Economy / 12

General Motors and Honda team up to produce electric vehicles

April 05, 2020

Honda plans to begin selling the vehicles in the United States and Canada in 2024. He added the partnership will "unlock economies of scale to accelerate our electrification roadmap and advance our industry-leading efforts to reduce greenhouse gas emissions".

Montgomery County Inmate Test Positive for COVID-19

April 05, 2020

Michigan Radio reports that a nurse at Henry Ford Hospital in Detroit, Lisa Ewald of Dearborn, also died this week, after testing positive. Neither deputy has a travel history, and Easter said they "could have got it in everyday life or possibly at work".

United States economy shed 701,000 jobs in March, first decline in decade

April 05, 2020

Friday's data confirms the view of most economists that the United States is already in a deep recession as containment measures bring entire sectors of the economy to a screeching halt, throwing millions of Americans out of work. "This is awful but unfortunately it's nothing compared to what's coming in April", said Ian Shepherdson of Pantheon Macroeconomics, who predicts a jobless rate of 12 to 14 percent next month.

Amazon plans to delay Prime Day due to COVID-19

April 05, 2020

Visit Business Insider's homepage for more stories . The notes, in which Amazon's general counsel wrote critical comments about a fired employee previously reported by Vice News, offer a rare insight into strategic planning inside the world's largest online retailer .

USA farmers hit hard by coronavirus fallout

April 05, 2020

The closures have left them with cancelled orders and too much milk, which means that many simply have no room to accept more from dairy farmers. They said large companies only buy 5.0 per cent of the total milk produced by the local dairy farmers.

No plans for Canada to retaliate against US for 3M restrictions

April 05, 2020

Ford announced the mysterious innovation during his daily COVID-19 pandemic press conference at Queen's Park on Friday in response to a question about U.S. "I'll put it up against anyone anywhere in the world", he said on Friday. "In the course of our collaboration with the administration this past weekend, the administration requested that 3M increase the amount of respirators we now import from our overseas operations into the U.S.

Canada won’t retaliate against US ban on medical supplies exports: PM

April 05, 2020

On Friday, American manufacturing giant 3M warned of consequences and retaliatory tactics against the United States, should the Trump administration continue to limit the export of personal protective equipment, intended for frontline medical professionals overseas.

Japan’s SoftBank Withdraws $3 Billion Tender Offer to WeWork

April 04, 2020

Neumann. Japanese global tech investor SoftBank Group said on Thursday it had terminated a tender offer worth up to $3 billion to acquire shares in U.S. Investors had been concerned about its losses and a business model that entails taking long-term leases and renting out spaces for the short term. "Neither SoftBank nor the company can offer any assurances regarding the scope of these investigations, the nature of any actions that these or other regulatory parties will take, or the ...

Hobby Lobby ordered to close stores nationwide

April 04, 2020

Hobby Lobby stores originally closed in OH, but they reopened Monday , according to WOSU. Last month, Hobby Lobby founder David Green, a conservative Christian, reportedly cited the power for God as part of his justification for keeping stores open.

That Stimulus Check? It Could Take 5 Months to Arrive

April 04, 2020

In a memo summarizing conversations with the Treasury Department and IRS - and circulated on Capitol Hill ahead of Mnuchin's announcement - House Democrats on the Ways and Means Committee said the IRS would make payments to roughly 60 million Americans through direct deposits, through the information on their 2018 and 2019 tax returns, and that the agency would begin issuing paper checks to individuals three weeks later, in early May.

Boeing to offer staff voluntary layoffs, early retirement

April 04, 2020

It means working hard to meet commitments to our defense and space customers. "We will need to balance the supply and demand accordingly as the industry goes through the recovery process for years to come", he told employees. Details regarding employee eligibility were not provided, however. In his letter outlining what Boeing calls its voluntary layoff plan, Mr. Calhoun said: "This move aims to reduce the need for other workforce actions".

Prison staff talk inmate transfers amid virus

April 04, 2020

Taylor was tested at the hospital for COVID-19, but those test results have not yet been returned, according to the release. The BOP reported lower coronavirus figures for Oakdale , saying seven inmates and three staffers have been diagnosed.

Schumer 'appalled' over Trump letter: 'Stop the pettiness'

April 04, 2020

Trump's tweets apparently came in response to a tweet from Schumer, in which the senator echoed local concerns: " President Trump needs to harness industry to quickly produce more medical supplies and equipment under the Defense Production Act NOW", he'd tweeted.

PHL slowdown this year, but recovery likely in 2021 - ADB

April 04, 2020

Sawada said during the launch of the report streamed on the ADB website. However, ADB's growth outlook for the Philippines is still faster than the one percent projected average growth for Southeast Asia region, but a tad slower than the 2.2% growth forecast for Asia.

