Economy / 14

Walmart To Hire 150K Workers

March 26, 2020

Walmart joined Kroger in awarding bonuses, which total almost $550 million for hourly associates, according to a press release . Several of America's biggest retail companies and supermarkets are hiring tens of thousands to meet demands of a USA economy that's battered by the novel coronavirus.

U.S. stocks end mixed amid anticipation of stimulus package

March 26, 2020

Complicating the standoff, Sen. "Fiscal stimulus is absolutely necessary because it directly effects the consumer and consumer spending and consumer confidence is what's driving the US economy", said Nancy Perez, senior portfolio manager at Boston Private Wealth in Miami.

Ontario: $17 billion response to COVID-19 crisis

March 26, 2020

Public health, at the frontline of efforts to monitor and control the spread of COVID-19, will receive an additional $160 million in part to pay for laboratory and home testing but also to support the publicly-funded vaccines program. Eligibility will be expanded for the Low-income Energy Assistance Program, with an additional $9 million going to breaks on energy bills. The Ontario government also said it would provide emergency child care options to support parents working on the front ...

Gold Futures Price: Know today's rates

March 25, 2020

On the Comex market in NY, gold for delivery in April, the most active contract, rocketed by as much as $131 an ounce or 8.4% compared to Monday's close, to trade at $1,698 an ounce by midday before paring some of those gains in early afternoon trade.

Oil prices fall as demand woes eclipse US stimulus

March 25, 2020

USA crude CLc1 rose to a high of $25.24 a barrel early in the session and was at $24.86 a barrel, up 85 cents, or 3.5%, at 0732 GMT. Following the United States Federal Reserve's announcement of unprecedented measures to boost the economy on Monday, the U.S.

Amazon Fulfillment Center test positive for COVID-19

March 25, 2020

In some cases, local media reports indicate that facilities were closed temporarily for cleaning and that workers who came into contact with the infected employee (or employees) were placed in quarantine. She added that the employee in question was last on-site on March 11 and that Amazon had asked anyone who had had contact with them to take 14 days of paid leave.

CVS Health embarks on 'most ambitious hiring' drive in its history

March 25, 2020

The drugstore chain plans to hire furloughed workers from existing clients like Hilton Worldwide Holdings Inc. and Marriott International Inc., using virtual job fairs and interviews to hire at a time when Americans are being told to limit in-person contact and stay home.

Coronavirus-Asia markets rise as USA agrees stimulus package

March 25, 2020

And the gains of recent days still leave global markets way below the peaks seen in February. The Dow Jones Industrial Average rose 2,112.98 points, or 11.37 per cent, to 20,704.91, the S&P 500 gained 209.93 points, or 9.38 per cent, to 2,447.33 and the Nasdaq Composite added 557.18 points, or 8.12 per cent, to 7,417.86.

Dow Has Biggest Rally Since 1933, Surging 11.4% On Stimulus Hopes

March 25, 2020

Early Monday, however, there was a spike in premarket trading after the Fed announced a series of additional measures to juice the economy. Both European and Asian markets also reported huge gains Tuesday as a result of the US Federal Reserve's actions to assist the economy and news of Italy experiencing a slowdown of its COVID-19 infection rate.

COVID-19: Australia limits funerals to 10 people

March 25, 2020

Social-distancing practices include a 1.5m distance between people, with no hugging or touching allowed. "You should only go outside your home to go to those essential things I talked about, not to go and congregate in groups", Morrison said.

Senate, White House reach $2tn Covid-19 rescue deal

March 25, 2020

The Senate and House of Representatives still need to pass the legislation before sending it to President Donald Trump for his signature. At least 192 of those fatalities have occurred in New York City, the US epicenter of the pandemic .

What To Know About The Fed's Limitless Asset Purchase Order

March 25, 2020

The series of actions marks a massive intervention by the US central bank beyond the financial markets where it has so far concentrated its firepower into the real USA economy. Yet analysts fear it will do little to offset the near-term economic damage done by mass lockdowns and layoffs. US gold futures were up as much as 5.2 percent at $1,649.

MyGov Website Crashes Due To "Unprecedented Demand"

March 25, 2020

A DDoS (distributed denial of service) attack is where hackers overload a website by flooding it with traffic until it's overwhelmed and shuts down. "At present there are delays, we don't give a running commentary on delays". They've since announced Centrelink will provide additional support to people affected, with a new coronavirus supplement giving welfare recipients (including those on Youth Allowance and the Jobseeker Payment) an extra $550 a fortnight.

