Economy / 24

Boeing's new 777X airliner takes off on first flight

January 28, 2020

The aircraft (WN001), a 777-9 registered as N779XW, took off at 10:09 local time (PST) on Saturday morning. The American multinational aviation corporation successfully staged the first flight of the world's largest twin-engined jetliner on Saturday in a respite from the crisis over its smallest model, the grounded 737 MAX.

GM's Detroit plant going all-electric starting late next year

January 28, 2020

The automaker is lobbying the federal government for approval to operate vehicles like the Origin on public roads and plans to deploy them in an urban ride-hailing service operated by its subsidiary, Cruise. Manufacturing of those sedans will stop in February, which is when the plant's reconfiguration will begin and continue for 12 to 18 months, per GM. The factory will be GM's first assembly plant to be fully dedicated to building electric vehicles.

Centre issues bid document to sell 100 pc stake of Air India

January 27, 2020

Even as the Centre issued a preliminary bid document for the disinvestment of Air India on Monday, BJP Rajya Sabha MP Dr. Subramanian Swamy strongly opposed the move. Air India staff will be offered three per cent of the airline's total shares in the government's disinvestment process. To make debt-ridden Air India more attractive for buyers, the government on Monday announced it would give up 100 per cent stake in the national carrier.

UK PMIs suggest rate cut will be avoided this month

January 26, 2020

It was the highest reading in five months and beat the consensus forecast in a Reuters poll of analysts who had expected a smaller increase to 50.5. The seasonally adjusted IHS Markit/CIPS flash United Kingdom services PMI business activity index posted 52.9 in January, up sharply from 50.0 in December and the highest reading since September 2018.

New U.S. curb on Huawei in limbo amid pushback from Pentagon

January 26, 2020

While the U.S. Department of Commerce wants to increase pressure on Huawei, the U.S. Department of Defense ( Pentagon ) is appealing against new trade sanctions. The Pentagon objections scuppered the Commerce Department proposal, but they have not ended the debate. It is true that the U.S is making survival harder for Huawei but it is making the company self-sufficient.

Intel Reports Fourth-Quarter and Full-Year 2019 Financial Results

January 26, 2020

Nick Raich, CEO of The Earnings Scout, said S&P 500 earnings expectations are improving, which is "a reason why stocks continue to rise". "It really is a reaction to the widening nature of what's going on with the coronavirus", said Lisa Erickson, head of traditional investments at U.S.

Tesco Ireland to remove 1.5 million pieces of plastic from its stores

January 26, 2020

Tesco is not the only supermarket to look into scrapping plastic wrap around tinned goods. This will see 1.5 million multipacks of Tesco own-label and branded tinned beans, tuna, soup, and tomatoes sold without plastic wrap each year. At the end of previous year, Tesco removed all hard-to-recycle materials from its own-brand products and is working with suppliers to do the same.

Detroit Man sued TCF Bank for racial discrimination

January 26, 2020

Thomas' attorney, Deborah Gordon, told WXYZ that TCF Bank's actions against her client is basically a case of "banking while Black". 44-year-old Sauntore Thomas reports that TCF Bank employees in Livonia, Michigan, declined to cash or cash his check on Tuesday, January 21.

Oil steadies, but concern over spreading China virus weighs

January 26, 2020

Brent was down about 4 per cent this week, its third consecutive weekly drop. Oil prices climbed on Friday, following a drawdown in USA crude stocks, but were set to fall heavily for the week amid worries that a new coronavirus in China that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects.

Chinese Coronavirus Spreads Around The World

January 25, 2020

About two dozen cases in all have been confirmed outside mainland China , almost all of them in Asia: Hong Kong, Macao, South Korea , Japan , Singapore , Thailand, Taiwan, Vietnam, Nepal , Australia and Malaysia . China's biggest holiday, the Lunar New Year, unfolded Saturday in the shadow of the worrying new virus. Airports around the world have stepped up screening of passengers from China, though some health officials and experts have questioned the effectiveness of such ...

