Economy / 18

Yellow Rain Warning in place for Connaught counties

March 10, 2020

They are in force from 3pm and 6pm respectively today (March 9 2020) until lunchtime on Tuesday. The Met Office's map shows towns and villages including Longridge, Grimsargh and Samlesbury could be affected. The warning, now in place from 3pm on Monday until 12pm on Tuesday, also warns that homes and businesses "could be flooded". At 11am, there were red warnings - meaning flooding is expected and immediate action should be taken - at places including the River Aire at Snaith Ings in ...

Petrol, diesel prices see big cut today. Latest rates here

March 10, 2020

In Mumbai , petrol prices were cut by ₹0.27 and are now retailing at ₹76.29 a litre. With global crude prices seeing one of the biggest single-day fall since the Gulf War in 1991 on Monday, domestic petrol and diesel prices are likely to decline in the near future.

Amazon says employee has tested positive for coronavirus

March 10, 2020

Several other states announced their first cases of coronavirus on Wednesday, including Utah and North Carolina, and others reported additional cases - NY is now up to 13. Worldwide, there are over 96,000 confirmed cases of coronavirus with most occurring in China, though new cases there have slowed. This is the second such case reported at any tech giant in the United States, after an Amazon worker in Seattle was found infected with the new coronavirus this week.

NY will use low-wage jail labor to make hand sanitizer

March 10, 2020

There are over 100 cases of Wuhan coronavirus in Washington, mostly in the Seattle area, where 19 people have died . Cuomo also said that "the CDC was caught flat-footed" on testing for the coronavirus and that compounding this issue, "You have the president of the United States stand up and say, anybody who wants to test can have a test".

Aon to Buy Willis Towers Watson

March 10, 2020

Aon is set to buy Willis Towers Watson for $30bn (£22.9bn) in an all-stock transaction which values the combined businesses at approximately $80bn (£61.1bn). After the merger is complete, existing Aon shareholders will own approximately 63% of the company, while Willis Towers Watson shareholders will own around 37%, according to the release.

Oil Prices Plunge by a Third, Biggest Drop Since 1991

March 10, 2020

On a global scale, the number of coronavirus cases has exceeded 109,000, with more than 90 countries reporting infections. Italian prime minister Giuseppe Conte said the coronavirus outbreak was the nation's "darkest hour". Treasury yields fell to a new record low as investors fled for the safety of government bonds . Adding to pessimism, China reported Saturday that its exports fell 17% and imports were off 4% from a year earlier in January and February after Beijing shut ...

Italy Extends Coronavirus Restrictions to the Entire Country

March 09, 2020

Mr Conte said any public gatherings, including in the open air, would be forbidden and announced that all sports events, including Serie A soccer matches, would be suspended. In Ireland, officials canceled all St. Patrick's Day parades in a bid to slow the virus' spread, including the one on March 17 in Dublin that typically draws half a million to its streets.

Oil prices and gas prices continue to fall in early March

March 09, 2020

Photo (c) Artsanova - Getty ImagesGasoline prices followed oil prices lower this week as mounting fears of the economic fallout from COVID-19, the coronavirus, is causing a reduction in demand. Gas was $1.94 a gallon Monday at the members-only Costco in West Springfield, according to the online reference gasbuddy .com, which posts user-submitted gas prices and is updated regularly.

Stocks Slammed, Market Circuit-Breakers Triggered, Trading Halted

March 09, 2020

Treasury bonds plunged to more record lows as investors kept on sinking money into seemingly safer places, even as the return on their investment sank closer and closer to nothing. Early last week, it had never been below 1%. They can encourage people and companies to borrow, but they can't restart factories, restaurants or theme parks shut down because people are quarantined.

Jack Dorsey Remains Twitter CEO After Company Makes Peace With Activist Investor

March 09, 2020

A third independent director will be appointed later. One potential change in the sights of the new committee is the removal of its staggered board, and it plans to share its findings by year end. The terms of the agreement reached in the new deal state that Elliott Management and Silver Lake will not "comment on or influence, or attempt to influence, directly or indirectly, any Twitter policies or rules, or policy or rule enforcement decisions, related to the Twitter ...

Uber announces compensation for drivers who contract coronavirus

March 09, 2020

Benefits of the gig economy will not be shared by all * Promoting flexible jobs while protecting vulnerable workers * Uber loses appeal in United Kingdom employment court, but what does it mean for New Zealand? Ridesharing drivers and couriers typically don't get a lot of money flow from their work, making them especially delicate to try and brief interruptions - remunerating them sometime later could at present lead to financial hardship.

China Jan-Feb exports tumble 17.2%, imports down 4%

March 09, 2020

Coronavirus cases were first reported last December in Wuhan, in China´s central Hubei province, prompting a lockdown of the key industrial region with some 56 million people, from late January. Chinese exports collapsed 17.2 percent compared to the same period a year ago, in the biggest decline for Asian giant exports since February 2019 during the trade dispute with the United States.

