Economy

BoJ to start central bank digital currency tests

October 19, 2020

They might also have to compete with the controversial Facebook-led Libra stablecoin or digital payment project. On Monday, in a highly anticipated webcast, Powell offered more clarity on the U.S. Consideration of how a CBDC could affect policy and monetary stability. According to Powell, the Fed is collaborating with the private sector, taking a multidisciplinary approach, harnessing the power of the Federal Reserve System, surveying design options, and actively engaging in a series ...

Mining magnate brings iconic outback boot brand home to Australia

October 19, 2020

Forrest's investment fund Tattarang, which he owns with wife Nicola, announced the news on Monday. Founded in 1932 by legendary bushman Reginald Murray Williams, the boot, apparel and leathercraft manufacturer has 900 Australian employees, including 400 at its Salisbury workshop in Adelaide's north.

China's Ant wins Hong Kong nod for $35 billion dual listing

October 19, 2020

Representatives of the online finance platform controlled by Alibaba Group Holding founder Jack Ma are set to meet with the listing committee of the Stock Exchange of Hong Kong later on Monday, according to three people familiar with the IPO preparations.

Tesla Updates the Model 3: New Wheels, Finishes, Features, More Range

October 19, 2020

Documents shared online by EV buyers in France and Germany reveal that Tesla's European arms have already started the process of importing the Model 3 SR+ from China instead of Fremont, USA. In terms of rolling stock, the SR+ and the LR variants can be specified with 18-inch Aero or 19-inch Sport wheels, the latter being a US$1,500 (RM6,220) option.

Renault's Mégane eVision concept offers a look at its future EV lineup

October 18, 2020

Slated for a United Kingdom introduction in 2022, the production version of the Megane eVision will enter the marketplace in the B-segment. Renault says that the new Megane eVision is going to reinvent the compact hatchback once it enters production late next year.

British Airways fined £20m for data breach affecting 400000 customers

October 18, 2020

The investigation of the United Kingdom data protection watchdog concluded that British Airways failed to protect its customers on multiple levels, missing numerous opportunities to discover and mitigate the hacker attacks that resulted in the data breach.

Oil prices slide amid coronavirus concerns

October 18, 2020

West Texas Intermediate CLc1 futures were down 5 cents at $40.15. On Monday, both benchmarks fell almost 3%. U.S. crude oil inventories decreased by 3.8 million barrels during the week ending October 9, the U.S. On the supply side, workers have been returning to U.S. Gulf of Mexico platforms after Hurricane Delta and Norwegian workers to offshore rigs after ending a strike.

US retail sales blow past expectations

October 18, 2020

Unlike other economic data reports produced by the USA government, retail sales aren't adjusted for inflation. The September sales increase is an improvement over 0.6% growth in August, the report noted. Sporting goods stores were up 5.7% month over month seasonally adjusted and up 18.3% unadjusted year over year. Electronics were the only major sector that was negative, dropping 1.6% from the August levels.

Blow to two drugs used in India to fight Covid

October 18, 2020

Gilead Sciences Inc., the US company that developed the drug, said the findings appeared inconsistent with evidence from other studies validating the clinical benefit of remdesivir, which was used to treat US President Donald Trump's coronavirus infection.

Morgan Stanley posts earnings beat driven by strong trading revenue

October 18, 2020

Morgan Stanley's investment bankers posted revenue of $1.71 billion, beating the $1.6 billion analyst estimate. The trading division topped analysts' estimates, driven by a 35% jump in fixed-income revenue that was second-best among the big banks.

London shifts into 2nd-highest virus risk tier as cases rise

October 18, 2020

Health Secretary Hancock explained: "Infection rates are on a steep upward path with the number of cases doubling every 10 days". Under Tier 2, households are also barred from mixing in pubs and restaurants and people should aim to reduce use of public transport.

