Economy

UK's Johnson says 405,000 have volunteered to help health service

March 27, 2020

However, in just 24 hours, 405,000 - equivalent to the population of Coventry - have come forward to offer their services. Speaking about the volunteers, he said: "They will be absolutely crucial in the fight against this virus". NHS chief executive Sir Simon Stevens praised the "overwhelming response". He said: "I know how anxious people are and while this is a great time of turbulence, it is a moment too that the country can come together in that national effort".

Senate Passes $2 Trillion Coronavirus Relief Bill, Now Moves To House

March 27, 2020

David Popp, a spokesman for Senate Majority Leader Mitch McConnell, confirmed that the Senate will vote Wednesday. The benefits begin to phase out at $75,000 for individuals and $150,000 for married couples filing jointly. There was also $150 billion devoted to the health care system, including $100 billion for grants to hospitals and other health care providers buckling under the strain of COVID-19 caseloads.

RBI offers Rs 11,772 crore to banks through repo auction

March 27, 2020

The reverse repo rate was reduced 90 basis points to 4%. The announcement by RBI Governor Shaktikanta Das came a day after India's finance ministry announced a 1.7 trillion ($22 billion) economic stimulus package. "It will not be treated as NPA", the RBI Governor said. Announcing other measures, he said, "Incremental CCB (capital conservation buffer) implementation deferred from March 30, 2020, to Sep 30, 2020".

Number of weekly jobless claims surge in Iowa, surpass 40,000

March 27, 2020

Almost every state cited COVID-19 for the jump in initial jobless claims, with heavy impacts in food services, accommodation, entertainment and recreation, healthcare and transportation, the report said. In the same week of 2019, only 215,000 new claims were registered. You can read the full report from the Department of Labor here. More than 80,500 initial claims for unemployment benefits were filed the week that ended Saturday, March 21.

COVID-19 measures temporary but necessary, Legault says as numbers jump

March 27, 2020

Seventy-eight people were in hospital, and 35 in intensive care. "I know we are going through hard times", Legault said at Quebec's daily update Tuesday. Elsewhere, British Columbia Premier John Horgan announced a $5 billion financial plan to help float the economy forward, and Premier Jason Kenney, speaking at the Alberta legislature in Edmonton, announced tax relief for business to stay liquid during the crisis.

Virgin Australia airline further cuts down domestic capacity

March 27, 2020

That's in line with the earlier announcement of grounding worldwide flights. "We are now facing what will be the biggest grounding of aircraft in this country's history". Following the drastic cuts of its flight schedule, the airline group plans to ground 125 aircraft. "There has never been a travel environment in Australia as restricted as the one we see today and the extraordinary steps we've taken have been in response to the federal and state governments' latest travel advice", Virgin ...

Chancellor gives support to millions of self-employed individuals

March 27, 2020

Chancellor Rishi Sunak confirmed the Covid-19 support package nearly a week after the Tories had announced an 80 per cent government subsidy for bosses to pay workers while firms temporarily shut down. But in the light of the sharp rise in the number of claimants for universal credit and the horrendous jump in jobless claims in the U.S., the chancellor could not afford to let the best be the enemy of the good.

China coronavirus: 'Increased likelihood' of cases in the UK

March 27, 2020

The head of infection medicine at the University of Edinburgh earlier confirmed that possible cases in Scotland were being investigated - but no cases have been confirmed so far . Airport and train stations were closed to outgoing passengers Thursday while public transportation suspended in the city. As the roads outside the city were shutdown, images showed drivers stocking up on fuel and empty shelves in supermarkets as households hoarded supplies for what could be weeks of relative ...

Powell Says Economy May Be in Recession, Virus Will Dictate Timetable

March 27, 2020

But the situation is so unusual that policymakers have become atypically blunt, arguing that a deliberate choice to close stores in the name of public health, as Powell said, "is not a typical downturn.There is nothing fundamentally wrong with our economy".

USA crude oil inventories show less-than-expected rise

March 27, 2020

US crude futures fell 21 cents, or 0.9 per cent, to $23.80 a barrel. Both contracts are down about 60% this year. The losses were said to have been incurred partly due to Fatih Birol , executive director of the International Energy Agency , warning that demand could drop by as much as 20 million barrels per day (bpd), and by the White House deciding to rescind a crude buying offer after failing to win funding from Congress.

IRS moves deadline to July

March 27, 2020

The state filing extension follows the U.S. Treasury Department's decision to move the federal income tax deadline from April 15 to July 15. The extension applies to Louisiana individual, corporation, fiduciary and partnership income tax returns and payments.

International Olympic Committee working toward July-August Olympics in 2021: Yomiuri

March 27, 2020

President Donald Trump fully supports a delay in the Tokyo Olympics agreed between Japan and the worldwide Olympic panel, a Japanese government spokesman said on Wednesday, citing comments made to Prime Minister Shinzo Abe in a telephone call.