Target will provide workers masks, gloves, monitor number of shoppers in stores

April 03, 2020

Effective April 4, Target will actively monitor and, when needed, meter guest traffic in its almost 1,900 stores nationwide to promote social distancing. Shoppers with Shipt, the Target-owned same-day delivery service, will also be able to access these items. Target is continuing to provide guidance to encourage its team members to practice healthy hygiene habits, as recommended by the CDC, including asking them to stay at home if they are sick.

Disney to furlough some employees, waive annual pass fees

April 03, 2020

More than half of its workers are covered by a union contract. These efforts follow the recent donation of more than 270 tons of food to local food banks from Walt Disney World Resort, Disneyland Resort, Disneyland Paris, and Aulani, A Disney Resort & Spa.

Many Americans may have to wait months for coronavirus relief checks

April 03, 2020

The Treasury Department official said it is building a web portal for Americans to provide direct deposit information if it's not on file with the government. Economic impact payments will be made available throughout the rest of the year for those who haven't filed a tax return and are concerned about visiting a tax professional in person.

United Kingdom plugs loan gap for firms teetering under coronavirus strain

April 03, 2020

The Chancellor will also look to make it easier for firms to access these loans by scrapping a requirement that they have to prove they have no other means of funding. It comes after research on Wednesday warned that almost a million small firms could run out of cash within the next four weeks despite the Government's emergency loans scheme.

FTSE 100 slides on weak PMI data, bank dividend halt

April 03, 2020

The regulator asked banks to arrange for payments, and especially bonuses, at a " conservative level ". Shares in Britain's biggest banks fell heavily on Wednesday morning after they became the latest to scrap billions of pounds in dividends , as businesses scramble to save money by stopping payments to shareholders amid the coronavirus outbreak.

Wages, furlough and lay-offs: Citizens Advice on workers' rights during coronavirus lockdown

April 03, 2020

The payment of 80% of basic salary cost, plus employers NI and statutory pension provision is a very welcome support in this hard time, albeit with the lag of payment which will impact cashflow. As this is a contractual change, you do need your team to sign agreement, ideally electronically at the moment. The government expects organisations receiving public funding to pay their staff to continue doing so, meaning they should not put their employees on furlough.

China's Asymptomatic Coronavirus Case Numbers Don't Tell the Whole Story

April 02, 2020

A worker in a protective outfit checks the body temperature of a woman at the entrance of a bank in Wuhan , China. The coronavirus outbreak began in China in late 2019 but Beijing has reported fewer cases and deaths than in the USA, which now has the world's largest outbreak, with 215,000 confirmed cases and more than 5,000 deaths.

U.S. futures are rising ahead of unemployment numbers

April 02, 2020

Last week was " the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series , the DOL said". A person sweeps outside the New York State Department of Labor offices, which closed to the public due to the COVID-19 outbreak in Brooklyn, New York City, on March 20, 2020.

Coronavirus: Oil prices rise on hopes of a price war truce

April 02, 2020

Oil industry sources in the kingdom said that the country's leadership was now in favour of working with other oil producing nations to reduce output, in an effort to boost prices by creating scarcity. The API, many of whose members operate globally, has said in the past it opposes trade tariffs because it can complicate projects and business relationships in other countries.

British Airways suspending flights from London’s Gatwick

April 02, 2020

British Airways is one of the airlines helping the government to bring home hundreds of thousands of British people stranded overseas. Those affected will receive some of their wages through the government's coronavirus job retention scheme.

Million File For Unemployment, Another Dismal Record

April 02, 2020

More than 6.6 million people filed jobless claims in the week ended 28 March, the Department of Labor said. The previous week's level was revised up by 24,000 to 3,307 million. The massive surge in jobless claims drove down U.S. stock futures. "When you look at the number last week and this week and take those together that's roughly a 6 percentage-point rise in the April unemployment already, and we have a few more weeks to go for the April employment report", Michael Gapen, chief USA ...

Saudis flood crude markets, defying Trump's plea to end price war

April 02, 2020

Saudi Arabia's crude supply rose on Wednesday to a record of more than 12 million barrels per day, two industry sources said, despite a plunge in demand and US pressure on the kingdom to stop flooding the market. Saudi Arabia has hundreds of millions of barrels of crude in storage inside the kingdom and overseas. Riyadh has already loaded three supertankers that are likely to head to the U.S., and it's loading a fourth right now, according to oil market intelligence firm Vortexa Inc.

Manufacturing posts sharpest ever monthly fall in March

April 02, 2020

The EUR/USD pair has resumed its decline this Wednesday, as the pandemic gloom and doom continues to favour the American currency. As of 10:37 am in London, the AUD/USD was trading at $0.607, down 1.4135% and off the earlier trough of $0.60516 while the high for the session was set at $0.61616.

