Economy / 9

Mercedes S-Class Leaks In Fully Revealing Spy Shots

May 13, 2020

Based on these new images, the car's look from the outside will be more an evolutionary step using some design cues already established on some of the brand's more recent models. The 2021 Mercedes S-Class likely features an instrument cluster that sits flush inside the dashboard when the vehicle is not in use. The vertically positioned tall AC vents are an additional reminder of the car's size and class.

Treasurer Josh Frydenberg tested for coronavirus, awaiting results in self-isolation

May 13, 2020

Mr Frydenberg's coughing fit came as he told Parliament in Canberra about the economic impact the virus was having on the nation. "Luckily I got some water - too long a speech", he said in between coughs. The result of his test is expected tomorrow. "Given the level of uncertainty, our economic measures provide more than financial relief", Fydenberg said.

Coronavirus crisis leads to largest U.S. consumer price decline since 2008

May 13, 2020

Prices for apparel, motor-vehicle insurance, airfares and hotel stays all posted record monthly declines as Americans all but stopped driving, flying and buying new clothes during the pandemic. The Fed tracks the core personal consumption expenditures (PCE) price index for its 2% inflation target. Overall prices were up 0.3% from a year earlier, the lowest since 2015, and core prices were 1.4% higher from a year ago, the lowest since 2011.

IndiGo denies it’s looking to buy Virgin Australia

May 13, 2020

IndiGo, while denying media reports of its expression of interest (EOI) in Virgin Australia, has said that it does not "have any interest in this matter". Mr Borghetti went head-to head against his old employer, Qantas Airways. Paul Scurrah who took charge from Borghetti in 2019, was envisioning a turnaround plan for the airline to cut costs and debt when the coronavirus crisis emerged and throttled all hopes of a recovery, the publication adds.

Australian politician tests negative for Covid-19 after coughing fit in parliament

May 13, 2020

The politician had been isolating in Canberra awaiting the results. During the economic update , Frydenberg struck an optimistic note on the government's coronavirus response. He added that the additional support for employers and employees during the pandemic being sought by the opposition was unlikely to happen. Frydenberg did not say what the government's deficit will be.

Twitter to let employees work from home indefinitely

May 13, 2020

It's one of the most generous work-from-home policies put forward by a major tech company in the wake of the coronavirus pandemic. It was among a raft of big tech companies including Microsoft , Google, and Amazon that instructed workers to stay at home from early March .

Chancellor unveils cash injection to help businesses survive coronavirus crisis

May 12, 2020

And under the scheme, government grants will cover 80 per cent of the salary of retained workers up to a total of 2,500 pounds a month, which is above the UK's median income. The Government have told cafes, pubs, clubs, restaurants, nightclubs, theatres, cinemas, gyms and leisure centres across the United Kingdom to close from tonight and not open tomorrow, causing a surge of panic to millions, who lives depend on working within this sector.

Twitter says many employees may work remotely ‘forever’

May 12, 2020

The offer doesn't extend to employees whose jobs mandate that they return to the office, like those tasked with server maintenance. The company said that it was "uniquely positioned" to switch to remote working and that its employees have proven they can make the set up work over the past few months.

IRS stimulus check: Direct deposit portal deadline is coming

May 12, 2020

However, the IRS says it will send a letter to your last known address within 15 days of payment , in which the recipient will be given "information on how the payment was made and how to report any failure to receive the payment". "We are working hard to continue delivering these payments to Americans who need them", said IRS Commissioner Chuck Rettig said in a release. People hoping to speed up the process of receiving their stimulus money have until Wednesday to provide their direct ...

PM Modi will address the nation at 8 pm today

May 12, 2020

Around Rs 20 Lakh Crore. PM Modi said he was of the firm view that the measures needed in the first three phases of lockdown were not needed "in the fourth", and asked the states to come up with a roadmap by May 15 on how to deal with various aspects of the gradual easing of the lockdown.

