Economy / 40

Chancellor announces grants to cover 80% of wages

March 21, 2020

It's called the coronavirus job retention scheme . These grants can be applied for through the HMRC and it is aiming for the first to be paid within weeks, with the grant completely rolled out by the end of April. "Banks and landlords need to do more to help us bridge the gap towards this generous government support". The government had been under growing pressure to intervene to support workers to prevent mass unemployment as a result of measures directed against the outbreak.

Tesla suspends production at USA vehicle factory due to coronavirus

March 21, 2020

The goal is to reduce the risk of exposure to the coronavirus to Tesla's thousands of employees and help flatten the overall curve of the virus. Come March 24th, that will include Tesla's plant in Fremont, California, the company announced on Thursday .

Irregular migrants to be turned away at Canadian border

March 21, 2020

There was never any sign of actual activity but both the Canadian and USA governments acknowledged Friday that the need for swift responses to COVID-19 is resulting in decisions made in a matter of hours that usually would have taken months.

Dow's Dive Erases All Gains Under Trump

March 21, 2020

NY became on Friday the latest state to extend a mandate to almost all workers stay home to limit the spread of the virus. Cuomo ordered all non-essential businesses to close and residents to stay home beginning Sunday evening. As companies cut costs and reduce workers' hours amid store closures, economists are bracing for a surge in joblessness and slump in consumer spending to take a blow to the previously booming USA labor market and services economy.

NC Sen. Warned of Coronavirus Effects 3 Weeks Ago to Well-Connected Donors

March 20, 2020

Separately, an investigation by The Daily Beast found Mrs Loeffler, who sits on the Senate Health Committee, and her husband sold millions of dollars in stocks , beginning the day her Senate committee hosted a private, all-senators briefing on coronavirus by administration officials.

Trump Suspends Student Loan Payments, Standardized Testing

March 20, 2020

Even still, some types of loans continue to accrue interest while payments are paused. In K-12, Education Secretary Betsy DeVos announced the department will waive standardized test requirements for states affected by the virus. For now, borrowers will be able to put off two monthly loan payments. The department has also authorized an automatic suspension of payments for any borrower more than 31 days delinquent as of March 13, 2020, or who becomes more than 31 days delinquent, essentially ...

Massachusetts Gov Says Feds Are Outbidding Him for Coronavirus Equipment

March 20, 2020

That may mean prescriptions of the drug will only be approved for use in the most severely ill patients, although Hahn did not specify the criteria for prescribing hydroxoychloroquine to coronavirus patients . But the FDA still does not say that the drug will necessarily be effective against the virus and and it would not be available in wide use until the FDA approves it for COVID-19 treatment.

Testing Start-Up Says Its Launching the First At-Home Coronavirus Test

March 20, 2020

The country's first widely available at-home coronavirus test is slated to hit the market next week, according to the company behind it. Similar to EverlyWell , Nurx and Molecular plan on overnighting the test to patients, who can collect samples and send back their results in prepaid packaging.

Chancellor set to announce wage rescue plan amid panic

March 20, 2020

The chancellor is set to unveil an emergency package today to help workers whose jobs and wages could be hit by the coronavirus outbreak. The scheme would be backdated to 1 March. He emphasised that the measures would be temporary. "We are telling [them] to close tonight as soon as they reasonably can and not reopen tomorrow".

Walmart announces cash bonuses for hourly workers, 150K new jobs amid pandemic

March 20, 2020

They'll be $300 for full-time hourly associates and $150 for part-time hourly associates, adding up to more than $365 million. In the same letter, Furner announced a special bonus and the early disbursement of first quarter bonuses for hourly employees.

Banks providing support for those struggling financially due to COVID-19

March 20, 2020

Many Canadians can breathe a sigh of relief after the six largest banks in the country announced they will provide some help for those not getting regular paycheques because of COVID-19. "We're all in this together, and we're here to help our customers and colleagues through these challenging times". National Bank , meanwhile, said clients who are directly affected by the current situation and may have difficulty making their payments could be eligible for special measures on different ...