Coronavirus outbreak: Chinese provinces activate highest alert

January 25, 2020

Outbreaks of novel virus infections among people are always of public health concern, especially when there's little knowledge about the characteristics of the virus, how it spreads between people, how severe are the resulting infections and how to treat them.

Sydney coronavirus scare as China heads into shutdown

January 25, 2020

The Ministry of Health (MOH) said that it has not been notified of any new confirmed cases as of noon on Saturday (25 January), the first day of Chinese New Year, one of the biggest holidays in Singapore . Four other people in Queensland were given an all-clear earlier in the week. Wuhan is throwing up a 1,000-bed prefab hospital to deal with the crisis, to be completed February 3.

Money Minute Thursday 23 January: European interest rates

January 25, 2020

One of Lagarde's most pressing challenges is how to revive inflation , which has persistently remained below the ECB's inflation target of around 2 percent. Eurozone inflation now stands at 1.3%. "Our inflation target must be symmetric". The IMF said last week it expects euro area GDP to grow by just 1.3% this year, behind other advanced economies like the U.S.

Local hospitals screening for coronavirus as outbreak continues to spread in China

January 25, 2020

The coronavirus, first identified in December 2019, originated in the city of Wuhan , China. State and national health officials on Friday announced steps to confront the global spread of a novel coronavirus that emerged in China last month, following the discovery of a second confirmed USA infection in IL and 63 suspected cases - including two in Minnesota.

PM Johnson signs agreement for Britain to leave EU

January 25, 2020

This will be the last step to formalize the split on the European side, after Britain's Queen Elizabeth II gave royal assent to withdrawal legislation earlier on Thursday, capping three years of hard and complicated negotiations. Mr Johnson is expected to set out details for a free trade agreement with Brussels along the lines of the EU's recent deal with Canada. During this time, Britain and the rest of the bloc will continue to apply the same rules of business to avoid economic ...

EU chiefs sign Brexit deal ahead of parliamentary vote

January 24, 2020

The EU has warned Boris Johnson of "sanctions" if he fails to implement controversial goods checks in the Irish Sea after Brexit , opening up a fresh potential clash with the UK. "The British people have waited for more than three years to get Brexit done". The January 31 split caps a remarkable political comeback for Johnson at one of the most hard points in Britain's post-war history.

Greta Thunberg says climate demands 'completely ignored' at Davos

January 24, 2020

Swedish climate activist Greta Thunberg has rejected mockery by United States Treasury Secretary Steven Mnuchin about her and her political aims. "Who is she? I'm confused", Mnuchin said Thursday, adding that the remark was "a joke". "We put ourselves in the spotlight". "As long as the science is being ignored - as the facts are not being taken into account - and as long as the situation is not being treated as a crisis, then world and business leaders can, of course, continue to ignore the ...

USA threatens to hike tariffs on United Kingdom auto exports

January 24, 2020

The U.K. plans to release a series of documents setting out its aims for trade deals with the European Union, U.S. and other countries at the start of February. He said a digital tax is " discriminatory in nature" and the USA is participating in the OECD process to find a solution. "We have not made a decision to withdraw our taxation - we have just proposed [to] not have the prepayment of April and November", Le Maire said.

Flutterwave raises $35 million to expand operations

January 24, 2020

Outside of its home base in Lagos, Flutterwave also has operations in Kenya, Rwanda, South Africa, Tanzania, Uganda, the United Kingdom, and Zambia. In an email gotten by TechCity , Agboola said the additional funding will allow Flutterwave to "continue to provide innovative solutions for businesses like yours to make and receive payments seamlessly".

Singapore confirms 2 more Wuhan virus cases, tally is now 3

January 24, 2020

The number of confirmed cases of the new coronavirus has risen to 830, the National Health Commission said . The health department stressed that this does not mean they have the virus or will get the virus. Diaz explained that the robot is in the room with the patient and can be manipulated to move closer to the patient and examine him using a stethoscope so that staff can evaluate him without risking contamination.

