Economy / 49

Crude Oil Rates Rise On Weaker-Than-Expected US Production

April 30, 2020

The more active July contract added 22 cents, or 0.97%, to $22.96 a barrel. According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 9 million barrels from the previous week.

U.S. oil sinks towards $10 as fund sells off holdings

April 30, 2020

Crude prices crashed earlier this month, with global fuel tanking roughly 30% due to efforts to slow the spread of the virus. The United States is now the world's biggest oil producer. Bullish trend continuation may lead the U.S. Oil prices until the 18.19 level. The overall demand for fuel has declined by 28 percent over the past month.

Oil prices claw back losses as storage fills less rapidly than feared

April 29, 2020

Brent crude LCOc1 futures fell to a low of $18.85 and were last down 4.5pc, or 90 cents, at $19.09 a barrel . The more active July contract added 22 cents, or 0.97 per cent, to $22.96 a barrel. Regulators in the USA state of Texas, the country's biggest oil producer, will hold a vote on May 5 on whether to enact output curtailments. Officials in the states of North Dakota and Oklahoma are also examining ways to legally allow output cuts.

US Fed expands lending programme to smaller cities

April 29, 2020

Investors will look to the central bank's statement and chairman Jerome Powell's virtual press conference for clues about how long interest rates will stay near zero as the economy seeks to emerge from coronavirus crisis. US stocks continued to move higher in volatile trading as of noon Wednesday. At 5:20 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were at $14.16 a barrel, up $1.82, or 14.75%.

Boeing CEO Sees Slow Airline Rebound, No Dividend for ‘Years’

April 29, 2020

Boeing Co BA.N CEO Dave Calhoun told employees on Wednesday that the largest USA planemaker is reducing the size of its workforce by about 10% amid a steep fall in travel demand due to the coronavirus pandemic. The preparations reflect Boeing's confidence it can tap the capital markets to strengthen its finances, even as the largest USA planemaker weighs seeking government aid.

Trump Orders Meat Processing Plants To Remain Open

April 29, 2020

Trump on Tuesday told reporters that "there's plenty of supply", but that supply chains had hit what he called a "road block". And we always work with the farmers. Tyson Foods has closed a pork processing plant in Columbus Junction, Iowa, after two people died and at least 148 workers tested positive, as well as a pork processing plant in Waterloo, Iowa, because too many workers have been absent.

US House Speaker Nancy Pelosi endorses Joe Biden for president

April 29, 2020

Perhaps because there are many more people than small businesses and hired by small businesses, as important as it is to the vitality of our economy, and other people who are not in the public sector for meet our needs in so many ways.it may also need help, "she said".

British Airways Could Drop 12,000 Workers as Aviation Demand Plummets

April 29, 2020

We hope that we have succeeded by giving you the full details and information. Currently, said the program is under consultation but "it is likely that they will affect most of British Airways' employees and may result in the redundancy of up to 12,000 of them".

President To Keep Meat Plants From Closing

April 29, 2020

In addition, social distancing is being adhered to, with workstation dividers installed and more break-room space provided, the chairman said . Those stores depend on meat processed at plants around the country that have been ravaged by COVID-19 cases among plant workers.

Trump orders meat plants remain open, despite COVID-19 outbreaks

April 29, 2020

In March, the United Nations warned the emergency threatened global food supply chains, and Tyson Foods' Chairman, John Tyson, warned in a newspaper advert that the supply chain was "breaking" after the firm was forced to shut down some of its major plants.

Google squeaks a mere $6.8 billion profit in Q1 2020

April 29, 2020

Earlier Tuesday, YouTube announced the launch of fact-check information panels for U.S. users who search for specific conspiracy theories and misinformation about the coronavirus outbreak. Neither Alphabet nor Google have ever issued guidance on future results, and they company isn't deviating from that practice now. Its most lackluster showing so far came more than a decade ago in the midst of the Great Recession when revenue during the second quarter of 2009 rose by a paltry 3%.

Ontario unveils three-stage plan to reopen the economy

April 29, 2020

Critics have said the government has fallen short on testing, and Ford has repeatedly expressed frustration with the inability to test more. Progress doesn't mean we can quit now. Ontario's COVID-19 new case count grew faster than its recovery count today. The province has also introduced a $17-billion relief package that includes an influx of cash for the health sector, direct payments to parents, and tax breaks for affected businesses.

IRS stimulus payment recipients lash out against Trump's 'vanity letter'

April 29, 2020

But in the rush to send desperately needed funds to those financially bereft after losing work because of social distancing orders, reports of deceased people receiving errant payments began to surface. Almost 72,000 deceased Social Security recipients received $250 stimulus checks during a previous hasty relief package in 2010 following the 2008 financial crisis, according to an inspector general report .