Fed vows unlimited bond buying to soothe market

March 25, 2020

MSCI's broadest index of Asia-Pacific shares outside Japan added 1.2 per cent, though that followed a drop of nearly 6 per cent on Monday. Shanghai blue chips gained 2.7 per cent. Meanwhile, the logjam combined with the stimulus splash from the Fed to take a little of the shine off the USA dollar, though it remains in demand as a global store of liquidity.

Australia shutting down all non-essential services in fight against coronavirus pandemic

March 25, 2020

We package up the most-read About Regional stories of the past week and send direct to your inbox every Tuesday afternoon. "And that is the principle the states and territories will be seeking to follow". "The position of the national cabinet is that schools should remain open and they can provide distance learning for those parents that wish their children to remain at home", Mr Morrison said.

Trump wants to ease coronavirus restrictions by Easter, despite warnings from experts

March 24, 2020

Tom Inglesby, a director of health security at Johns Hopkins University, says it's far too early to start pulling back social distancing efforts without risking millions of U.S. Last week, Dr. Anthony Fauci , the director of the National Institute for Allergies and Infectious Diseases, said comparing coronavirus to auto accidents was a "false equivalency" and said it was important to "face the fact" that coronavirus is more lethal than the flu.

Wall Street set to bounce from three-year lows

March 24, 2020

Global stocks surged Tuesday while US futures raced ahead so much that trading had to be halted, after USA political leaders said they were nearing a deal on a massive government stimulus package to offset the damage inflicted by the coronavirus pandemic .

The biggest fall in one day in Sensex, Nifty closed at 7635

March 24, 2020

At 11.07 am Axis Bank saw a decline of 19 per cent, IndusInd 17.68 percent, ICICI Bank 14.61 percent and Bajaj Finance 14.42 per cent. After gyrating 1,823.97 points, the BSE barometer gave up some gains to end 692.79 points or 2.67 per cent higher at 26,674.03.

Pope Francis invites Catholics to join him in a moment of prayer

March 24, 2020

Pope Francis invites Christians around the world to join in a unique experiment - a General prayer for the deliverance of the world from pandemic coronavirus COVID-19. While the normal conditions for obtaining a plenary indulgence include sacramental Confession and Communion, during the pandemic, those conditions have been altered to when it again becomes possible.

Jeff Bezos's stock sales before coronavirus crash saved him a fortune

March 24, 2020

The e-commerce giant also recently raised its base pay for these workers, up to $17-an-hour from $15, in an effort to reward current employees and entice new ones. "It's easy to understand why the incredible medical providers serving our communities need to be first in line". That's because orders are being prioritized for where they're most needed, such as at hospitals.

Coronavirus hammers German service sector in March - PMI

March 24, 2020

The UK composite PMI tumbled from a score of 53 to 37.1 in just a month but the closely watched survey was taken before the prime minister forced pubs, restaurants and shops to close to battle the coronavirus . With orders falling, companies also cut their workforce numbers at the fastest pace since December 2009 in March. The survey results were consistent with a 4% contraction in the economy in 2020, Capital Economics senior economist Marcel Theliant said.

London underground crowded as United Kingdom lockdown begins

March 24, 2020

Boris Johnson revealed on Monday night the restrictions would now be placed in order to enforce social distancing and would last for three weeks before being reviewed. All Crossrail, and TfL construction sites are being shut-down during the Coronavirus pandemic . "We are working with train operators to introduce a small number of trains for KEY WORKERS to have space to be safe", he added.

OPEC supply curbs, United States measures could support oil prices near term: Goldman

March 24, 2020

The anticipated stimulus pushed the US greenback decrease as it would enhance the money provide. Forging an oil alliance between the United States and OPEC's top producer Saudi Arabia is one of "many, many ideas" being floated by USA policy makers but it is uncertain whether it will become a formal proposal, the US energy secretary told Bloomberg TV on Monday.

Coronavirus Fed Expands Asset Purchases to Boost Markets

March 24, 2020

They are also expanding the Commerical Paper Funding Facility. Earlier this month, the bank slashed interest rates to near zero. "There is more that we can do if necessary" with existing emergency authority. The Fed also committed to the "establishment of a Main Street Business Lending Program to support lending to eligible small-and-medium sized businesses", similar to programs from the Small Business Administration.

$2 Trillion Coronavirus Aid Package Stalls in US Senate

March 24, 2020

Although Senate Democrats blocked a vote on a package sponsored by Majority Leader Mitch McConnell, R-Ky., a whole host of provisions benefiting banks, credit union and other financial firms appears still to be on the table in McConnell's plan and other proposals being floated on Capitol Hill.

