Economy / 45

United States manufacturing slows in February amid virus fears

March 05, 2020

A PMI reading above 50 denotes improvement in operating conditions compared to the preceding month, while a reading below 50 signals deterioration. Key measures of USA manufacturing activity in the U.S. This has caused equity and commodity markets across the world to slump, with benchmark Brent crude futures dropping as low as $48.40 a barrel on Monday, the weakest since July 2017, before recovering later in the Asian day to trade around $50.32.

DHMC employee test positive for coronavirus; first case in NH

March 05, 2020

Worldwide, the number of people sickened by the virus that can cause COVID-19 climbed to more than 88,000, and there were more than 3,000 deaths, a lot of them in China. "We will not wait for that confirmation to begin our investigation", Chan said. Chan said the state was prepared for the introduction of the coronavirus, referring back to previous concerns with SARS, ebola and other infectious disease threats.

Uneven week proves Wall Street fears coronavirus and Bernie Sanders

March 05, 2020

The rally's momentum accelerated around midday after House and Senate leadership reached a deal on a bipartisan $8.3 billion bill to battle the coronavirus outbreak. "The other is the G-7 coordinate fiscal and monetary policy easing, which is on top of the 50 basis-point rate cut by the Fed announced yesterday". "We have to get past the threshold where COVID-19 shifts from panic to headline exhaustion and subsequent news on it becomes more and more of a fade", he added.

Incoming BOE governor says virus needs collective United Kingdom action

March 05, 2020

The impact of coronavirus on British economy could "prove large but will ultimately be temporary", Mark Carney , governor of Bank of England (BoE) said Tuesday. "I am not in any sense reducing the importance of monetary policy, (but) all the focus is on monetary policy", Bailey told parliament's Treasury Committee on Wednesday.

SC allows trading in cryptocurrency, lifts RBI’s ‘disproportionate’ ban

March 05, 2020

The ban led to plummeting trade volumes and exchanges shutting their businesses. A three-judge bench held the 2018 circular as unreasonable and disproportionate. "But for now, this is a good move as the exchanges can go back to crypto-to-fiat trade which had stopped", Rastogi said. The need for regulations surrounding digital currencies has also gained momentum after Facebook Inc announced plans to launch its cryptocurrency, Libra.

USA markets tumble after rate cut

March 05, 2020

Stocks are coming off their worst week since the 2008 financial crisis. For the week, the blue-chip Dow plunged almost 3,600 points, or over 12 per cent. On Wednesday in Asia, the Shanghai Composite Index gained 0.6% to 3,011.67 while the Nikkei 225 in Tokyo added 0.1% to 21,100.06. That said, Fed officials have been speaking out against immediate rate cuts and Fed Chairman Jerome Powell said last week that "the fundamentals of the USA economy remain strong".

Citroen AMI Is A Tiny Electric Two-Seater That Will Impress You!

March 04, 2020

Citroen fans will recall the company has sold several vehicles under that name in the past, all of them bare bones, no frills transportation devices for people on a strict budget. The size is ideal for narrow streets and the price is right to be competitive against public transport. Purchase: Of course you can also buy the Ami , which will cost €6,000.

Italians in India test positive for coronavirus

March 04, 2020

So far, 589,000 people have been screened at airports, over 1 million screened at borders with Nepal and around 27,000 were now under community surveillance. "It is better to be safe than sorry". Coronavirus Outbreak LATEST updates: Union Health Minister Dr Harsh Vardhan will brief the media on the coronavirus outbreak in India at 3 pm.

Bank of Canada follows Fed, cuts benchmark rate by 50 basis points

March 04, 2020

The Bank of Canada , championed by Governor Poloz, announced that the central bank just cut its benchmark interest rate by 0.5% from the previous 1.75% level. "Fifty basis points is a very strong message from the Bank of Canada", Frances Donald, chief economist of Manulife Investment Management, said on BNN Bloomberg .