Oil Slides As IEA Surplus Forecast Overshadows Libya Disruption

January 24, 2020

Over the last hour, the bulls are fighting back control, lifting the rates back to the 56 mark, as markets seek to take profits off the table after the recent declines heading into the release of the U.S. Commenting on this development, "recent unrest in Libya has seen the country's National Oil Corporation declaring force majeure, production of about 700kb/d could be held up", said ANZ analysts.

How major U.S. stock indexes fared Thursday

January 24, 2020

Yields on European bonds also fell as investors looked to less risky assets. World shares fell Thursday as health authorities around the world rushed to monitor and contain a deadly virus outbreak in China and keep it from spreading globally.

Suspected coronavirus patients in Scotland being tested

January 24, 2020

The WHO has stopped short of declaring the disease a global health emergency, which the agency defines as an "extraordinary event" that requires a coordinated worldwide response. That person is a 53-year-old woman from Wuhan. There are more than 500 confirmed cases of the virus, which has spread overseas, with Singapore , Saudi Arabia and Vietnam the latest affected.

Trump Sees ‘Big Trade Deal’ With EU, Repeats Auto Tariff Threat

January 23, 2020

I wanted to do Mexico and Canada first. Hogan last week also warned that the European Union was looking at a deal signed by the US and China on January 15 that foresees an increase in imports of American goods and services by $200 billion over the next two years.

Snakes may be source of deadly Wuhan coronavirus

January 23, 2020

Like SARS, it can be passed among people through the respiratory tract. The first cases in the new coronavirus outbreak were connected to people who worked at or visited a seafood market in Wuhan, which has since been closed for an investigation.

£106bn cost 'threatens northern phase of HS2'

January 23, 2020

You have said yourself that HS2 is likely to cost over £100 billion. It reportedly found reportedly found there is "considerable risk" that the high-speed rail project's cost will rise by up to 20% beyond the £81 billion to £88 billion range set out in a report by current HS2 chairman Allan Cook just four months ago.

Cruise Origin launches the electric driverless future of mobility

January 23, 2020

General Motors' self-driving auto company will attempt to deliver on its long-running promise to provide a more environmentally friendly ride-hailing service in an unorthodox vehicle created to eliminate the need for human operators to transport people around crowded cities.

Angola's ex first daughter Isabel dos Santos charged with fraud

January 23, 2020

Forum spokesman Max Hall refused to specify whether the forum or dos Santos cancelled her participation. On Jan. 20, a PwC spokesperson said the company was investigating the "serious and concerning allegations" and had terminated all work for the dos Santos family.

China virus outbreak: Seven Indian airports told to screen passengers

January 23, 2020

Chris Spitters, interim health officer for the Snohomish Health District. This is all being done following our jointly developed infectious disease protocols. The World Health Organization has scheduled a meeting for Wednesday, January 22 to decide whether or not the coronavirus should be declared an global public health emergency.

Coronavirus timeline: from Wuhan to Washington state

January 23, 2020

China is also encouraging passengers traveling to and from Wuhan to change their travel plans during the busy Lunar New Year holiday period, by exempting them from service charges for refunds for all modes of transport. "In a pretty mobile population, particularly here in Canada in cities like Vancouver, Toronto, Montreal, we see quite a bit of global travel, so I'm not particularly surprised to see some degree of movement of this virus and its emergence in the United States".

Tesla hits $100bn market valuation in auto industry milestone

January 23, 2020

Musk, who owns about 20% of Tesla, now takes no salary as CEO. At the pre-market high of $579.51, Tesla's market capitalization was roughly $104.5 billion, exceeding Volkswagen's $100 billion. For Musk, hitting $100 billion in market value triggers an option to buy 1.69 million shares of Tesla stock for $350.02 per share. Tesla shares closed up 4pc yesterday, pushing the company ahead of German automotive giant Volkswagen, which is valued at €90bn (£76bn).

