Economy / 6

Berkshire Hathaway didn't buy the coronavirus dip

May 02, 2020

Berkshire Hathaway Inc. said it lost $49.7 billion, or $30,653 per Class A share, during the first quarter. Berkshire bought US$1.8 billion of stocks on a net basis in the period, and repurchased just US$1.7 billion of its own stock, less than it did in the last three months of 2019.

Trump Suggests Tariffs Could Be Used to Punish Beijing for Causing Pandemic

May 02, 2020

I'm not allowed to tell you that". President Trump has made clear that his priority is his concerns over China's role in the pandemic . Trump said of China's efforts to get to the bottom of how the virus emerged: "At least they seem to be trying to be somewhat transparent with us".

Amazon Q1 2020 Earnings: Roaring Sales Overshadowed By Coronavirus Costs

May 02, 2020

The Democrat-led House Judiciary Committee a year ago launched a probe into Amazon's role in digital commerce. Six other representatives signed the letter . "Amazon's capacity for data collection is like a brick-and-mortar retailer attaching a camera to every customer's forehead", he said, arguing that the data Amazon can access poses a severe competitive threat to traditional retailers.

Alberta takes first steps to reopen economy beginning May 4

May 02, 2020

Deena Hinshaw, Alberta's chief medical officer of health, laid out the plans during a press conference on Thursday. Some non-urgent surgeries will be allowed as of Monday, May 4, as well as dental and other health services as long as they abide by AHS guidelines.

Tesla Stock And Related ETFs Plunge After Apparent Musk Tweets

May 02, 2020

He also said that he thinks the stock price of Tesla is "too high" a tweet that was followed by a sharp drop in the share price of the electric vehicle manufacturer. Production at Tesla's factory in Fremont, California, has been shut down for quite some time as a result of the COVID-19 pandemic. The messages come just days after Musk went on a rant during Tesla's first quarter earnings call , saying that shelter-in-place orders in the U.S.

Nio says new 7 bln yuan investment for cash flow, product development

May 02, 2020

The urgent supports secure Nio's future and will guarantee new vehicles keep on being developed. "Now you can set your past worries aside and make a purchase!" The new government investment comes after at least one similar deal collapsed, as NIO, whose Chinese name means "blue sky is coming", races to ensure cash flow while facing growing competition from American rival Tesla.

White House reportedly plans to punish China for coronavirus pandemic

May 02, 2020

I am not allowed to tell you that". He also said the administration was focused on investigating the origins of the CCP virus and Beijing's role in its spread, reflecting a toughening stance towards the regime since the "phase one" U.S.

US Fed expanding Main Street loan programme to aid more firms

May 02, 2020

The breadth of the package is in keeping with Fed Chairman Jerome Powell's intent to assure credit support is extended to small businesses critical to USA employment, which is being savaged by the lockdown with more than 30 million people claiming unemployment benefits in the past six weeks.

Steve Bannon Accuses China of Coronavirus Cover-up, Calls it 'A Biological Chernobyl'

May 02, 2020

On Wednesday , Trump said that he was examining different options in punishing Beijing over the coronavirus pandemic. Recommendations have not yet reached the level of Trump's top national security team or the president, one official told Reuters .

OPEC countries started to save oil

May 01, 2020

Furthermore, prices strengthened on signs that demand for storage of crude was coming off recent highs after the U.S. Energy Information Administration said inventories of oil rose by nine million barrels last week, compared to expectations of 10.6 million barrels, Business Insider reports.

Tesla shares plunge after Musk says stock is priced too high

May 01, 2020

Some suggested that the Tesla stock price was not the only thing being " too high ", given the erratic tone of the new Musk's Twitter outburst. But last month, a federal judge said Tesla and Musk must face a lawsuit by shareholders over the going-private tweet , including a claim that Mr Musk meant to defraud them.

McDonald's to conduct 'operational tests' this week to 'explore' reopening

May 01, 2020

The company temporarily closed its branches here and in the United Kingdom in March as restrictions aimed at preventing the spread of Covid-19 increased. The CEO highlighted that restarting the business is not an easy task, even when reopening in a limited capacity. "We continue to work with government and trade bodies to make sure we do this in a responsible way, when the time is right".

Jeff Bezos puts shareholders in the corner

May 01, 2020

Analysts, on average, estimated US$73.7 billion in revenue and earnings of US$6.27 a share, according to data compiled by Bloomberg . "These aren't normal circumstances", Bezos said. Amazon Web Services (AWS ), the company's cloud computing unit, also is seeing demand vary by industry. But the online retail behemoth said its sales soared as more people opt to shop online during the coronavirus pandemic.

