Economy / 55

Australia limits public movement to capitalize on slowing coronavirus rates

March 30, 2020

Mr Morrison urged landlords to work with their tenants and banks on immediate solutions. The two-person limit also applies to outdoor group exercise classes and boot camps, which Morrison acknowledged "doesn't really make it a boot camp, that makes it a private session with your trainer".

Instacart workers seek strike as jobs get busier, riskier

March 30, 2020

The grocery delivery company announced last Monday its intention to add 300,000 "full-service buyers" to North America over the next three months in response to overwhelming demand spurred by the coronavirus . "We deserve and demand better", Bain told Vice. If the demands aren't met, the group threatened to stop deliveries Monday, March 30. Meanwhile, Instacart is continuing-and even expanding-its business.

Prime Minister Scott Morrison Reveals New COVID-19 Restrictions

March 30, 2020

But Mr Morrison said the measures were not yet legally binding. "They are transmitters of the virus", Mr Morrison said earlier Sunday. Public parks, skate parks, playgrounds, outdoor gyms to be closed tomorrow. "There are some, if you like, moral rules here, about how if there are people who need our healthcare in Australia, through no fault of their own, then of course we would extend that to them".

US FDA authorizes 15-minute coronavirus test

March 30, 2020

Abbott Labs has it that the test tool will run on the company's ID NOW platform, providing rapid results in a wide range of healthcare settings such as physicians' offices, urgent care clinics and hospital emergency departments. ID NOW is the most widely available molecular point-of-care testing platform in the US today, according to Abbott's website. Last week, the company launched the m2000 RealTime SARS-CoV-2 EUA test which identifies the virus by targeting small amounts and amplifying ...

USA lawmakers: Saudi Arabia threatens United States domination over oil markets

March 30, 2020

They are down almost two thirds this year following the failure of talks earlier this month between the Organization of the Petroleum Exporting Countries and other leading oil producers including Russian Federation. Traders also told the WSJ that Russian Federation - the oil exporter whose market share Saudi Arabia has been most keen to capture, has been able to compensate some of the decline in exports to Europe by redirecting them to China, a country where demand has been enjoying a slow ...

When Will You Get Your Stimulus Check?

March 29, 2020

Bush administration. The House of representatives on Friday passed the largest aid measure in American history, a $ 2 trillion stimulus package that President Donald Trump signed into law. A family of four making over $218,000 will also not receive a payment, according to MSNBC. When will you receive the payment? . Some estimates say within three weeks, while others expect it could take until mid-May.

Fake coronavirus doctor's note from worker closed Hamilton McDonald's

March 29, 2020

The restaurant remained closed for several days while professional cleaning services worked to sanitize the restaurant. On March 23, police say it received information from officials about the employee, who handed in the forged medical information four days earlier.

Covid-19 funding: PM announces $1.1B health and domestic violence package

March 29, 2020

The Australian government has announced details of a $1.1billion coronavirus relief package created to help the country's most vulnerable. That has been a particularly thorny issue for Morrison's government, which has said that schools should remain open and has so far backed away from the more sweeping lockdowns on public movement seen in Europe.

World's Ailing Airlines Appeal For Aid As US Offers $58bn

March 29, 2020

The airlines, under the aegis of the International Air Transport Association (IATA), said many airlines are on the brinks of collapse without an urgent support from their home governments. Meanwhile, Manila's worldwide airport authority said all airlines with remaining flights will have to operate in just one terminal beginning March 28.

Texas Roadhouse CEO is Giving Up His Salary to Pay Workers

March 29, 2020

Kent Taylor's pay from March 18 through January 7, 2021. MarketWatch also reported that Texas Roadhouse will suspend its dividend in an effort to conserve cash during the pandemic. Kent Taylor is the founder and CEO of a massive steak house chain in the U.S., Texas Roadhouse . "In the areas where our dining rooms are closed, we are ramping up our To-Go and Curbside services and we are also turning some of our parking lots into temporary drive-thrus to serve our regular menu".

Indian Bank announces special emergency loan schemes to address lockdown

March 29, 2020

Bank of Baroda has introduced a Baroda Covid Emergency Credit Line, which provides additional funding of up to 10% of sanctioned limits. For borrowers who experience unexpected circumstances and can not repay a loan as structured, banks, savings associations and credit unions are further encouraged to consider workout strategies created to help borrowers to repay the principal of the loan while mitigating the need to re-borrow.

U.S. to send troops to Canadian border despite prime minister's objection

March 29, 2020

The Liberals say the move, announced late Thursday night, should not affect most unemployed workers who seek employment-insurance benefits since the vast majority of applications are done online. The Prime Minister announced on March 28 that people wanting to travel domestically within Canada will be denied boarding onto planes or trains if they're showing COVID-19 symptoms.