Pipeline protesters block Swartz Bay ferry terminal

January 23, 2020

Supreme Court injunction prevents interference with pipeline operations. "It started just after 6 am and was cleared up at about 9 am", said Marshall. Last week, RCMP blocked access to Wet'suwet'en territory, heightening tensions between government officials and hereditary chiefs. "We certainly respect the rights of individuals to protest a decision that they don't agree with, but our concern is allowing our customers and employees safe and unimpeded access to the terminal", Marshall said.

Delta thanks employees for 2 months of extra payment

January 22, 2020

Delta employees will have more than a billion dollars to keep them warm on Valentine's Day . Eligible employees will receive a check cut out for 16.6% of their annual salary. This is it. And I'm having a blast with it. When I think of everything we've achieved to reach a position of leadership in this industry - when so many other airlines didn't survive - I always come back to our people.

Digital services tax will be temporary

January 22, 2020

Andrew Wishart, a UK Economist at Capital Ecomonics, said: "We suspect [Javid] will increase investment by about £10bn a year - 0.5 [percent] of GDP". The US believes the tax is fundamentally unfair because most of the companies which it would apply to are based in North America. "It will be a very fearless British government that walks into a trade war with the United States at the very moment when centrepiece of its economic policy is to strike a trade deal with the United States", he ...

Trump rejects warnings of environmental crisis in speech at Davos

January 22, 2020

Trump later told reporters: "I'm a very big believer in the environment". The Phase 1 agreement eases some sanctions on China while Beijing has agreed to step up its purchases of USA farm products and other goods. It's one person coming in from China, and we have it under control. "China's viewed as a developing nation, India is viewed as a developing nation - we're not viewed as a developing nation".

Russian 'spy plot' foiled after two 'plumbers' are arrested

January 22, 2020

They claimed they were on a three-week holiday and told Swiss officers their diplomat passports gave them immunity from any charges. Officials from the Graubünden cantonal police department told the Financial Times that authorities found two men with Russian diplomatic passports during a routine identity check in August 2019, after they were alerted of the pair's lengthy stay at a high-end ski resort.

Singapore extends coronavirus screening to all inbound China flights

January 22, 2020

Sophia Chan, the city's secretary for food and health, will hold a press briefing at 7:30 p.m. local time on a suspected coronavirus infection, according to a government statement. Police were conducting spot checks for live poultry or wild animals in vehicles leaving and entering the city, state media said. The infection is thought to have originated in a seafood market that also sold illegal wildlife meat, which has now been closed and sealed off.

Amazon Introduces Three And Four Wheeler EVs For Product Delivery

January 22, 2020

Bezos' fleet of e-vehicles comes at a time Tesla chief Elon Musk has offered reasons for electric cars still not running on Indian roads. As mentioned above, Jeff Bazos announced in Amazon Smbhav that they are going to use Amazon's global footprint to export the locally produced goods from India to other parts of the world, and they plan to exports the goods worth $10 billion by 2025.

Republicans reject witnesses as impeachment trial kicks off with rules battle

January 22, 2020

What to watch for: Democrats are attempting to push the Senate to allow new witnesses and documents while Senate Majority Leader Mitch McConnell is aiming to move things along as quickly as possible. Clinton also provided more than 90,000 pages of documents and other information ahead of his trial, according to a Clinton White House response to a referral from the Office of Independent Counsel.

Senate Impeachment Trial Begins With Partisan Rules Fight

January 22, 2020

Trump's defence team would have the same amount of time. After the opening arguments conclude, senators will be allowed up to 16 hours for questions to the prosecution and defense, followed by four hours of debate. The Senate is hearing the case as the Democrat-led House voted to impeach Mr Trump on 18 December. McConnell has been angling for a speedy trial toward acquittal of the charges against the president, and the closely-held rules package arrived late on Monday after Trump's legal ...