Mnuchin urges Congress to pass massive economic relief bill by next week

March 20, 2020

The Senate is working on a deal that will send $1,200 checks to each US adult as part of a stimulus plan to bolster the U.S economy in the wake of the COVID-19 pandemic, two sources familiar with the negotiations told FOX Business . "We need to take bold and swift action as soon as possible", McConnell, announcing his plan on the Senate floor. "America needs a Marshall Plan for our health care system", said Senate Democratic Leader Chuck Schumer, citing the post-World War II program in ...

U.S. oil prices plunge 25% to close at $31.13/barrel

March 20, 2020

Late previous year, the company floated 1.7% of its shares on the Tadawul, raising almost $30 billion in the largest IPO in history. Aramco said the decision was a directive from the Saudi Energy Ministry. OPEC responded by removing all limits on its own production. In addition, the company said it will accelerate plans for its 5 million barrel per day production capacity target.

US Crude Climbs After White House Comments On Saudi-Russia Dispute

March 20, 2020

The more active West Texas Intermediate (WTI) crude futures contract for May was up 43 cents, or 1.7 per cent at $26.34 a barrel by 0151 GMT. "The oil demand collapse from the spreading coronavirus looks increasingly sharp", Goldman Sachs analysts wrote in a note.

Sen. Burr Dumped Up to $1.7M in Stock Before Pandemic

March 20, 2020

Just hours before the Beast's report on Loeffler surfaced, news broke that Senate Intelligence Committee head Richard Burr had unloaded as much as $1.6 million worth of personal stock holdings after assuaging the public in an op-ed that the USA was "better prepared than ever before to face emerging public-health threats, like the coronavirus ".

Reserve Bank cuts interest rates to a new record low

March 20, 2020

Anyway, it looks like the RBA has reached a certain floor in terms of policy decisions for the time being. Prudential regulator APRA has also announced it will temporarily lower its expectations regarding bank capital ratios to ensure banks are well positioned to continue to provide credit to the economy in a coronavirus-affected environment.

'Whatever is necessary': Australia dives into QE to save economy

March 20, 2020

Together, these measures will support jobs, incomes and businesses through this hard period and they will also assist the Australian economy in the recovery. Australia has recorded around 600 coronavirus infections and six deaths and officials are growing anxious about the prospect of an exponential rise in cases.

Rocky Mountain Labs continuing efforts in COVID-19 research

March 19, 2020

In 2002 and 2003, the original SARS infected more than 8,000. A second outbreak of severe illness began in 2012 in Saudi Arabia with the Middle East Respiratory Syndrome (MERS). Emerging evidence suggests that people infected with SARS-CoV-2 might be spreading virus without recognizing, or prior to recognizing, symptoms. "They conclude that the virus is the product of natural evolution", Golding adds, "ending any speculation about deliberate genetic engineering".

Financial markets dip after Dow closes below 20K

March 19, 2020

The S&P 500 is now down more than 30 per cent since its February 19 record closing high. In its latest attempt to minimize the fast transmission of Coronavirus , the NY stock exchange also declared on Wednesday that its historic trading floor will temporarily be shut down as it switched entirely to electronic trading.

Marriott withdraws 2020 outlook as cancellations mount due to coronavirus

March 19, 2020

Marriott said that the furloughs would impact workers at all levels. Corporate employees have not yet been included in the furloughs, but they are "under discussion", The Journal reported. Marriott, the largest hotel company, confirmed it is beginning to furlough what it anticipates will be tens of thousands of employees. For Marriott, which has 30 brands and about 7,300 properties, the move was a stunning reversal after starting the year strong.

