Economy / 48

United States expects that OPEC will continue to cut oil production in 2020

February 14, 2020

Back to the headline reading, IEA had previously forecast a growth of 800k bpd in Q1 compared to a year earlier but now expect a contraction of 435k bpd instead - the first contraction since the global financial crisis back in 2009. The IEA doesn't forecast changes in oil prices, but said consumers were unlikely to get much of a boost from cheaper petrol and diesel at the end of the day.

Emissions cheating scandal: Daimler profits plunge in 2019 on 'dieselgate' costs

February 14, 2020

The Mercedes-Benz owner, which issued three profit warnings in 2019, today reported weak results for the 2019 financial year, with earnings before taxes and interest plunging by 60% from the previous year, to €4.3bn (£3.6bn, $4.7bn). "The aim is to cut jobs worldwide in a socially responsible manner, including the reduction of management positions", it said. Daimler said it had booked charges of 4.2 billion euros related to diesel probes and legal proceedings, as well as 828 million euros ...

Slack stock rockets, then falls back, after erroneous report about IBM relationship

February 14, 2020

The company confirmed the platform has over 20 million Daily Active Users (DAUs). This is obviously a very good boost for Slack, but it still will not be enough to compete with Microsoft Teams . Outgoing IBM CEO Ginni Rometty is known for driving IBM employees to become more productive by offering access to digital tools. The deal with IBM builds on a previous relationship between the two companies.

Yorkshire's Rishi Sunak confirmed as next Chancellor after Sajid Javid resigns

February 14, 2020

Smith, who had been in charge of parliamentary discipline for Johnson's predecessor, Theresa May, was the first minister to lose his job in the reshuffle. Speaking later, Javid said Johnson had asked him to fire all his aides and replace them with staff approved by the prime minister's office. And he told Mr Johnson in his resignation letter that he believed it was "important as leaders to have trusted teams that reflect the character and integrity that you would wish to be associated with".

Lyft tops $1 billion quarterly revenue, forecasts slower growth in 2020

February 14, 2020

The last time Lyft reported earnings, in October past year, shares of the company rose on better-than-expected quarterly results. The stock slipped to as low as US$50.82 in extended trading, after closing at $53.94 earlier in NY. In recent months, the company has added public transit options to its app, introduced monthly subscriptions and offered an option to decrease ride costs by scheduling pickup a few blocks away.

Death toll soars as China changes counting method

February 14, 2020

China's death toll from the new coronavirus epidemic was revised downwards to 1,380 on Friday after officials said some fatalities had been counted a couple of times . The death was the third outside mainland China , after two others in Hong Kong and the Philippines . He said it wasn't unprecedented for case definitions to rely on doctors' diagnoses rather than wait for laboratory confirmation, and that these kinds of changes usually happen when there are simply too many patients ...

Reserve Bank leaves Official Cash Rate unchanged at one per cent

February 14, 2020

Analysts at TD Securities (TDS) offer their afterthoughts on Wednesday's Reserve Bank of New Zealand's ( RBNZ ) hawkish monetary policy decision. The annual inflation rate rose to 1.9% in the fourth quarter, beating expectations and closing in on the midpoint of the RBNZ's 1-3% target range.

Virus death toll nears 1,400 in China, with 5,090 new cases

February 14, 2020

China's death toll from the new coronavirus epidemic was revised downwards to 1,380 on Friday after officials said some fatalities had been counted a couple of times. The Westerdam cruise ship anchored Thursday off Cambodia for health checks on its 2,200 passengers and crew. Cambodian Prime Minister Hun Sen greeted the passengers with handshakes and bouquets of roses as they stepped off the ship and boarded a waiting bus.

Court halts Pentagon cloud contract work with Microsoft

February 14, 2020

A federal judge on Thursday issued an order temporarily blocking the USA military from awarding a multibillion-dollar cloud computing contract to Microsoft, after Amazon claimed the process was tainted by politics. Bezos also owns the Washington Post , whose coverage has been critical of Trump and which has frequently been a target of barbs by Trump about the news media.

