Economy / 29

Google Says Most Employees Will Likely Work Remotely Through End of Year

May 09, 2020

Any return to offices was expected to be incremental and staggered, according to the company. Since then, Facebook has provided employees $1,000 bonuses for home or childcare expenses and has supplied Facebook-owned Portal video call devices, so workers can stay in the loop.

Ryanair passenger numbers sink by 99.6% in April

May 09, 2020

The latest monthly traffic statistics from budget airline Wizz Air ( WIZZ ) continue to demonstrate just how much the aviation industry has been impacted from the coronavirus pandemic. Earlier last Friday, the Irish national radio and television broadcaster quoted Ryanair as saying that the airline's passenger demand won't return to normal within two years.

Nancy Pelosi pushes new virus package as Mitch McConnell hits 'pause'

May 09, 2020

The House, which is much larger than the Senate , is not returning to Washington until at least next week. For now, the House is staying away because of the pandemic, although the GOP-controlled Senate is open . "I've never thought that really would be very effective", Sen. "The elimination of Sanctuary Cities, Payroll Taxes, and perhaps Capital Gains Taxes, must be put on the table", Trump tweeted.

Based Vista Equity Partners to invest Rs 11367 crore in Reliance Jio

May 09, 2020

Facebook had bought 9.99 per cent stake in Jio Platforms - the firm that houses India's youngest but biggest telecom firm, for Rs 43,574 crore. Dr Reddy's gained by 4.4 per cent, Hindustan Lever by 3.3 per cent and Hindalco by 2.5 per cent.

Unemployment Rate Soars to 14.7%, Worst Since Great Depression

May 09, 2020

In the harshest downturn for American workers in USA history, employers cut an unprecedented 20.5 million jobs in April and the unemployment rate more than tripled to 14.7 per cent. The bulk of that was in food services and drinking places, which shed 5.5 million jobs, and the retail sector also took a big hit, declining by 2.1 million.

China's First COVID-19 Vaccine Test On Indian Monkeys Successful

May 09, 2020

Get all the latest news on coronavirus and more delivered daily to your inbox. Trump and World War II vets in their 90s mark 75th anniversary of VE Day with wreath-laying at 11:30 a.m. "The President and the Vice President have since tested negative for the virus and they remain in great health", spokesman Hogan Gidley said in a statement.

Zoom buys Keybase to boost encryption capabilities - Cloud

May 09, 2020

The company said it had bought Keybase, a secure messaging and file-sharing service, for an undisclosed price as it seeks engineering expertise to deliver more robust encryption for its conferencing platform. Yuan said that the company's goal is now to provide "the most privacy possible" for every use case, while balancing the needs of users and preventing harmful behaviour on the platform.

British Airways could relaunch up to 50% capacity in July

May 09, 2020

Long-term prospects remain bleak, with the company echoing other airlines that passenger demand is not expected to catch up to 2019 levels before 2023 "at the earliest". IAG, however, said that while it was using general facilities such as state-backed loans and furlough schemes, it had no need to ask for a specific government rescue.

Ivanka Trump's Personal Assistant Tests Positive For Coronavirus

May 09, 2020

Past presidents have had two valets from the U.S. military (mostly from the U.S. Navy) assigned to them in a role somewhat similar to that played by butlers in the United Kingdom. There was no word on whether staffers would also be given daily tests. Oddly, he claims the valets and other staff in the White House wear facemasks, but news reports say the contrary is true .

Chinas exports return to growth in April but imports tumble

May 09, 2020

And Louis Kuijs of Oxford Economics Ltd noted that "April shipments may have been boosted by exporters making up for shortfalls in the first quarter (1Q) due to supply constraints then". The Australian Bureau of Statistics revealed on Thursday that the record number was also helped by a slump in imports due to global supply chain disruptions caused by the COVID-19.

How to get a stimulus check payment without having filed taxes?