Small firms eligible for 100% government-backed loans

April 29, 2020

Making the announcement yesterday, the Chancellor said the bounce back loans - which are capped at 25 per cent of turnover and have a streamlined application process - will be available from Monday. But he said he was not prepared to do this as he needed to balance the risk to the taxpayer with the needs of small businesses. Anneliese Dodds, in her first Commons speech as shadow chancellor, said that it was unsettling that figures suggested that "business confidence has taken a stronger ...

President Trump Signs Executive Order to Keep Poultry and Meat Plants Open

April 29, 2020

The United Food and Commercial Workers International Union , which represents 1.3 million food and retail workers, said last week that 13 USA food-processing and meatpacking union workers in the US have died and that an estimated 5,000 are sick or have been exposed to the virus while working near someone who tested positive.

Trump Plans To Beef Up Meat Production After Coronavirus Hits Plants

April 29, 2020

US food banks are facing unprecedented demand from Americans in need of food assistance, as unemployment claims surged to more than 26 million over a five week period starting in mid March. Dairy farmers are dumping milk that can't be sold to processors, broiler operations have been breaking eggs to reduce supplies and some fruit and vegetables are rotting in fields amid labor and distribution disruptions.

COVID-19: Nation's Food Supply Chain Is Breaking, Tyson Chairman Warns

April 28, 2020

Sullivan, of Smithfield, said in a media release earlier this month. The order will also include guidance to minimize risk to workers who are especially vulnerable to the virus, the official said. Ron DeSantis . The order is tied closely to the meat processing issue. Workers process beef at a Tyson plant. The announcement was made on the heels of Tyson closing temporarily a pork processing plant in Waterloo, Iowa last week after more than 180 cases of COVID-19 were connected to the ...

Asian markets mixed as leaders eye lockdown easing but oil sinks

April 28, 2020

Japan expanded a state of emergency this month that asks citizens to stay home and businesses to close, adding to woes for an economy already on the cusp of recession. So did a rise in Treasury yields, which mean bigger profits for making loans. The bank's latest easing measures follow those instituted last month which was the first time the bank rolled out new measures in more than three and half years.

North American stock markets open trading week higher even as oil plunges

April 28, 2020

Powered by a raft of US monetary and fiscal stimulus, all three major stock indexes are now within 20 per cent of their record closing highs, but analysts warn of further losses as economic data foreshadows a deep global recession. A spate of high-profile earnings is expected this week, including Caterpillar Inc CAT.N , Alphabet Inc GOOGL.O , Boeing Co BA.N , Facebook Inc FB.O , Apple Inc AAPL.O , Amazon .com Inc AMZN.O and others.

HSBC's profit plunges by half in first quarter on coronavirus hit

April 28, 2020

It also said fraud could rise during the crisis, leading to "potentially significant" loan loss charges. It also upped loan loss provisions by $2.4 billion to $3 billion attributing the headwinds to coronavirus and oil, citing "a significant charge related to a corporate exposure" - a likely reference to reported recent troubles with oil trader Hin Leong.

Major Boost for Welsh SMEs as New Bounce Back Loans Announced

April 28, 2020

Under the scheme, qualifying small businesses can apply online to borrow between 2,000 pounds and 50,000 pounds as interest-free loans for the first 12 months. "That's why we have introduced a package of measures to support those businesses who are central to our communities". The new scheme follows criticism of existing lending programs, with smaller firms reporting difficulty in getting the money from banks who had to underwrite 20% of the loan's value.

Airbus : Warns Employees That Jet Maker Is 'Bleeding Cash'

April 28, 2020

In the communication Mr Faury says that the company is " bleeding cash at an unprecedented speed " and as a result is looking at all options in order to stem that flow. On Saturday, the United States aviation giant scrapped a $4.2bn (£3.4bn) tie-up with Brazil's Embraer. Greg Waldron, from the aviation industry news website Flight Global, highlighted the huge impact of coronavirus on Airbus and the sector as a whole, saying: "Every assumption we had about the industry has been totally ...

USA firm warns of disruption to meat supply chain

April 28, 2020

Tyson Foods Chairman John Tyson took out a full-page ad in the New York Times , Washington Post , and Arkansas Democrat-Gazette to publish an open letter warning that our food supply chain is in trouble . Pork slaughtering capacity in the United States has fallen by about 25 per cent after at least 13 abattoirs were forced to temporarily halt operations due to outbreaks of the virus, according to the United Food and Commercial Workers International Union .

Oil falls as crude in United States storage nears all-time high

April 28, 2020

EDT. Prices have now fallen for eight of the past nine weeks. The storage tanks across the globe are filling up fast. WTI for July delivery fell more than 11% to $18.84 while the August contract slipped more than 7% to $22, suggesting the Street doesn't see a meaningful recovery in the next few months.

