Economy / 24

Coronavirus impact: Japan's factory activity contracts at fastest pace in May

June 02, 2020

It was the second-lowest recorded since the series begin in July 2012, said IHS Markit. Companies were also reluctant to increase output as new orders remained weak. "Firms hoped that the introduction of new products would also drive activity higher", it said. "While PMI readings are unusually hard to interpret this month, the bigger picture remains the same - the region's manufacturing sector is in a deep recession.

USA stocks rise to begin June on 2-week win streak

June 02, 2020

States across the country were reopening their economies, while protests against the killing by police of unarmed black man George Floyd swept across dozens of cities. Hackett added, however, that valuations are at their highest levels in almost two decades, suggesting "markets are due for a breather following an unprecedented rally".

Ontario adds over 300 cases of COVID-19, hits daily testing target

June 01, 2020

Currently, all child care centres remain closed, with the exception of those designated for use by essential workers. The Ontario government is now investigating 9,647 cases. That same day, the province unveiled its new COVID-19 testing strategy, pledging a massive expansion in testing over the next few weeks. There are now 137 cases in Burlington, 237 in Oakville, 187 in Milton, and 154 in Halton Hills.

Hong Kong: Boris Johnson urged to form alliance over China security law

June 01, 2020

A protester rallies against the death in Minneapolis police custody of George Floyd , in Portland, Oregon, U.S. May 31, 2020. The State Department outraged Chinese leaders last week by declaring that US leaders officially assess that Hong Kong no longer enjoys the legal and economic freedom the Chinese government promised it would tolerate when Great Britain gave the territory back to Beijing back in 1997.

'Parents are clearly anxious': teachers prepare for safe return to school

June 01, 2020

Nursery school pupils and students from reception, year 1 and year 6 are able to head back into the classroom from today. Cathy Moden, headteacher of Hiltingbury Infant School in Chandler's Ford, said that she had expected 45 of the 90 children in reception year to attend on Monday but 39 turned up.

Chinese media use race clashes to criticise US over Hong Kong

June 01, 2020

Chinese propaganda outlets played up scenes from the USA of violence, burning buildings, harsh police responses and protesters decrying government as part of a broader narrative that western democracies are regularly plagued by chaos and unrest that would never be permitted in the mainland.

Microsoft Informs Journalists Their Services Are No Longer Needed Due to AI

June 01, 2020

Microsoft had been using human editors to select top stories from a variety of sources to display on Microsoft News, MSN, and Microsoft Edge. "This may lead to increased investment in some places, and from time to time , a redistribution of jobs in others".

UK unveils plan to wind down COVID-19 furlough scheme #95788

June 01, 2020

From 1 July, businesses will be given the flexibility to bring furloughed employees back part-time, deciding themselves both the hours and shift patterns they will work. Prospect has welcomed the Chancellor's extension of the Coronavirus Job Retention Scheme (CJRS) and Self Employment Income Support Scheme (SEISS) but have argued for greater focus for sectors and workers hit hardest by the pandemic .

The Government Will Refund Millions Of Dollars To People Affected By Robodebt

June 01, 2020

The federal government will refund automated welfare debts worth more than $700 million in the latest development in the robodebt saga. Government Services Minister Stuart Robert says the scheme was not "sufficient under law". It is understood the decision will be made on whether to scrap the scheme entirely as part of the federal budget, which will now be delivered in October.

SpaceX astronaut crew blasted AC/DC and Black Sabbath to kick off mission

June 01, 2020

As CNN " s John Berman was reporting during a telecast at the launch , he spun a bit of brilliance as to why the crew chose the song: "We were told the astronauts listened to "Back In Black' from AC/DC on their way to the rocket". The accomplishment of restoring orbital human spaceflight capability to the United States after almost nine years, however, was overshadowed by both the coronavirus pandemic that has now claimed more than 100,000 lives across the nation, as well as ...

Aston Martin begins building continuation DB5 with fake machine guns

June 01, 2020

But these aren't just any DB5s, they are a special run of 25 created in association with Eon Productions , producers of the James Bond films, and are an accurate recreation of the DB5 seen in the classic 1964 film Goldfinger . They're being built at Aston Martin's Heritage Division in Newport Pagnell, Buckinghamshire, taking about 4,500 per auto. Optional gadgets can also be fitted, like the removable passenger seat cover, needed if you want to eject anybody, and an under-seat weapons ...

