Economy / 8

New CARES Act Funding Approved More Money for PPP

April 25, 2020

But, due to pressure from Democrats, the amount was increased to include $320 billion for PPP and $60 billion for the Economic Injury Disaster Loan programme. Senator Ben Cardin, the top Democrat on the Small Business Committee, said the SBA's new guidance is a "welcome step in the right direction to ensure that the most vulnerable small businesses can receive the capital they need".

Ottawa to provide commercial rent relief for small businesses

April 25, 2020

Some businesses have expressed previously that - even if rent relief comes in April - it was already too little, too late for many of them as the lack of business and expensive rents in urban areas like Vancouver have already driven them out of business.

Amazon employees plan additional protests over COVID-19 working conditions

April 25, 2020

Amazon warehouse workers' demands have been wide-reaching. But it has also faced labor unrest, with hundreds of Amazon workers planning a mass call out throughout this week over claims the company has placed warehouse staff at "increased risk and exposure" to coronavirus.

Remdesivir Study Ended Early With No Improvement for COVID-19 Patients

April 25, 2020

Considered the gold standard of medical studies, a placebo-controlled trial would see one group of patients given the drug alongside a control group of patients receiving the same treatment but a placebo instead ("double-blind" means neither patients nor doctors know who has been given the placebo).

Small business loans to restart on Monday, Rubio says

April 25, 2020

Congress passed a relief bill that President Donald Trump signed Friday with more funding for the program and a separate disaster loan and grant initiative whose funding also expired last week. "It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification", the guidance says.

Virtual reality startup Magic Leap cutting large portion of staff

April 24, 2020

Citing COVID-19, CEO Rony Abovitz wrote in a blog post that the company needed to shift focus to enterprise applications of its technology. We can now add Magic Leap to the long list of companies laying off employees during this very trying time.

GDOL: Employer filed claims dominate record-setting claims numbers

April 24, 2020

Even though fewer people filed claims than the week before, the national number is still more than six times what the weekly record was before this March - when 695,000 Americans filed claims in one week of October 1982. "All else equal, job losses of this magnitude would translate into an unemployment rate of 18.3%", Heidi Shierholz, senior economist at the Economic Policy Institute, wrote in a note Thursday.

SAP's Christian Klein Continues As CEO, Jennifer Morgan Departs

April 24, 2020

Klein will assume full responsibility as CEO and remain a member of the supervisory board. The decision was made earlier than previously planned in order to ensure strong, unambiguous steering in times of an unprecedented crisis, said SAP.

European Union seeks multi-trillion euro fund to recover from coronavirus

April 24, 2020

French President Emmanuel Macron afterward warned that the European project had no future if member states failed to provide enough aid, Reuters reported. On Thursday morning, Michel tweeted that for the bloc's economic recovery, Europe's single market need to be revitalised, through investments in the Green and Digital transitions and through ensuring EU's strategic autonomy.

Moe outlines details of Re-Open Saskatchewan

April 24, 2020

Moe said on Thursday he and Dr. Shahab will outline which businesses and services will be included in each phase of the Re-Open Saskatchewan Plan, along with dates in May when the first couple of phases will begin. As examples, the organization said transit ridership was down because people were being told to stay home. Phase three , which has a date to be determined, will include services such as gyms and fitness facilities, child care facilities, tattoo artists, estheticians, ...

Trump says USA state of Georgia loosening coronavirus curbs too soon

April 24, 2020

But on Wednesday, members of the White House's virus task force revisited the plan and felt it was too soon and would be hard to defend in that afternoon's press briefing. "Do I agree with him [on reopening businesses]?" "I happen to disagree with him", Trump reiterated, adding, "only in timing". The governor appointed Kelly Loeffler to fill an open Senate seat, bypassing Rep.

Tyson Foods to indefinitely stop production at largest pork plant

April 24, 2020

The plant can process about 19,500 hogs per day, accounting for almost 4 percent of USA pork-processing capacity, according to the National Pork Board. "While we understand the necessity of keeping our facilities operational so that we can continue to feed the nation, the safety of our team members remains our top priority", said Steve Stouffer, group president of Tyson Fresh Meats.

Another 4.4 million Americans filed for unemployment benefits last week

April 23, 2020

Several of Kentucky's border states, including West Virginia, Tennessee and Virginia, were some of the least-impacted, according to SmartAsset's analyis . Though some state governors have indicated that they plan to lift lockdown restrictions and allow non-essential businesses to open as early as the end of the month, others have indicated restrictions could remain in place through the end of May.