Oil plunges in Asia as producers start price war

March 09, 2020

The move was widely seen as a reaction to Russia's refusal to cut its oil production. "We're seeing that in the market with the wild oscillations that are coming through". Saudi Arabia slashed its official prices by the most in at least 20 years over the weekend and signaled an unambiguous declaration of intent to flood the market with crude.

India's Yes Bank founder arrested on money laundering charges

March 09, 2020

He was arrested around 3 am on Sunday under the provision of the Prevention of Money Laundering Act as he was reportedly not cooperating in the investigation. The list of cases also includes the one related to the Employees' Provident Fund fraud in the Uttar Pradesh power corporation which is being investigated by the CBI .

Airlines face $100 billion-plus virus hit, discounts 'wouldn't do any good'

March 09, 2020

Citing a "decline in demand flowing from the impact of COVID-19", the U.S. airline also revealed in its news release that it will also waive flight change fees for both global and domestic bookings made between March 3 and March 31. Concerns over the still largely unknown impact of the virus led top executives from Southwest, United Airlines, American Airlines and JetBlue to meet with US President Donald Trump on Wednesday.

USA stocks sink, bond yields take another breathtaking drop

March 09, 2020

USA stock indexes slumped another 3% in the first minutes of trading, following 4% losses for Europe and 2% losses for Asia. The benchmark 10-year Treasury yield slumped to a record low of 0.74%. But investors say a slowdown in the economy seems inevitable, and they need infection rates to slow before turning more optimistic. It has been a bad week for Wall Street.

Tim Hortons bans reusable cups over coronavirus concerns

March 09, 2020

Tims is one of a number of coffee chains that confirmed this week they have temporarily suspended their usual practice of allowing customers to bring their own reusable cups for beverage orders. The company said Friday it will still give customers who bring in a reusable cup three "rolls" on the app, but guests will be provided a recyclable paper cup.

Now 28 Coronavirus Cases In Massachusetts

March 09, 2020

Of the 28 total cases reported by state health officials, 27 were tested by the state lab and need confirmation by the US Centers for Disease Control; one has been confirmed by the CDC. Of the remaining five cases, three are connected to travel to northern Italy, one is connected to travel to China, and one has no connection to either travel or the conference.

Oregon's third presumptive COVID-19 patient announced

March 09, 2020

Like the two other cases of COVID-19 in OR - which were both from Washington County - the Umatilla County patient's case is not travel-related and is considered a case of "community transmission". The individual was identified as a contact of the first person during the public health investigation. Gov. Kate Brown on Tuesday said that state health officials are concerned that the state does not have enough protective gear for medical workers and that rural communities may have inadequate ...

Apple Encourages Silicon Valley Staff to Work From Home on Virus

March 08, 2020

Apple is also asking employees in the Seattle area to work from home. The Health Department has asked companies to figure out ways for their employees to work without coming into close contact with large groups of people. The county has also advised employers to urge workers to take leaves when they are unwell and maximize the benefits related to sick leaves. The iPhone maker has two main headquarters in Cupertino, California, - the Apple Park campus and its original Infinite Loop set of ...

Starbucks stops customers using own cups in bid to contain coronavirus

March 08, 2020

Two days later, Tim Hortons announced it's also not accepting reusable cups in its almost 4,000 restaurants across Canada. But for Starbucks , that means halting the use of personal cups or tumblers in its stores out "of an abundance of caution".

FB shuts London offices as employee test corona positive

March 08, 2020

The social media network has said that they will be conducting deep cleaning of the offices with employees returning on Monday. "The infected employee had also visited Facebook's London offices between February 24 and 26". It said it had immediately closed the area for deep cleaning . In addition, the San Francisco Bay Area office personnel also Monday work from home have been asked to.

Bond yields, oil prices, and stocks all fall after a tumultuous week

March 08, 2020

The coronavirus has led to more than 3,300 deaths worldwide. There has been a notable increase in coronavirus cases this week, as California has declared a state of emergency with 53 confirmed cases in the state, and New York's count has double overnight.

HSBC London employee has COVID-19, sparks partial evacuation

March 08, 2020

The rest of the office building, including trading desks, remains functional as usual, HSBC said. Separately, as a precaution on Wednesday, the lender sent home 20 staff from its global banking and markets division because one person had come in contact with an infected individual, the HSBC spokeswoman said.

US economy surprises with 273,000 jobs added in February

March 08, 2020

The task market has actually been just one of the much more motivating elements of the US economic climate just recently, with joblessness falling to near 50- year lows as well as proceeded labor development, as well as with numerous countless jobs being produced with each passing month.