Coronavirus: Tesla to reopen Buffalo factory for ventilator production

March 26, 2020

His claims were initially met with skepticism by some experts, but the Medtronic CEO said the company is "fast on track" to start the ventilator production. Tesla's move to shutter Gigafactory 2 - as well as its electric vehicle facility in Fremont, California - followed widespread criticism towards Fremont's continued operation in the face of "shelter in place" orders issued by local county authorities.

When can consumers expect to receive their coronavirus stimulus checks?

March 26, 2020

Will you receive a payout? "Our expectation is within three weeks we will have direct payments out where we have depository information", Mnuchin told CNN . Parents with children who are 16 years old and younger will receive $500 per child. The complete phase out for heads of households depends on the number of children.

IMF Warns Coronavirus Recession Could be Worse Than 2009 Financial Crisis

March 26, 2020

Still, according to the organization, the recovery from the looming economic disaster could start as early as 2021. "To get there, it is paramount to prioritize containment and strengthen health systems - everywhere". The summit, called by this year's chair, Saudi Arabia, will be complicated by an oil price war between two members, Saudi Arabia and Russian Federation, and rising tensions between two others, the United States and China, over the origin of the virus.

New weekly jobless claims soar to 3.3 million amid coronavirus outbreak

March 26, 2020

But that staggering leap in joblessness likely understates the full damage the coronavirus outbreak has inflicted on the US labor market, according to multiple economists. Iowa residents filed more than 40,000 claims for unemployment benefits last week as the coronavirus outbreak forced many workers to lose jobs and stay home.

Senate, White House reach a deal on historic economic package

March 26, 2020

Senate leaders and the Trump administration agreed to a historic bill to alleviate the economic impact of the coronavirus pandemic by flooding the economy with a 13-digit sum of money. He also acknowledged it was only one part of the overall response needed. House Republicans are strongly behind the measure, according to a senior GOP leadership congressional source.

Amazon Has Kicked Almost 4,000 Sellers Off Platform for Price Gouging

March 26, 2020

New Jersey is joining dozens of other states to demand that Amazon , Walmart and other online marketplaces do more to stop price gouging amid the coronavirus pandemic . The attorneys general cited sellers on Craigslist and Facebook as jacking up prices on hand sanitizer by as much as 10 times the normal cost. Allegations against the third-party vendors include excessive price increases on commodities such as face masks, hand sanitizers and disinfectants of up to 1,662 percent.

Coronavirus: Doctors, paramedics in India get 50 lakh insurance cover

March 26, 2020

This is over and above the 5 kg they already get from the public distribution system (PDS). "The government will bear the entire expenditure of Rs 40,000 crores spent for distributing free food grain " said a food ministry official. Rs 3,000 crore has been allocated for the same. For women with Jan Dhan Yojana accounts, an ex-gratia transfer of Rs 500 will be done for the next three months.

Wetherspoons staff told to go and work for Tesco during coronavirus emergency

March 26, 2020

The boss of the Wetherspoon pub chain has said its staff can take jobs with supermarkets amid the uncertainty caused by the coronavirus pandemic. The group has suggested workers could seek alternative jobs at Tesco supermarkets, saying their return to the company will be made a priority when pubs are able to reopen.

White House, Congress reach $2 trillion stimulus deal amid coronavirus concerns

March 26, 2020

The motion failed on a 48-48 vote. The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples. Those loans would be forgiven for businesses that keep their employees on the payroll. "We spent more time thinking about the small businesses than the big", Trump said.

Walmart To Hire 150K Workers

March 26, 2020

Walmart joined Kroger in awarding bonuses, which total almost $550 million for hourly associates, according to a press release . Several of America's biggest retail companies and supermarkets are hiring tens of thousands to meet demands of a USA economy that's battered by the novel coronavirus.

U.S. stocks end mixed amid anticipation of stimulus package

March 26, 2020

Complicating the standoff, Sen. "Fiscal stimulus is absolutely necessary because it directly effects the consumer and consumer spending and consumer confidence is what's driving the US economy", said Nancy Perez, senior portfolio manager at Boston Private Wealth in Miami.

Ontario: $17 billion response to COVID-19 crisis

March 26, 2020

Public health, at the frontline of efforts to monitor and control the spread of COVID-19, will receive an additional $160 million in part to pay for laboratory and home testing but also to support the publicly-funded vaccines program. Eligibility will be expanded for the Low-income Energy Assistance Program, with an additional $9 million going to breaks on energy bills. The Ontario government also said it would provide emergency child care options to support parents working on the front ...