Boeing suspends production in Washington state facilities

March 24, 2020

Reuters reported last week that the US planemaker has been considering a temporary work stoppage at the Everett factory, where it makes twin-aisle jetliners, due to the spread of the coronavirus. According to the Seattle Times , there are 29 confirmed cases of the virus among Boeing's workforce. The newspaper said the man was an inspector who had worked for Boeing for 27 years.

Fed ramps up programmes to provide financing to U.S. companies

March 23, 2020

The Fed also announced the creation of the Term Asset-Backed Securities Loan Facility to back the flow of credit to households and businesses. The Federal Reserve on Monday committed to purchasing more Treasury and mortgage-backed securities as well as providing $300 billion in new financing for credit facilities as the coronavirus puts the global economy at risk.

Explained: Why government raised excise duty cap on fuel amid coronavirus scare

March 23, 2020

The change in the cap will enable the government to raise duties on petrol and diesel by another Rs 8 per litre each. The March 14 excise duty hike had reportedly helped the government collect over Rs 2,000 crore. Now, through an amendment of the Eighth Schedule of the Finance Act, this limit has been increased to Rs 18 per litre in case of petrol and Rs 12 in case of diesel.

You (probably) ain't going nowhere while gas prices are down

March 23, 2020

For the first time in years, the price of gasoline in Metro Vancouver has dipped under a dollar per litre. Wholesale prices for unleaded gasoline are down almost 60%. Gasbuddy says for the better part of 2020, prices will be some of the lowest we've experienced in a while. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health and economic impact of COVID-19 and the crude price war between Russian Federation ...

Fed opens unlimited 'quantitative easing' to stabilize USA economy

March 23, 2020

U.S. Treasury yields ticked higher. In a series of actions, the Fed agreed to historic measures that would see it for the first time back the purchases of corporate bonds and direct loans to companies, expand its asset holding by as much as needed to stabilize financial markets, and roll out "soon" a program to get credit to small and medium-sized business.

Global central banks act to ensure USA dollar liquidity

March 23, 2020

The central banks will also continue to hold weekly 84-day maturity operations, they added in a statement . The Federal Reserve said on Thursday that it was encouraged by the reaction of banks to the extraordinary efforts to pump cash into the USA economy amid the coronavirus pandemic .

Oil prices volatile as virus saps demand

March 23, 2020

U.S crude oil prices edged higher on Friday, extending gains after a 24 per cent jump the previous day, buoyed by hints from U.S. President Donald Trump he may intervene in the price war between Saudi Arabia and Russian Federation at an "appropriate time".

Massive US Coronavirus Economic Aid Stalls in Congress

March 23, 2020

Even as the lawmakers talked, Sen. Mnuchin declined to comment specifically about a Washington Post report that the Trump administration did not act on repeated warnings about the potential impact of the coronavirus from the USA intelligence community, but said no one expected the crisis to escalate as quickly as it had.

Carnival offers cruise ships as floating hospitals amid coronavirus pandemic

March 23, 2020

American Samoa allowed the ship to refuel but wouldn't let any passengers disembark. The cruise lines didn't immediately comment on Hawaii's reversal. "It has been confirmed that there will be no disembarking of passengers, not even to go straight from the port directly to Honolulu airport to catch their flight home", Gabbard said.

All McDonald's set to close by tomorrow evening

March 23, 2020

A statement read: "We have taken the difficult decision to close all McDonald's restaurants in the UK and Ireland by 7pm on Monday 23rd March". " We will work with local community groups to responsibly distribute food and drink from our restaurants in the coming days ".

Amazon temporarily raises overtime pay for warehouse workers

March 23, 2020

Amid this challenging time, Bezos noted, the work of Amazonians is at "its most critical". Visit Business Insider's homepage for more stories . Amazon warehouse workers have stated that the uptick in orders- as individuals hunch down in the house to protect against the spread of coronavirus- has actually triggered numerous to come to be anxious for their wellness.

Bank of England cancels annual stress test of banks

March 22, 2020

Cancelling the annual stress tests for the eight major United Kingdom banks was "to help lenders focus on meeting the needs of United Kingdom households and businesses via the continuing provision of credit", the BoE said. Bond yields rise when prices fall. "What we hope is that in the current situation NS&I (Treasury-backed National Savings and Investments) could be mobilised to help the Government raise money to support the economy and help beleaguered savers".

VW e-Bulli Electrified Classic Bus Revealed

March 22, 2020

The top speed is electronically limited at 130 km/h (81 mph) to protect the battery, compared to 105 km/h (65 mph) with the original gasoline engine. Out of sight, on the roof console, is a tablet which features Volkswagen "We Connect", with all the connectivity features you'd expect on an ID.3 You can even check the charge status of your 1966 e-Bulli camper via your smartphone.