The White House: The US Needs Funding to Fight the Coronavirus

March 04, 2020

The Centers for Disease Control and Prevention confirmed an infection of the new coronavirus in California in someone who had not traveled outside the United States or been exposed to a person known to have the virus, a first for the country.

Robinhood Outages Cause Users to Miss Out on Massive Market Gains

March 04, 2020

Robinhood is now reaching out to customers with information on how to get in touch with the company so it can work on compensating users "on a case-by-case basis". For your security, we've sent a confirmation email to the address you entered. Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt, who had previously built high-frequency trading platforms for financial institutions in New York City.

Removes Items Over False Coronavirus Claims

March 04, 2020

A merchant on Thursday offered a package of 10 N95 masks for $ 128, a Reuters reporter saw when clicking on purchase options at Amazon. A two-pack respirator was offered new at $ 24.99 earlier this week by an outside seller, above a recent average of $ 6.65 when Amazon sold it, the price tracking site showed.

Japan's Nikkei Recovers Mildly Due to BoJ's Stability Pledge

March 04, 2020

Bank of Japan (BOJ) Governor Haruhiko Kuroda on Monday vowed to make the utmost effort to ensure stability in financial markets by making sure ample funds are available to combat excessive volatility seen in global markets that have been rocked as the coronavirus continues to spread worldwide.

Federal Reserve cuts rates in emergency move to stem coronavirus impact

March 04, 2020

Powell acknowledged the outlook is uncertain and the situation "fluid". Payments processor Visa is among the latest companies warning investors. Prior to the Fed's announcement, markets had indicated a 100 percent chance of a 50-basis-point cut at the central bank's meeting from March 17-18.

Reserve Bank cuts rates to protect the economy

March 04, 2020

The Reserve Bank remains positive about future prospects for the economy once the coronavirus is contained. Commonwealth Bank followed, then NAB , and ANZ at the close of the day. All big four banks now offers their lowest variable rate under three per cent. All 26 home loan lenders who cut their interest rates following the RBA's announcement yesterday have cut in full.

Twitter Tells Employees to Work from Home over Coronavirus Fears

March 04, 2020

The San Francisco-based social media giant has said it was operating out of "caution" and utmost dedication to keep its employees healthy. US tech giant Twitter has urged its employees to work from home to protect their "health and safety" amid the deadly coronavirus outbreak.

Amazon Employee in Seattle Has Confirmed Case of Coronavirus

March 04, 2020

An Amazon employee from the company's headquarters in Seattle , Washington has reportedly tested positive for the novel coronavirus (COVID-19), after becoming symptomatic last month. Amazon has an internal website updated regularly that includes information related to the coronavirus for its employees. An internal memo, obtained and shared by GeekWire, stated the staffer felt unwell on February 25, went home, and has not returned to the office since.

Walmart is Quietly Working on an Amazon Prime Competitor Called Walmart+

March 04, 2020

As soon as next month, Walmart plans to start publicly testing a membership program called Walmart +, according to sources. A long-term goal of Walmart + is to add more perks, such as prescription drug and fuel discounts as well as a Scan & Go service for speedy checkout, says Vox .

Man uses rice to represent Jeff Bezos' net worth

March 04, 2020

In the video, which was filmed in Menlo Park, California, Yang uses one grain of rice to represent $100,000. Ten billion dollars is a staggering amount of money. Since the first part of the video was well circulated on social media, he made a decision to come up with a second part in which he goes on to estimate how many pounds of rice is needed to estimate 122 billion- which was the net worth Bezos at that time.

Coronavirus: Drug shortage fears as India limits exports

March 04, 2020

The list given by the government included 26 APIs and formulations, which amount to 10% of all exports. Though India is a source of about 20% of the world's generic drug supply, pharma companies in the country are dependent on China for two-thirds of the chemical components needed to make them.

