Economy / 11

Smithfield Foods shuts South Dakota pork plant on virus fears

April 13, 2020

Tyson, Cargill and other major meat processing companies say they are taking a variety of precautions to keep workers safe, including taking the temperature of everyone entering their plants, adding clear plexiglass shields between work stations and erecting tents for more lunchroom space.

How to receive your $1,200 stimulus payment

April 12, 2020

You can find out more information on the IRS website. The new web tool is for eligible USA citizens or permanent residents that had a gross income that did not exceed $12,200 ($24,400 for married couples) for 2019 and were not otherwise required to file a federal income tax return for 2019 and didn't plan to.

Remdesivir drug shows some positive signs in early coronavirus testing

April 12, 2020

An experimental drug made by Gilead Sciences Inc. showed promising results in a small group of Covid-19 patients , with clinical improvement seen in 84% of recipients within one month of treatment, researchers said Friday. Combined, all three of these factors have been associated with adverse outcomes of COVID-19. "By way of comparison, the 13% mortality observed in this remdesivir compassionate-use cohort is noteworthy, considering the severity of disease in this patient population", ...

Amazon Workers Plan Walkout After Staten Island Warehouse Reports COVID-19 Case

April 12, 2020

New York Attorney General Letitia James called Smalls's firing "disgraceful" and added that her office was "considering all legal options" and was calling for the National Labor Relations Board to investigate . "This is unacceptable and we have terminated his employment as a result of these multiple safety issues". Smalls, however, pointed out that there are procedures typically followed in firing employees that were skipped in his case.

Three Covid-19 patients discharged from hospital

April 12, 2020

The top medical body on Thursday also updated its testing strategy for Covid-19 to allow tests for people in health ministry-designated "hotspots" or "clusters" who show influenza-like symptoms. Currently, COVID-19 convalescent plasma is regulated as an investigational product in the USA, and hospitals and medical facilities need to collect the plasma from an FDA-registered blood establishment.

Games and Tips for Holding Virtual Egg Hunts

April 11, 2020

Open Polo Championship at International Polo Club Palm Beach on April 20, 2014 in Wellington, Florida. ABCya offers a simple egg hunt, ideal for younger children and their parents looking for something to keep them entertained. The eggs are not visible, but with each click an encouraging message shows up to tell the child if they're getting warmer or not in their search. A Texan church organized an egg hunt in the popular online game Minecraft so families could participate from the ...

Stocks open higher, Dow and Nasdaq both up 1.1%

April 11, 2020

That's led some investors to envision the other side of the economic shutdown that is gripping the world as authorities try to slow the spread of the virus. More than 1.4 million cases of COVID-19 have been confirmed around the world, with more than 419,000 of them in the United States. A Reuters poll of economists said a global recession would be deeper than previously thought, although most clung to hopes for a swift rebound.

France rules Google must pay news firms for content

April 11, 2020

Google said that since the new copyright law came into force in France a year ago it had been "engaging with publishers to increase our support and investment in news". Once remuneration has been decided, Google will need to pay publishers retroactively going back to October 2019. "In these conditions, in addition to their referral to the merits, the seizors requested the order of provisional measures aimed at enjoining Google to enter in good faith into negotiations for the ...

Tesla Launches Model 3 Long Range RWD in China

April 11, 2020

On March 20, Tesla CEO Elon Musk said in a tweet responding to reporter Ed Ludlow that he and engineers from his companies-he's also the CEO of SpaceX and the Boring Company-were already working on ventilators to help with national shortages that have arisen thanks to the COVID-19 pandemic .

California woman arrested for allegedly licking almost $2G in grocery store items

April 11, 2020

A California woman has been arrested after she allegedly licked a cart full of groceries, sparking panic amidst the COVID-19 pandemic. The suspect then licked the jewelry and began to load her cart with merchandise. In recent weeks, amid the pandemic, several other grocery stores in the USA have had to dispose of produce after it was licked and coughed on by customers.