Amazon Closes Queens, NY Warehouse After Worker Tests Positive For Coronavirus

March 19, 2020

The confirmed case was in an Amazon "delivery station", much smaller than a so-called fulfillment center where thousands of employees work with robots to pack and ship orders. Amazon SVP of operations Dave Clark wrote in a blog post that the company is taking additional steps in its facilities to protect workers from COVID-19 exposure, including promoting "social distancing" in its warehouses and stepping up the frequency and thoroughness of its cleaning procedures.

Gas, Diesel Prices Fall Again In N.B

March 19, 2020

Patrick de Haan, the operator of the website, confirmed the information over the phone with the BP clerk. Meanwhile, OPEC members have grappled over oil, with Saudi Arabia slashing prices, triggering a price war with Russian Federation. He says we're in uncharted waters due to demand plummeting in light of the coronavirus situation, and yesterday (Wednesday) oil prices fell to their lowest level since 2002.

BoG must cut policy rate substantially - Ricketts-Hagan on coronavirus effects

March 19, 2020

Treasury. While it wants to avoid having to cut rates below zero to avoid hurting the banking system, Bailey indicated Wednesday that the BOE would continue to review that stance as events unfold. "Those on a tracker product will see an immediate benefit, but fixed rates are unlikely to be cut much further". Some experts have also predicted further rate cuts as the year progresses.

European stocks mostly down despite promise of huge stimulus by central bank

March 19, 2020

The initial reaction of shock and awe to the announcement made late last night dissipated quickly, but European and United Kingdom stock market futures ahead of morning trading appear to show that markets could stabilise after a period of turmoil.

`Wartime president` Trump invokes Defense Production Act to fight coronavirus

March 19, 2020

When asked directly about the phrase's impact on the Asian-American community, Trump dismissed the correlation. "U.S. owe us an explanation!" he said . The action will help "expedite and expand the supply of resources from the USA industrial base to support military, energy, space, and homeland security programs".

Australians advised not to travel overseas

March 19, 2020

Australia's chief medical officer, Brendan Murphy, also ruled out the kind of blanket shutdown that has been imposed in parts of Europe. On Thursday Prime Minister Scott Morrison announced that Australia will banning the majority non-residents from entering the country.

Woolworths starts 1-hour exclusive shopping for the elderly

March 19, 2020

Experts have warned the phenomenon has hit the most vulnerable the hardest, including the elderly and those with disabilities who can not get to shops every day or are afraid to fearless thronged stores. One-pack limits are still in place for toilet paper, baby wipes, antibacterial wipes, paper towels, napkins and rice. A run of coronavirus panic-buying has gripped Australia and several other countries, emptying shelves of basic goods, despite pleas by authorities to stop.

New 7th-Gen Hyundai Elantra Breaks Cover

March 19, 2020

It even gets a blacked-out deck accent which enhances the compact's coupe-like appearance. Based on some rumors, we can also expect a Hyundai Elantra N-line version to drop sometime in the future. Blind-spot monitors, adaptive cruise control, and rear automatic emergency braking are available as options. What's more, the Digital Key also allows owners to tailor several vehicle functions, such as duration of vehicle use.

Markets plunge in coronavirus fallout, Dow briefly wipes out ‘Trump Bump’ gains

March 19, 2020

This comes after the Dow on March 18 plunged more than 2,300 points at the lows before finishing down about 1,300 points at 19,898, the first close below 20,000 for the index since February 2017. Across the world, equities tumbled anew on Wednesday, with bond and gold prices also falling in an unusual tandem, as markets grappled with the scale of government programmes aimed at softening the economic shockwave from the coronavirus.

Fed to create emergency backstop for commercial debt market

March 19, 2020

Confirming a Reuters report earlier in the day, the Fed on Tuesday said it would invoke its emergency powers to prop up that market by buying commercial paper directly from banks and large corporations and dish out short-term cash in return.