U.S. stocks back in the red amid coronavirus angst

March 04, 2020

USA equities posted huge losses for the week ended February 28, as investors fled the stock market and flocked into safe-haven assets amid risk-averse sentiment. Stimulus hopes helped shore up markets in Asia Monday. Market watchers have said for months that stocks were overpriced and long overdue for another pullback.

Disney Plus to Launch on U.K

March 04, 2020

Disney+ UK is launching on March 24, 2020, and the good news for Sky Q users is that the service is getting its very own app within the Sky menu system. In addition, so far no bundle deals have been announced by Sky and Disney, however the likely hood of that happening at a later date is high. Kevin Mayer, chairman of Walt Disney direct-to-consumer and global, added: "We are delighted that Sky is selling the Disney+ service on their platform and, along with our other distribution ...

Reserve Bank of Australia cuts official rate to 0.5 pct, cites coronavirus

March 04, 2020

The AUD is just above its 10-year lows versus the United States dollars trading at 65.3 cents with a 25 basis point rate cut today around 80% priced in. The result? Banks and other lenders are already taking the axe to home loan interest rates . Westpac attributed the small recovery in equity markets to signals that major central banks were likely to cut rates in response to what it described as the coronavirus pandemic.

G7 to employ 'all appropriate tools' to combat coronavirus risks

March 04, 2020

Following a 30 minute conference call, officials from the US, Japan , Germany , UK, France , Italy and Canada issued a statement saying: "G-7 finance ministers are ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus and support the economy during this phase".

Thousands of migrants look for way around shut Greek border

March 03, 2020

The government has accused Turkey of causing a risk to is national security and has imposed emergency measures to carry our summary deportations and deny migrants the right to apply for worldwide protection for one month. Human rights groups said the Greek response, while justified, has been heavy handed. Reuters reported that it spoke to one of the men who can be heard speaking in the video of the migrant, and said he gave a detailed account of the incident which matched that given by two ...

Italy coronavirus deaths rise to 79

March 03, 2020

The Lombardy region confirmed the case in a statement on Monday. The number of people infected in Italy - the centre of the outbreak in Europe - has jumped to 1,694, while in France the figure rose to 130. The computer science department at Rome's La Sapienza University - where the police officer's other son is studying - has also been closed. Several worldwide airlines including Lufthansa Delta Airlines and countries such as the Czech Republic have reduced or suspended flights to Italian ...

Fed Announces Emergency Rate Cut to Fight Coronavirus Economic Risks

March 03, 2020

Christine Lagarde, the European Central Bank president, also reportedly warned about growth and said it stands ready to "take appropriate and targeted measures as necessary". The frantic moves by policymakers reflected growing fears that the disruption to supply chains, factory output and global travel caused by the new epidemic could deal a serious blow to a world economy trying to recover from the US-China trade war.

Tackling coronavirus: Federal Reserve cuts rates by half a percentage point

March 03, 2020

Earlier messages from the US Federal Reserve that it was prepared to act weighed on the greenback against a basket of currencies. Finance ministers of seven big economies, and their central bankers, will meet by conference call on Tuesday to discuss possible coordinated action.

China reports rise in imported virus cases

March 03, 2020

Dandong, the northern Chinese city which borders North Korea, said it would test all visitors who arrived in the city from February 12. "For the sake of your family's health and safety, please strengthen your precautions, carefully decide on your travel plans and minimise mobility", officials in one southern Chinese province said.

Stock rise sharply on Wall Street following a 7-day rout

March 03, 2020

The Dow Jones Industrial Average surged almost 1,300 points, or 5%, on hopes that central banks will take action to shelter the global economy from the effects of the coronavirus outbreak. In the United States Donald Trump demanded, via his Twitter account, that the Federal Reserve have the "lowest rate" as central banks determine what support they can offer in response to the sharp falls on stock markets of last week.

