Economy / 2

Swiggy to begin home delivery of alcohol; starts with Ranchi

May 22, 2020

The spokesperson added that Amazon Food will be launched in select Bengaluru pin codes. The entry of Amazon into food delivery makes it a very interesting scenario as it has got the financial muscle and technology depth to battle with the existing players in the market.

Coronavirus: US family escaping Covid blues find $1.6 million on road

May 22, 2020

The Schantz family, however, didn't have time to do the same. The Schantz family were out for a drive in Caroline County in Virginia when they saw a auto ahead swerve due to an object on the road. Cops determined the amount totaled almost $1M. Within the two larger bags were smaller ones, each containing some information on where the money should have been deposited.

India central bank pledges more easing as economy set to shrink

May 22, 2020

India's central bank cut interest rates in an unscheduled announcement today and kept the door open for further easing to help an economy it expects will contract for the first time in more than four decades. It is very comfortable but that combined with the guarantee from the government at least as far as the MSME sector is concerned should make some improvement as far as pick up in bank credit is concerned.

Facebook to embrace remote work in post-pandemic shift

May 22, 2020

On Thursday, Facebook CEO Mark Zuckerberg live-streamed an employee townhall where he revealed that 95% of the company's employees are working remotely, and that half of all employees would continue working remotely for the next five to 10 years.

China drops growth target, pledges spending to ease coronavirus impact

May 22, 2020

Premier Li Keqiang laid out a roadmap for China to overcome the obstacles set by the COVID-19 pandemic on Friday, when delivering a government work report which contained no specific economic growth targets for 2020 but included a raft of measures to support businesses and employment.

Next US coronavirus rescue package not too far off: McConnell By Reuters

May 22, 2020

Ratcliffe will take over the agency at a tumultuous time. Trump, who has always been sceptical of the nation's intelligence community, has installed acting heads and removed and fired multiple intelligence officials. "In a time when the threats to our nation are many and varied, it is critical to have a Senate-confirmed DNI ensuring the wide array of intelligence agencies are sharing information across lines, coordinating capabilities, and working in the furtherance of our nation's security ...

RBI extends term loan moratorium till Aug 31; repayment rule relaxed

May 22, 2020

The central bank will remain vigilant and in battle readiness to address dynamics of unknown future arising from COVID-19 outbreak, he added. The Reserve Bank of India on Friday cut its benchmark interest rate 40 basis points to 4%, as the novel coronavirus pandemic severely dents the country's economy.

China demands that USA to distant itself from its internal affairs

May 22, 2020

Trump said Beijing was "desperate to have Sleepy Joe Biden win the presidential race so they can continue to rip-off [sic] the United States, as they have done for decades, until I came along!" The president did not specify which spokesperson he was attacking, but on Wednesday spokesperson Zhao Lijian criticized Trump for his ultimatum to the World Health Organization (WHO), in which the president accused the United Nations body of capitulating to Chinese pressure and demanded that ...

Another 2.4 million Americans filed for unemployment benefits last week

May 22, 2020

The federal government's Pandemic Emergency Unemployment Compensation is a program to help residents who have run out of regular benefits. Continuing claims, which lags initial jobless claims data by one week, totaled a record 25.07 million in the week ending May 9 following 22.59 million in the previous week.

BoE: Negative interest rates not ruled out

May 22, 2020

When asked Felicity Buchan MP if the Bank was looking at negative rates or buying riskier assets Bailey said: "We're not ruling it in, and we're not ruling it out". Former BoE Governor Mark Carney strongly opposed the idea, but some policymakers have said they are reconsidering it. Yields for two-year gilts dropped to a record low of -0.051% last week.

Costco announces all customers should wear face masks while shopping | Dished

May 21, 2020

At that point, the employee takes the customer's shopping cart. The customer asks the employee whether he is going to take his cart full of toilet paper, detergent and other items away. Tison replied from his own Twitter account . At Costco, the chain has required members and guests to wear face coverings that cover the mouth and nose since May 4.

US weekly jobless claims remain high as backlogs, layoffs linger

May 21, 2020

The increase came as the nation as a whole saw the number of initial jobless claims fall 9.2%, to 2.4 million, according to the Labor Department. Initial claims appeared to have passed their peak hit in late March, and the latest figure is down 249,000 from the almost 2.7 million claims file in the week ended May 9.

Sunak warns 'more hardship to come' as jobs market faces 'severe recession'

May 21, 2020

The Chancellor suggested that the most effective way to help business would be to let them reopen. Mr Sunak said the length and depth of that recession depends on how much longer the United Kingdom is in lockdown for. However, Sunak warned that the depth of the Covid-19 recession and the length of time it could take for business activity to return to normal could hit the country's productive capacity.