Central bank group to study digital currencies

January 22, 2020

The paper warns of "green swans", a play on the 'black swan' theory developed by statistician Nassim Nicholas Taleb, that examines the inability to predict or plan for extremely unlikely, but catastrophic in their impact. The BIS said this could be the template used in the case of climate change. The Bank for International Settlements (BIS), of which the Reserve Bank of Australia is a member, has published a report on possible "Green Swan" events, ie the drastic effects of climate change ...

International Monetary Fund downgrade of growth outlook ups pressure on India’s Modi

January 21, 2020

It also projected region wide economic growth of 3.2 per cent and 3.6 per cent for 2019, and 2020 respectively. "This reflects downward revisions for South Africa (where structural constraints and deteriorating public finances are holding back business confidence and private investment) and for Ethiopia (where public sector consolidation, needed to contain debt vulnerabilities, is expected to weigh on growth)", the International Monetary Fund said .

Trump impeachment: Democrats decry 'White House-driven and rigged process'

January 21, 2020

The Republican McConnell proposed a set of ground rules that would place strict restrictions on witnesses and evidence for the first stage and move the trial quickly ahead, saying he would summarily block any Democratic attempts to change his rules.

International Monetary Fund lowers growth forecasts for SA economy

January 21, 2020

That's down 0.3 point from the previous year. The estimate for 2021 was downgraded by 0.2 percentage points. India's GDP growth in the July-September quarter of 2019 slowed sharply to 4.5 per cent, the weakest pace in more than six years, as manufacturing output hit a slump and consumer demand as well as private investment weakened.

South Korea considers 20% tax on cryptocurrency gains

January 21, 2020

According to multiple government sources, the Ministry of Economy and Finance in South Korea has been contemplating levying a 20% tax on gains made from cryptocurrency transactions. Once labeled as other income, the Korean tax bureau will be allowed to impose tax on gains from virtual asset trading immediately. "One official noted , "[In 2017, the government struck traders and killed the market by basically classifying us as criminals.]" Three years later, with no meaningful ...

Uber sells Indian Eats business to Zomato in move to cut losses

January 21, 2020

The deal gives the ride-hailing app a 10 per cent stake in Zomato . "Here's to better food for more people, and new beginnings", Mr Goyal, the founder and CEO of Zomato , added before sharing a link to his full statement. While some employees will be absorbed in Uber's ride-hailing business, others are being given outplacement services, said one of the sources briefed on the deal.

BOJ keeps policy steady, nudges up economic growth forecasts

January 21, 2020

The views underline the mounting challenges facing the central bank in trying to fire up inflation to its 2% target, as years of ultra-loose monetary policy and near-zero rates have had only modest success at the cost of eroding financial institutions' margins.

Emmanuel Macron extends digital tax talks after phone call with Trump

January 21, 2020

Presidents Emmanuel Macron and Donald Trump have agreed to extend negotiations on a dispute over a French tax on digital giants to the end of the year, postponing Washington's threat of sanctions against Paris, a French diplomatic source said yesterday.

Javid warns business leaders after Brexit

January 21, 2020

Despite the chancellor's reassurance of long-term prosperity, the Food and Drink Federation (FDF) has warned that no regulatory alignment with the European Union after Brexit could lead to price rises. "The government must clearly communicate these changes in a timely way and provide substantial support to help firms adapt", she said . Regarding UK finance, Javid said he wanted to increase growth rates to 2.7 to 2.8 percent a year.

Libya summit to call for sanctions if ceasefire violated, draft agreement says

January 20, 2020

US Secretary of State Mike Pompeo is also attending. Erdoğan defended his troop presence in Libya, claiming the Russian security company Wagner had 2,500 security personnel in the country working for Haftar. The two men weren't direct participants in the conference, but were in Berlin and kept apprised of developments, she added. Underlining the stakes involved, German Foreign Minister Heiko Maas said "we have to make sure Libya doesn't become a second Syria ".

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