Japan's coronavirus shutdowns pummel service, factory sectors: PMIs

April 23, 2020

This was "overwhelmingly attributed to the Covid-19 pandemic", the data provider said. Stocks and other risky assets barely batted an eyelid on the PMIs, most of which is made up of backward-looking data, as caution set in ahead of a Eurogroup meeting to discuss joint stimulus measures.

Coronavirus: US unemployment claims hit 26.4 million

April 23, 2020

It means coronaviris has effectively wiped out the 22 million jobs created during a prolonged employment boom which began in September 2010 and screeched to halt in February when the disease crossed into the USA. workforce. Instead, it looks for a drop in activity, spread across the economy and lasting more than a few months. The latest data suggests these new jobs have been wiped out in just five weeks.

More than 4.4 million file new unemployment claims

April 23, 2020

More than 4.4 million Americans filed unemployment claims last week, the U.S. Department of Labor reported Thursday. The latest data brings the cumulative unemployment benefits claims to more than 26 million since the week ending March 21, representing about 16 percent of the U.S.

Trump disagrees with Georgia's push to re-open economy

April 23, 2020

He also said that he would not stand in his way. It's safe to say Cardi B thinks it's too early to reopen businesses. Kemp said his decision was not "reopening for 'business as usual'". Trump claimed that Redfield had been "totally misquoted" by the media. Studies have suggested that at least several times more people have been infected and are contagious without showing symptoms, which makes this coronavirus particularly hard to contain.

CME Group preparing for possibility negative oil prices persist

April 23, 2020

Wednesday's surge came after US President Donald Trump threatened to shoot at Iranian boats in a key waterway for crude shipments after Washington accused its arch-foe of harassing its ships in the Gulf. Also on rt.com Blame game, oil edition: ETFs, regulator failure, Wall Street fraud or Covid-19? . The crisis in the oil market caused by the coronavirus was compounded by a price war between Russian Federation and Saudi Arabia.

USA stocks rise amid earnings; crude oil rallies

April 23, 2020

The unprecedented oil market crash this week has put Russian crude under pressure, with the Urals blend falling by nearly $6 to trade below $12 per barrel, according to energy information provider Argus Media. "The markets are still anxious that we will not have freedom of movement, and we will not see demand recover until some time in the summer, and there's a lot of debate", Regina Mayor, global head of energy for KPMG, told Yahoo Finance on Tuesday.

Social Security recipients need to claim $500 check for kids by Wednesday

April 22, 2020

Clark says if you miss the April deadline do not panic. But the agency has revised that guidance and is working with other federal agencies to get the bank account or address for those people so that it can automatically send them the stimulus payments .

Virgin Australia goes into voluntary administration

April 22, 2020

However, Virgin Australia CEO Paul Scurrah says a recent "run" on Velocity points, sparked by initial reports of the airline's request for a $1.4 billion Government bailout, has led to points redemptions being suspended until late May.

Oil price remains under pressure, stock markets stable

April 22, 2020

The S&P index recorded one new 52-week high and no new low, while the Nasdaq recorded 18 new highs and 20 new lows. The S&P energy index tumbled 3.7 per cent after the front-month May US West Texas Intermediate (WTI) contract actually turned negative, with sellers offering US$37.63 (RM164.61) a barrel to any traders willing to take it.

Nigeria's inflation rises to 12.26% in March - NBS

April 22, 2020

The decline was driven largely by lower prices of retail fuel during the month, with the transport sector index falling 8.9 per cent from a year earlier, data from the Statistics Department showed. "Until then, the pass-through of trade restrictions, exchange rate weakening and the recent Value-Added Tax increase to consumer prices would be muted", they said.

Coronavirus: Brent crude hits 1999 lows as oil prices continue to fall

April 22, 2020

People on social media started comparing the price of one barrel of oil against other everyday items. Monday was the final day of market trading for WTI to be delivered in May. Analysts say the worldwide benchmark, Brent crude, is a better reflection of the current state of the market, but prices remain at their lowest level in decades.

Facebook Teams Up With Mukesh Ambani's Jio: Mark Zuckerberg Shares Why

April 22, 2020

In the post-Corona era, I am confident of India's economic recovery and resurgence in the shortest period of time. "Facebook has invested in India based on a strong belief in India's entrepreneurial talent and opportunity, to help create meaningful impact for Indians and Indian businesses using their multiple platforms".

Wall Street opens lower as USA crude collapse adds to pandemic worries

April 22, 2020

The S&P information technology index slumped 4.1%, while the financial index dropped 3.2%. But the data coming in on the economy continues to be dismal, including a Tuesday report that showed the steepest drop for US sales of previously occupied homes since 2015.