Westjet Announces Suspension of Operations to Four Cities in Atlantic Canada

October 18, 2020

WestJet says it is indefinitely suspending operations to several east coast cities, as well as suspending operations between Toronto and Quebec City. Halifax seating capacity year-over-year will be reduced by about 70 per cent and St. Anyone travelling to Atlantic Canada is required to quarantine for 14-days, but residents living in the so-called Atlantic bubble are allowed to travel within the four provinces without quarantining.

American firm acquires Nigerian start-up, Paystack, for $200m

October 18, 2020

He added that he believes the potential of Africa's e-commerce market "In absolute numbers, Africa may be smaller right now than other regions, but online commerce will grow about 30% every year". He pointed out that the company is thinking of "what the world will look like in 2040-2050". Stripe - the $36B private payments firm - has the most ambitious mission statement of any startup: it wants to increase the GDP of the internet.

Fiat Chrysler avoids Canada strike with last-minute deal

October 17, 2020

Unifor reached a new labor deal with Ford Motor Co. last month, which also secured a almost $1.5 billion investment in two plants and a commitment to build electric cars at a plant near Toronto. "Those products will lead to the recall of over 100 members at the Etobicoke casting plant", said Dias. A spokesperson for Industry Minister Navdeep Bains said in an emailed statement that they were "pleased to hear" that Unifor and FCA had reached a tentative deal, and that they are awaiting the ...

Robert Brockman: US tycoon charged over historic tax fraud scheme

October 17, 2020

Mr. Brockman is the sole investor in the first private-equity fund managed by Vista Equity Partners, a firm founded by billionaire Robert Smith. He will pay $140 million to tax authorities as part of the arrangement, the Justice Department said in a statement Thursday.

Pfizer COVID-19 Vaccine Delayed Until At Least Late November

October 17, 2020

Pfizer's announcement immediately lifted the company's shares two percent in the US. Pfizer Inc said on October 16 it could apply for United States emergency use of its COVID-19 vaccine candidate being developed along with Germany's BioNTech SE as soon as a safety milestone is achieved in the third week of November.

Bangladesh overtakes India in per capita GDP, IMF says

October 17, 2020

India's per capita GDP in PPP terms in 2020 was estimated by the International Monetary Fund at $6,284, compared with $5,139 per capita GDP (PPP) of Bangladesh for 2020, the report said. Nonetheless, IMF predicts a sharp economic recovery in India in 2021, which would boost its per capita GDP ahead of Bangladesh by a small margin.

Pfizer to seek vaccine approval in November

October 17, 2020

Trials for a vaccine produced by AstraZeneca remain frozen by the Food and Drug Administration after a neurological issue was discovered in a trial participant in the UK. Hundreds of thousands of people have been given experimental vaccines in late-stage trials as part of an emergency inoculation programme launched in July.

US Jobless Claims Hit Highest Since August in Unexpected Jump

October 17, 2020

The damage to those industries has left millions of people unemployed, likely for an extended period until they are either finally recalled to their previous jobs or switch to new careers. And millions of Americans reported in September they believed that their jobs were gone - permanently. Almost all jobless benefit recipients are now receiving only regular state unemployment payments because a federal weekly supplement of $300 has ended in almost all states.

How major USA stock indexes fared Friday

October 17, 2020

Pfizer said it could file for USA authorization of its COVID-19 vaccine it's developing with Germany's BioNTech as early as late November. "Sometimes the market gets a reality check that even if we get a vaccine early next year that's an incredibly aggressive and optimistic timeline".

Brexit: Angela Merkel urges both sides to keep negotiating

October 17, 2020

EU chief Ursula von der Leyen said on Friday European negotiators will be in London next week to pursue post-Brexit talks. Following a phone call with European Commission president Ursual von der Leyen and European Council president Charles Michel on Wednesday, No.10 said Mr Johnson would wait for the outcome of the summit and "reflect before setting out the UK's next steps".

JUST IN: Nigeria's inflation climbs further, rises above 13.71% in September

October 16, 2020

This is 0.14 per cent rate higher than the rate recorded in August 2020 (1.34) per cent. In the first nine months, China's CPI rose 3.3 percent from a year earlier, staying within the government's annual target of around 3.5 percent set for 2020.