Feds to provide rent relief for small businesses

April 28, 2020

Prime Minister Justin Trudeau said that getting life back to normal is "something that's a long way off for all of us" emphasizing that reopening society and the economy will happen over months. Introduce a program similar to the Canada Emergency Business Account (CEBA) to provide interest-free loans for inshore enterprise owners. "Anything from making fraudulent claims to people going back to their employer and saying I'll come back when you need me but I only want to make up to $1,000 every ...

IRS says it’s made improvements to ‘Get My Payment’ online tool

April 28, 2020

After temporarily shutting down the portal for three straight evenings , the IRS announced that it has made significant improvements to the online "Get My Payment" tool . Taxpayers should check the FAQs often for the latest additions; many common questions are answered on IRS.gov already, and more are being developed.

10,000 businesses have already applied to emergency wage subsidy: Trudeau

April 28, 2020

Prime Minister Justin Trudeau says if you receive two different payments you will have to pay one of those back. Those who qualify for the $73-billion program will get 75 per cent of each employee's wages covered, up to $847 per week. "The CERB is coming up on a reapplication [cycle] and if people are receiving that wage subsidy, they shouldn't reapply for the CERB". An analysis published Monday by the C.D.

It was 2002 the last time MI gas prices were this low

April 27, 2020

For those in Milwaukee County, an average gallon of unleaded gas will cost you $1.18. That price is 35 cents less than this time last month and $1.49 less than this time in 2019. In Hellertown Sunday, the Sunoco station at 701 Main Street was selling regular unleaded for $1.99 a gallon, and just north of town Turkey Hill was selling it for $1.96.

Wall Street ends manic week with a gain, led by technology stocks

April 27, 2020

In a demonstration of how hungry the market is for a vaccine or treatment for COVID-19, the S&P 500 erased a rally of more than 1 percent in a span of seconds on Thursday following a discouraging report about a potential drug treatment. US crude futures have settled into a range after the volatility earlier this week around settlement of the May futures contract, and were up 4.1% at $17.17 by 10:10 AM.

Boeing pulls out of Embraer partnership deal

April 27, 2020

Under the agreement, Boeing planned to create a joint venture by acquiring most of Embraer and its passenger aircraft division for United States $4.2 billion, essentially taking over the company. Boeing said it ended the agreement after Embraer did not meet conditions laid out by the deal, in which Boeing would have held majority ownership. The collapse of the aviation market because of the deflated demand for flights due to the Covid-19 pandemic, reduced the company's cash and has already led ...

IRS adds details to online stimulus money tool

April 27, 2020

The payments start at $1,200 for individuals and can vary depending on adjusted gross income on your taxes and number of dependents claimed. "The IRS, Treasury and partner agencies are working nonstop to get these payments out in record time to Americans who need them", said IRS Commissioner Chuck Rettig in Friday's release.

Oil prices fall as crude in U.S. storage nears all-time high

April 27, 2020

U.S. oil led the losses, with WTI for June delivery falling over 16 percent to $14.47 per barrel. Citing statistics, on Friday's market closure, United Kingdom crude rose by 0.5 per cent to $21.44 a barrel, while the US West Texas Intermediate crude futures' prices gained 2.7 per cent to $16.94 per barrel.

US Treasury mulls coronavirus loan to force Postal Service rate changes

April 27, 2020

Trump also said he would order treasury Secretary Steven Mnuchin not to agree to give cash to the postal service. Trump's sharp post office critique came after he signed a $484 billion bipartisan coronavirus relief bill targeted largely at small businesses.

Tennessee Gas Prices Down $1 Compared To Last Year

April 27, 2020

The lowest average price locally can be found in Solano County, at $2.76. That number may drop even more after US oil prices closed in negative territory Monday. GasBuddy says demand for gasoline remains anemic at 5.08 million barrels per day. Multiple gas stations in Republic are selling gas as low as $1.05 per gallon.

Northern Territory lifts coronavirus lockdown

April 27, 2020

The federal government says its coronavirus tracking app "COVIDSafe" has been downloaded by more than one million people since its release at 6pm on Sunday. "In the coming weeks, the Territory will gradually transition to a 'new normal" where Territorians can get back to business, back to work, and back to enjoying the Territory lifestyle, while also staying safe from coronavirus, ' he said.

Oil falls as crude in U.S. storage nears all-time high

April 27, 2020

Futures in NY slid as much as 10%, snapping a four-day gain. In Canada, drillers slashed the number of active oil and gas rigs to a record low.The oil market has experienced unprecedented turbulence since USA prices fell into negative territory on Monday for the first time ever and worldwide benchmark Brent sank to two-decade lows.

AT&T CEO Randall Stephenson steps down, Stankey to succeed

April 27, 2020

AT&T , the largest wireless provider in the US, underwent a major transformation under the outgoing CEO's tenure. "I congratulate John and look forward to partnering with him as the leadership team advances our strategic initiatives as it navigates the hard economic and health challenges facing our country and the world today", Stephenson said in a statement .