Venezuela sues Bank of England in furious row over £820m of gold

May 21, 2020

The legal wrangling comes amid fears about ability of Venezuela's aged healthcare system to handle a severe coronavirus outbreak. Venezuela has launched a legal battle to access $1bn (£815m) of gold stored at the Bank of England (BOE) as it claims it needs the money to tackle the coronavirus pandemic.

Coronavirus: EasyJet to resume flights in June

May 21, 2020

Initially it will fly from Belfast to Birmingham, Bristol, Edinburgh, Glasgow, Gatwick, Liverpool and Newcastle. EasyJet's budget rival, Ryanair , has said it will look to operate up to 40 per cent of its schedule by July, while IAG, the owner of British Airways , has set a similar target.

US weekly jobless claims remain high as backlogs, layoffs linger

May 21, 2020

Jobless claims for workers across America rose by an additional 2 million last week, bringing the nine-week total to nearly 39 million as states began reopening their economies, new data has revealed. NY had 227,000, up from 199,000. Florida reported 224,000 and Georgia had roughly 177,000 jobless claims. Continuing claims - the total number of Americans receiving unemployment benefits - increased to a record 25.1 million in the week ended May 9.

2.43 million Americans applied for unemployment benefits last week

May 21, 2020

Initial claims under the federal Pandemic Unemployment Assistance program - which expands unemployment benefits to those not traditionally eligible, such the self-employed and gig workers- totaled 2.23 million last week on an unadjusted basis.

Coronavirus: Long queues as McDonald's reopens drive-thrus

May 21, 2020

Six McDonald's restaurants across Dublin will reopen "drive-thru" lane operations from 11:00am to 10:00pm with new measures in place to help keep employees and customers safe, the company revealed. · Capped spend in Drive Thru at £25 per vehicle and customers are encouraged to pay by contactless payment methods wherever possible. There will be protective equipment for staff, including gloves for customer and courier facing positions and face masks.

EasyJet hack exposes details of nine million customers

May 21, 2020

During this attack, the threat actors were able to access the email addresses and travel information for nine million customers. The airline noted that it was now in the process of contacting all nine million affected customers, warning them to watch for potential phishing attacks.

AAI issues guidelines for domestic flying, not final as yet says ministry

May 21, 2020

The detailed guideline explains the rules and procedures that passengers and air carriers must abide right from entering the airport from their origin city to exiting the airport at their destination. Passengers are being advised to carry minimal luggage as the use of trolleys may not be allowed unless one has a genuine reason. In the next four days, the terminal battered by cyclone Amphan has to be repaired and made fit to resume operations as domestic flights that had been grounded for two ...

Volkswagen pulls ad, apologizes for racist overtones

May 21, 2020

The 10-second commercial , posted on Instagram Tuesday, features a large white hand shoving a black man away from a yellow Volkswagen Golf parked on the street, then flicking him inside of a French cafe. Those statements, in part, read that "we understand the public outrage at this". Founded on orders by Adolf Hitler to build the "people's car", VW employed forced labourers for the Nazi war effort.

Wall St opens higher on hopes of economic recovery

May 21, 2020

The S&P 500 climbed 3.2%, its best day since early April. Stocks posted solid gains on Wall Street Wednesday, erasing their losses from a day earlier. The Stat News article said that the Moderna report on its experimental remedy for COVID-19 lacked sufficient data. "Of course, because we are responding to impressions, we could end up giving back some of these gains should additional information contest our beliefs", he said.

Elizabeth Warren Goes Off on Steve Mnuchin Over Coronavirus Bailout

May 21, 2020

Government data show more than 30 million jobs have been destroyed, at least temporarily, by the lockdowns, and some legislators have complained that aid programs have been drained mostly by large corporations rather than the small businesses they were meant to help.

IRS to send out 4M stimulus payments via prepaid debit cards

May 20, 2020

Millions of Americans will soon receive their coronavirus stimulus funds via a debit card. While conversations continue between the Democrats and the Republicans on the exact nature of a second round of stimulus checks to provide further financial aid to hard-hit Americans who have lost their jobs as a result of the coronavirus crisis, many people are still waiting on the their first payment from the US Goverment .

Walmart sales surge at stores and online due to virus

May 20, 2020

The Jet.com site was still operational Tuesday, with no messages regarding the closure. Despite a 74-percent sales surge, Walmart still lost money on e-commerce last quarter. The company had only been founded two years earlier, and publicly launched just one year earlier, with an ambitious goal to take on Amazon. For instance, Jet's online traffic was 33 million in December 2016.

Australia and China spat over coronavirus inquiry deepens

May 20, 2020

Senator Birmingham underscored the decision would also affect China. China's Ministry of Commerce announced the move on Monday, after completing a 16-month investigation into an anti-dumping complaint . While Australia has indicated it might take up the barley tariff decision with the World Trade Organisation, McGregor said trade restrictions would not "stop overnight" and "could get worse".