Musk Claims Tesla Model S Price Will Be Lowered To $69,420

October 16, 2020

Musk also took to Twitter to announce some news regarding Tesla's newest model: The Model Y . According to his tweet , the Model Y, a small, crossover, will soon be available in a seven passenger version. Earlier this month, the carmaker cut the starting price of its Chinese-made Model 3 sedans by about 8% to 249,900 yuan ($36,805). That includes a $7,500 United States government electric vehicle tax credit that Tesla vehicles are no longer eligible for.

Mitsubishi Eclipse Cross gets styling revisions for 2022

October 16, 2020

For Mitsubishi, this represents the most forward-looking and sophisticated design it has ever put together in a utility model. The result is a vehicle that looks sleek, stable, upscale and unique. The layout has been altered slightly as well, positioning the new 8-inch smartphone-link display audio (SDA) system close to the driver and front passenger.

Oil holds gains on shrinking US stockpiles

October 16, 2020

Early in the day crude was boosted by a bullish stock market. Wall Street's main indexes opened higher on Wednesday, supported by heavyweight technology stocks. Not forgetting India, the world's third consumer of oil, is on track to overtake the United States on the number of COVID-19 cases, dampening the energy left for the oil bulls to keep prices fairly stable at least for now, on the bias that India is bracing for more upside on the number of COVID-19 infections as it fast approaches ...

Insufficient progress for Brexit deal, say European Union leaders

October 16, 2020

The statements were published today by the European Council after the first day of summit talks between EU heads. Johnson's office said after a video call with EU leaders Charles Michel and Ursula von der Leyen that the prime minister "looked forward to hearing the outcome of the European (Summit) and would reflect before setting out the UK's next steps".

IKEA and buybacks: used green furniture

October 16, 2020

The world's biggest furniture retailer has confirmed that the scheme will be introduced from Friday 27 November, also known as Black Friday , to all stores in the United Kingdom and Ireland . Products eligible for the buy back scheme include dressers, bookcases, chests of drawers and dining tables and desks. Hege Chabjorson, Sustainability Manager for IKEA UK and Ireland, said "being round" was a good business opportunity and a responsibility, and that the climate crisis should make ...

Take off: Kiwis get airborne in first transtasman bubble flight

October 16, 2020

Three flights arriving from Auckland in Sydney today, will be the first where passengers won't have to quarantine since the country closed its borders in March. A Jetstar and Qantas flight will follow, with more of our New Zealand friends on board. Air New Zealand is now operating eight return flights between Auckland and Sydney per week and would look to operate two quarantine flights per week, while the remaining flights will be quarantine-free.

$4 Billion In Tariffs Of US-EU Exports Approved By WTO

October 16, 2020

The body said a year ago that the United States had given Boeing illegal subsidies, suggesting tax breaks the domestic airplane maker received would amount to roughly $6 billion from 2006 to 2040. The company argued that the European Union should not impose the additional tariffs given that the tax provisions given by Washington state have been already repealed.

Speaker Pelosi snaps at CNN over COVID stimulus impasse

October 16, 2020

Senate Majority Leader Mitch McConnell, R-Ky., on Thursday refused to bring a possible $1.8 trillion or more COVID-19 stimulus agreement between the Trump administration and House Democrats to the Senate floor. "Barrett, a devout Catholic, has told the Judiciary Committee that she wouldn't let her personal and religious views determine how she would decide cases".

Energy demand, emissions, investments set to fall due to Covid-19: IEA

October 15, 2020

In the agency's main scenario - which reflects policy intentions and targets already announced - renewables "take starring roles", particularly solar photovoltaic (PV) (so-called as it converts light - photon - to electricity - voltage). Leaps in technology and support mechanisms have cut the financing costs for large solar projects, which in turn has brought down output costs, IEA said.