Oil faces demand uncertainty after record rebound from the crash

June 01, 2020

The US' commercial crude oil stocks vastly increased last week against the market expectation of a decline, according to data released by the country's Energy Information Administration (EIA ) on Thursday. The US' crude oil output reached an all-time high of 13.1 million bpd for the week ending February 28. Saudi crude exports to India, its closest major market, plunged by nearly 50% to 560,000 barrels a day in May.

Microsoft sacks journalists to `replace them with robots`

May 31, 2020

The journos who maintain the news homepages on Microsoft's MSN website and the homepage on the Edge browser have been told that they are no longer needed since robots can do their jobs now. Microsoft CEO Satya Nadella has always advocated for AI to be used alongside instead of in place of employees, but it seems when the opportunity arose Microsoft was just too happy to take advantage of an all-AI solution.

Employers to start paying share of furlough scheme

May 31, 2020

Mr Sunak said: "Then after eight months of this extraordinary intervention of the government stepping in to pay people's wages the scheme will close". - What extra funds will be available to self-employed workers? One of those eligible is musical director Yshani Perinpanayagam, who has seen work dry up since her show at the Royal Shakespeare Company was cancelled at the start of lockdown.

Amazon Is Offering To Keep 125000 Workers It Hired For The Pandemic

May 31, 2020

The new hires would be working across at the almost 500 warehouses that Amazon owns. The remaining 50,000 workers it has brought on will stay on seasonal contracts that last up to 11 months, a company spokeswoman said. Those roles will earn workers a minimum wage of $15 and hour (after pushback from lawmakers like Bernie Sanders ) and access to some training programs created to help them work their way up at the company.

Amazon in advanced talks to buy self-driving startup Zoox

May 31, 2020

According to WSJ, "A successful deal could give new life to a once-high-profile startup that has seen its fortunes dim as it struggled to raise money". Morgan Stanley analyst Adam Jonas said by purchasing Zoox, Amazon could force delivery rivals UPS and FedEx to increase their own spending on autonomous delivery technology while enhancing its own internal capacity.

Uber launches hourly ride booking option in some U.S. cities

May 31, 2020

Trips taken using the Hourly feature must also remain within the designated city. There may be mileage limits depending on the city; for example, in some cities the limit is 40 miles. Uber said it expects to expand this feature into other USA cities in the coming weeks. Uber is now bringing the hourly function to 12 cities in the United States.

Province to distribute 20-million masks to Albertans

May 31, 2020

People who wish to use non-medical masks are encouraged to purchase their own supply, in addition to using those provided by the government. Distribution will begin in early June at more than 600 A&W, Tim Hortons and McDonald's restaurants where 95 per cent of Albertans live within 10 kilometres of one, Shandro said.

Cisco Will Buy Network Monitoring Firm ThousandEyes

May 31, 2020

ThousandEyes operates a cloud platform to help companies track how their network traffic travels around the world, using specialized software sensors, or agents, to gather information about the underlying infrastructure. "Internet Intelligence won't just improve networking reliability, but end-to-end application experience". As part of Cisco Networking Services business unit, Mohit Lad -ThousandEyes CEO and co-founder - will take on the role of GM and Co-Founder of ThousandEyes, while ...

Chinese media use race clashes to lambaste United States over Hong Kong

May 31, 2020

US President Donald Trump has announced he will withdraw funding from the World Health Organisation, end Hong Kong's special trade status and suspend visas of Chinese graduate students suspected of conducting research on behalf of their government.

Roche Mixes Actemra With Gilead's Remdesivir in Covid-19 Trial

May 31, 2020

The U.S. Food and Drug Administration has issued an emergency use authorization of remdesivir, meaning physicians can prescribe the drug to patients outside clinical trials if they feel it will benefit their patients. There is now no approved medication or vaccine for Covid-19, but European Union countries are already administering remdesivir to patients under compassionate use rules.