May 09, 2020

Some rolled out surprisingly smoothly, such as the $1,200 Economic Impact Payments , but there have been some kinks for the Treasury Department to work out along the way. "This amount will be $1,200 unless adjusted gross income exceeded $150,000". The language is truly freaky, and the IRS didn't say anything about potential consequences for failing to return the payment.

COVID-19 restrictions set to end in Australia

May 09, 2020

Morrison said it will be up to Australia's various states and territories to decide when to begin implementing each stage. Western Australia raised the number of people allowed at indoor or outdoor gatherings to 10, and announced it would unveil its full plan on easing restrictions by the end of the weekend .

How major USA stock indexes fared Wednesday

May 09, 2020

More recently, even as horrific data confirmed the recession fears were correct, investors have pushed stocks higher as they looked ahead to growth potentially resuming later this year as economies begin to relax restrictions on business. Those sectors have been among the hardest-hit this year on worries that the recession is erasing demand for oil and could lead to a wave of loan defaults for banks.

Global stock markets rise as China-US trade tensions ease

May 08, 2020

The United States, he said, is working with partners in many countries around the world, sharing information, sharing data, trying to get both therapeutics and a vaccine. China has also made progress in other sections of the trade deal, lifting restrictions on a variety of USA agricultural imports, including beef and poultry, scrapping foreign ownership limits in the financial sector and publishing a guideline on intellectual property protection.

Labor department estimate: United States payrolls contracted 701000 in March

May 08, 2020

The loss, the largest monthly decline in the sector ever, effectively wiped out two years of employment gains in the industry. Moreover, the monthly employment data understates the true scale of the carnage roiling the United States labour market because the government surveyed businesses and households in the middle of March, when many parts of the nation were not yet under lockdown and many businesses and schools had not yet closed.

USA economy loses a record 20.5 million jobs in April

May 08, 2020

Congress also beefed up unemployment insurance with an additional $600 a week while radically expanding eligibility requirements allowing millions more to go on unemployment who might otherwise remain on payroll with an employer granted assistance under a Paycheck Protection Program loan that mandate staff salaries to stay intact.

Former XPO executive tapped to head U.S. Postal Service

May 08, 2020

The U.S. Postal Service (USPS) board unanimously selected Louis DeJoy to serve as its 75 Postmaster General, a private-sector pick that feeds speculation that the world's largest postal organization could be headed for privatization. The Postal Service's finances have been a problem for many years. Republican and Democratic lawmakers had reached a tentative agreement during negotiations on the coronavirus stimulus package to send the Postal Service direct cash, but Mr.

Canada lost almost 2 million jobs in April because of the coronavirus

May 08, 2020

More than 1.4 million jobs lost were full-time positions. Low-wage workers were hit the hardest, so the average wage rose by more than 10 per cent. As anticipated due to the COVID-19 pandemic, Windsor's unemployment figures closed in on historic levels in April as it reached 12.9 per cent of the labour force, according to the latest numbers released Friday by Statistics Canada .

Oil Price Forecast: WTI gains 1% amid positive risk tone in equities

May 08, 2020

June WTI +8.8% to $26.10/bbl, pushing this week's gains to almost 35% and on pace for its best week going back to the contract's inception in 1983; July Brent +5.7% to $31.41/bbl. Like other OPEC+ producers, it plans to taper the curbs into 2022. Some of the biggest moves in Saudi oil pricing came for European and Mediterranean refineries, the main market for Russian Federation crude, in what appears to be a nod to the Kremlin after Riyadh and Moscow agreed last month to work together ...

Sensex Ends 200 Points Higher, Reliance Rallies

May 08, 2020

At 11:59 am, the Sensex traded 166.15 points - or 0.52 per cent - lower at 31,519.60 while the Nifty was down 55.05 points - or 0.59 per cent - at 9,215.85. Top stock exchanges on Wall Street ended over 1 per cent higher in overnight session. Japan's Nikkei 225, which resumed trading after a three-day holiday is down by 0.16 per cent, Hong Kong's Hang Seng has shed 0.52 per cent and China's Shanghai Composite has lost 0.36 per cent.