Stocks move lower on Wall Street following a big 3-day rally

March 29, 2020

The S&P 500 was set to open lower on Wednesday after a strong rebound in the previous session as optimism about an imminent $2 trillion coronavirus package waned, with investors still concerned about the lasting economic hit from the pandemic.

Stocks sink at the open as stimulus optimism subsides

March 29, 2020

Secretary Mnuchin has promised that President Trump will sign it into law. And how quickly will the planned direct payments of up to $3,000 to millions of USA families make it to consumers' bank accounts? And even as Thursday's jobless claims revealed that the economic toll of the outbreak is as severe as anticipated, some investors were already looking ahead to the ultimate passage of the largest fiscal stimulus package in the U.S.in recent memory.

Elon Musk repurposes Tesla factories to produce ventilators

March 28, 2020

According to Tech Crunch , Medtronic CEO Omar Ishrak told CNBC on Wednesday that it is increasing capacity of its critical care ventilators and partnering with others such as Tesla. Earlier this week, he announced that Tesla had bought surplus ventilators in China and shipped them to the United States for distribution, a 1,000 of which went to California.

The $2 Trillion Coronavirus Stimulus Package Has Passed the House. Now What?

March 28, 2020

The House scheduled three hours of debate, headed toward a possible vote around noon EDT (1600 GMT). Trump called for Massie to be expelled from the GOP for his actions, calling him a "third rate Grandstander". The rare but deep, bipartisan support in Congress underscored how seriously lawmakers are taking the global pandemic as Americans suffer and the medical system threatens to buckle.

Russia's RDIF: New OPEC+ deal possible to address demand if others join

March 28, 2020

Crude oil prices crashed into a bear market this year after Russian Federation refused to join Saudi Arabia and other OPEC members in cutting production to trim a supply glut due to demand destruction from the COVID-19 pandemic. The White House is urging Saudi Arabia to dial back its plan to flood the crude market. "Unlike the financial markets, the oil market is apparently finding it hard to look beyond the current crisis", said Commerzbank analyst Eugen Weinberg.

Trump encourages cruise lines that want stimulus money to register in US

March 28, 2020

A vote on the stimulus package is headed to the House of Representatives on Friday. According to The Washington Post , United States Treasury Secretary Steven Mnuchin said the bill would allot $500 billion in loans or guarantees to distressed businesses, but he revealed the companies must be based in or work primarily from the U.S.

US Senate passes $2 trillion coronavirus aid bill

March 28, 2020

The relief bill is valued at $2 trillion and provides relief for the economic fallout from the coronavirus . "In my view, it would be an outrage to prevent working-class Americans to receive the emergency unemployment assistance included in this legislation", he said.

Federal government asking credit card companies to lower interest rates: Trudeau

March 28, 2020

Third, what would happen to employees being laid off? After facing criticism from many business groups for not taking strong enough action, Trudeau's announcements Friday represent a significant escalation of the federal government's response.

International Monetary Fund projects contraction of global output in 2020 and recovery in 2021

March 28, 2020

In a joint statement with its Financial Committee Chair, Lesetja Kganyago, the Managing Director of the Fund, Kristalina Georgieva , said coronavirus , which began as a "global health pandemic , has turned into an economic and financial crisis".

RBI Defers EMI Repayments For Three Months For Business Loans

March 28, 2020

Jimeet Modi, Founder and CEO, Samco Securities said, "In such uncertain times, instead of fresh funds entities want to save their skin, RBI's relaxation of only 3 months instead of 6 months for moratorium on interest on loans and working capital has disappointed many".

Futures of the Stock Market Is Going To Go High

March 28, 2020

The Trump administration is planning to issue guidelines aimed at helping state and local authorities decide whether to tighten or relax measures created to help slow infections. Gold fell 1.7%, holding on to gains made earlier in the week. "It is clear that we have entered a recession" that will be worse than the aftermath of the global financial crisis in 2009, said International Monetary Fund chief Kristalina Georgieva.

Trump seeks to force General Motors to produce ventilators

March 28, 2020

U.S. Rep. Debbie Dingell, a Michigan Democrat, said her state is facing a critical need for ventilators. Trump's action came just after a series of tweets attacking GM and CEO Mary Barra. The holdup now is that the federal government hasn't decided how many machines it will need, how many producers it will hire and, by extension, how much it will have to pay Ventec.

Bank of Canada cuts key interest rate target to 0.25 per cent

March 27, 2020

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. For the next 12 months, the Bank will conduct primary and secondary market purchases of CP, including asset-backed CP, issued by Canadian firms, municipalities and provincial agencies with an outstanding CP program.

Why the horrific jobless claims report is actually worse

March 27, 2020

As the Department of Labor put it, "Nearly every state providing comments cited the COVID-19 virus impacts". The department is doing everything it can to meet the increased need, she continues. Almost 90 percent of all first-time claims with the state last week were made over the internet, according to state figures . "We estimate that by summer, 14 million workers will lost their jobs due to the coronavirus shock", she said in a tweet .