Lebanon State Prosecutor Blocks Order to Freeze Bank Assets

March 07, 2020

Financial Prosecutor Ali Ibrahim put a "prevention of disposal" signal on the assets of twenty Lebanese banks, the National News Agency reported on Thursday. According to local media reports, Lebanese banks have recently sold a chunk of their Eurobonds to foreign lenders. Critics say this has weakened Lebanon's position in talks with foreign bondholders.

U.S. trade deficit narrows to $45.3B in January

March 07, 2020

After months of tensions and tariff hikes that dragged on bilateral trade, the world's two biggest economies agreed an interim trade deal in January that cut some USA tariffs on Chinese goods in exchange for Chinese pledges to massively increase purchases of United States goods and services.

Olive Garden customer loudly demanded non-black server, manager complied

March 07, 2020

The manager - who responded by complying with the request "without hesitation" - has since been fired. "She made comments about me to my coworkers concerning my race and saying that I should work at a strip club instead", the 16-year-old said Wednesday.

Mike Bloomberg suspends campaign for Democratic presidential nomination, endorses Joe Biden

March 07, 2020

Former New York City Mayor Michael Bloomberg announced on Wednesday that he was ending his campaign after failing to yield the Super Tuesday votes he had been banking on to jumpstart his self-funded campaign. Speculation that the wealthy media mogul would leave the race began shortly after polling data began coming in Tuesday night , and it became apparent his unorthodox strategy of skipping the first four contests to focus on Super Tuesday hadn't paid off.

Canopy Growth closes 2 greenhouses, eliminating 500 jobs | Grow

March 07, 2020

Parrott asked what discussions the Minister had with Canopy Growth on operations in the province and what assurances he can provide job seekers. "Although hard, today's decision was made in order to align Canopy Growth's supply with consumer demand and improve production efficiencies over time", chief executive officer David Klein said in a statement.

USA added 273,000 jobs in February, smashing expectations

March 06, 2020

Most of the consumer-related data points have been good, though the reports coming in now largely cover the early stages of the coronavirus scare and the sharp recent stock market volatility. Other notable gains occurred in government employment (45,000 jobs) and construction (42,000 jobs). The 2020 census triggered the hiring of only 7,000 workers, a minor impact.

Dow sinks on fears over coronavirus spread in US

March 06, 2020

The coronavirus has led to more than 3,300 deaths worldwide. NY reported 11 COVID-19 infections Wednesday. In the latest developments, Alphabet Inc's Google joined other big tech firms in recommending employees in the Seattle area to work from home, while new cases arose around NY and Los Angeles.

Asks staff in Seattle area, Silicon Valley to work from home

March 06, 2020

The software giant is reportedly supporting the two affected employees who have been quarantined. Critically, this is where the tech titan's headquarters are located in Redmond. It has canceled non-essential travel to regions where the virus is active. Air travel has plunged since the outbreak emerged in China, sapping demand for jet fuel.

United States stockmarket volatility continues as coronavirus wreaks havoc

March 06, 2020

On Wednesday the market tallied huge gains following moderate Joe Biden's success in the Super Tuesday primaries for the Democratic presidential nomination. Shares of companies in the travel and leisure industry were punished. The broader S&P 500 Index - seen a proxy for the health of USA retirement accounts - dropped 2.5 percent, while the technology-laden Nasdaq fell 2 percent.

OPEC pushes Russian Federation for deep output cuts amid virus outbreak

March 06, 2020

Saudi Arabia , the world's third-biggest producer, is a supporter of further cuts. So far, Russian Federation has indicated it doesn't want to go deeper on cuts but is prepared to roll over the current cuts for another three months. The Kremlin has gained a lot from its cooperation with OPEC . How quickly this will ease the downward pressure on oil prices, which have slid 20% off their January highs, will largely depend on how effectively the coronavirus outbreak is dealt with.

Coronavirus: With economic risks 'evolving,' Fed policymakers assess what's next

March 06, 2020

The dollar struggled to make headway today, as very low U.S. yields and the prospect of even more monetary easing held back gains, while virus fears supported the safe-haven yen. In the meantime, developments from the coronavirus continue to drive the sentiment in the global markets, while investors' attention is now on the upcoming FOMC meeting (March 17-18) and the probability of extra easing after Tuesday's exceptional 50 bps interest rate cut.

'No YES Bank,' says Rahul Gandhi, accuses government of 'destroying' economy

March 06, 2020

Kumar also appreciated the bank's investments in technology and said that the bank has a strong brand. This, after the bank reported to have incurred losses and bad loans after it was involved in high-risk lending to a number of defaulters which include big names.

Trump mocks Biden gaffes: 'There's something going on there'

March 06, 2020

The state of play: While Trump didn't explicitly say that sick Americans should go to work, he did state that those with mild coronavirus cases can still recover while going about their daily lives - an assertion that contradicts public health officials' recommendations on how to manage the illness.