Ontario and Brampton COVID-19 numbers as of April 25, 2020

April 27, 2020

Meaning that some cases considered resolved could hypothetically still be experiencing symptoms. There are now 6,432 active cases in the province of the original 14,432 confirmed to have the virus, following the report of 437 new cases and 491 recoveries.

Instacart Aims to Hire Another 250000, Unveils Coronavirus Safety Test for Workers

April 27, 2020

The corporation is attempting to restore its same-day and one-hour delivery service by centering its new hiring drive on the areas with the most demand. The company said its volume has soared 500 percent from a year ago with average customer orders increasing by 35 percent. And on Thursday said that it is now offering personal protective kits to all its shoppers; these kits can be ordered on the shopper app dashboard, it said.

Italy sets May 18 date for professional sports teams to resume training

April 27, 2020

There was no announcement on the possibility of Italy's premier football league Serie A resuming, even behind closed doors. Italy and Spain, among the European countries with the strictest coronavirus lockdowns, on Sunday announced plans to further ease confinement measures.

Ontario reaches nearly 14000 cases of COVID-19

April 27, 2020

Ontario has significantly increased testing capacity since mid-April. Ontario has 910 patients (up by 23) hospitalized due to COVID-19, with 243 patients in an intensive care unit (up by 10) and 193 patients in ICUs on a ventilator (up by eight).

Canada's reopening won't depend on immunity: Trudeau

April 27, 2020

It plans to survey small businesses across the country Friday night to gauge reaction to the announcement. The remainder will be covered by the tenant, up to 25 per cent. With the first of the month just around the corner, Finance Minister Bill Morneau appealed to landlords to be flexible until the program is up and running.

Weekly Energy Recap: Wake-Up Call For The Oil Industry

April 26, 2020

Brent futures rose 0.8%, to $21.5 a barrel in early trade, while the WTI increased 3.5%, to $17.06. Nevertheless, both crude oil futures' prices had marked up their third straight week of losses with Brent crude winding down the week 24 per cent lower and the US West Texas Intermediate crude oil futures off around 7 per cent.

As Trump announces another coronavirus stimulus, US stocks rally

April 26, 2020

It added almost 16 million global subscribers in the first three months of the year, but shares slipped 2.9% after its profits didn't quite live up to Wall Street's lofty expectations. In extended trade, Intel dropped over 5% after the chipmaker gave a quarterly profit forecast that missed analysts' estimates. And because changes in market value dictate the index's moves, the performance of the biggest stocks can have a disproportionate effect.

WorkForce W.Va. says backlog of unemployment benefit claims has been cleared

April 26, 2020

Between March 14 and April 18 - the last day of the latest weekly count - 398,479 Missourians filed new unemployment claims, nearly 13 percent of the state's labor force. The percentage is a stark contrast to numerous state's Southern neighbors, which have fewer unemployment claims as a percentage of the workforce than other regions .

Oil Prices Rebound As US, Iran Geopolitical Tensions Rise Again

April 26, 2020

Global benchmark Brent crude was slammed on Tuesday, hitting a two-decade low before rebounding. West Texas Intermediate crude slipped 11.10 percent to $15.31 per barrel, while Brent crude, the worldwide benchmark was up 7.76 percent to $21.95 per barrel.

Canada Post seeing Christmas-type levels of volume due to COVID-19

April 25, 2020

Since there are so many packages going out and there are increased safety measures in facilities, it's taking longer to process items. The company says it is continuing to operate and has been delivering in "record numbers". Adjusting the existing service standards on other letters, to enable Australia Post to deliver letters in metropolitan areas every second day. Canada Post reminded users it has implemented a "Knock, Drop and Go" approach to eliminate customer interactions at the door, ...

OYO announces 4-month paycut in India some sent on leave

April 25, 2020

However, he added that these efforts may not be enough as the extent and projected period of the crisis is highly unpredictable. Leave with limited benefits means Oyo will deduct 25% of their salary in April, 50% of the salary in May and June and will undertake 100% pay cuts for them in July and August.

Toyota Yaris Cross Revealed, India Bound?

April 25, 2020

The Yaris as mentioned above is the smallest SUV from the brand and will be positioned below C-HR. Toyota has just unveiled its latest compact SUV for the Japanese and European markets, the Toyota Yaris Cross. Toyota has a new crossover model called the Yaris Cross . The three-cylinder unit develops a maximum power output of 79 bhp and 139.7 Nm of peak torque to form a hybrid system.

Bolsonaro Fires Head of Brazil's Federal Police Amid Political Row

April 25, 2020

Upon announcing his resignation, Moro said there was no way he could ensure the independence of the police under Bolsonaro. Moro's role in the government had served as a symbol of the fight against corruption, which was central to Bolsonaro's 2018 campaign.

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