UK joblessness soars to 4.5% as work-protection plan nears end

October 15, 2020

Scotland's unemployment rate remained at 4.5% over the summer, with 124,000 people seeking work, figures show. The Office for National Statistics (ONS) said the number of employees on payrolls dropped by 673,000 between March and September.

Social Security COLA Inadequate For COVID-Ravaged Seniors

October 15, 2020

Just the previous month, the Senior Citizens League- an advocacy nonpartisan group that is dedicated towards older Americans- predicted a boost of 1.3%, based on the consumer price index data. Social Security beneficiaries on Medicare, will not know their new amount until after the 2021 Medicare premiums are announced. Larson supports passage of the Social Security 2100 Act, under which annual increases would instead be based on a " Consumer Price Index for the Elderly " that better reflects ...

Apple to launch iPhone 12 in S. Korea on October 30

October 15, 2020

On the other hand, he opined that the iPhone 12 Pro upgrade isn't worth the price and gave a prediction that it may be the worst-selling model among the lot. On Tuesday, the tech giant announced four new devices, all of which incorporate 5G mobile internet in a first for the firm, however it was also said that none of the phones will ship with headphones or a power adaptor, ostensibly to reduce the carbon footprint.

Singapore Airways' airplane restaurant fills up in minutes

October 15, 2020

With flights largely grounded by the coronavirus pandemic , Singapore Airlines is trying novel ways to raise money, including using two of the superjumbos parked at Changi Airport as temporary eateries and offering guided tours of its training centre.

Gartner: global PC shipments grew 3.6% in 2020 Q3 | Corporate Finance

October 15, 2020

Unfortunately, shortages of multiple components, such as processors, panels, and other subcomponents, led to missed opportunity for many vendors, the analyst noted. After close to a decade of declining revenues for PC manufactures, Gartner's latest PC shipment report for the quarter is a nice little respite from what seemed like a never-ending nosedive for the industry.

International Monetary Fund revises up 2020 global economy forecast to contraction of 4.4 pct

October 14, 2020

The result "would have been much weaker if it weren't for sizable, swift and unprecedented" response from governments and central banks, she said, again warning of the dangers of removing support too quickly. "Expanding in public investments in digital transformation, green economy, education and health is also crucial to reach global recovery, which is expected to add millions of jobs and support workers in the transition phase from the ongoing crisis up until reaching the recovery", said ...

USA futures muted ahead of next batch of bank earnings

October 14, 2020

The Dow Jones Industrial Average fell 158.04 points, or 0.55 per cent, to 28,679.48, the S&P 500 lost 22.51 points, or 0.64 per cent, to 3,511.71 and the Nasdaq Composite dropped 12.36 points, or 0.1 per cent, to 11,863.90. The world economy contracted by a far smaller 0.1% after the devastating 2008 financial crisis. Energy stocks rose the most among major S&P sectors on the back of a rise in oil prices.

Trade dispute looms as China 'told plants not to use Aussie coal'

October 14, 2020

Coal was Australia's second-largest export past year, behind iron ore, worth A$55 billion ($39.52 billion). A freight train transports coal from the Gunnedah Coal Handling and Prepararation Plant in Gunnedah, Australia, yesterday. Newcastle benchmark thermal coal prices fell by the most in nearly four years on Monday as reports of the ban filtered through the market. Diplomatic relations between the two countries soured in 2018 when Australia banned China's Huawei Technologies Co Ltd from ...

JPMorgan Chase earnings rise, avoids more reserves for bad loans

October 14, 2020

Citi has faced renewed regulatory scrutiny since an "error " led the bank to mistakenly send Revlon creditors US$900 million of its own funds in August. Net income declined 34 percent from the prior-year period, largely driven by the lower revenues, an increase in expenses and higher credit costs. Total period-end loans fell almost 4% to $920.1 billion, hurt by a $30 billion fall in commercial loans, a bigger slump than expected, Jefferies analysts said.