Google vs European Union: a decade-long saga goes to court

February 14, 2020

The fine imposed on Google, a unit of Alphabet, was the biggest for a single company in an European Union antitrust case. However, the Commission's lawyer, Nicholas Khan, rejected the claims , saying that "Google's status as the colossus of the digital age" was unchallenged and "until recently unquestionable".

Hyundai & Canoo to Co-Develop Electric Platform for Future EVs

February 14, 2020

Hyundai Mobis also joined Hyundai Motor and Kia Motors in September to invest a combined $2 billion in a 50:50 joint venture with Ireland-based autonomous vehicle startup Aptiv to develop a self-driving platform with Level 4 to 5 autonomous technology by 2022 and supply it to global carmakers.

Its stock going gangbusters, Tesla plans $2bn share sale

February 14, 2020

The EV maker's stock price has increased dramatically - by triple - in the last four months, presenting an opportunity too grand to ignore. Its profit and revenue in the last three months of 2019 topped estimates and the company said 2020 deliveries should comfortably beat projections amid demand from new customers.

Barclays CEO Jes Staley under investigation over links with Jeffrey Epstein

February 13, 2020

The investigation into Jes Staley's links with Epstein will look at his "characterisation to the company of his relationship" with Epstein. In its statement, Barclays said it believes Staley has been "sufficiently transparent " and as a result, "retains the full confidence of the Board, and is being unanimously recommended for re-election at the Annual General Meeting".

Airbus shows loss for 2019 following bribery settlement

February 13, 2020

Revenue increased 11 per cent to €70.478 billion. "We delivered a strong underlying financial performance driven mainly by our commercial aircraft deliveries", Airbus chief executive officer Guillaume Faury said. But the company pledged higher jet deliveries and operating profit this year. The company said it would propose a dividend of 1.80 euros per share, up 9% from 2017.

Jeff Bezos buys Warner Estate in Beverly Hills for record $165 million

February 13, 2020

According to Architectural Digest , the Beverly Hills house is spread in 13,600-square feet, which has expansive terraces and gardens, two guesthouses, nursery and three hothouses, tennis court, swimming pool, nine-hole golf course and motor court.

Retail startup Brandless, backed by SoftBank, is shutting down

February 13, 2020

The San Francisco-based company announced that it's stopping operations on its website , where it sold generic discount consumer goods from snacks and vitamins to shave gel and body wash. Insiders are saying that Paul Singer's New York City hedge fund Elliott Management Corp. has collected a stake in SoftBank Group Corp . of close to $3 billion.

Retail inflation rose to 7.59% in January - the highest since May 2014

February 13, 2020

Electricity generation contracted 0.1% compared with a contraction of 5.7% in November 2019. The manufacturing fell 1.2% compared to a growth of 2.9%. It was higher than 3.6% inflation registered during FY19 (April-January), according to Care Ratings. "The internals of the food inflation are worrying, given a broad-based uptick across categories that tend to be sticky, such as proteins, and a narrower-than-expected reduction in the inflation for vegetable", said Nayar.

Singapore’s DBS Sends 300 Staff Home After One Contracts Coronavirus

February 13, 2020

Singapore has reported 47 cases of coronavirus, one of the highest number of cases outside China where it has already claimed over 1,100 lives. DBS said an employee was tested on February 11 and the bank was informed of the confirmation of coronavirus on Wednesday morning.

CN, Via networks paralyzed by First Nations' blockades

February 13, 2020

Via Rail said more than 220 trains have been cancelled, affecting at least 34,200 passengers. "We know that this unfortunate situation has an impact on our passengers travelling plans and we apologize for the inconvenience it is causing", Via Rail said in an email.

Fed chief describes chinks in otherwise healthy U.S. economy

February 13, 2020

U.S. President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House, November 2, 2017 in Washington, DC. The answer, he said, is still too early to know. Shelton is set to appear alongside fellow Fed nominee Christopher Waller, who now serves as the executive vice president and director of research at the Federal Reserve Bank of St.