Slight Rise Suggests Optimism as OPEC+ Output Cuts Begin

May 01, 2020

It has averaged $45 so far this year. US West Texas Intermediate (WTI) crude futures settled at US$15.06 a barrel, jumping US$2.72, or 22 per cent. Brent crude futures settled at US$22.54 a barrel, up US$2.08, or 10.2 per cent. The International Energy Agency forecast a 9.3 million bpd drop in 2020. The price jumped as gain in United States crude stockpiles saw a surprise decrease amid hopes of early recovery in U.S.

IRS continues to send stimulus checks

May 01, 2020

Users must provide basic information, including Social Security number, date of birth and mailing address used on tax return. If you don't have a bank account you can receive payment by mail. For taxpayers trying to track the status of their payments, the feature will show the scheduled delivery date by direct deposit or mail and the last four digits of the bank account being used if the IRS has direct deposit information.

Almost 4 million more Americans file for unemployment

May 01, 2020

The surge of layoffs has triggered a crisis at the employment department. Many people have still been unable to file claims through the state's overwhelmed website and phone system. Not everyone who filed a new claim is receiving benefits. The federal data only include traditional unemployment claims and do not count previously ineligible workers, such as contractors and the self-employed, who can access benefits through the new Pandemic Unemployment Assistance program Congress created.

Mukesh Ambani Foregoes His Salary Till 'COVID-19 Impact Abates'

May 01, 2020

This includes several board of directors, 1executive directors, executive committee members and senior leaders. Employees earning less than ₹15 lakh per annum have been spared, while those earning more than ₹15 lakh will have to take a pay cut of 10% on fixed pay.

Greggs to reopen shops as part of a 'controlled trial'

May 01, 2020

Greggs stores in the United Kingdom are proposing a trial opening of 20 shops on 4th May. Greggs has made a decision to trial a delivery and takeaway re-opening of 20 stores. In a letter sent out to staff, Greggs CEO, Roger Whiteside said: "This timing may change depending on future government announcements". He said: "We expect it will only be possible to open this many shops if the government has taken a first step in relaxing the lockdown, which could be to open the schools".

Up to 3000 jobs to go at Ryanair

May 01, 2020

The low-priced carrier is now operating a skeleton service, with 99 per cent of its fleet grounded, and the airline said that it expects to operate less than 1 per cent of its scheduled flying programme in April, May and June. In line with most other companies, it has ripped up its financial guidance for the year. The firm expects to report a net loss of more than 100 million euros (£87 million) between April and May, with "further losses" in the following three months.

Oil ETFs Climb on Hopes of Rising Fuel Demand, Producers Cutting Back

May 01, 2020

Crude oil prices bounced on the news. Reflecting the output cuts agreed between OPEC and other major producers like Russian Federation, a grouping known as OPEC+, the imbalance between oil supply and demand is to set to be halved to 13.6 million barrels per day (bpd) in May, and drop further to 6.1 million bpd in June, according to Rystad Energy.

Wall Street stalls after reports detail worldwide economic fallout from coronavirus outbreak

May 01, 2020

Over the past 12 months, the S&P is down 2.6 percent. The small-cap Russell 2000 soared 4.83 percent. "As we look to reopening here in the USA, the hope is that activity bounces", Haworth said. At 10:21 a.m. ET the Dow Jones Industrial Average was down 216.97 points, or 0.88 per cent, at 24,416.89 and the S&P 500 was down 18.52 points, or 0.63 per cent, at 2,920.99.

Coronavirus: Millions of furloughed workers set for extra month's pay

May 01, 2020

However, the current furloughing scheme is an "all or nothing" measure; staff can either work 100 percent of the time or they have to cease work entirely. Chancellor of the Exchequer Rishi Sunak said he would keep the scheme under review and extend it if necessary. The Confederation for British Industry (CBI) welcomed the salary subsidy extension after repeatedly warning that many firms could start to cut staff without one.

Saudi Arabia finance ministry puts deficit at $9b

May 01, 2020

The Kingdom, one of the world's major crude producers, also suffered a dropped in oil revenues, as oil prices have been extremely volatile due to the new coronavirus pandemic. The almost $27 billion decline - the biggest monthly drop in at least two decades - signals the kingdom's urgent need to tap into reserves to offset economic damage from oil prices and a severe coronavirus-driven slowdown of non-oil sectors.

Million Have Sought US Jobless Aid Since Coronavirus Hit

May 01, 2020

The European Union's second-largest economy dropped 0.1 percent in the final quarter of 2019, which constitutes to two consecutive quarters of economic contraction, technically meaning that France has entered recession. The US economy grew by 2.3 per cent past year. The nation's economy contracted 5.4% year-on-year in the first quarter, Insee said. Instead, it looks for a drop in activity, spread across the economy and lasting more than a few months.

DWD to begin issuing additional $600 a week in unemployment benefits Wednesday

May 01, 2020

April. 28-California's embattled labor agency made first-time payments during March to only one out of every eight workers who filed initial unemployment claims, fresh evidence of the state's flagging quest to pay people who lost jobs amid coronavirus-linked business lockdowns.