European Union finance ministers agree coronavirus rescue deal

April 11, 2020

Officials said Merkel also asked Rutte to stop blocking the deal, meant to provide a safety net for governments, companies and people against the deep recession the pandemic is expected to cause this year. In addition to the eurozone rescue fund, the EU ministers agreed 200 billion euros in guarantees from the European Investment Bank (EIB) and a European Commission project for national short-time working schemes.

Allstate and other auto insurers giving money back to drivers

April 11, 2020

A spokeswoman for Allstate said customers can choose how to receive the payback, either through a check, credit on a credit card or applied to future premiums, by logging onto the company's app. Robert Hunter, director of insurance for the Consumer Federation of America. The insurer said customers do not need to take any action to receive this credit.

Virus shutdowns erode U.S. inflation in March

April 11, 2020

Economists polled by Reuters had forecast the CPI dropping 0.3 per cent in March and climbing 1.6 per cent year-on-year. Falling gasoline, hotel and airfare prices pushed USA inflation down in March, according to government data released Friday, as the coronavirus outbreak kept people at home.

International Monetary Fund chief flags up grim global economic forecast

April 11, 2020

Guterres appealed for a global halt to conflicts to concentrate on the COVID-19 fight. Now the expectation is that over 170 nations will have negative per capita income growth this year. Georgieva said as the health crisis hit vulnerable people hardest, the economic crisis was expected to hit weak countries hardest. The IMF head said it was essential to act decisively and in a coordinated manner to protect both lives and livelihoods from the fallout of the CCP (Chinese Communist Party) ...

COVID-19: B.C. loses more than 132,000 jobs in March

April 11, 2020

Some economists were suggesting Thursday that not all lost jobs will make a return once the pandemic subsides, which could dash hopes of a V-shaped economic recovery. But data released April 9 reveals the worst is yet to come. The country was now at its lowest employment rate since April 1997. The region's labour force shrank by 11,600.

Coronavirus Stimulus Checks Start Coming Next Week

April 11, 2020

Social Security beneficiaries, on the other hand, do not need to take any action. The amount you receive will also decrease if you made between $75,000 - $98,000, and if you made more than that, you won't see any money from the government at all this year, even if you lost your job in the last few weeks.

Stocks jump again after Fed announces $2.3 trillion coronavirus loan program

April 10, 2020

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses , state and city governments - made possible in part by Treasury funds set aside in the government stimulus package.

Top oil producers except Mexico agree to output cuts: OPEC

April 10, 2020

Trump, who has said USA output was already falling due to low prices, warned Riyadh it could face sanctions and tariffs on its oil if it did not cut enough to help the US oil industry, whose higher costs have left it struggling with low prices.

Coronavirus job retention scheme portal set to go live on April 20

April 10, 2020

Image caption Saj Devshi changed jobs after the February 28th cut-off date and doesn't qualify to be furloughed by his new employer. To qualify for payment under the JRS, an employee must be furloughed for a minimum of three weeks. If the employee continues to work, even reduced hours, they are not eligible for the scheme. The Resolution Foundation suppose tank calculates that if that sample is repeated throughout the financial system, then a minimum of a 3rd of personal sector staff - ...

Fed ramps up lending with new $2.3T program

April 10, 2020

The programs the Fed announced Thursday includes establishing a Municipal Liquidity Facility that will offer up to US$500 billion in lending to states and municipalities . The Fed also is backstopping the new Paycheck Protection Program launched last week as part of the massive $2.2 trillion rescue package the Congress approved late last month.

Tesla will cut employee salaries as much as 30% to reduce costs

April 10, 2020

Under the new regime, these groups of workers will still receive healthcare benefits, while "certain employees will be assigned to critical functions and they will continue to report onsite". Tesla mentioned it planned to resume normal operations on May 4, barring any vital changes, in line with an email, sent to USA workers by in-house counsel Valerie Capers Workman.