Oil Prices Fall As Oversupply Fears Mount

April 02, 2020

OPEC+ failed to reach an agreement on further production cuts to shore up sagging prices as the coronavirus battered the global economy last month. On Monday, Saudi Arabia said it would increase exports further to a record 10.6 million barrels per day from May, deepening a global supply glut as crude recorded its biggest monthly and quarterly price plunges in history.

Marriott Suffers Second Breach Exposing Data of 5.2 Million Hotel Guests

April 02, 2020

The breach was not as massive as the previous November 2018 attack that where passport numbers and credit card information were revealed for roughly 400 million guests, according to CNN Business . The company has already informed any affected customers via email and has also set up a dedicated portal along with a call centre to help customers find out if they were impacted.

Costco Limiting the Number of Members in Its Stores

April 02, 2020

Costco warehouses will be changing their hours for safety reasons during the coronavirus outbreaks. Costco previously announced its stores will close at 6:30 p.m. The pharmacy will be open, but the food court will be closed during those hours. Like many stores, the warehouse retailer has been limiting the number of select items customers can buy at a time, including toilet paper, paper towels, disinfectant wipes and hand sanitizer.

China's service sector activity expands in March after virus shock - official PMI

April 01, 2020

The purchasing managers' index (PMI) for China's manufacturing sector firmed up to 52 in March from 35.7 in February, the National Bureau of Statistics (NBS) said Tuesday. He said a basket of stimulus measures is needed to get the economy back on track. The boost reinforces the argument that holds as long as the USA economy remains in question, China will seek to enter the perceived power vacuum created during the pandemic - likely at the expense of US manufacturing and supply ...

Coronavirus: Oil price collapses to lowest level for 18 years

April 01, 2020

Oil prices also suffered losses after Saudi Arabia, the leader of the Organisation of Petroleum Exporting Countries, failed to reach an agreement with Russian Federation for an extension of production cuts beyond March. "They're not willing to invest additional funds in an industry that's under such significant pressure", Lipow said. "The unprecedented pace of demand destruction has forced the hand of refineries, on a global level, to issue run cuts, leaving barrels from the U.S.to the North ...

Gas prices continue to drop, lowest in WI under $1 per gallon

March 31, 2020

Gas Buddy, a price-checking phone app, listed Gas USA's prices as one of the lowest in the area Tuesday morning, with only EXBO, a gas station down the road at Bellaire Avenue and West 117th Street, matching Gas USA's 99.9 cents price tag. "The state average is down 45 cents since March 1", said Megan Cooper, spokesperson, AAA - The Auto Club Group. The national average fell 10.1 cents per gallon in the past week to $1.97 per gallon.

Coronavirus: S&P 500 headed for worst first quarter since 1938

March 31, 2020

Stocks rose for the fourth time in five days, with all 11 S&P industry sectors ending higher, as investors looked past dismal US economic data: Dow +3.2%, S&P 500 +3.3%, Nasdaq +3.6%. The Dow is now up 20 percent from its coronavirus sell-off low on March 23, while the S&P 500 has grown more than 17 percent from those levels.

Coronavirus causes global condom shortage

March 31, 2020

It's unclear what impact, if any, this shortage may have for use here, but in this case, it's not America that matters, it's many countries that need condoms for reasons of global health and that's why we should be concerned. "The good thing is that the demand for condoms is still very strong because like it or not, it's still an essential to have", Goh added. The opposite main condom-producing worldwide locations are China, the place the coronavirus originated and ended in fashionable ...

Carnival's Cunard extends suspension of cruises to May 15

March 31, 2020

The company previously paused operations due to the COVID-19 pandemic, which has now been extended from April 14 to May 14, due to the continued port closures and travel restrictions surrounding global health concerns. Guests will be contacted and be able to choose either a full refund or a future cruise credit for 125 per cent of the booking value, along with a $250 shipboard credit, says a release from the company.

Air Canada Provides Update in Response to Covid-19

March 31, 2020

It's not clear how many pilots will be affected by the decision, but last week the Air Canada Pilots Association reached a deal with the airline to reduce pilot pay, allow pilots to retire earlier and plan for a maximum of 600 redundancies in the coming months.

Deep recession: Singapore eases monetary policy as virus slams economy

March 30, 2020

Instead of using interest rates, trade-reliant Singapore manages monetary policy by letting the local dollar rise or fall against a currency basket of its trading partners. The MAS's move comes days after Deputy Prime Minister Heng Swee Keat unveiled a second fiscal support package of S$48 billion (US$33.6 billion) for businesses and consumers, bringing the total stimulus delivered this year to about 11 percent of gross domestic product.