Workers Return to Giga Shanghai After Shutdown Due to Coronavirus

February 13, 2020

The company will also receive assistance from the Chinese government to resume production, Markets Insider reported. Speculations have it that Tesla had warned the authorities that the company would witness a week and half of delay in upgradation of Shanghai built Model 3 cars due to the virus outbreak, which has now severely disturbed communications and supply chains across the country.

United Kingdom economy stagnates as annual growth is just 1.4 per cent

February 13, 2020

According to the first estimate from the Office for National Statistics , the UK's gross domestic product was flat in the fourth quarter, in line with forecasts, against revised growth of 0.5% in the third quarter. The stagnation in the fourth quarter compares with a 0.5 per cent rise in the period before. Economists said lingering uncertainty over Brexit and December's general election likely weighed on activity.

Google HR to step aside amid 'growing worker activism'

February 13, 2020

Naughton plans to transition out of her VP role later this year, the report says. The reason that the VP of people operations presented for stepping down is that she along with her husband are planning to return to their home in NY in order to be "closer to the family".

Lisbon freezes bank accounts of the former first daughter of Angola

February 13, 2020

The measure is part of the seizure of the assets of the businesswoman, who is accused of having defrauded the Angolan state of more than one billion euros. Worldwide media outlets published an inquiry dubbed " Luanda Leaks " on 19 January claiming that Dos Santos fraudulently accumulated fortune estimated at $2.1 billion (€1.9 billion).

Algeria: OPEC calls for more oil cuts on coronavirus impact

February 13, 2020

Oil has dropped more than 20% from a peak in January after the spreading virus hit demand in the world's largest oil importer and fuelled concerns of excess supplies. A drop in US drilling activity will be required to make a sufficient dent in global oil supplies, he said. This reading came in much higher than the market expectation for an increase of 3 million barrels.

European Union open to 'unique' trade deal with post-Brexit UK

February 12, 2020

In a major speech last week, Johnson first circulated the idea of reaching an "Australian-style" deal with the European Union by the end of the transition period, in which the government will negotiate its future relationship with the bloc .

LPG price hiked by ₹144.5 per cylinder, steepest since January 2014

February 12, 2020

The new rates will be effective from today (12 February). According to ANI, in Delhi, the price rose by Rs 144.50 to Rs 858.50, a sharp hike of Rs 144.5 from its last revision on January 01, 2020. In India, the OMCs sell 14.2 kg cylinder to domestic households at the prices prevalent in the open market, however, the central government provides subsidies for 12 such cylinders to every household each year with the help of a direct benefit transfer in their linked bank accounts.

Chinese Grand Prix postponed due to coronavirus

February 12, 2020

More than 1,100 people have been killed in China by the virus, which has been named COVID-19 by the World Health Organization. "All parties will take the appropriate amount of time to study the viability of potential alternative dates for the Grand Prix later in the year should the situation improve".

Britain plans to create 10 free ports

February 12, 2020

Freeport status will benefit ports differently depending on their current traffic/business profile and specialisation. As the United Kingdom develops its own trade policy for the first time in decades after leaving the European Union at the end of January, the government has launched a 10-week consultation setting out its plans for the free ports, also known as free trade zones.

Foxconn aims to resume half China production by end-February

February 12, 2020

Customers wearing face masks shop inside a supermarket following an outbreak of the novel coronavirus in Wuhan, Hubei province, China February 10, 2020. Xiaomi did not respond to requests for comment. "Delays in the reopening of factories and the return time of labor will not only affect shipments to stores, but will also affect product launch times in the medium and long term", said Will Wong, analyst of IDC.