Chancellor confirms the Job Retention Scheme will last until October

May 12, 2020

However, it will ask employers to start sharing the cost starting in August. The Chancellor says further details on what this means will be released before the end of this month but he insists: "Workers will, through the combined efforts of government and employers, continue to receive the same level of support as they do now, at 80 per cent of their salary up to £2,500 [per month]".

Ryanair Poised For July Return To Shannon Airport

May 12, 2020

From July, it says it will restart flying from most of its 80 bases across Europe . Passengers on Ryanair flights will be banned from queueing for the lavatories when the airline resumes flights on July 1. Queuing for toilets will also be prohibited on board. Ryanair's CEO Eddie Wilson said: 'It is important for our customers and our people that we return to some normal schedules from July 1 onwards.

Ryanair Poised For July Return To Shannon Airport

May 12, 2020

From July, it says it will restart flying from most of its 80 bases across Europe . Passengers on Ryanair flights will be banned from queueing for the lavatories when the airline resumes flights on July 1. Queuing for toilets will also be prohibited on board. Ryanair's CEO Eddie Wilson said: 'It is important for our customers and our people that we return to some normal schedules from July 1 onwards.

The Toyota Highlander is coming to the UK

May 12, 2020

In UK, the Highlander will source power from a 2.5-litre petrol hybrid powertrain that gets an electric motor at each axle and is paired to an eCVT transmission. The system will offer four drive modes, including a Trail function, along with an EV-only mode. The new Highlander Hybrid is equipped with latest "Toyota Safety Sense", a set of active safety technologies created to help prevent or mitigate collisions across a wide range of traffic situations.

Wall Street falls on fears of new coronavirus infection wave

May 12, 2020

The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April. Shares of Under Armour Inc plunged 9.7% after the athletic wear company forecast a 50% to 60% drop in the second quarter as many of its stores ...

China suspends meat imports from four Australian abattoirs as ties sour trade

May 12, 2020

In 2017, China banned imports from six Australian meatworks , including the four processors caught up in the current ban, along with Australian Country Choice and Thomas Foods. The government has called for such an inquiry for some weeks to better understand how the coronavirus started in Wuhan, China to be able counter such pandemics in the future.

Kevin Hassett, White House economic adviser, expects 20% unemployment rate before recovery

May 12, 2020

Mr Hassett, the former chairman of the Council of Economic Advisers, recently returned to the White House to advise on virus-related matters. It's a small, crowded place. He added, "That's why the doctors are so careful about testing everyone every day". Three senior officials guiding the U.S. response to the pandemic were in self-quarantine on Saturday after coming into contact with someone who had tested positive for the disease, their agencies and spokesmen said.

Feds pledge COVID-19 financing help for the country’s biggest companies

May 12, 2020

Any companies convicted of tax evasion won't be eligible for help. As well, through a business credit availability program, mid-market firms with revenues in excess of $100 million are being offered loans between $12.5 million and $60 million per company, and financial guarantees of up to $80 million.

Virgin chief to sell space venture stake for $500m

May 12, 2020

The Telegraph reported that presentations to potential investors by Virgin Atlantic management, due to start last week, were delayed as Shai Weiss, its chief executive, focused on last Tuesday's announcement to sack staff. The 69-year-old Briton is trying to save his Virgin Atlantic Airways Ltd., which has struggled to qualify for a United Kingdom -supported loan program aimed at helping businesses survive the worldwide coronavirus pandemic.

Morrisons slashes fuel prices to under £1 a litre

May 11, 2020

The two countries had been co-operating to push up the price of oil for three years, but failed to reach an agreement as Russian Federation refused to back an Opec plan to cut oil production as demand fell. Howard Cox, founder of FairFuelUK, said 'It's shocking that supermarkets have not gone below £1 by now. The RAC praised Morrisons for reducing costs to a "fair price" which was "much more reflective" of what the retailer itself was paying to supply the fuel.