IKEA just released its famous Swedish meatball recipe | Dished

April 22, 2020

So while the furniture chain may have temporarily shuttered its doors amidst the novel coronavirus outbreaks, they recently published a homemade meatball recipe for their devoted fans to try in quarantine. "Bon appétit or, smaklig måltid, as we say in Sweden!" Add onion, garlic, breadcrumbs, and egg, and mix. Add milk and season well with salt and pepper.

Stocks drop for a second day as oil wipeout continues

April 22, 2020

The Dow Jones Industrial Average fell 685 points, or 2.9%, to 22,965, and the Nasdaq was down 3.9% The losses accelerated as the day progressed, and they were widespread. However, the benchmark S&P 500 is still 15 percent below its all-time high. Oil demand has shriveled as worldwide lockdowns have kept people at home and businesses shuttered in efforts to contain the spread of the highly contagious virus.

Oil market in turmoil as price falls below zero

April 21, 2020

The Dow Jones Industrial Average fell more than 600 points Tuesday, a drop of 2.6%, after tumbling 592 points, or 2.4%, a day earlier. The S&P 500 index was down 51.40 points at 2,823.16, while the Nasdaq composite was down 89.41 points at 8,560.73.

OPEC, Russia Approve Oil Production Cut Amid Pandemic

April 21, 2020

Only Saudi Arabia was in trouble, with a budget breakeven price of US$84 per barrel of Brent but that was its own fault, a product of the legacy of the aforementioned disastrous price war on shale from 2014 to 2016 and of the various vanity projects and vanity war in Yemen of Crown Prince Mohammed bin Salman (MbS).

UK Government's Furlough Scheme Opens for Applications Today

April 21, 2020

However, with more than nine million people expected to be placed on furlough by employers up and down the country - and around 2.3 million businesses expected to make claims, the current rate of claims could mean one million firms wouldn't be able to make the claims they need in time for paying staff at the end of the month.

Oil trader Hin Leong failed to declare US$800 mil losses

April 21, 2020

The company's trouble is the most recent on to assault to commodity trading community in the country, which is one of the biggest hubs besides Houston, London and Geneva. Both Hin Leong and Ocean Tankers have filed for protection from its creditors under Section 211B of Singapore's Companies Act. The revelations cast further doubt on the future of Hin Leong's marine fuel entity, Ocean Bunkering , which was ranked as Singapore's top and third largest supplier by volume for 2018 ...

Sen. Kelly Loeffler and NYSE hubby to liquidate stock amid trading furor

April 21, 2020

The Daily Beast reported the sales began after she participated in a private coronavirus briefing for senators, prompting heavy criticism for possibly making stock transactions based on information not available to the general public. She faces several challengers in Georgia's November 3 primary for her Senate seat from Representative Doug Collins, a fellow Republican, as well as three Democrats, a Libertarian and an independent.

Negative oil futures don't reflect real price, financial crisis unlikely

April 21, 2020

Negative oil prices on Monday were a "quirk", says one market expert. "BHP, Evraz and Anglo American all fell by more than 5%, alongside similar weakness in oil producers Royal Dutch Shell and BP as the market anxious about commodities demand".

Brent oil collapses after rout in United States oil markets

April 21, 2020

At 11.00 a.m, the S&P BSE Oil & Gas index was trading lower by 2.9 per cent at 11,006. U.S. oil prices crashed below $0 per barrel on Monday, hitting the lowest level since the contract launched in 1983, on warnings that storage could fill up within weeks, according to Financial Times.

'Historic day' as oil futures turn negative; TSX rises slightly

April 21, 2020

Even with what Morgan Stanley analysts estimate has been an $11 trillion response to the coronavirus outbreak by Congress and the Fed ($8 trillion from the Fed and $3 trillion from Congress), it's hard to imagine companies have a value nearly equivalent to what they had in April 2019.

Oil price still below zero as turmoil persists

April 21, 2020

That can cause the price of a futures contract for a given month to be sharply higher or lower than that of the futures contract for the next month. The price of oil in the US has entered negative value for the first time in history. Energy markets are priced based on location. Faced with a supply glut, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russian Federation, known as OPEC+, agreed to cut output by 9.7 million barrels per day (bpd) but ...

USA oil benchmark WTI crashes below zero

April 21, 2020

Since the start of the year, oil prices have plunged after the compounding impacts of the coronavirus and a breakdown in the original OPEC+ agreement. "It's like trying to explain something that is unprecedented and seemingly unreal", said Louise Dickson, oil markets analyst at Rystad Energy. The June futures contract for WTI is trading close to $22 per barrel, but that's still more than 10% down on the day.

Alberta reports four more deaths from COVID-19, 105 new confirmed cases

April 21, 2020

Numerous cases involved multiple connected households in High River, Calgary and Okotoks. The High River plant, which employs more than 2,000 workers, has been linked to over 350 cases of the novel coronavirus , both at the plant and in the community.