N26 to cancel all United Kingdom accounts as Brexit effect takes its toll

February 12, 2020

A spokesperson said the bank had "several hundred thousand" United Kingdom customers. N26 is the first bank to announce it is withdrawing from the United Kingdom due to Brexit. Launched in 2013, it has expanded across Europe rapidly and now has over 5m customers across 26 countries. "We had some great footfall on the day and there was a lot of excitement at the time [of launch]", N26's strategy and operations manager at the time Myles Tullo said in December 2018 shortly after the campaign.

Mobile, Sprint Begin Final Merger Steps Following Court Ruling

February 12, 2020

After almost two years in regulatory limbo, a federal judge is slated to approve the T-Mobile / Sprint merger, overturning state-level lawsuits that were separately filed in June 2019 and setting the stage for the largest telecommunications merger in years.

Taiwan's Foxconn gets thumbs-up to restart plant in China

February 11, 2020

Facilities in China will return to business after extended break of 10 days from week-long Lunar New Year holiday, due to the accelerating threat of the epidemic that has resulted in over 800 casualties in China. Foxconn informed workers in its Shenzhen headquarters last week that they should not return to work . Why it matters: Foxconn, also known as Hon Hai Precision Industry Co., is China's largest private sector employer and the world's biggest iPhone assembler.

Unemployment up in GP and Alberta, down across Canada

February 11, 2020

Non-farm payrolls increased by 225,000 jobs last month, with employment at construction sites increasing by the most in a year amid milder-than-normal temperatures, the government's survey of establishments showed. At 3.6%, the unemployment rate ticked up slightly as more Americans entered the labor force. By sector, goods-producing industries led the way while the service sector was a laggard.

How to watch FINAL DAY of impeachment trial live online

February 06, 2020

Rather, Trump's speech, coming one night after Democratic voters began choosing their presidential nominee, will be the sounding gun for the march toward Election Day in November. "If I was writing the speech or delivering it, I wouldn't include it, but I'm doing neither of those two things, and Donald Trump has been very successful being Donald Trump", Sen.

The US trade deficit decreased 1.7% past year to $ 616.8 billion

February 05, 2020

President Donald Trump , who has dubbed himself "the tariff man", has pledged to shrink the deficit by shutting out more unfairly traded imports and renegotiating free trade agreements. The deficit with the European Union also reached an all-time high of $177.9 billion. Trade added nearly 1.5 percentage points to GDP growth in the fourth quarter, exceeding the 1.20 percentage points contribution from consumer spending, which accounts for more than two-thirds of USA economic activity.

Trump appears to snub Pelosi when she tried to shake his hand

February 05, 2020

Pelosi remained seated during most of the address. After the president concluded his almost 90-minute address, Pelosi ripped up the paper copy of his speech she had in front of her with a pointed flourish. The speaker led House Democrats in impeaching Trump last month on charges he abused power and obstructed Congress in the Ukraine matter. Minutes after the speech had concluded, and Pelosi had made a display of ripping it up, the House Speaker returned to the handshake.

China coronavirus outbreak: All the latest updates

February 05, 2020

Central China's Hubei Province reported 3,156 new confirmed cases of novel coronavirus infection and 65 new deaths on Tuesday, local health authorities said Wednesday. U.S. Health and Human Services Secretary Alex Azar said he hoped China would accept an offer from the United States and the WHO to send epidemiological experts to China.

Chinese Central Bank to Pump Billions Into Markets Amid Coronavirus Fears

February 05, 2020

China's central bank will inject 500 billion yuan ($71.22 billion) through open market operations on Tuesday, traders said, after an injection of 1.2 trillion yuan a day earlier. Economists have warned that the outbreak will add to downside risks for China's economy in the first half of this year. Do not miss out on the latest news.

First death from coronavirus outside of China confirmed

February 05, 2020

As of Sunday, 16 foreigners in China had been diagnosed with the novel coronavirus pneumonia, of whom two have been discharged from the hospital, Hua said. The WHO has said the outbreak does not yet constitute a "pandemic". In Beijing, the Xiaotangshan Hospital built in 2003 for SARS is being renovated by construction workers.