Federal Reserve chairman pledges to 'use our tools' to support economy

March 03, 2020

Federal Reserve Chairman Jerome Powell signaled Friday the central bank was prepared to cut interest rates if needed. Allen Sukholitsky, chief macro strategist at Xallarap Advisory, told The Epoch Times in an emailed statement that market sentiment has reacted so violently at last week's sharp correction of key Wall Street stock indexes is that investors have come to expect unusually low volatility in what is fundamentally a risky class of assets.

OPEC meetings to go ahead this week despite virus

March 03, 2020

West Texas Intermediate crude for April delivery dropped $US2.33 on Friday, or about 5%, to settle at $US44.76 a barrel in NY. Another production cut would boost prices but would further diminish OPEC's market share, while a more conservative cut might fail to register on the markets.

Unemployment rate jumps to 7.5 per cent in Windsor

March 03, 2020

On top of that, most of the jobs added last month were low wage gigs in a continuation from a trend seen following November's jobs report that underscored just what kind of employment opportunities were actually hiring. In 2018, the sector saw a 216,000 spike in jobs. That led to the average of total people employed past year, at 251,200, being 1,700 fewer than in 2018.

OECD: Coronavirus can lower global growth by 0.5 points

March 03, 2020

Governments are being asked to consider extreme measures to keep the economy pumping during the coronavirus outbreak - including extra pay and tax relief for health workers, temporary VAT cuts to keep people spending and reduced employers' taxes to prevent layoffs.

OECD lowers India's FY21 GDP growth to 5.1% on coronavirus concerns

March 02, 2020

The OECD now expects the world's economy to grow by just 2.4% in 2020. The spread of the coronavirus outside China has sent markets reeling as investors anticipate painful economic fallout. "While many stocks look cheap now, they could get a lot cheaper before this crisis is over", Adrian Lowcock, head of personal investing at investment platform Willis Owen, said in a research note.

TMX exchanges operating normally Friday after glitch forced halt a day earlier

March 02, 2020

The S&P 500 index was down 55.12 points at 2,923.64, while the Nasdaq composite was down 152.79 points at 8,413.69. "TMX's subsequent attempts to restart the trading system encountered further complications that could not be resolved in a timely manner during trading hours", the company said in a statement late Thursday.

Hedge fund Elliott Management seeking removal of Twitter CEO

March 02, 2020

Reuters reports that Hedge Elliott Management Corp, the owner of a significant stake in Twitter , may want to replace Jack Dorsey , believing his no good as the Twitter chief. The sources asked not to be identified because the matter is confidential. Twitter declined to comment. Twitter did not immediately respond to a request for comment.

Child drowns off Greek coast after Turkey opens border with Europe

March 02, 2020

Some 13,000 migrants have gathered along the Turkish-Greek border after Turkey's president threatened to allow some of the some 3.6 million refugees in the country cross into Europe , the United Nations said. Turkey has responded with an offensive codenamed "Spring Shield" against Russia-backed Syrian forces. Turkey supports anti-Assad rebels, but diplomatic efforts between the country and Russian Federation to avoid all-out fighting have crumbled in recent weeks.

McDonald's giving away McMuffins during Wendy's breakfast launch

March 02, 2020

Customers can download McDonald's mobile App to redeem this offer between 6-10:30 AM local time on Monday, March 2*. First created in early 1971 by owner/operator Herb Peterson in Santa Barbara, California, the Egg McMuffin features a freshly cracked Grade A egg on a toasted English Muffin topped with real butter, lean Canadian bacon and melty American cheese.

Coronavirus outbreak: American Airlines to suspend flights to Milan

March 02, 2020

Previously, the USA government recommended that US citizens not to travel to Italy in connection with the epidemic of coronavirus. Delta's last New York-to-Milan flight will take off Monday, while the last flight in the opposite direction is scheduled for Tuesday.

Iran says 54 dead as coronavirus spreads more rapidly

March 02, 2020

Their calculations - not yet peer reviewed - take into account the number of cases in other countries that originated from Iran . In Tenerife an Italian national tested positive for the virus at the Costa Adeje Palace Hotel which was put on lockdown last week after four cases of the coronavirus were detected.