3.8 million more Americans file for unemployment in wake of pandemic

May 01, 2020

Claims are likely to spike again as OR begins processing applications from contractors and the self-employed, who were previously ineligible for benefits. The old computer systems have triggered many erroneous claims denials, which the state has been unable to resolve. The state has a backlog of close to 100,000 claims yet to be processed, many of them dating back to March.

Ontario releases guidelines for businesses to reopen safely

May 01, 2020

It might be time to get used to plexiglass, face masks, and physically-distanced lineups. Transit services are encouraged to reduce the number of people on board by limiting passengers or modifying hours of service, have rear entry only on buses, and use visual cues or partitions to keep passengers at least two metres away from operators.

Global energy demand to plunge this year: IEA

April 30, 2020

The IEA says it expects renewables to account for nearly 30 percent of the world's demand by the end of the year. This is the equivalent to losing the entire energy demand of India. Reductions in energy demand have been dependent on how strict lockdown measures have been. After overtaking for the first time ever in 2019, low-carbon sources are set to extend their lead this year to reach 40 per cent of global electricity generation - 6 percentage points ahead of coal.

Department of Labor to release more unemployment data Thursday

April 30, 2020

Economists had expected around 3.5 million new claims. Florida's sharp increase is likely due to improvements in the state's disfunctional unemployment system. Almost a million people have filed for standard Unemployment Insurance or Pandemic Unemployment Assistance in MA over the past six weeks. That tally does not include self-employed workers, who haven't yet been able to apply for benefits.

Pennsylvania jobless claims drop 32 percent, still far above numbers before outbreak

April 30, 2020

There were 293,948 unemployment claims filed in March - amounting to a more than 1,150% increase in total filed unemployment claims in March 2020 from February 2020 - in northern IL according to state data released this month. While that was down from 4.442 million in the prior week and marked the fourth straight weekly decline in applications, the numbers are still at levels unimaginable just months ago.

Canadian businesses can now start applying for Canada Emergency Wage Subsidy

April 30, 2020

The sharp decline in businesses' revenues has led to widespread layoffs and furloughs, with the crowd-sourced survey results from more than 12,600 companies - some with only or two employees, others with more than 500 - suggesting almost one in five businesses have laid off 80 per cent or more of their workers.

Virus pushes USA economy towards recession

April 30, 2020

The data will highlight "an economy already in deep recession", Goldman Sachs wrote in a research note. "Up until that point, the economy was doing fine", says economist Kathy Bostjancic of Oxford Economics. Germany's economy minister said the government is projecting a contraction of about 11per cent in GDP by the end of the quarter. What's more, the research firm says, many businesses were closed and couldn't provide numbers to fill out Commerce's sampling.

COVID-19 Canada: 740,000 tests carried out, seven per cent tested positive

April 30, 2020

Canada is learning from what's happened in other countries, such as Singapore, South Korea, and Japan, he added. The federal government has new national models and projections on the spread of the novel coronavirus to update figures presented almost three weeks ago.

Live Nation stock surges as Saudia Arabia buys $500M stake

April 30, 2020

Saudi Arabia has taken a 5.7% stake in Live Nation Entertainment, the live event company that's been hit hard by the coronavirus pandemic. Stay-at-home orders, social-distancing guidelines, and nonessential business closures (besides concern for attendees' health, of course) prompted Live Nation to indefinitely postpone each of its previously planned shows.

Another 7400 Mainers File For Unemployment Benefits, As Claims Mount

April 30, 2020

They indicate that during the week ending April 25, some 7,420 Mainers filed unemployment claims. Claims hit a record 6.87 million for the week of March 28. Some states such as Georgia have started allowing certain businesses to reopen, which could bring some of the jobs back. Across the US, some 30 million people have applied for jobless benefits in the past six weeks.

Coronavirus: Trump orders meatpacking plants to stay open

April 30, 2020

Just four multi-billion dollar corporations (Cargill, JBS, Maple Leaf and Olymel) control almost all of Canada's meat production; 80 per cent of the retail grocery market is owned by only five companies (Loblaws, Sobeys/Safeway, Costco, Metro and Walmart), and just a handful of companies (Bayer, ChemChina, Corteva and BASF) control more than 60 per cent of global seed and pesticide sales.

Hundreds of protesters in Lebanon clash with security forces despite virus lockdown

April 30, 2020

But clashes resumed soon after al-Samman's tense funeral. The man who died was in his 20s and it was not immediately clear who was responsible for his death, the source said. The delegation stressed that: "The Association of Banks in Lebanon will present its plan for economic and financial solutions to the government within a maximum of 15 days".