Gold Futures Price: Know today's rates

March 25, 2020

On the Comex market in NY, gold for delivery in April, the most active contract, rocketed by as much as $131 an ounce or 8.4% compared to Monday's close, to trade at $1,698 an ounce by midday before paring some of those gains in early afternoon trade.

Oil prices fall as demand woes eclipse US stimulus

March 25, 2020

USA crude CLc1 rose to a high of $25.24 a barrel early in the session and was at $24.86 a barrel, up 85 cents, or 3.5%, at 0732 GMT. Following the United States Federal Reserve's announcement of unprecedented measures to boost the economy on Monday, the U.S.

Amazon Fulfillment Center test positive for COVID-19

March 25, 2020

In some cases, local media reports indicate that facilities were closed temporarily for cleaning and that workers who came into contact with the infected employee (or employees) were placed in quarantine. She added that the employee in question was last on-site on March 11 and that Amazon had asked anyone who had had contact with them to take 14 days of paid leave.

CVS Health embarks on 'most ambitious hiring' drive in its history

March 25, 2020

The drugstore chain plans to hire furloughed workers from existing clients like Hilton Worldwide Holdings Inc. and Marriott International Inc., using virtual job fairs and interviews to hire at a time when Americans are being told to limit in-person contact and stay home.

Coronavirus-Asia markets rise as USA agrees stimulus package

March 25, 2020

And the gains of recent days still leave global markets way below the peaks seen in February. The Dow Jones Industrial Average rose 2,112.98 points, or 11.37 per cent, to 20,704.91, the S&P 500 gained 209.93 points, or 9.38 per cent, to 2,447.33 and the Nasdaq Composite added 557.18 points, or 8.12 per cent, to 7,417.86.

Dow Has Biggest Rally Since 1933, Surging 11.4% On Stimulus Hopes

March 25, 2020

Early Monday, however, there was a spike in premarket trading after the Fed announced a series of additional measures to juice the economy. Both European and Asian markets also reported huge gains Tuesday as a result of the US Federal Reserve's actions to assist the economy and news of Italy experiencing a slowdown of its COVID-19 infection rate.

COVID-19: Australia limits funerals to 10 people

March 25, 2020

Social-distancing practices include a 1.5m distance between people, with no hugging or touching allowed. "You should only go outside your home to go to those essential things I talked about, not to go and congregate in groups", Morrison said.

Senate, White House reach $2tn Covid-19 rescue deal

March 25, 2020

The Senate and House of Representatives still need to pass the legislation before sending it to President Donald Trump for his signature. At least 192 of those fatalities have occurred in New York City, the US epicenter of the pandemic .

What To Know About The Fed's Limitless Asset Purchase Order

March 25, 2020

The series of actions marks a massive intervention by the US central bank beyond the financial markets where it has so far concentrated its firepower into the real USA economy. Yet analysts fear it will do little to offset the near-term economic damage done by mass lockdowns and layoffs. US gold futures were up as much as 5.2 percent at $1,649.

MyGov Website Crashes Due To "Unprecedented Demand"

March 25, 2020

A DDoS (distributed denial of service) attack is where hackers overload a website by flooding it with traffic until it's overwhelmed and shuts down. "At present there are delays, we don't give a running commentary on delays". They've since announced Centrelink will provide additional support to people affected, with a new coronavirus supplement giving welfare recipients (including those on Youth Allowance and the Jobseeker Payment) an extra $550 a fortnight.

Fed vows unlimited bond buying to soothe market

March 25, 2020

MSCI's broadest index of Asia-Pacific shares outside Japan added 1.2 per cent, though that followed a drop of nearly 6 per cent on Monday. Shanghai blue chips gained 2.7 per cent. Meanwhile, the logjam combined with the stimulus splash from the Fed to take a little of the shine off the USA dollar, though it remains in demand as a global store of liquidity.

Australia shutting down all non-essential services in fight against coronavirus pandemic

March 25, 2020

We package up the most-read About Regional stories of the past week and send direct to your inbox every Tuesday afternoon. "And that is the principle the states and territories will be seeking to follow". "The position of the national cabinet is that schools should remain open and they can provide distance learning for those parents that wish their children to remain at home", Mr Morrison said.

Trump wants to ease coronavirus restrictions by Easter, despite warnings from experts

March 24, 2020

Tom Inglesby, a director of health security at Johns Hopkins University, says it's far too early to start pulling back social distancing efforts without risking millions of U.S. Last week, Dr. Anthony Fauci , the director of the National Institute for Allergies and Infectious Diseases, said comparing coronavirus to auto accidents was a "false equivalency" and said it was important to "face the fact" that coronavirus is more lethal than the flu.

Wall Street set to bounce from three-year lows

March 24, 2020

Global stocks surged Tuesday while US futures raced ahead so much that trading had to be halted, after USA political leaders said they were nearing a deal on a massive government stimulus package to offset the damage inflicted by the coronavirus pandemic .