Fed Coronavirus Rate Cut May Beat Bitcoin Inflation After 2020 Halving

March 02, 2020

Blanchard questioned though how much good a Fed rate cut would do in the face of what he called "an unusual supply shock", where factories are forced to curtail production because they can't get parts from overseas."Decreasing the policy rate by 25 basis points in that context doesn't feel quite useful", Blanchard said .

EasyJet to cancel flights as COVID-19 continues to spread

March 02, 2020

LONDON , Feb 28 ― British Airways-owner IAG said coronavirus would hit earnings this year but it does not know by how much, as it warned weakening demand would cause further flight cancellations in the coming days. At 1020 GMT, IAG shares were down 7.8 per cent at 475.1 pence, while easyJet stock was down 3.7 per cent at 1,069.5 pence and Finnair was off 3.3 per cent at 4.926 euros.

Amazon defers 'non-essential' moves even in USA as corporate travel bans spread

March 01, 2020

The apparent freeze on in-person interviews comes after Amazon, the second-largest employer in the USA, further restricted travel among its employees there. In the United States, the Centers for Disease Control and Prevention reported a total of 15 confirmed cases, including 12 travel-related and three that had been spread from person to person.

Virus-hit China's factory activity hits record low

March 01, 2020

Nomura now expects first-quarter growth to be 2% year-on-year while Capital Economics estimates China's economy would contract outright in year-on-year terms this quarter, the first time since at least the 1990s. Production at China's small- and medium-sized companies was just 32.8% of pre-suspension levels as of Wednesday, according to official data released on Thursday.

Rate futures extend gains on Powell statement; multiple cuts seen this year

March 01, 2020

The first case of an individual infected without a known cause was identified by the CDC on Wednesday in California, sparking fears of community spread. Reaction to the coronavirus suggests something certainly has. "And our Fed sits there, doesn't do what they're supposed to be doing". Amid the growing but still uncertain impacts of the COVID-19 outbreak on the world's largest economy, markets are betting on as many as two interest rate cuts this year, while a short while ago there were none ...

Rs 10 cut in petrol, Rs 7.30 in diesel prices likely

March 01, 2020

After revision of prices, petrol price has been fixed at Rs 111.60, high speed diesel at Rs 122.26, kerosene oil at Rs 92.45, and light diesel oil at 77.51 rupees per litre. However, the finance ministry and Federal Board of Revenue (FBR) were trying their best to pass on about half of the price reduction calculated by Ogra to consumers and retain the remaining amount as windfall by increasing tax rates.

Drivers with expensive cars less likely to stop for pedestrians

March 01, 2020

Drivers on a whole aren't all that great at stopping for pedestrians waiting at crosswalks: Of 461 cars that researchers examined, only 28 percent yielded. "I had noticed that the ones most likely to run a red light, not give way to pedestrians and generally drive recklessly and too fast were often the ones driving fast German cars", Helsinki University's Jan-Erik Lönnqvist said in a press release .

Bloomberg's Campaign Doubles Down on the Candidate Attacking Trump Over the Coronavirus

March 01, 2020

He said healthy individuals "should be able to fully recover". Iran , Italy and South Korea are among the countries severely stricken by the outbreak. As of Saturday, the US has confirmed 64 cases, three of which are from an unknown origin. Two people infected in California and one in OR had not traveled to countries where the virus is more widespread.

Coronavirus crash wipes $5 trillion off world stocks

February 29, 2020

Bets are now that the Federal Reserve will cut US interest rates as soon as next month and other major central banks will follow to try and nurse economies through the troubles and stave off a global recession . The VIX "fear" index - which measures market volatility - is now at its highest level since the European debt crisis erupted in 2011. The index, which measures expected swings in US shares in the next 30 days, typically shoots up to around 50 when bear market selling hits its ...

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