China's non-manufacturing PMI picks up in April

April 30, 2020

After February's record low of 35.7 and a jump in the March index to 52, April's PMI is expected to fall to 50 due to the global trade slowdown caused by the COVID-19 pandemic. ING chief economist for Greater China Iris Pang said that the latest PMI figures indicate China's trend toward recovery still faced uncertainty. "This weakness may last a long time as the unemployment rate in the western side of the world has been high", she said.

Google saw huge jumps in search usage and app downloads in March

April 30, 2020

Alphabet's total costs and expenses rose about 12 percent from a year ago to $33.2 billion (roughly Rs. 2.51 lakh crores), down from around 20 percent jumps in recent quarters. "There's a strong recognition of the value of our products, particularly in important and urgent moments". In particular, usage of Google Search spiked and the coronavirus-related search activity was reportedly four times bigger than the peak of the Super Bowl search activity.

Oil up as United States crude stocks due to fall short of estimate

April 30, 2020

Oil surged after the U.S. Energy Information Administration reported the biggest weekly increase in gasoline supplied since May of a year ago, offering a glimmer of hope that demand could gradually be returning as the economy starts to reopen.

USA oil falls below US$11 as fund sells off holdings

April 30, 2020

Shale producers and oil majors are also reducing production. West Texas Intermediate Crude oil futures for June ended down $0.44, or 3.4%, at $12.34 a barrel, after hitting a low of $10.07 early on in the day. Weekly gasoline demand rose by 549,000 barrels, the most since May. US gasoline stockpiles fell by 3.7 million barrels from record highs the previous week, with a slight rise in fuel demand offseting a rebound in refinery output.

New COVID-19 drug has 'clear cut' positive effect: Dr. Fauci

April 30, 2020

The study being conducted by the NIAID met its main goal of helping patients with a range of severity of COVID-19, the disease caused by the novel coronavirus , Gilead said. Preliminary results from a U.S. government trial showing that patients given remdesivir recovered 31 per cent faster than those given a placebo, were hailed by Dr Anthony Fauci as "highly significant".

IRS announces 'significant enhancements' to stimulus payment tracker

April 30, 2020

Can you just go to any bank? In many cases, individuals with extremely low or no income, and those who are experiencing homelessness can qualify for stimulus payments . Almost 90 million of the 150 million eligible for stimulus money had received their payment by April 17, according to the government's latest numbers.

FDA may approve anti-viral drug on emergency basis to treat COVID-19

April 30, 2020

The time to recovery averaged 11 days among those who got the drug, compared with 15 days for those who got the placebo. But "whenever you have clear-cut evidence that a drug works, you have an ethical obligation to immediately let the people who are in the placebo group know so that they can have access", Fauci said.

Congress reaches deal on relief bill replenishing small business fund

April 30, 2020

The SBA was due to reopen the lending program at 10:30 a.m. ET on Monday, allowing lenders to resume processing piles of backlogged applications from businesses hurt by the coronavirus shutdown. "Hedge funds and private equity firms are primarily engaged in investment or speculation, and such businesses are therefore ineligible to receive a PPP (Paycheck Protection Program) loan", the SBA wrote in an update to clarify which businesses may apply for relief under the program.

Trump says China wants him to lose re-election bid, blames coronavirus handling

April 30, 2020

U.S. President Donald Trump announced that he has instructed his administration to halt funding to the WHO. Earlier this month, Trump froze payments to the World Health Organization until a review could be completed over whether it mismanaged or worked with China to cover up the spread of the virus.

Kentucky Man Tupac Shakur Receives Apology From Governor

April 30, 2020

Beshear said: "We have to to go through so many other claims that one person thought they were being amusing using someone else's identity is going to make lots of thousands other people wait". State officials are now working on the unemployment claim that was filed in March. I said I'm sorry if I embarrassed him or caused him any attention he didn't want.

Trump, Florida Governor Ron DeSantis Speak to Reporters

April 30, 2020

DeSantis has said Florida would reopen slowly and methodically , and that regions could reopen at different times and rates. DeSantis told Trump that Florida's ability to test people for the virus now exceeds current demand and that moving to the first phase of reopening the economy should not be a heavy lift.

United States stocks rally on coronavirus drug hopes

April 30, 2020

In Asia, Hong Kong's Hang Seng added 0.3 per cent, and the Kospi in Seoul advanced 0.7 per cent. The Dow Jones Industrial Average .DJI rose 527.85 points, or 2.19%, to 24,629.4, the S&P 500 .SPX gained 76.17 points, or 2.66%, to 2,939.56 and the Nasdaq Composite .IXIC added 306.98 points, or 3.57%, to 8,914.71.

Big drop in new COVID cases in Ontario

April 30, 2020

The death toll has risen to 996 as 45 more deaths were reported . On Monday, the province had experienced its third consecutive day of decreased new cases of the virus, however on Tuesday, new cases increased, with 525 new cases announced .