At 4.2% GDP Growth Lowest in 11 Years But Better Than Expected

May 31, 2020

Mining sector growth came in at 5.2%, as against a contraction of 4.8% a year ago. The Reserve Bank of India (RBI) has reduced the key interest rate by 115 basis points since March. In absolute terms, total receipts of the government were Rs 17.5 lakh crore against the estimate of Rs 19.31 lakh crore. Within the service sector, the output of trade, hotel, transport, communication and services moderated 3.6%, while the growth of financial, real estate and professional services also eased to ...

Housing Faces Multi-Year Climb Out of Covid-19 Hole in Canada

May 31, 2020

However, he said the housing agency's outlook is consistent with some of the less favourable bank projections. That's in part because the job losses reported so far don't account for the volume of people that have lost work hours and a portion of their income since the onset of the pandemic, Dugan said.

Dow Jones drifts higher on healthcare, tech lift

May 31, 2020

The National Association of Realtors said on Thursday that the index of pending home sales plunged by 21.8% in April from March. US stocks rose again on Thursday, boosted by healthcare and technology stocks, as investors continued to bet on a swift recovery from the coronavirus-driven economic slump.

McDonald's will 'look different' as Drive Thru restaurants set to reopen

May 30, 2020

It was highlighted that continued patience will be needed as there will be fewer staff working in kitchens and service areas, while "new ways of working" are also being adjusted to. All McDonald's employees will be asked to confirm they are fit and able to work, and wellness checks will be carried out. 'Please bear with us, we will continue to put our people first - their safety is our priority'.

BMW 5 Series sedan and 6 Series Gran Turismo break cover

May 30, 2020

It also receives a new single-frame design, with a central element in chrome, and sits within a reprofiled front bumper. One of the most noticeable changes comes in the form of the double L-shaped Day-Time Running lights fitted to the enhanced LED headlights.

Chancellor Rishi Sunak announces coronavirus furlough scheme will end in October

May 30, 2020

The Chanceller explained that from August, employers will be asked to pay employer National Insurance (ER NICS) and pension contributions. Under plans to be announced by Rishi Sunak over the next few days, the support given by the furlough scheme will be cut back due to government concerns about its spiralling cost and the likely impact on the UK's growing public spending deficit.

Apple buys an AI startup to improve Siri's data

May 30, 2020

According to a report from Bloomberg , Apple recently acquired Inductiv Inc., a machine learning startup that has the technology to help improve Siri . This year, the company bought Voysis to boost speech recognition in Siri, virtual-reality startup NextVR , and the popular iPhone weather app Dark Sky.

US Personal Spending Down 13.6% In April

May 29, 2020

Megan Greene, a senior fellow at the Harvard Kennedy School, told CNBC part of the problem is that spending opportunities are limited for Americans because of many businesses or either closed or have limited service. Consumer spending accounts for more than two-thirds of USA economic activity, and that plunge supports expectations that the economy could shrink in the second quarter at its steepest pace since the Great Depression.

News Corp shuts down several titles in Australia

May 29, 2020

The Australian Competition and Consumer Commission is in July to release draft rules for the platforms to pay fair compensation for content siphoned from news media. Under the plan, News Corp's major daily newspapers, including the Herald Sun and The Daily Telegraph , will become more state focused, drawing content from regional and community journalists.

€750 billion MFF boost: What will it mean for Irish farmers?

May 29, 2020

The European Council and co-legislators to examine the Commission's proposals with a view to reaching a political agreement at European Council-level by July. While some stimulus spending could start as soon as this autumn, most would come from 2021. That said, the Next Generation EU plan still has to get the nod from the bloc's 27 member states and the European parliament.

India's economy seen slowing rapidly in March quarter, with worse to come

May 29, 2020

All in all, the economy is still expected to shrink between 5 and 6 percent for the year with expectations that double-digit unemployment will continue into 2021. In March this year, the production of eight sectors - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity - had contracted by 9%.

Chancellor set to announce tapering of furlough scheme

May 29, 2020

As well as asking the Government to extend the JRS for the sector in its full form until October, they are also calling on it to adopt the advice and guidance of the World Health Organisation (WHO) from July, which suggests using one metre for social distancing as opposed to two metres.

'Dramatic decline' in initial jobless claims in Clark County, Washington

May 29, 2020

Prior to the pandemic, the record high for weekly unemployment claims came in 2006, when 665,000 people filed for unemployment. Noting the historic nature of the surge, Utah's Unemployment Insurance Division Director Kevin Burt said Thursday the state Department of Workforce Services had received as many claims in the past 10 weeks as it did during the previous three years.