SBA, Treasury release Paycheck Protection Program loan forgiveness app

May 20, 2020

We built our Loan Forgiveness Portal knowing that with shifting government guidance in terms of what is considered forgivable, lenders and their borrowers would need an easy-to-use hub where they could properly capture, manage and submit supporting documentation.

USA crude strengthens as certain stimulus measures to continue

May 20, 2020

The price of futures contracts for West Texas Intermediate ( WTI ) crude with delivery in July surged to over $30 per barrel in the early hours of Monday for the first time since 17 March, market data shows. "Where you've seen cases of individual companies that have reported positive early stage results as it pertains to any kind of vaccine, that's been received very well", Will Rhind, chief executive officer at GraniteShares, said in a phone interview.

Berkshire offloads shares in insurance firm, trims several stakes

May 20, 2020

But in this current crisis, Berkshire has soured on Goldman. The billionaire investor's company cut its Goldman holdings by 84%, helping to reduce their value from about $2.8 billion to less than $300 million. Goldman's share price fell 33% in the first quarter as banks suffered with the coronavirus pandemic slamming the brakes on the global economy. Bottom line, per Bloomberg's Tara Lachapelle: "Buffett, 89, said proudly just two weeks ago that he thinks 'nothing can stop America, ' ...

Rolls-Royce to cut 9,000 jobs in Covid-19 downturn

May 20, 2020

Rolls-Royce ( RYCEF ) said itscivil aerospace business, which is concentrated in the United Kingdom and makes engines for Boeing (BA) and Airbus ( EADSF ) planes, will bear the brunt of the restructuring. "This is about adjusting our capacity to meet future demand", Rolls-Royce chief executive officer Warren East told BBC Radio on Wednesday. The planned reorganisation it is undertaking in response to these changes will mainly affect its civil aerospace business , where it will carry out a ...

Covid-19 brings South Africa’s daily carbon emissions down by 20%

May 20, 2020

In order to quantify the drop in carbon emissions, the study authors examined emissions data from more than 69 countries, including the USA, and 30 Chinese provinces. If pre-pandemic conditions return by mid-June - meaning non-essential businesses reopen and air and vehicle travel resumes at typical levels - annual global carbon emissions will still likely fall by 4 percent.

Chancellor extends job furlough scheme until the end of June

May 20, 2020

For an employer to qualify for reimbursement in respect of furloughed employees, those employees originally had to be employed on 28 February 2020. This applies even if the employee is not reemployed until after March 19, 2020. The rationale for this change is clear - it is to bring as many employees as possible within the scope of the CJRS, whilst minimising the opportunity for fraudulent claims.

'Joke' and 'cheap': Australia and China's war of words continue

May 20, 2020

Australia-China connections have a variety of long-running toxic irritants, however Canberra increased Beijing's wrath by top global require an independent worldwide examination right into the beginnings and handling of the coronavirus .

Coronavirus has 'major impact' on jobs as unemployment increases by 50,000

May 20, 2020

Jonathan Athow, deputy national statistician for economic statistics at the ONS, said: "While only covering the first weeks of restrictions, our figures show Covid-19 is having a major impact on the labour market". The unemployment rate was estimated at 3.9 per cent, slightly down on the previous quarter, the ONS said. April's surge would have been even sharper without an emergency government program to pay 80 per cent of the wages of 8 million employees - or about one in four workers - put ...

COVID-19 crisis sees global carbon emissions plummet by 17 per cent

May 20, 2020

The study centered on 69 countries, all 50 USA states and 30 Chinese provinces, which account for 85% of the world population and 97% of all global carbon dioxide emissions. Those changes may translate into long-term cuts in emissions, but that's likely not going to be enough. But with life and heat-trapping gas levels inching back toward normal, the brief pollution break will likely be "a drop in the ocean" when it comes to climate change , scientists said.

Samsung: Samsung will support five new companies founded by their employees

May 20, 2020

The first startup is Blockbuster , a video-editing application that enables content creators to easily apply computer graphics (CG) and 3D effects to videos with their smartphones. Can be integrated into wearable devices, smart cars and smart buildings. It provides startups with investment and business consulting. Samsung today said that it would support five startups: Blockbuster , Haxby , Hyler , RootSensor and SunnyFive .

Walmart Sales Soar Amid Pandemic Stockpiling

May 20, 2020

He added that the Jet brand name could still be used in the future. Jet.com launched with massive VC funding and set its sights set on urban millennials . That network retail locations give Walmart multiple ways to get products to consumers. In stores, shoppers visited less frequently, but they spent nearly 17% more per transaction, the company said on Tuesday as it became one of the first to report earnings from the months of the pandemic.