School canceled in Alabama, classroom will move to online instruction

March 27, 2020

Gov. Will Ainsworth is calling for Alabama schools to be closed for the remainder of the year as the state battles the spread of the coronavirus. She said that it is best for people should stay at home if they have that option. Ivey, who had closed schools through April 5, said it became clear that schools can not reopen yet. "The most important thing we will have to do when school starts back for K-3 students this fall is assess their learning and any summer slide or deficiency in ...

Why New York is the epicenter of the American coronavirus outbreak

March 27, 2020

In his press conference on Wednesday, the Mayor spoke about the specific problem related to basketball courts and announced that he'd received reports from the Parks Department and the NYPD that 80 courts around the city , out of a total of 1,700, were an ongoing issue.

Coronavirus prompts GM to temporarily cut pay for 69,000 salaried workers

March 27, 2020

GM said that these employees are in manufacturing and engineering roles and can't work remotely. He alleged that a deal with General Motors never seems to work out as they were claiming that they could only produce 6000 ventilators by April.

UK's Johnson says 405,000 have volunteered to help health service

March 27, 2020

However, in just 24 hours, 405,000 - equivalent to the population of Coventry - have come forward to offer their services. Speaking about the volunteers, he said: "They will be absolutely crucial in the fight against this virus". NHS chief executive Sir Simon Stevens praised the "overwhelming response". He said: "I know how anxious people are and while this is a great time of turbulence, it is a moment too that the country can come together in that national effort".

Senate Passes $2 Trillion Coronavirus Relief Bill, Now Moves To House

March 27, 2020

David Popp, a spokesman for Senate Majority Leader Mitch McConnell, confirmed that the Senate will vote Wednesday. The benefits begin to phase out at $75,000 for individuals and $150,000 for married couples filing jointly. There was also $150 billion devoted to the health care system, including $100 billion for grants to hospitals and other health care providers buckling under the strain of COVID-19 caseloads.

RBI offers Rs 11,772 crore to banks through repo auction

March 27, 2020

The reverse repo rate was reduced 90 basis points to 4%. The announcement by RBI Governor Shaktikanta Das came a day after India's finance ministry announced a 1.7 trillion ($22 billion) economic stimulus package. "It will not be treated as NPA", the RBI Governor said. Announcing other measures, he said, "Incremental CCB (capital conservation buffer) implementation deferred from March 30, 2020, to Sep 30, 2020".

Number of weekly jobless claims surge in Iowa, surpass 40,000

March 27, 2020

Almost every state cited COVID-19 for the jump in initial jobless claims, with heavy impacts in food services, accommodation, entertainment and recreation, healthcare and transportation, the report said. In the same week of 2019, only 215,000 new claims were registered. You can read the full report from the Department of Labor here. More than 80,500 initial claims for unemployment benefits were filed the week that ended Saturday, March 21.

COVID-19 measures temporary but necessary, Legault says as numbers jump

March 27, 2020

Seventy-eight people were in hospital, and 35 in intensive care. "I know we are going through hard times", Legault said at Quebec's daily update Tuesday. Elsewhere, British Columbia Premier John Horgan announced a $5 billion financial plan to help float the economy forward, and Premier Jason Kenney, speaking at the Alberta legislature in Edmonton, announced tax relief for business to stay liquid during the crisis.

Virgin Australia airline further cuts down domestic capacity

March 27, 2020

That's in line with the earlier announcement of grounding worldwide flights. "We are now facing what will be the biggest grounding of aircraft in this country's history". Following the drastic cuts of its flight schedule, the airline group plans to ground 125 aircraft. "There has never been a travel environment in Australia as restricted as the one we see today and the extraordinary steps we've taken have been in response to the federal and state governments' latest travel advice", Virgin ...

Chancellor gives support to millions of self-employed individuals

March 27, 2020

Chancellor Rishi Sunak confirmed the Covid-19 support package nearly a week after the Tories had announced an 80 per cent government subsidy for bosses to pay workers while firms temporarily shut down. But in the light of the sharp rise in the number of claimants for universal credit and the horrendous jump in jobless claims in the U.S., the chancellor could not afford to let the best be the enemy of the good.

China coronavirus: 'Increased likelihood' of cases in the UK

March 27, 2020

The head of infection medicine at the University of Edinburgh earlier confirmed that possible cases in Scotland were being investigated - but no cases have been confirmed so far . Airport and train stations were closed to outgoing passengers Thursday while public transportation suspended in the city. As the roads outside the city were shutdown, images showed drivers stocking up on fuel and empty shelves in supermarkets as households hoarded supplies for what could be weeks of relative ...