Avianca in Chapter 11 a symptom of Colombia's economic uncertainty

May 11, 2020

A Chapter 11 filing deals a blow to the financial autonomy of a company that despite accumulating debt was continuing with expansion of domestic and worldwide routes, connecting Colombians with direct services to major U.S cities as well as Munich, Madrid, and Barcelona in Europe and London's Heathrow - all these without mentioning Avianca's extensive Central and South American networks.

New help for large firms comes with serious commitments

May 11, 2020

During the press conference, Trudeau emphasized that any help provided will come in the form of a loan-not a bailout or a "blank check". The money will be available to companies who can not retain their workforce through conventional financing.

EU SPLIT: Brussels threatens Germany with legal action after shock ECJ challenge

May 11, 2020

It called for a "proportionality assessment" of the ECB's bond-buying programme, which the EU's top court had already approved in 2018. But it stunned everyone, for two main reasons. The ECJ has noted that they will make no further statement on this matter. "In order to ensure that European Union law is applied uniformly", says the statement, "the Court of Justice alone⁠-which was created for that objective by the Member States⁠-has jurisdiction to rule that an act of an European Union ...

Govt raises market borrowing limit to Rs 12 lakh cr for FY21

May 11, 2020

The authorities has elevated the market lending restrict by a whopping Rs 4.2 lakh crore to Rs 12 lakh crore for the present monetary yr 2020-21. Speaking to The Telegraph, Ananth Narayan, professor, SPJIMR, said the actual fiscal deficit will be far higher than the budgeted number and that it could be above 8 per cent as the country's GDP will not grow this year and the government will have to incur more expenditure even as revenue collections take a knock.

Saudi Arabia TRIPLES VAT and scraps monthly £1,000 payments amid Covid-19

May 11, 2020

In addition, the cost-of-living allowance shall also be discontinued as of June 2020. "Kingdom aims to provide additional voluntary cuts in an effort to support the stability of global oil markets". The BBC reports Saudi Arabia's state spending surpassed its income in the first three months of this year, leaving the kingdom with a $9 billion deficit.

Reliance announces record date for ₹53,125 crore rights issue

May 11, 2020

As per the provisions of Regulation 77A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with relevant circulars in this regard issued by SEBI, RIL has received International Securities Identification Number (ISIN): INE002A20018 in order to credit rights entitlements.

Oil prices down with weak demand, rising supply glut

May 11, 2020

Crude output in the country is expected to fall further, since the number of oil rigs in the USA, an indicator of short-term production in the world's largest crude producing country, has declined for the eighth consecutive week up to the week ending May 8, Baker Hughes data showed.

Boris Johnson unveils plan for reopening United Kingdom after coronavirus lockdown

May 11, 2020

More details of Johnson's plan will be made public in parliament on Monday. Britain's coronavirus death toll - 31,855 - is the second highest in the world, behind the United States. Johnson's speech came hours after Scottish First Minister Nicola Sturgeon said she felt ending the previous "stay at home" message was the wrong choice for Scotland.

Musk announces Tesla HQ is leaving California, threatens moving assembly out too

May 11, 2020

The decision was made after Elon Musk , Tesla's chief executive, announced to its employees on Thursday, May 7, that the only United States vehicle factory in Fremont will resume its limited production on Friday afternoon. Within hours, Tesla's market value crashed by $14 billion and Musk's own stake in the company reportedly fell by $3 billion. The company said Alameda was going against the federal and California constitutions, as well as defying the governor's order, the lawsuit ...

Saudi Arabia to raise Value-Added Tax from 5% to 15% from July 1

May 11, 2020

Tredoblingen of the Value-Added Tax must be to counteract the negative effects of lower prices of crude oil, which is Saudi Arabia's largest source of income. Saudi Arabia has had some 39,000 confirmed cases of the coronavirus, including 246 deaths. Those allowances had cost the state about $13.5 billion annually.

Oil slips with glut concerns reversing Saudi price hike boost

May 11, 2020

Brent crude futures moved up almost 14% to $30.97 a barrel. 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.