Turkey's lira hits record low against dollar amid pandemic

May 08, 2020

State-run Anadolu Agency on May 6 accused financial institutions in London of "manipulative attacks" on the lira. The shutdown of the tourism industry because of the COVID-19 pandemic has been a further blow to the Turkish economy, sapping the country of foreign currency and putting thousands of people out of work as the country nears what would normally be the busy high season.

Donald Trump says will be tested for coronavirus daily

May 08, 2020

But it did not appear likely to change the unwritten code inside the White House against wearing masks, despite recommendations from Trump's own administration on wearing face coverings where social distancing is hard. UPDATE, 5/7/20, 3:46pm ET: President Donald Trump announced that, in light of his valet's coronavirus diagnosis, he underwent testing on both May 6 and May 7.

Britain says around a quarter of workers furloughed

May 08, 2020

Communities Minister Deirdre Hargey MLA has welcomed the confirmation provided to the Executive that council workers can apply for Coronavirus Job Retention Scheme (CJRS). The figures came as pensions minister Therese Coffey said the government had received 1.8 million claims for Universal Credit between 16 March and the end of April.

Airbnb laying off 1,900 employees due to travel decline

May 08, 2020

The Airbnb executive related to the media how the coronavirus pandemic has sharpened the company's focus, and how "getting back to basics" has to be the target during these trying times. In an interview with Bloomberg in March, Chesky said the situation weighed on him. While the layoffs will affect the entire company, Chesky said that the cuts "had to be mapped to a more focused business ".

Putin, Trump discuss COVID-19, V-Day anniversary over phone

May 08, 2020

The White House readout of the call did not make clear if Putin agreed to accept U.S. assistance. Accordingly, governors across the United States have looked to each other for help and in some cases made deals with other countries for life-saving equipment.

New unemployment claims fall after 400,000 seek benefits

May 08, 2020

MI also saw sustained jobless claims over the past month, averaging a more than 3,600% increase to unemployment claims compared to the week ended March 14. But recent claims data hints that the flood of layoffs is starting to abate. The weekly claims report followed news on Wednesday that private payrolls fell by a record 20.2 million in April, which set up the overall labor market for historic job losses.

Donald Trump's personal valet tests positive for coronavirus

May 08, 2020

The White House was moving to shore up its protection protocols to protect the nation's political leaders. The development angered Trump and led to a renewed round of testing for him and Pence. The White House has not clarified whether President Trump will follow these guidelines. The person spoke on condition of anonymity because they were not authorized to discuss the matter publicly.

USA private sector cuts 20.2mn jobs in April amid pandemic

May 08, 2020

Companies with between 20-44 employees lost more than 2.6 million jobs, per the ADP report . The following charts from ADP show where jobs were lost across goods-producing and service-providing sectors. "We took the elevator down, but we're going to need to take the stairs back up", Tom Barkin, president of the Federal Reserve Bank of Richmond, said in a recent speech.

Coronavirus: EU facing 'deep and uneven recession'

May 07, 2020

The amped up coronavirus tensions between the U.S and China is making diplomacy hard for the European Union, according to the EU's ambassador to China on Thursday. "All reasonable governments and public servants have cleared the fact we are risking some fundamental things like the level playing field in our single market, convergence in euro area and others.

Minister urges supermarkets to give dairy farmers a fair go

May 07, 2020

Demand for dairy products in the hospitality sector has dropped with the closure of many cafes and restaurants. The National Farmers' Union has been campaigning for farmers to have access to a hardship payment after some began to live a "concerning existence" as operating costs stacked up with no ability to sell their milk in sight.