Trump announces US, Canada closing border to 'non-essential traffic' amid coronavirus fears

March 19, 2020

Trade will not be affected. Prime Minister Justin Trudeau had previously resisted closing the border to Canada's closest ally and most important trading partner - but he did not rule it out. As of Wednesday morning, there were 6,519 cases and 114 deaths in the United States. As of Tuesday, Canada had reported 441 coronavirus cases with 4 deaths, while USA recorded 4,744 cases and 87 deaths.

Coronavirus: Chancellor unveils £330bn support for economy

March 19, 2020

And Mr Sunak said that for those in financial difficulty due to coronavirus , mortgage lenders will offer a three-month mortgage holiday. Meanwhile, alongside the UK PM Johnson, Sunak said on Tuesday (March 17th), "This is not a time for ideology and orthodoxy".

Oakville Ford Plant to close due to coronavirus concerns

March 19, 2020

Ford announced Tuesday that it was halting production in Europe due to the coronavirus , joining Volkswagen and other leading automakers in suspending work. FCA said it would update its financial guidance when it has greater visibility on the epidemic's impact on the market. "GM and the UAW have always put the health and safety of the people entering GM plants first, and we have agreed to a systematic, orderly suspension of production to aid in fighting COVID-19/coronavirus", GM President ...

Reserve Bank Makes Emergency Rate Cut In Coronavirus Rescue Plan

March 19, 2020

The RBA reiterated it would continue to provide liquidity into the financial markets. Equity prices have experienced large declines. The border closure came as the government and central bank ramped up their financial response to the coronavirus outbreak amid fears it will tip Australia into its first recession in almost three decades and lead to a surge in unemployment.

Coronavirus to cause global recession, surge in defaults - S&P Global

March 19, 2020

He said even if major progress was made during the second quarter, after a sustained period of stressed cash flow many firms would be in no position to resume investing quickly. He said investment accounts for about 45% of China's economy - and fixed asset investment in January and February combined plunged by nearly 25% compared with a year ago.

United States automakers to shut North American plants due to virus

March 19, 2020

In addition, Hyundai closed its Alabama plant after a worker tested positive for the virus. The union said earlier in the day that it wanted the automakers to shut down their factories for two weeks to keep its members safe from the spreading coronavirus .

International Business: Oil near $30 as recession fears, pump war weigh

March 19, 2020

Exports dropped to 7.29 million barrels per day from 7.37 million bpd in December as it led the Organisation of Petroleum Exporting Countries and its allies in cutting supplies to the global market because of a surplus. The slide in oil prices is already punishing high-cost producers in the US shale patch and is one factor pushing the world economy toward recession, analysts say.

Opening tumble kicks in market circuit breaker

March 19, 2020

Trading will pause again if the index drops 13% during Wednesday's session - a drop of that magnitude would bring the S&P to 2,200.39. They were created after the 1987 stock-market crash - when markets slid 22.6% in a single day - to prevent panic-selling by halting trading during steep swings.

Air New Zealand To Slash International Flights

March 19, 2020

Air New Zealand is boosting the size of its Contact Centre and Social Media Customer Care teams to deal with a surge of customer queries and travel changes. Photo: Laurent Errera via Wikimedia Commons . It has also deployed measures like leave without pay and asked those with excess leave to take it. "We are working on redeployment opportunities for some of our staff within the airline and also to support other organisations".

Stock Market Takes Another Dive as Coronavirus Fallout Spreads

March 19, 2020

In early trading, selling took the upper hand and the Dow slipped below 20,000, with the benchmark stock average having shed almost 10,000 points since its all-time high near 30,000 on February 12. Pessimists are preparing for a longer haul. But severe illness including pneumonia can occur, especially in the elderly and people with existing health problems, and recovery could take six weeks in such cases.

New York Stock Exchange to Temporarily Close Trading Floor Over Coronavirus

March 19, 2020

As The Post reported last week, NYSE has made it clear that it aims to keep the trading room open during the pandemic with certain precautions, such as the deep physical cleanup it carried out on Friday afternoon. The move, which takes effect on Monday, is a "precautionary step to protect the health and well-being of employees and the floor community in response to COVID-19", NYSE owner Intercontinental Exchange said.