HUL Gains As Soc Gen Buys 1.2 Crore Shares, Brokerages Remain Bearish

May 11, 2020

Shares of Hindustan Unilever Ltd (HUL) tumbled over 5 per cent in early deals on Thursday after British drugmaker Glaxo-SmithKline (GSK) plc sold a part of its stake in fast moving consumer goods (FMGC) major via block deals. "GSK has, through its subsidiaries GlaxoSmithKline Pte Ltd and Horlicks Ltd, today agreed to the sale of 133,772,044 ordinary shares in HUL at a volume-weighted average price of approximately Rs 1,905 per share, raising gross proceeds of approximately Rs 25,480 crore", ...

We Have a New Slogan

May 11, 2020

The prime minister, who spent a week in the hospital receiving treatment for COVID-19, stressed that everyone must carry on abiding by social-distancing rules when out in public and that fines for flouting them will be increased. If a person or anyone in their household has symptoms, they must all self-isolate. The leader of the main opposition Labour Party, Keir Starmer, complained that Johnson's new road map raised "as many questions as it answers".

Ivanka Trump assistant tests positive for coronavirus, among other White House staff

May 11, 2020

Ms Miller was not on the plane and had not been scheduled to be on the trip. The White House insists it is taking precautions, but President Trump was not seen wearing a mask at a ceremony for WWII veterans. Fauci's institute said that he has tested negative for COVID-19 and will continue to be tested regularly. During Friday's news briefing, the White House press secretary Kayleigh McEnany said: "We have put in place the guideline that our experts have put forward to keep this building ...

Elon Musk Threatens To Move Tesla Out Of California

May 10, 2020

Musk also threatened to close the Fremont automobile assembly plant, saying the final decision would depend on how the state and county treat his company, which he says is the last automaker in California . A county official said on Friday that its health department has had many discussions with the company and recommended that Tesla wait at least another week to monitor infection rates and discuss safe ways to resume production.

Meet Magnolia Earl, the first adopted Gerber baby

May 10, 2020

Her personality is beyond happy and joyful. Her mother, Courtney Earl, issued a statement saying she and her husband had learned of Magnolia's May 9, 2019 birth and were able to "connect with her awesome birth parents" before adopting her.

Coronavirus: Trump's economic team braces for worsening job market in May

May 10, 2020

US President Donald Trump's top economic advisers on Sunday (May 10) argued that a "safe" reopening of the US is the needed urgently as they stare down the worst job numbers since the Great Depression. "If we go to a Phase 4 deal, I think President Trump has signalled that while he doesn't want to bail out the states", Mr Hassett said on CNN's " State of the Union ".

Paycheck Protection Program Funds For Nonprofits and Small Businesses Available

May 10, 2020

Small hospitals going through bankruptcy are suing the Small Business Administration, arguing it is unlawful for the federal government to deny them loans under the Paycheck Protection Program. Approved Lenders can be found using the "SBA Lender Locater" at www.sba.gov/ppp . Reuters reported last week that many banks have for weeks been asking the Treasury and SBA for more detail on how to calculate the proportion of the loan that may be forgiven, fearing that businesses may end up ...

Canada Turned Away 8 Million Masks Because They Weren't Good Enough

May 10, 2020

N95 masks used to protect against COVID-19 are so-named because they are supposed to screen out 95 per cent of small particles. It said that while Canada continues to receive significant shipments of protective equipment from global manufacturers, it is also getting orders from domestic manufacturers for gowns, face shields and hand sanitizer, among other products.

Sidewalk Labs announces it’s no longer pursuing Toronto waterfront development

May 10, 2020

Citing "unprecedented economic uncertainly", Alphabet's Sidewalk Labs is scrapping its " smart city " project in Toronto , Wired reports . Sidewalk Labs had envisioned heated sidewalks and bike paths that melt snow in winter, street-side parking that could be pre-booked, and underground robots that distribute parcels and manage waste.