State of the Union address: Trump snubs Nancy Pelosi's handshake

February 05, 2020

Chants of "four more years" broke out from GOP lawmakers and other supporters who were there to cheer on the president. "But Jim [Jordan] is exactly right. The survival of a child born at 21 weeks. "A service member's reunion with his family ", the White House said in a tweet. Sen. Joe Manchin, D-W.V., told Fox News that Trump's speech was "rough" in parts.

Korean woman tests positive for coronavirus after Thailand visit

February 05, 2020

The 18th case is a 21-year-old South Korean woman and the daughter of the 16th patient, who had returned from a trip to Thailand on January 19 but moved freely for around two weeks before being diagnosed with the virus. On Friday, Thai officials confirmed its first case of person-to-person transmission in a taxi driver, according to Reuters . "The situation doesn't look good", she said.

AAA: Florida is Seeing Lower Gas Prices at the Start of February

February 05, 2020

The West Palm Beach-Boca Raton area had the most expensive gas in Florida with an average of $2.53 a gallon followed by Miami at $2.47 and the Sebastian-Vero Beach market at $2.45. "When combined with higher stock levels, pump prices usually decrease in response". Today's national average is 11 cents less than this time last month, but 22 cents more expensive than previous year.

Novel coronavirus cases surpass 20,000 in China

February 05, 2020

The latest figures are up from 361 deaths and 17,205 confirmed cases on Monday. Xi presided over a special meeting of the top Communist Party body for the second time since the crisis started, telling the Politburo standing committee on Monday the country must race against time to curb the spread of the virus.

Earth Fare closing stores including 2 in Palm Beach County

February 04, 2020

In addition to the three in Northeast Ohio, there were stories in Fort Wayne, Indiana, and Kalamazoo, Michigan. Earth Fare is backed by the private equity firm Oak Hill Capital. The company will begin selling a variety of merchandise with significant price reductions as part of the inventory liquidation process. "We encourage shoppers to visit their nearby location now and take advantage of these savings before it's too late", the release states.

Boris Johnson, Michel Barnier talk tough on trade

February 04, 2020

Trade talks between Britain and the European Union are due to begin in March and the bloc's own approach to the negotiations needs to be agreed by all 27 member states. ensured through robust commitments". If the British request is "for access to 450 million consumers, zero tariffs. zero quotas, that won't happen for nothing and without conditions", Mr.

Macao leader asks casinos to shut over virus fears

February 04, 2020

It follows seven confirmed outbreaks in Macau of the new 2019-nCoV Coronavirus , a strain similar to the SARS virus that claimed hundreds of lives a decade and a half ago. Gambling has been permitted in Macau since the 1850s when it was legalised by the Portugese government. Reportedly, the number of Macau visitors has suffered a sharp 80% decline in the past week.

Hong Kong records first virus death

February 04, 2020

Chinese scientists said they have more evidence the virus originated in bats. Sources told PA news agency the United Kingdom would continue to follow the advice of the World Health Organisation (WHO), which does not advocate such bans. Leading Chinese epidemiologist Zhong Nanshan said additional hospital space was crucial to stopping the spread of new infections. One man, Fang Bin, said he saw wards so crowded during a visit to the city's No.

China oil demand has plunged 20% because of the virus lockdown

February 04, 2020

Both energy components were down more than 20 percent from their January 6 peaks and would need to close below $55.21 and $50.61 to remain in bear market territory. China is the world's largest oil importer, after surpassing the United States in 2016, so any change in consumption has an outsize impact on the global energy market.

AirAsia CEO Tony Fernandes steps aside amid Airbus bribery allegations

February 04, 2020

At the same time, regulators Malaysian Aviation Commission and Securities Commission Malaysia as well as enforcement agency Malaysian Anti-Corruption Commission have launched independent investigations into the scandal. The SFO said on Friday that between October 2013 and January 2015, EADS paid $50 million to sponsor a sports team which was jointly owned by two people described as AirAsia Executive 1 and Executive 2.

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