President Trump wins Republican presidential primary in Illinois, GOP nomination

March 18, 2020

The primary season saw him shatter records for vote totals and vote percentages. The president had 1,141 delegates going into Tuesday's contests and needed 135 more to win. Bush (635,948) and Bill Clinton (7,96,041). Arizona was not holding a Republican primary. Trump's first four years have been ridden with controversies but that does not obstruct his re-election bid as he comfortably cruised to victory over other Republican Party hopefuls in Florida and IL primaries, MSN reports.

North American stock markets plunge again, loonie down

March 18, 2020

It was a 52-week low for Canada's main stock index. On Monday, the Bank of Canada implemented new measures to help support key funding markets. "But nobody knows for how long this is going to drag on". Nakamura said the loonie's decrease has little to do with Friday's rate cut by the Bank of Canada since a reduction was already priced-in, even if it did come sooner than expected.

UAW, automakers cut deal to keep factories open

March 18, 2020

Ford announced Tuesday that it was halting production in Europe due to the coronavirus , joining Volkswagen and other leading automakers in suspending work. The union's statement did not elaborate on what it wants from the USA government, but a parade of industries is forming in the capital seeking assistance as coronavirus lockdowns threaten the economy.

Chancellor to issue £330bn backed loans to help businesses amid coronavirus

March 18, 2020

Interest-free business interruption loans will be increased to £5m and a 12-month business rates holiday for all shops, pubs, theatres, music venues and restaurants. The total number of people in the United Kingdom to test positive for the virus has risen by 171 in a day to hit a total of 1,543. A new document published by the Covid-19 team at London's Imperial College, warns the current public health threat is the "most serious" respiratory virus since the Spanish Flu in 1918.

France Fines Apple $1.2 Billion over Anti-Competitive Acts

March 18, 2020

It was the biggest ever fine doled out by the agency. Apple said it would appeal the ruling, which it said was at odds with legal precedent in France. Apple said the French decision "will cause chaos for companies across all industries " and vowed to appeal it. France's Competition Authority said Apple and the re-sellers agreed not to compete .

Tesla factory could be shut under California health order

March 18, 2020

But his head of North American human resources sent a follow-up email saying that vehicle manufacturing and energy infrastructure are deemed crucial sectors, and that the factory will remain in operation despite Bay Area orders for people to stay home to limit the spread of Covid-19.

U.S. airlines seek billions in aid as outbreak cripples travel

March 18, 2020

United Airlines said it would begin cutting flights to the United Kingdom, Southwest Airlines moved toward flight cuts and Delta Airlines Inc plans to start cutting flights to the United Kingdom. American also announced an global capacity reduction on Saturday, and Delta cut flights by 40% on Friday. UBS analysts said the latest travel restrictions would have a significant effect on Qantas' global traffic, which historically accounted for around 45 per cent of revenue and 25 per cent of ...

Goldman Sachs cuts second-quarter Brent crude oil forecast to $20/bbl

March 18, 2020

Brent crude was up 8 cents, or 0.3 per cent, at $28.81 a barrel by 0029 GMT, after falling earlier to $28.40, the lowest since early 2016. West Texas Intermediate ( WTI ) crude CLc1 futures fell $1.75, or 6.1%, to settle at $26.95 a barrel.

Malaysia's virus control measures push Singapore closer to recession

March 18, 2020

Lee said Malaysians working in Singapore would have to comply with their government's lockdown, preventing them from commuting daily for the time being. About 10,000 workers had been matched with hotel rooms or other lodgings as of Tuesday evening. But thankfully, according to CNA and The Online Citizen , Singapore has readily stepped in to ensure that the welfare of those workers and companies affected by Malaysia's lockdown isn't compromised.

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