report , which cites "two people with knowledge of the situation", the DOJ's action against Google will be its biggest antitrust case since the infamous Microsoft case, and it will likely be joined by the attorneys general of several US states as well.

FDA authorizes Everywell at-home COVID-19 test

May 17, 2020

Testing by the Seattle Coronavirus Assessment Network (SCAN) was halted Thursday after a request from the Food and Drug Administration (FDA), which stated SCAN needed additional federal authorization to continue the program. Song said. Everlywell makes a variety of products that individuals can buy online or in stores, among them at-home test kits for diabetes, sexually transmitted diseases and high cholesterol.

New Information Revealed About the Place of Tesla's New Factory

May 17, 2020

The new factory will be Tesla's biggest so far. The electric auto maker has said it wants the factory to be in the center of the country and closer to the east coast markets. However, all reasserted their respective locales would be best suited for the plant site. "Tesla will now move its headquarters and future programs to Texas/Nevada immediately", Musk tweeted.

Betting on a William Hill stock price recovery?

May 17, 2020

William Hill , the betting and gaming company, reported that net revenue declined 57% on year in the "Coronavirus-impacted" period from March 11 to April 28 . William Hill has said it expects to miss out on core earnings of up to £15m (€16.8m/$18.2m) for each month its shops are closed - though this is half the company's initial estimate.

Food Chains Adding Safety Measures Before Reopening Dining Areas

May 17, 2020

As cities and states begin to ease COVID-19 restrictions, McDonald's is preparing to open its dining rooms back up, but things will be a little different. Together with our franchisees, we proudly employ almost 100,000 people from coast-to-coast, and more than 90 per cent of McDonald's 1,400 Canadian restaurants are locally owned and operated by independent entrepreneurs.

Coronavirus: Trudeau tight-tipped on possible support for Air Canada, other airlines

May 17, 2020

Air Canada did not respond directly to questions about whether it would drop the wage subsidy, which Ottawa recently extended through August. Air Canada, the country's largest airline, used the wage subsidy to rehire more than 16,000 employees who were laid off in March, but hasn't said whether it will extend participation in the program.

China's Factory Output Posts First Increase For 2020 But Consumption Still Weak

May 17, 2020

However, China continues to face major challenges in its services sector, particularly retail, and as the pandemic sweeps the rest of the globe, affecting other major economies and trading partners. The government has been struggling to reverse a doubling of pork prices over the past year, brought on by an outbreak of African swine fever, leading to months of CPI readings above the 3-percent annual target rate for 2019.

JC Penney makes $17 million interest payment as it explores bankruptcy

May 17, 2020

Penney filed for Chapter 11 bankruptcy Friday, the latest retailer to falter amidst the economic turmoil wrought by COVID-19. J.C. Penney, which is almost $4 billion in debt, is the fourth major USA retailer to seek Chapter 11 protection in May.

Rumors Suggest Ground Breaking Battery News From Tesla Coming Soon

May 17, 2020

The low cost batteries will make the cost of making electric cars cheaper than gas cars and will enable Tesla to slash the price of its electric cars worldwide giving Tesla a competetive edge. Dahn. According to a Reuters source, CATL will supply a new battery to Tesla for the Chinese oriented Model 3 . CATL will be developing these electric batteries using the technology provided by Prof.

Takeaways From Nirmala Sitharaman's Announcements For Defence, Aviation

May 16, 2020

Union Finance Minister Nirmala Sitharaman (who was Defence Minister from September 3, 2017, to May 31, 2019), announced the change that could encourage global biggies like Boeing, Lockheed Martin, Airbus, Saab, to invest in India. FDI under the automatic route excludes investment by China and other nations that share a border with India, after the government amended the FDI policy last month.

Germany falls into recession amid pandemic shutdown

May 16, 2020

The German economy's decline reflects its biggest quarterly drop since the global financial and economic crash of 2009 and the second-largest decrease since German unification. Germany itself started shutting down in mid-March. The country started loosening lockdown restrictions on April 20. While factories weren't closed, companies largely stopped production in some areas - such as its large auto making sector - and supply chains were disrupted.

Quarantine measures make slow recovery more difficult: IATA

May 16, 2020

Juniac revealed that plans are in the works to reboot global travel in stages, by firstly tending to domestic travel, followed by continental markets (the Asia-Pacific region), with the intent to resume 50 per cent of flights by the end of 2020.

The First Signs Of Real Oil Demand Recovery Are Here

May 16, 2020

The IEA said the easing of coronavirus-related restrictions was helping demand in energy markets. So oil production is reacting in a big way to market forces and economic activity beginning a gradual but fragile recovery. Despite a faster than expected recovery in demand and steep output cuts by OPEC+ and USA shale producers, oil price gains could remain limited in the near term due to huge global oil stock overhang and the potential for price-sensitive United States shale producers to ...