Trump will consider blocking Saudi oil imports as USA prices crash

April 21, 2020

President Donald Trump said Monday the US would take advantage of the historic drop in oil prices to buy 75 million barrels to replenish the national strategic stockpile after USA crude oil futures collapsed below 0 US dollars on Monday for the first time in history.

Oil prices rise as Trump calls on OPEC+ to double cuts

April 21, 2020

Asked whether the United States would halt oil shipments from Saudi Arabia as storage space dwindles, the president said only "We'll look at it ... we certainly have plenty of oil, so I'll take a look at that". With people staying home, losing jobs, not traveling or living life in a normal way, oil isn't worth much. The impact will be catastrophic in the energy patch, it's expected more people will lose jobs and small producers that were highly leveraged will go bankrupt.

Virgin Australia to go into administration threatening 15,000 jobs

April 21, 2020

Virgin Australia Holdings Ltd. became Asia's first airline to fall to the coronavirus after the outbreak deprived the debt-burdened company of nearly all income. The airline aims to recapitalise and leave administration "as soon as possible". Administrator Vaughan Strawbridge said in a statement, "We have commenced a process of seeking interest from parties for participation in the recapitalisation of the business and its future, and there have been several expressions of interest so far".

Governors respond to Trump's calls to "liberate" states from virus restrictions

April 20, 2020

US President Donald Trump says he will use the Defense Production Act to increase manufacturing of swabs used to test for the coronavirus . " China's number one. On CNN's " State of the Union " on Sunday, the Republican governor of Maryland and the Democratic governors of Virginia and MI disputed Trump's claims that their states have adequate testing to warrant a reopening of their states.

Zero new cases of COVID-19 in Manitoba announced April 17

April 20, 2020

Three new cases of COVID-19 have been detected in Manitoba, bringing the province's total to 253. "Travel to northern Manitoba (north of the 53rd parallel of latitude) is prohibited with some exceptions, including: residents of northern and remote communities may continue to move within the north; delivery of goods and services may continue; and exceptions include those who travel to the north for employment, medical treatment or to facilitate child-custody agreements", said Dr.

Oil rebounds as traders weigh output cut deal

April 20, 2020

June Brent crude futures rose 26 cents, or 0.8%, at $US31.74 a barrel in Europe. U.S. benchmark West Texas Intermediate crude for May delivery slid 1.7 percent to $22.04. "In 2021, EIA expects USA crude production to decline further by 0.7 million b/d". West Texas Intermediate May crude futures lost $US2.33 on Thursday, or 9.3%, to settle at $US22.76 a barrel after trading as high as $US28.36.

Oil and gas names off worst lows despite plunging crude prices

April 20, 2020

May WTI -41.6% to $10.66/bbl and June WTI -8.2% to $22.97/bbl; June Brent -5.2% to $26.62/bbl. Crude stockpiles at Cushing rose 9% in the week to April 17, totaling around 61 million barrels, market analysts said, citing a Monday report from Genscape.

Oil collapses to two-decade lows amid a flood of crude

April 20, 2020

China saw its second-quarter gross domestic product, pressured by the deadly pandemic, shrink 6.8% year-on-year for the first quarter of 2020, weaker than the 6.5% contraction predicted by analysts polled by Reuters. The German economy is in severe recession and recovery is unlikely to be quick as coronavirus-related restrictions could stay in place for an extended period, the Bundesbank said.

Walmart To Hire 50K More Associates

April 20, 2020

To hire these 150,000 new associates, Walmart has worked with more than 70 companies that have furloughed workers. To keep up with demand and provide jobs for those in need, the retailer also streamlined its process to do one-day hiring "within hours" - picking up an average of 5,000 new associates per day, according to Walmart.

Oil near 18-year low on demand devastation warning

April 20, 2020

April's projected demand loss is far more than the 9.7 million bpd output cuts agreed by the Organization of Petroleum Exporting Countries and allied producers including Russian Federation for the coming two months. How we got here: Lockdowns meant to limit the spread of the coronavirus crushed oil demand. "That's when Saudis promised to increase production and exports significantly and cut OSP by several dollars".

Crude oil prices fall as stocks fill, earnings set to shrink

April 20, 2020

The front-month May WTI contract CLc1 fell $4.79, or 26.2%, to its lowest since March 1999 at $13.48, though the sell-off was exaggerated by the contract's imminent expiry. The June contact declined 5.1% to $23.75. Brent was down just 2.2% to $27.46 per barrel at the same. The Rand, now trading at R18.71/$, fell by nearly 4% since the start of the month - usually, this would mean that imported oil is more expensive.

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