EU court hits back at German ruling on ECB support

May 10, 2020

With its announcement today, the European Court of Justice appears to be firing a warning shot that its supremacy should not be questioned as 'national courts are required to ensure that EU law takes full effect'. The program is credited with having ended the eurozone debt crisis, however, some critics argue it flooded markets with cheap money and encouraged government overspending.

Uber lays off 40% of employees in Egypt amid coronavirus outbreak

May 10, 2020

Like many companies, Uber has found the first quarter of 2020 hard, especially given the hurdles presented by COVID-19 and many nations instituting some form of lockdown or quarantine. Khosrowshahi also agreed to give up his base salary for the rest of the year. The stock gained 11 percent during regular trade on a stronger-than-expected performance by smaller ride-hailing rival Lyft, which reported first-quarter results on Wednesday.

Rolls-Royce signals job cuts as lower engine output forecast

May 10, 2020

British aero-engine manufacturer Rolls-Royce signaled Thursday it expects to chop some of its workforce, after studies that it was contemplating cutting as much as 8,000 jobs to climate a global aerospace sector hunch. Before the coronavirus crisis all but halted air travel this year, Rolls-Royce was striving to emerge from a multi-year turnaround plan and it said it expects a significant net cash outflow during the second quarter.

IIHS Tests Raise Jeep Safety Concerns

May 10, 2020

The IIHS consented to retest the Wrangler with an alternate technique which did get FCA's approval, however, the results remain unchanged with the Wrangler once again tipping on its side. The second test also ended with the Wrangler lying on its side. There's a bit of a discrepancy between the test results that FCA provided the IIHS and what the IIHS found in their independent testing.

USA lost 20.5M jobs in April, unemployment 14.7%

May 10, 2020

It is roughly double what the nation experienced during the entire 2007-09 crisis. Now that has been quickly dwarfed by the fallout from the global pandemic. Despite almost $3 trillion in financial aid approved by Congress in March alone and trillions more in liquidity provided by the Federal Reserve, there is a growing fear that the temporary shutdowns imposed to contain the spread of the virus will become permanent for many companies.

Ivanka Trump's personal assistant tests COVID-19 positive

May 10, 2020

The White House is on high alert after learning that multiple Secret Service members have tested positive for coronavirus , according to Department of Homeland Security documents reviewed by Yahoo News. News that staffer Katie Miller had fallen ill boosted fears that the White House is at risk of becoming a viral hot spot just when Trump is leading efforts to wind down nationwide quarantine measures that have devastated the world's biggest economy .

Will PPP loans save small businesses? Even $530 billion can’t fix everything

May 10, 2020

The United States Small Business Administration (SBA) approved an additional 723 loans totaling $52,042,710 in funding for the Paycheck Protection Program (PPP) for U.S. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).

CDC head quarantining after exposure to White House staffer with coronavirus

May 10, 2020

Hahn immediately took a diagnostic test and was tested negative himself for the novel coronavirus , FDA spokesman Michael Felberbaum said in an emailed statement. The White House task force, which is led by Pence, met most recently on Thursday. All six later tested negative, the White House said. Katie Miller was not on the plane and had not been scheduled to be on the trip.

Princess Cruises cancels summer 2020 sailings

May 09, 2020

It also announced that its ship Amsterdam will not operate a planned 79-day cruise from Boston, Massachusetts on October 3. All guests, or their travel advisors, will automatically be notified if their cruise departure has been cancelled.

FDA Grants Emergency Use Authorization For 1st Coronavirus Antigen Test

May 09, 2020

The Food and Drug Administration ( FDA ) has given diagnostic health care manufacturer Quidel Corp. emergency-use authorization for its COVID-19 antigen test, the first of its kind. During this pandemic, there have been two types of tests for which the FDA has issued EUAs. Antigen testing is not without its shortcomings. "We will cover its shortfalls with PCR tests, and consider how to use it in the best combination", Kato said.

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