How major U.S. stock indexes fared Friday

May 16, 2020

The combination of trade tensions and weak data had sent S&P 500 down around 1.3 per cent earlier in the session but for much of the afternoon session it oscillated between positive and negative territory. In New York, the Dow Jones industrial average was down 516.81 points at 23,247.97. Seven of the 11 major S&P sectors were higher, led by a gain in energy.

Coronavirus: Twitter employees can work from home 'forever'

May 16, 2020

The new option is for those employees who do not need to be physically present in office for certain roles that can not be done from homes. Even after the company reopens offices when conditions get back to normal amid the COVID-19 pandemic.

Jeff Bezos To Become World’s First Trillionaire Despite COVID-19

May 15, 2020

Bonnie Watson Coleman, and a lot of social media users on Thursday as outlets highlighted an analysis suggesting he'll become the first ever trillionaire. Facebook founder Mark Zuckerberg would become the youngest trillionaire at the age of 51 in the year 2036, the report estimated. In fact, the projection has raised more dust about Amazon's alleged exploitation of its workers, especially those in the front lines during the coronavirus pandemic .

China Cuts Australian Beef Imports Amid CCP Virus Tension

May 15, 2020

In retaliation, Chinese customs authorities suspended four large beef exporters from Australia and threatened to introduce a tariff of up to 80 percent on Australian barley shipments. Birmingham said today Australia would continue to support an worldwide inquiry into the coronavirus. "Chinese officials say both privately and publicly that these are unconnected matters, that the investigations in relation to barley and the issues in relation o beef have been running for 12-18 months in ...

The German economy experienced the strongest decline since 2009 due to coronavirus

May 15, 2020

Economy Minister Peter Altmaier last month warned that Germany was headed for "the worst recession" in its post-war history as the pandemic brought huge swathes of the economy to a standstill. Recent data showed a 15.6 percent month-on-month decrease in factory orders in March, and a 9.2 percent drop in industrial production. A far worse economic performance is expected in the year's second quarter, April through June.

Australia's Unemployment Rate Rises to 6.2% in April

May 15, 2020

Earlier on Thursday Anthony Albanese, the leader of the Opposition Labor Party, described the figures as "devastating", saying that unemployment being lower than forecast was not a cause for celebration. "This means there was a high number of people without a job who didn't or couldn't actively look for work or weren't available for work". Australia has been one of the most successful countries in containing COVID-19, with fewer than 7,000 confirmed cases and 100 deaths out of a population ...

Australia gets silent treatment from China on urgent trade talk request

May 15, 2020

The suspension of the beef shipments came as ties between Australia and China publicly soured, although Birmingham said he did not believe it was retribution by China over the call for an inquiry into the orgins of the coronavirus that causes COVID-19.

Fed Chair Powell Pushes Back Against Negative Rates

May 15, 2020

China has reimposed movement restrictions near its borders with North Korea and Russian Federation after a new outbreak was detected there and South Korea was working to contain an outbreak centered around bars and nightclubs in Seoul. Yields on benchmark U.S. 10-year Treasuries fell slightly to 0.6412 per cent. A dip in US crude stockpiles helped push oil prices higher. "While initial claims for unemployment benefits continue to retreat from their peak, they remain at levels consistent ...

Sensex dips 200 points, slips below 31k; Nifty tests 9,100 level

May 15, 2020

In the broader market, the S&P BSE MidCap index closed at 11,536.11, down 45.61 points (0.39 per cent), while the S&P BSE SmallCap ended at 10,706.48, down 67.95 points (0.63 per cent). After touching a low of 30,909.36, the 30-share index was trading 127.19 points or 0.41 percent lower at 30,995.70. Meanwhile, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with losses after the World Health Organization warned that the virus "may never go away".

Trump's Senate ally seeks China sanctions over Covid-19 probe

May 15, 2020

Since the beginning of the pandemic coronavirus in the world caught nearly 4.3 million people, more than 290 thousand died. "I'm very disappointed in China ". "If you did, what would happen?" "Look, at what point does - and I said this for years I said it with other countries also you know - China is not the only country ripping us off at the North Atlantic Treaty Organisation where we defend Europe for nothing by the way essentially nothing I was able to get them to pay hundreds of ...

Self employed support scheme identity verification issues with must be resolved - Molloy

May 15, 2020

United Kingdom government says millions are expected to benefit from the scheme with the payments - to be paid in a single instalment covering three months and capped at £7,500. The maximum payment from the scheme is to be set at £7,500 - and will cover March, April and May. He is asking if the self-employed scheme will also be extended till October, as happened with the furlough scheme earlier this week.