Coronavirus: Emirates to ground entire passenger fleet and cut wages

March 22, 2020

A member of cleaning staff wearing protective mask disinfects air vents of an Emirates Airbus A380 in Dubai, United Arab Emirates, on March 5. Dubai carrier Emirates announced on Sunday it will suspend all passenger flights from March 25 amid the novel coronavirus outbreak.

Ola & Uber suspend shared rides until further notice amidst COVID-19 outbreak

March 22, 2020

For all those unaware, the ride-hailing giants allow users to take rides with other passengers and split the fare under the pooling category. The company said that its micro, mini, prime, rental and outstation service will continue. The new move comes just days after cab companies including Uber and Lyft announced the suspension of carpooling in others markets. Ola and Uber operate four and two-wheeler taxi operations in India spreading across at least 250 cities, but recent curbs ...

Evil Anna: Banks to delay $100bn SME loan payments

March 22, 2020

So what types of assistance will be available to small businesses as part of the package? The move will provide up to $10 billion in support for the economy, Mr Comyn said. The announcement came after Australian Banking Association CEO Anna Bligh announced a multibillion-dollar package for small businesses also struggling to stay afloat due to the COVID-19 outbreak.

Australia announces 2nd stimulus package

March 22, 2020

Most of Sydney's main beaches, including Bondi Beach , were closed on Sunday. Speaking at a press-conference on Sunday, Prime Minister Scott Morrison advised against non-essential domestic travel as the coronavirus crisis deepens. Four Australian regions - the island state of Tasmania, South Australia state, Western Australia state and the Northern Territory - have also implemented a 14-day self-isolation period for all visitors.

Asia stocks dive as ECB bazooka fails to ease fears

March 22, 2020

The European Central Bank (ECB) on Wednesday announced a new temporary asset purchase program covering private and public sector securities that has an overall envelope of 750 billion euros (819 billion USA dollars) to counter the novel coronavirus risks.

Australian PM announces stricter limits for indoor gatherings over COVID-19

March 22, 2020

Cinemas and theatres will reduce their densities, and some restaurants will be hit. Scott Morrison said although air travel was considered low risk, "the issue is moving to different parts of the country and potentially large volumes of populations moving around the country".

Starbucks closes most US, Canada cafes, moves to drive-through

March 22, 2020

Some Starbucks locations will remain open near hospitals and health-care centres, "in the company's efforts to serve first responders, health-care workers and their incredible support staff", the letter said. "Even so, we've all recognized over the last week the challenges and complexities of trying to reduce "social gathering" in our cafés", Ms. Digulla said in the statement.

Who Will Win The Oil Price War?

March 22, 2020

Oil markets have been hammered by collapsing demand as the virus prompts sweeping travel restrictions and business closures, and as major producers Saudi Arabia and Russian Federation engage in a price war. The... Supply restraint by core OPEC producers could push up second-quarter Brent prices to $30 a barrel, while USA measures to support the market could underpin prices in the near term, Goldman Sachs said in a research note.

Trump Challenger Bill Weld Bows out of the 2020 Presidential Race

March 21, 2020

In his resignation announcement, Weld called on Trump to limit the federal budget, place prices on carbon emissions, strengthen relationships with military allies and issue more immigrant work visas. Two other Republican candidates have already ended their bids: Joe Walsh, a former congressman from IL, and Mark Sanford, a former SC governor and congressman.

Stocks rebound from big losses on hope for United States economic aid

March 21, 2020

Futures on the Dow Jones Industrial Average indicated a spike of more than 700 points at the opening. The index then bounced up and down before turning decisively higher after President Donald Trump pitched his ideas for a break on payroll taxes and other economic relief to Senate Republicans.

Wall Street plunges to worst level in 12 years

March 21, 2020

A Reuters poll of economists suggested the global economy was already in recession, while analysts at USA stock market index operator S&P Global said volatility across geographies and asset classes was at record highs. Ultimately, investors say they need to see the number of new infections to stop accelerating for the market's volatile skid to ease. There are more than 246,000 cases worldwide, including almost 85,000 people who have recovered.

Virus-hit Air New Zealand offered NZ$900m bailout

March 21, 2020

Greg said weekly flights were already down from 3600 to just 1500, with further falls to come. "We have been pleased in the way Air New Zealand has engaged with union members and officials". The facility will be able for 24 months with interest rates of both tranches stepping up by 1 percent if the facility remains after 12 months. This was a pre-requisite of the standby loan but the airline's board of directors said they believed it was in the best interests of the airline given the ...

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