Uber axes 3,700 staff as trips drop in lockdowns

May 07, 2020

On Wednesday, Lyft said it had seen a decline of more than 70% in trips on its platform as the USA started to implement shutdown orders. Lyft ended the quarter with $2.7 billion of cash and other funds it can quickly tap. Yesterday, Uber and fellow ride-hail app Lyft were sued by the state of California over their classification of drivers as contractors rather than employees, which it argued deprived drivers of rights such as sick leave pay and unemployment insurance-two ...

Wells Fargo faces federal probe over handling of small business loans

May 07, 2020

Only about 20% of small businesses requesting PPP loans in NY have been approved, while more than 55% of eligible firms in Nebraska expect to receive emergency funding. PPP loan recipients are expected to allocate 75 percent for payroll expenses during the coronavirus pandemic, but the remaining 25 percent can be put toward rent, mortgage interest, utilities and interest on other debt obligations.

UK Could Have Worse Recession in 300 Years

May 07, 2020

There is also no factoring in of a second wave of infections. Shopping at High Street retailers had dropped by 80%, while business confidence was described as "severely depressed". "The loosening of monetary policy announced by the MPC over the past few months will support spending", said the Bank. The committee voted by a majority of 7-2 to continue with the central bank's 200 billion pound bond purchase programme, with two members preferring to increase the target for the stock of asset ...

3.1 million Americans applied for unemployment benefits last week

May 07, 2020

This reading came in slightly worse than the market expectation of 3 million. By the numbers: One notable figure shows how many Americans have yet to return to work after initially filing for unemployment. Between the lines: Last week's numbers are the lowest level of claims since the crisis began, but even though the pace of layoffs are slowing, we're still seeing historically and painfully high unemployment applications on a weekly basis.

Reuters calcs: China April copper imports rise 4.3% month-on-month

May 07, 2020

Over the last few months tensions have ramped up again as the two sides exchanged barbs over the pandemic and its origins, with US President Donald Trump recently threatening new trade tariffs against Beijing. Many Chinese factories are grappling with slashed or cancelled overseas orders after reopening as global demand stays tepid. The shutdowns outside China also dealt a heavy supply shock to the country's importers.

US, UK launch trade talks as virus ravages global economy

May 07, 2020

In a joint statement, both governments said a deal "would contribute to the long-term health of our economies, which is vitally important as we recover from the challenges posed by Covid-19". Total two-way trade between the two countries is already worth about $269 billion a year. The UK's Department for International Trade says its analysis shows a deal with the U.S.

Oil prices surge as the world begins to emerge from lockdown

May 07, 2020

Oil prices have been on a gains rally in the last few days, as enthusiasm was plenty among traders that the OPEC + cuts, the existing shut-ins and some demand rebound would be enough to already justify a market recovery. "The latest report (on US inventories) added to tentative evidence that - after a catastrophic few weeks - the pressure on the USA oil market is beginning to lessen", Capital Economics said in a note.

Russian Federation reports 10,102 new coronavirus cases

May 07, 2020

Masks and gloves will also be available for purchase at ticket booths at some stations, the metro said. Over the past day on the territory of Russian Federation was discovered 10 559 new cases COVID-19, including 5 858 new cases in Moscow , 829 in the Moscow region 312 in St Petersburg.

Bank Rate held at 0.1% as economy set to shrink by 14%

May 07, 2020

In forecasts published Thursday, the bank said the British economy would shrink by around 25% in the second quarter of the year, but would then start to recover as lockdown restrictions start to be lifted. Bank of England has just announced its interest rate decision and provided an update on its monetary policy. Only two of the nine policymakers voted to increase the current round of quantitative easing from £200bn to £300bn, indicating there is some demand for the move but it may have to ...

Oil falls to below $30/bbl as glut grows, output cuts eyed

May 07, 2020

The recovery of crude oil prices from last month's unprecedented crash seems to be moving swiftly, as more countries ease their coronavirus lockdowns and output cuts agreed by OPEC+ and other top oil-producing countries start to whittle down the supply glut.