Starbucks to Stop Filling Reusable Cups Amid Coronavirus Fears

March 06, 2020

The Seattle-based coffee chain has given customers discounts for using their own cups for new purchases since 1985, according to the company's website. The company will continue to honor its 10-cent discount for anyone who brings in a personal cup or tumbler for coffee, even though customers can't use them, said Rossann Williams, Starbucks' president of company-operated businesses in the United States and Canada.

Toyota recalls 1.2 million vehicles to fix fuel pumps

March 06, 2020

A Toyota and Lexus recall that previously listed almost 700,000 potentially affected vehicles has been amended to include more than 1.1 million new rides. Only the models listed here that are manufactured from 2013 to 2019 and distributed by UMWT are involved in the recall campaign. According to UMW Toyota they have ready stock of the fuel pumps and if owners need more information they can contact any authorised Toyota Service Centre or call the Toyota Freephone at 1800-8-TOYOTA (869682).

Can’t get your hands on hand sanitizer? Make your own

March 06, 2020

The Centers for Disease Control and Prevention (CDC ) also advises hand washing and the use of hand sanitizers to prevent the virus from spreading or taking hold in the first place. "Hand sanitizers should not be the sole way to clean your hands - washing your hands for at least 20 seconds on a regular basis and using hand sanitizers when soap and water not available is best".

Ikea 3-drawer chest recalled due to tipover risk

March 06, 2020

IKEA officials said the chest is unstable if it is not anchored to the wall, posing tip over and entrapment hazards . Customers who have secured their Kullen 3-drawer dresser to the wall, per the assembly instruction, can keep the product.

Coronavirus impact: Aviation industry could lose up to $113 billion, says IATA

March 06, 2020

It also estimated falls in consumer demand in North America, Asia Pacific and Europe. The affected markets would include China (-23 per cent), Japan (-12 per cent), Singapore (-10 per cent), South Korea (-14 per cent), Italy (-24 per cent), France (-10 per cent), Germany (-10 per cent) and Iran (-16 per cent).

Google wins $179m against ex engineer who stole trade secrets

March 06, 2020

After the judge ordered Levandowski to pay $179 million to Google, the founder of autonomous vehicle startup Otto which Uber acquired later, filed for bankruptcy protection on Wednesday, reports TechCrunch . At the same time, Uber is trying to snatch away the legal shelter it offered Anthony Levandowski to guard against Google when he moved to the rideshare company.

Elizabeth Warren 'ending her 2020 Democratic presidential campaign'

March 05, 2020

Elizabeth Warren was struggling after early voting, but many observers felt she damaged the aspirations of Democratic candidate Mike Bloomberg in his first appearance on the debate stage, on February 19 in Las Vegas. After Super Tuesday narrowed the field to two front-runners, Joe Biden and Bernie Sanders , who showcase the two sides of the Democratic party. "Massachusetts is lucky to have that kind of leadership on the national stage", Kerry said.

Facebook withdraws from the SXSW conference due to coronavirus concerns

March 05, 2020

South By Southwest 2020 may become the next high-profile casualty of the coronavirus pandemic on people's event calendars as more companies say they're backing out of the event which is supposed to kick off next week. The measure also follows the cancellation of the Mobile World Congress , the giant mobile phone conference held in Barcelona and the postponement of the Game Developers Conference.

PM creates COVID-19 cabinet committee to deal with novel coronavirus

March 05, 2020

Hajdu said they are doing all they can to ensure there is no broader transmission in the community, but it will be a hard challenge. It also says to be extremely cautious about travel to Japan. "We are monitoring the outbreak and we remain ready to deploy fiscal measures as appropriate". She said Canada is well positioned to handle a crisis like this in part because of the lessons of the SARS crisis.

Fed survey reflects growing concern among US businesses about coronavirus

March 05, 2020

Economists are concerned about the fallout from coronavirus . The yield on 10-year US Treasury bonds fell less than 1% for the first time ever. While the Fed's most basic lever is controlling short-term interest rates, its moves tend to ripple out through the capital markets, affecting both stock and bond prices.

OPEC Wants to Make Aggressive Cuts, but Not Without Russia

March 05, 2020

The production cut will be OPEC's deepest since the 2008 financial crisis. Currently, they cut a combined 1.7 million barrels per day, or 1.7 percent of global daily demand. China's factory activity also shrunk at the fastest pace ever in February, underscoring the colossal damage from the coronavirus outbreak on the world's second-largest economy.

Robinhood crashed and missed the entire day of trading on Monday

March 05, 2020

It is still unknown what caused the issue, although some have speculated that the surge of trading volumes became too much for the platform to handle. Robinhood will be operational again from Monday evening. The crash comes after Robinhood introduced Monday night time that it used to be " back up and running" after lacking all of the trading day, when the inventory marketplace noticed the most important one-day good points in its historical past.

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