Salem Amazon warehouse employee tests positive for coronavirus

March 30, 2020

A few days ago, it was reported that a worker at an Amazon distribution centre in NY tested positive for the virus. Some workers have complained that Amazon is not doing enough to keep employees safe. Previously, Amazon's emergency paid leave was exclusively available for employees who'd received a positive covid-19 diagnosis, a task that may be simple elsewhere but has been complicated by widespread testing shortages here in the U.S.

Trudeau says he's 'proud' Canadians stepping up to challenge of COVID-19

March 30, 2020

A press release detailing the new measures also said the restrictions would require all air operators and intercity rail companies to do a "health check", and screen their passengers before they come on board. In his latest public address, Trudeau said the Government of Canada would be allocating an additional $66.5-million to help seniors, kids, as well as those facing homelessness.

Macy’s to furlough most of its 130K workers amid coronavirus shutdown

March 30, 2020

Retail store giant Macy's said the coronavirus is causing a "heavy toll" on their business, which has made them had to make a hard choice when it comes to their store employees. The department store chain added that there would be fewer furloughs in its digital business, which is still operational, supporting distribution centers and call centers.

Gig workers are set to strike today demanding better protection from coronavirus

March 30, 2020

Grocery delivery startup Instacart's delivery workers were set to begin a work stoppage Monday to press safety demands, as a walkout was planned by employees at an Amazon warehouse said to be the site of coronavirus infections. Whole Worker, an organization representing Whole Foods employees with hopes to unionize, announced over the weekend that workers at the Amazon-owned grocery chain are encouraged to participate in a nationwide "sick-out" starting Tuesday, March 31.

Mnuchin: Americans will begin to see checks 'within three weeks'

March 30, 2020

Treasury Secretary Steven Mnuchin said eligible Americans will receive direct-deposit payments as part of the $2.2 trillion rescue bill " within three weeks ". White House economic adviser Larry Kudlow talks to media outside the White House in Washington on September 26, 2019. "That's a combination of small business loans that will be available this week" and checks to households which he called "bridge checks".

Microsoft pulls out of AnyVision facial recognition startup

March 30, 2020

At a time when many tech companies are pouring money into facial-recognition research, Microsoft is selling off its investments into the technology. Microsoft's stance against unchecked use of facial recognition is notable as other tech companies like Facebook and Amazon are investing heavily in facial-recognition technologies.

New restrictions on who can be together in public

March 30, 2020

They agreed to a six-month moratorium on evictions for commercial and residential tenancies in financial distress who couldn't meet their commitments because of the COVID-19 fallout. Morrison also advised that those aged over 70, with a chronic illness aged over 60, and Indigenous Australians over the age of 50 should stay at home .

Oil slides as pandemic darkens demand outlook

March 30, 2020

Saudi Arabia and its allies moved to increase crude output in early March after Russia's energy ministry said it could not agree to more cuts in output, leading Riyadh to flood the market and kick off a price war. With the demand now forecast to plunge 15 million or 20 million barrels per day, a 20% drop from past year, analysts say massive production cuts will be needed beyond just the Organisation of the Petroleum Exporting Countries (OPEC).

Detroit Auto Show canceled, center to be used as hospital

March 30, 2020

Originally scheduled for June - the first time NAIAS is taking a mid-year slot instead of the usual January - the show's venue will instead be a field hospital for those infected by the coronavirus. The cancellation of the Detroit auto show follows the closure of the Geneva auto show and the postponement of the NY auto show in the lead-up to the coronavirus outbreak.

Slack is working on a way to call Microsoft Teams users

March 30, 2020

On Tuesday. March 10, Slack hit 10 million simultaneously connected users. Microsoft Teams isn't the only business-focused chat and communications app that's seeing a spike in demand. Amid the rise of Teams, Slack has enjoyed consistent growth and criticized Microsoft for not playing fair in the market and lamented the fact Teams is bundled into Office 365.

Chancellor offers a lifeline to the self-employed

March 30, 2020

Chancellor Rishi Sunak said the payments - up to a maximum of £2,500 a month - would be backdated to March and cover those earning up to £50,000, meaning 95% of the self-employed. "I know the Government has, rightly, said it can't save every business and individual from financial ruin and bankruptcy", he said. Struggling self-employed people will "sleep easier" knowing that the government has finally announced a coronavirus rescue package, GMB union general secretary Tim Roache said.

Australia's $1500 'Job Keeper' payment explained: How it works

March 30, 2020

The scheme will be open to Kiwis on "special category visas" - nearly every New Zealander who has moved to Australia without upgrading to citizenship. So eligibility may be expanded to others, but at the moment many temporary visa holders will be ineligible. Garys turnover will decline by more than 30 per cent, so he is eligible to apply for the JobKeeper Payment for each employee, and pass on $1,500 per fortnight before tax to each of his three chefs for up to six months.

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