Farmers stage Westminster tractor protest over threat to British food standards

October 14, 2020

The effort was struck down by 332 votes to 279. Conservative MPs in Wales have been accused of "betraying farmers" after they voted against protecting food standards after Brexit . Mr Parish added: "We, the British, believe in animal welfare, we believe in the environment.so does this Government, but for goodness sake getting the backing of Parliament".

Boeing Jets Subject to EU Tariffs Approved by WTO

October 14, 2020

The ruling raises the possibility that, just as Boeing scrambles to ramp up 737 MAX jet deliveries early next year, the EU could slap a 15% tariff on MAXs delivered to Ryanair and other European airlines. In the latest development in the 16-year saga between Washington and Brussels over support for their aircraft manufacturers, the European Union is expected to get the green light to impose around $4.0 billion in tariffs on United States goods and services, according to the Bloomberg news ...

The iPhone 12 has 5G and a new flat-edged design

October 14, 2020

In addition to hardware differences between the iPhone 12 and iPhone 12 Pro models, there are also some notable software differences. Speaking of Touch ID, there were some desperate rumours that there would be Touch ID on the iPhone 12's power button, but unfortunately not.

International Monetary Fund raises expectation for Egyptian economy growth to 3.5% in 2020

October 14, 2020

Compared with the previous outlook International Monetary Fund made in June, the second quarter GDP growth in large advanced economies were slight better and China's return to growth was stronger than expected, the report said, noting there are signs of a more rapid recovery in the third quarter.

Apple unveils new HomePod Mini at virtual event, new iPhone 12 expected

October 14, 2020

The new look is less rectangular and more modern, but familiar. The sale of this new smart speaker from Apple will debut on November 16. There's also a new Apple S5 chip inside which allows the device to tap into something that the company calls computational audio - this allows the HomePod Mini to analyze audio and then tune the drivers and radiators in real time.

Bank of England asks banks if ready for negative interest rates

October 14, 2020

Interest rates are now at a record low of 0.1% but the BoE has stated it would consider further cuts should the economic situation warrant it. The Bank and PRA will consider the wider business implications, including on financial stability, safety and soundness of authorised firms and pass-through to the wider economy.

Here’s everything Apple announced at its iPhone 12 event

October 14, 2020

Apple announced the new HomePod mini for $99 and available for pre-order November 6th. Put two HomePods in the same room, Apple says, and they'll automatically become a stereo pair. This format available on the iPhone 12 Pro models have the benefit of all the computational photography Apple applies to its photos, but also gives photographers the ability to adjust White Balance, Tone Mapping, and edit in their professional software of choice.

German Consumer Prices Fell in September, in Line With Forecasts

October 13, 2020

The spike in consumer price inflation , caused mainly by zooming food prices , stood higher at 10.68 per cent in September 2020 against 6.67 per cent in August and 9.05 per cent during the corresponding month a year ago. Governor of RBI Shaktikanta Das said they are expecting retail inflation close to the aimed level by the final quarter of this fiscal year. The on-year decrease in energy-product prices had a downward effect on the inflation rate.

Twilio to acquire startup Segment for $3.2B

October 13, 2020

Segment has more than 550 employees and over 20,000 customers, including FOX, Intuit and Levi's. On Monday, the firm used $3.2B of that sweet sweet $ TWLO stock to buy Segment , a customer data firm. This acquisition further reinforces this approach, Castanon said. The presentation also provides a glimpse into the deal's financial details. Twilio hopes to replicate that success with Segment by promoting the startup's platform to its more than 200,000-strong customer base and ...

IMF envisions a sharp 4.4% drop in global growth for 2020

October 13, 2020

Even before the pandemic , Asia's third-largest economy was struggling to gain traction, and the hit to global activity from the virus and one of the world's strictest lockdowns combined to deal the country a severe blow. That doesn't factor in potential additional fiscal stimulus, though, as President Donald Trump and Democrats continue to wrangle over measures. India saw the steepest forecast reduction, with a 10.3 per cent contraction seen for this year, compared with just 4.5 per cent ...

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