Canada loses over a million jobs because of coronavirus

April 10, 2020

The Conference Board of Canada estimate more than 26,000 energy-related jobs will be lost over March and April due to both the COVID-19 pandemic and a crash in world oil prices. The March report, based on a survey of households from March 15 to March 21, may be just a preview of even uglier numbers in the coming months as the economy heads for possibly its sharpest downturn since the Great Depression.

Coronavirus Outbreak: IMF anticipates sharply negative economic growth fallout since Great Depression

April 10, 2020

The head of the International Monetary Fund has warned that all but a handful of the organisation's 189 member states will suffer falling standards of living this year as a result of the worst global economic crisis since the 1930s. "Lifelines for households and businesses are imperative" to "avoid a scarring of the economy that would make the recovery so much more hard". "The bleak outlook applies to advanced and developing economies alike".

Fed Offers $2.3 Trillion In Loans To Businesses, Local Governments

April 10, 2020

The money will target American households and businesses , as well as local governments besieged by the coronavirus outbreak. "The Main Street Business Lending Program will make a significant difference for the 40,000 medium-sized businesses that employ 35 million Americans", Mnuchin said.

European Union talks for coronavirus rescue package stall after 16 hours

April 10, 2020

European Union finance ministers were mired in marathon talks on Wednesday unable to bridge differences on how to rebuild their economies after the coronavirus , with a North versus South split on burden-sharing for hard-hit countries. Diplomats signalled that talks faltered on how to use the so-called European Stability Mechanism (ESM ) bailout fund to help countries. "After 16h of discussions we came close to a deal but we are not there yet".

Number of Nebraskans filing for unemployment benefits continues to rise

April 09, 2020

In New York, Lou Benavides, who works in the music industry, has tried for weeks to register for jobless benefits, but can not reach the Labor Department to finish processing his claim. The US Federal Reserve on Thursday launched $2.3 trillion of new financing facilities to support the economy, particularly businesses, households and state and local governments facing a cash crunch.

Walmart Faces Lawsuit Over Worker's Death From Coronavirus Complications

April 09, 2020

The 51-year-old man died on March 25 and was a 15-year employee of a Walmart store in Evergreen Park, Illinois , where he worked as an overnight stock and maintenance employee, CNBC reported . Walmart said it will continue to put signage in stores to remind customers of the need to maintain social distancing - especially in lines. Contact: Tony S.

Canada lost more than one million jobs in March, unemployment at 7.8%

April 09, 2020

The national unemployment rate sat at 5.6 per cent in February but according to Statistics Canada the economy has lost 1,011,000 bringing the national rate to 7.8 per cent. Canada's labor market sustained a historic drubbing in March as the nation reels from the widespread devastation of the coronavirus pandemic. BC's unemployment rate climbed from 5 percent in February to 7.2 percent last month.

WTO chief: Covid-19 may cause deepest economic crisis ‘of our lifetimes

April 09, 2020

There were a wide range of possibilities for how trade would be hit by the "unprecedented" health crisis, it added. A 2019 file photo shows the sign outside the World Trade Organisation headquarters in Geneva , Switzerland. Mr Azevedo stated trade would be an essential ingredient in the financial restoration after the disaster. A pedestrian with a mask passes in front of the European Commission and Council headquarters in Brussels , Belgium, yesterday.

Ottawa adjusts wage subsidy program, offers help to job-seeking students

April 08, 2020

Global air travel has dropped to record lows, with passenger volumes at Canadian airports decreasing by 96 per cent year over year for the week starting March 30, despite thousands of travellers returning home on repatriation flights, according to the Canada Border Services Agency.

Twitter CEO Jack Dorsey to Pledges $1B Toward Coronavirus Relief Effort

April 08, 2020

Dorsey closed his announcement by saying he hopes his decision "inspires others to do something similar". "So let's do everything we can today to help people now". Square's stock dipped about 2% in early after-hours trading. Last week, Amazon CEO Jeff Bezos donated $100 million to US food banks helping feed out-of-work Americans.