Powell Says Economy May Be in Recession, Virus Will Dictate Timetable

March 27, 2020

But the situation is so unusual that policymakers have become atypically blunt, arguing that a deliberate choice to close stores in the name of public health, as Powell said, "is not a typical downturn.There is nothing fundamentally wrong with our economy".

USA crude oil inventories show less-than-expected rise

March 27, 2020

US crude futures fell 21 cents, or 0.9 per cent, to $23.80 a barrel. Both contracts are down about 60% this year. The losses were said to have been incurred partly due to Fatih Birol , executive director of the International Energy Agency , warning that demand could drop by as much as 20 million barrels per day (bpd), and by the White House deciding to rescind a crude buying offer after failing to win funding from Congress.

IRS moves deadline to July

March 27, 2020

The state filing extension follows the U.S. Treasury Department's decision to move the federal income tax deadline from April 15 to July 15. The extension applies to Louisiana individual, corporation, fiduciary and partnership income tax returns and payments.

International Olympic Committee working toward July-August Olympics in 2021: Yomiuri

March 27, 2020

President Donald Trump fully supports a delay in the Tokyo Olympics agreed between Japan and the worldwide Olympic panel, a Japanese government spokesman said on Wednesday, citing comments made to Prime Minister Shinzo Abe in a telephone call.

Coronavirus: Tesla to reopen Buffalo factory for ventilator production

March 26, 2020

His claims were initially met with skepticism by some experts, but the Medtronic CEO said the company is "fast on track" to start the ventilator production. Tesla's move to shutter Gigafactory 2 - as well as its electric vehicle facility in Fremont, California - followed widespread criticism towards Fremont's continued operation in the face of "shelter in place" orders issued by local county authorities.

When can consumers expect to receive their coronavirus stimulus checks?

March 26, 2020

Will you receive a payout? "Our expectation is within three weeks we will have direct payments out where we have depository information", Mnuchin told CNN . Parents with children who are 16 years old and younger will receive $500 per child. The complete phase out for heads of households depends on the number of children.

IMF Warns Coronavirus Recession Could be Worse Than 2009 Financial Crisis

March 26, 2020

Still, according to the organization, the recovery from the looming economic disaster could start as early as 2021. "To get there, it is paramount to prioritize containment and strengthen health systems - everywhere". The summit, called by this year's chair, Saudi Arabia, will be complicated by an oil price war between two members, Saudi Arabia and Russian Federation, and rising tensions between two others, the United States and China, over the origin of the virus.

New weekly jobless claims soar to 3.3 million amid coronavirus outbreak

March 26, 2020

But that staggering leap in joblessness likely understates the full damage the coronavirus outbreak has inflicted on the US labor market, according to multiple economists. Iowa residents filed more than 40,000 claims for unemployment benefits last week as the coronavirus outbreak forced many workers to lose jobs and stay home.

Senate, White House reach a deal on historic economic package

March 26, 2020

Senate leaders and the Trump administration agreed to a historic bill to alleviate the economic impact of the coronavirus pandemic by flooding the economy with a 13-digit sum of money. He also acknowledged it was only one part of the overall response needed. House Republicans are strongly behind the measure, according to a senior GOP leadership congressional source.

Amazon Has Kicked Almost 4,000 Sellers Off Platform for Price Gouging

March 26, 2020

New Jersey is joining dozens of other states to demand that Amazon , Walmart and other online marketplaces do more to stop price gouging amid the coronavirus pandemic . The attorneys general cited sellers on Craigslist and Facebook as jacking up prices on hand sanitizer by as much as 10 times the normal cost. Allegations against the third-party vendors include excessive price increases on commodities such as face masks, hand sanitizers and disinfectants of up to 1,662 percent.

Coronavirus: Doctors, paramedics in India get 50 lakh insurance cover

March 26, 2020

This is over and above the 5 kg they already get from the public distribution system (PDS). "The government will bear the entire expenditure of Rs 40,000 crores spent for distributing free food grain " said a food ministry official. Rs 3,000 crore has been allocated for the same. For women with Jan Dhan Yojana accounts, an ex-gratia transfer of Rs 500 will be done for the next three months.

Wetherspoons staff told to go and work for Tesco during coronavirus emergency

March 26, 2020

The boss of the Wetherspoon pub chain has said its staff can take jobs with supermarkets amid the uncertainty caused by the coronavirus pandemic. The group has suggested workers could seek alternative jobs at Tesco supermarkets, saying their return to the company will be made a priority when pubs are able to reopen.

White House, Congress reach $2 trillion stimulus deal amid coronavirus concerns

March 26, 2020

The motion failed on a 48-48 vote. The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples. Those loans would be forgiven for businesses that keep their employees on the payroll. "We spent more time thinking about the small businesses than the big", Trump said.

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