The biggest fall in one day in Sensex, Nifty closed at 7635

March 24, 2020

At 11.07 am Axis Bank saw a decline of 19 per cent, IndusInd 17.68 percent, ICICI Bank 14.61 percent and Bajaj Finance 14.42 per cent. After gyrating 1,823.97 points, the BSE barometer gave up some gains to end 692.79 points or 2.67 per cent higher at 26,674.03.

Pope Francis invites Catholics to join him in a moment of prayer

March 24, 2020

Pope Francis invites Christians around the world to join in a unique experiment - a General prayer for the deliverance of the world from pandemic coronavirus COVID-19. While the normal conditions for obtaining a plenary indulgence include sacramental Confession and Communion, during the pandemic, those conditions have been altered to when it again becomes possible.

Jeff Bezos's stock sales before coronavirus crash saved him a fortune

March 24, 2020

The e-commerce giant also recently raised its base pay for these workers, up to $17-an-hour from $15, in an effort to reward current employees and entice new ones. "It's easy to understand why the incredible medical providers serving our communities need to be first in line". That's because orders are being prioritized for where they're most needed, such as at hospitals.

Coronavirus hammers German service sector in March - PMI

March 24, 2020

The UK composite PMI tumbled from a score of 53 to 37.1 in just a month but the closely watched survey was taken before the prime minister forced pubs, restaurants and shops to close to battle the coronavirus . With orders falling, companies also cut their workforce numbers at the fastest pace since December 2009 in March. The survey results were consistent with a 4% contraction in the economy in 2020, Capital Economics senior economist Marcel Theliant said.

London underground crowded as United Kingdom lockdown begins

March 24, 2020

Boris Johnson revealed on Monday night the restrictions would now be placed in order to enforce social distancing and would last for three weeks before being reviewed. All Crossrail, and TfL construction sites are being shut-down during the Coronavirus pandemic . "We are working with train operators to introduce a small number of trains for KEY WORKERS to have space to be safe", he added.

OPEC supply curbs, United States measures could support oil prices near term: Goldman

March 24, 2020

The anticipated stimulus pushed the US greenback decrease as it would enhance the money provide. Forging an oil alliance between the United States and OPEC's top producer Saudi Arabia is one of "many, many ideas" being floated by USA policy makers but it is uncertain whether it will become a formal proposal, the US energy secretary told Bloomberg TV on Monday.

Coronavirus Fed Expands Asset Purchases to Boost Markets

March 24, 2020

They are also expanding the Commerical Paper Funding Facility. Earlier this month, the bank slashed interest rates to near zero. "There is more that we can do if necessary" with existing emergency authority. The Fed also committed to the "establishment of a Main Street Business Lending Program to support lending to eligible small-and-medium sized businesses", similar to programs from the Small Business Administration.

$2 Trillion Coronavirus Aid Package Stalls in US Senate

March 24, 2020

Although Senate Democrats blocked a vote on a package sponsored by Majority Leader Mitch McConnell, R-Ky., a whole host of provisions benefiting banks, credit union and other financial firms appears still to be on the table in McConnell's plan and other proposals being floated on Capitol Hill.

Boeing suspends production in Washington state facilities

March 24, 2020

Reuters reported last week that the US planemaker has been considering a temporary work stoppage at the Everett factory, where it makes twin-aisle jetliners, due to the spread of the coronavirus. According to the Seattle Times , there are 29 confirmed cases of the virus among Boeing's workforce. The newspaper said the man was an inspector who had worked for Boeing for 27 years.

Fed ramps up programmes to provide financing to U.S. companies

March 23, 2020

The Fed also announced the creation of the Term Asset-Backed Securities Loan Facility to back the flow of credit to households and businesses. The Federal Reserve on Monday committed to purchasing more Treasury and mortgage-backed securities as well as providing $300 billion in new financing for credit facilities as the coronavirus puts the global economy at risk.

Explained: Why government raised excise duty cap on fuel amid coronavirus scare

March 23, 2020

The change in the cap will enable the government to raise duties on petrol and diesel by another Rs 8 per litre each. The March 14 excise duty hike had reportedly helped the government collect over Rs 2,000 crore. Now, through an amendment of the Eighth Schedule of the Finance Act, this limit has been increased to Rs 18 per litre in case of petrol and Rs 12 in case of diesel.

You (probably) ain't going nowhere while gas prices are down

March 23, 2020

For the first time in years, the price of gasoline in Metro Vancouver has dipped under a dollar per litre. Wholesale prices for unleaded gasoline are down almost 60%. Gasbuddy says for the better part of 2020, prices will be some of the lowest we've experienced in a while. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health and economic impact of COVID-19 and the crude price war between Russian Federation ...

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