Australia announces free childcare for six months

April 08, 2020

PRIME Minister Scott Morrison says he expects Australian children to return to school after the coming school holidays. Under the plan, the government will pay 50 per cent of each childcare centre's fee revenue, but only on condition the centre remains open and does not charge families for care.

Google releasing location data to track movements during Covid-19 lockdown

April 08, 2020

The worst thing is that there is no cure available for this disease. Italy: The country, which has seen the highest number of deaths globally, has imposed near-total lockdowns on public life, and the data reflects that. Within countries, there were wide gaps in behavior by region. Residential trends have risen 12 percent from the baseline. Google said it published the reports to avoid any confusion about what it was providing to authorities, given the global debate that has emerged ...

Logan's Roadhouse temporarily closes all restaurants, fires all employees

April 08, 2020

Then on April 1, the bankruptcy court supervisors fired the company's CEO and CFO for paying $7 million in state sales taxes without the approval of the court, according to a filing. The terminations impact almost 18,000 employees. RestaurantBusinessOnline , a website that covers the restaurant business, reported Logan's employees, now furloughed due to the coronavirus pandemic, have been terminated.

Coronavirus: Stocks rise across global financial markets amid slowing deaths, stimulus packages

April 08, 2020

A worldwide rally gained steam on Wall Street Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas. "Since this is a public health crisis, the response has been extreme", Morgan Stanley strategists wrote in a report. Japan's government on Tuesday formally announced a 108 trillion yen ($1 trillion) package for the world's third-largest economy.

The Canada Emergency Response Benefit has officially launched

April 07, 2020

Prime Minister Justin Trudeau did not say how many people have thus far not been approved for the Canada Emergency Response Benefit , which offers $500-a-week payments for workers who have lost all their income during the COVID-19 crisis. Trudeau said distancing measures created to limit the spread off COVID-19 will likely remain in place for weeks or even months. Trudeau said Monday that Canadians now working 10 hours or less would soon be able to apply for the benefit, which currently ...

Luckin Coffee : Loan to Luckin Chairman Could Cost Banks Millions

April 07, 2020

The China Securities Regulatory Commission (CSRC) said on Friday it would investigate the case in line with any global investigation and strongly condemned any financial misconduct. Shares soared by more than 50 per cent during initial trading. Founded in June 2017, Luckin's IPO had attracted a number of prominent US investors, including hedge funds.

Oil Price Rises Above $34, As OPEC Meets, Today

April 07, 2020

USA crude CLc1 traded down 2.41 US dollars a barrel, or 8.5 percent, at 25.93 US dollars a barrel. The Organisation of Petroleum Exporting Countries ( OPEC ) and its allies, led by Russian Federation, are working on a deal for an unprecedented production cut equivalent to about 10 per cent of global supply, an OPEC source said, according to Reuters .

Japan Prepares For State Of Emergency To Tackle Coronavirus Pandemic

April 07, 2020

Japanese Prime Minister Shinzo Abe pledged on Monday to roll out an unprecedented economic stimulus package, equal to 20% of economic output, as his government vowed to take "all steps" to battle deepening fallout from the coronavirus. Seven regions will be affected: Tokyo , neighbouring Chiba, Kanagawa and Saitama, the western hub of Osaka and neighbouring Hyogo, and the southwestern region of Fukuoka.

Tesla Is Making Ventilators Using Model 3 Infotainment System

April 07, 2020

Tesla says there is still a lot of work to do, but the company has already delivered 1,000 traditional ventilators from Medtronics, with that work going on in parallel. "There's so many pieces [to creating these devices], that some are coming on line in days, some in weeks and some in months", Mike Kesti, 3M's global technical director of personal safety, told The Washington Post in March.