Moderna's COVID-19 vaccine trial: Biggest hurdles are ahead

May 20, 2020

NY time Monday, its stock offering at 4:18 p.m. (18 minutes after the stock market closed) and the offering price at 10:32 p.m. The vaccine produced antibodies in all 45 healthy volunteers who participated in the study. The Moderna vaccine is made using messenger RNA, or mRNA, a molecule containing the genetic instructions to make a protein on the coronavirus surface that is recognized by our immune systems.

Confirmed: 10% import tax on new cars from European Union

May 20, 2020

Concerns about the ongoing fate of the talks have dragged down the pound in currency markets, which is trading 7.5 per cent lower so far this year, but which was up 0.5 per cent by 1.50pm UAE time after the new tariff regime was announced. The regime, also known as UK Global Tariff , is also said to be cheaper than the EU's Common External Tariff, and will also apply to countries with which the UK has no agreement, while removing all tariffs below 2%.

J&J to stop selling talc-based baby powder in US, Canada

May 20, 2020

In a news release issued Tuesday , Johnson & Johnson said its consumer health department began prioritizing high-demand items during the COVID-19 pandemic and is now choosing to permanently discontinue several of the items it stopped manufacturing, including the talc-based baby powder.

U.S. risks 'permanent damage' from extended shutdown: Mnuchin

May 20, 2020

Mnuchin's comments came in a joint appearance before the Senate banking committee with Jerome Powell , the chairman of the Federal Reserve . "I think the jobs numbers will be worse before they get better", Mnuchin said , adding that the overall economy too was likely to weaken in the near term before starting to recover towards the end of the year.

The US stopped Huawei's latest $700 million order to TSMC

May 20, 2020

In addition, only 1% of its components are from the U.S. This is quite a huge drop from 11% in the Mate 30 4G version. The addition to the blacklist means US companies who seek to export components to Huawei , or any of its affiliated companies, have to obtain a license.

Cash strapped Thai Airways to seek bankruptcy rehabilitation

May 19, 2020

It would seem that the trend of businesses going in the red isn't about to change anytime soon, as it has just been reported recently that one of the world's most renowned airline companies, Thai Airways, will be filing for bankruptcy after suffering massive losses in revenue according to Asian Aviation .

Air Canada to cut workforce by up to 60% due to coronavirus

May 19, 2020

When asked by reporters about a potential bailout of the airline industry by the federal government, the prime minister pointed to the three-month extension of the Canada Emergency Wage Subsidy and the credit available to large companies through the Large Employer Emergency Financing Facility (LEEFF).

Vaccine trial by Moderna shows promising early results

May 19, 2020

He said the results indicate the vaccine has a "high probability to provide protection from COVID-19 disease in humans". Investors cheered the initial results Monday morning, sending Moderna's stock up almost 30%. What's more, it's promising the antibodies the patients developed were "shown to be effective at limiting the virus's replication in the lab", he added.

Uber Cuts 3000 More Jobs As Pandemic Squeezes Ride-Hailing

May 19, 2020

It's closing down some units, including an artificial intelligence lab. Uber planned to provide laid-off workers with at least 10 weeks pay and continue providing health benefits through the end of this year. In a separate regulatory filing , Uber on Monday said the lay-offs and restructuring measures are expected to generate $1 billion in annual cost savings compared to pre-pandemic estimates.

Dyson’s Cancelled Electric SUV Seats 7, Had 600-Mile Range

May 19, 2020

If you get a flutter of excitement at first glance of this intriguing new vehicle as we did, try not to be too disappointed when you learn, even though it came close to setting a new standard in the electric auto performance, it will never be offered as a production model.

Fed’s Powell says full economic recovery may require coronavirus vaccine

May 19, 2020

In an interview with CBS 60 Minutes aired Sunday, he said the economic recovery could take more than a year and "stretch through the end of" 2021. "There's no clear finding that it actually does support economic activity on net". On Sunday night, Powell said the Fed's programs were essentially unlimited, helping to spark a stock market rally Monday. That could be a veiled reference to yield curve control, where the Fed undertakes to hold yields out to a certain maturity at a certain level, ...

Coronavirus: France and Germany propose €500bn recovery fund

May 19, 2020

The Commission has welcomed the proposal with President Ursula von der Leyen saying that it "acknowledges the scope and the size of the economic challenge that Europe faces, and rightly puts the emphasis on the need to work on a solution with the European budget at its core".

Powell: US recovery could take till end of 2021

May 18, 2020

Powell said the Fed could deploy new lending programs beyond the arsenal of facilities that it has opened up since the COVID-19 crisis began. From a fundamental perspective, Monday's surge appears to have been triggered by warnings out of the Federal Reserve about potential asset price declines if the coronavirus "pandemic takes an unexpected course, the economic fallout prove adverse, or financial system strains reemerge".

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