Looking for Work? Amazon Hires Extra 100000 Employees During Coronavirus

May 07, 2020

The company will now only send medical supplies and household staples, it said in a memo to employees. Amazon will hire 100,000 people and give US workers a $2-an-hour raise in an effort to meet crushing demand from customers placing online orders for household essentials rather than going to crowded stores.

Petrol, diesel prices hiked in Delhi: Details here

May 07, 2020

The hike includes Rs 8/ltre road and infra cess on both petrol and diesel while the rest is "special additional excise duty", it said. Barclays says since the Centre is effectively appropriating the gains made by oil marketing companies for its own balance sheet, the effect on inflation from this hike is likely to be limited.

Iran changes its national currency from rial to toman

May 07, 2020

The new law tasks Central Bank of Iran with recalculating foreign exchange ratio with " Toman " taking into consideration the currency reserve and the country's commitments to the International Monetary Fund. On April 5, you needed around 42,050 rials to buy a single USA dollar. The economic crisis has forced Iranian leaders to reconsider their stubborn refusal to negotiate limits on their nuclear program.

Coronavirus: Greece, Italy to have highest GDP drop in 2020 - Economy

May 07, 2020

It has also thrown millions of people out of their jobs. The EU has already agreed a €540-billion economic package to tackle the immediate fallout from the pandemic. While the virus hit every member country, the extent of the damage it ultimately inflicts will depend on the evolution of the disease in each of them, the resilience of their economies and what policies they put in place to respond.

Carnival cancels cruises through July and plans to 'phase-in' service in August

May 06, 2020

The ports of Miami, Cape Canaveral and Galveston, Texas were selected because they are accessible by vehicle for the majority of the guests, the company said in a statement. The ship has been linked to greater than 20 coronavirus deaths and 600 infections throughout Australia. "There is no assurance of a return on August 1, but the eight ships remain in the schedule as we continue to work with government officials on a potential return to service", Carnival said in a statement.

Airbnb Laying off 1900 Employees Due to Travel Decline

May 06, 2020

He had indicated last month that layoffs were forthcoming. Airbnb says it is laying off 25% of its workforce as it confronts a steep decline in global travel due to the new coronavirus pandemic. Boss Brian Chesky said it's not clear when travel will return or what it will look like when it does. "Many teams will be reduced in size based on how well they map to where Airbnb is headed".

OH university system gets a $76.7 million budget cut

May 06, 2020

By the end of February, state revenues for the fiscal year to that point were ahead of estimates by over $200 million. As of the end of April, Ohio's revenues were below the budgeted estimates by $776.9 million. Of the money in the budget that is OH taxpayer-funded, only 9.4 percent is spent on operating expenses of state agencies. Funding for wraparound services will continue.

Barclays Bank receives 200 coronavirus loan applications in one minute

May 06, 2020

The Scheme has been met with a warm reception, Mike Cherry, Federation of Small Businesses National Chairman, said: "This crucial new initiative should enable thousands of small businesses to access the working capital they need quickly, helping to protect the millions of jobs they provide in every part of the United Kingdom".

Amazon Senior Engineer Resigns in Outrage Over Company Firings

May 06, 2020

For Bray's part, he wrote that quitting cost him more than $1 million in "big-tech salaries and share vestings", but notes that he does not regret it. Bray said that an official statement by the company claimed that every possible precaution was being taken to ensure safety. However, he then made a decision to step down from his position.

EU Faces 'Recession Of Historic Proportions,' Economic Forecast Warns

May 06, 2020

Read also public Debts: pool, cancel or monetize? . The EU Spring 2020 forecast, published today, predicts the bloc will see its economy contract by a record 7.5% this year before growing by 6% next year. "Cyprus' economic activity is heading into a severe contraction in 2020 due to the global outbreak of COVID-19 and the confinement measures that followed", said the report.

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