Japan to declare state of emergency for Tokyo, other areas

April 07, 2020

The governors of the prefectures will have the powers to close schools and businesses, but the authorities will not have the legal authority to order citizens to stay at home. The document says the government and the Bank of Japan need to share a sense of crisis and closely cooperate with each. The Japanese PM's approval rating fell by 5.7 points from last month to 43.2%, the survey showed.

Lockdown- No, Emergency- Yes: How Japan plans to handle coronavirus

April 06, 2020

Prime Minister Viktor Orban said Monday that the measures would reallocate some 18% to 20% of Hungary's state budget, or as much as around $32 billion, while raising the budget deficit from 1% of GDP to 2.7%. With the increase in cases in Tokyo , there have been growing calls from Tokyo's governor and groups representing medical professionals for the central government to call for a "state of emergency ".

Oil prices drop as Saudi Arabia and Russian Federation postpone their meeting

April 06, 2020

Crude oil prices crashed below the budget benchmark price of $57 per barrel to less than $20, even as the impact of the coronavirus pose a grim prospect of looming recession. West Texas Intermediate crude down 3.63 percent at $27.31 and Brent crude losing 2.05 percent to trade at $33.41. OPEC + is now working on a deal to reduce crude oil production by about 10% of global oil supply, or 10 million barrels per day.

COVID-19: Oil Prices Fall As Doubts Grow Over Output Cut Deal

April 06, 2020

Oil diplomats are trying to stitch together a meeting of G-20 energy ministers for Friday, part of an effort to bring the USA on board, according to two people familiar with the situation. "If the Americans don't take part, the problem that existed before for the Russians and Saudis will remain - that they cut output while the U.S. ramps it up, and that makes the whole thing impossible", said Fyodor Lukyanov, head of the Council on Foreign and Defence Policy, a research group that advises the ...

Amid coronavirus crisis, Apple starts making face shields for doctors

April 06, 2020

Apple is working with medical professional sand government officials across the U.S. to determine where the shields are most needed, and is looking to expand distribution beyond the United States soon. The company is sourcing materials and manufacturing in both the USA and China, Cook said in a video post message on Twitter. "We hope to quickly expand distribution beyond the United States".

Walmart Limiting Customers, Making Aisles One-Way

April 06, 2020

The Frisco Walmart is almost 72,000 square feet according to the Summit County Assessor's website , meaning no more than 360 people would be allowed in the store at a time. The company says the goal is to promote social distancing and keep customers from coming into close contact with each other. The coronavirus has infected 1.1 million people worldwide, including 278,000 in the United States, according to the latest data from Johns Hopkins University .

UK firms fall deeper into record-breaking slump: March PMIs

April 06, 2020

The survey is compiled from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers. The pound fell on Friday as a business survey pointed to the steepest downturn in decades for Britain's economy, with the coronavirus wreaking havoc for firms.

Dow Jones plunges for 2nd straight day on coronavirus fears

April 06, 2020

In a sharp shift from earlier in the year, when confidence in highflying technology companies and corporate earnings results helped push major US indexes to new heights, shares of tech companies within the S&P 500 were punished as major indexes tumbled from records at a breathtaking pace.

Liverpool challenged by Spirit of Shankly fan group over staff furlough

April 06, 2020

The news was not well received as former players Jamie Carragher and Dietmar Hamann slammed the club on Twitter for its immoral action. "On Saturday 4 April, LFC announced they are to furlough non-playing staff". "Our belief is that no million-pound plus profit-making organisation should be relying on taxpayer subsidies in times of crisis, yet football as a money-making industry has been singled out".

Ryanair expects ‘minimal if any’ traffic for two months

April 06, 2020

RYANAIR HAS SAID it expects to carry "minimal if any" traffic this April and May as the coronavirus pandemic forces its fleet to stay largely grounded. "This is due to the response of European Union governments to the spread of the Covid-19 virus, which have since mid-March included widespread flight bans and travel restrictions , which have closed Europe's skies to all but a tiny number of rescue and medical flights", it said.

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