Renault prepares for 15,000 job cuts

May 29, 2020

It said the restructuring measures - including the job cuts, transfers and retirement plans that would affect just under 10% of its global workforce - would cost 1.2 billion euros. "We want to generate economies of scale to restore our overall profitability and ensure our development in France and internationally", Delbos said.

China’s parliament backs controversial Hong Kong security law

May 29, 2020

All over the world people are suffering, 186 countries. All over the world they're suffering. China's decision to impose the new national security law on Hong Kong lies in direct conflict with its worldwide obligations under the principles of the legally-binding, UN-registered Sino-British Joint Declaration.

Amazon moves for driverless auto startup

May 29, 2020

Amazon.com Inc.'s talks to buy driverless vehicle startup Zoox Inc . has analysts speculating the deal could save the e-commerce giant tens of billions a year and put auto, parcel and ride-hailing companies on their heels. Amazon is willing to spend heavily to automate its business. Last year, Amazon revealed an experimental delivery robot called Scout in the Seattle area that rolls on sidewalks like a shopping cart.

Oil prices fall as US fuel demand remains weak

May 29, 2020

Brent crude futures were down 1.12 per cent, or 39 cents at $34.35 per barrel, after dropping to as low as $33.62 in earlier trade. Oil prices edged up on Monday in sluggish trading with holidays in Singapore, London and NY, as rising concerns over demand recovery offset supply cuts.

Google to Start Reopening Offices, Targets 30% Capacity in September

May 29, 2020

He stated that every Google employee will be given an "allowance of $1,000, or the equivalent value" to help them get the necessary equipment and furniture for their remote office set-up. Pichai also reiterated that returning to office will be kept voluntary for the rest of the year. Pichai assured that offices will "have rigorous health and safety measures in place to ensure social distancing and sanitization guidelines are followed".

Stock indexes rise on optimism of recovery, shrink back

May 29, 2020

Meanwhile, the number of Americans filing for unemployment benefits held above 2 million for a 10th straight week, while a separate report showed GDP contracted at a bigger-than-expected 5% annualized rate in the first quarter, the deepest drop in output since the 2007-09 Great Recession.

Ford’s Explorer Police Interceptor Utility Now Heats Up To Kill The Coronavirus

May 29, 2020

But as a technical, solution-focussed industry, it's little surprise that one company has thought outside the box when it comes to helping defeat the virus. Ford does note, however, that the system is not meant to be a replacement to other safety measures but is meant to supplement them. 'First responders are on the front lines protecting all of us.

What to do if you still haven't gotten your stimulus check

May 29, 2020

If you're eligible for a payment, the IRS will either send it once the legislation is approved via direct bank deposit or could go with a prepaid debit card, which is what it is doing now for some who were expecting a paper check. Some have mistaken the envelope for junk mail or a possible scam and thrown them away . You will be charged for a new, replacement card - the fee is $7 for a replacement plus a further $17 in postage and handling costs.

Utah unemployment claims keep inching down, now reaching Great Recession levels

May 29, 2020

The headline figure released by the Labor Department doesn't include those who last week filed for "Pandemic Unemployment Assistance", which extends unemployment benefits to the self-employed and gig workers under the federal stimulus bill.

Global energy investment to plunge 20% this year: IEA

May 28, 2020

At the beginning of the year, spending across all energy sectors were on track to grow by around 2%. Dr Birol said: "The historic plunge in investment is deeply troubling". But now investment is estimated to plummet by $400 billion, or 20%, compared to 2019 levels, Kallanish Energy reports. USA pressure led to a landmark global deal with Opec, Russia and other oil producers cutting supplies by about 10 percent, or 15 million barrels per day.

China’s parliament adopts plan to impose security law on Hong Kong

May 28, 2020

This year's session started on May 22, after a delay of over two months due to the coronavirus epidemic. Britain, the United States , Canada and Australia in a joint statement said China's decision to impose the new national security law on Hong Kong lies in direct conflict with its worldwide obligations under the principles of the legally binding, UN-registered Sino-British Joint Declaration.

New York Stock Exchange Reopens Trading Floor After 2-Month Closure

May 28, 2020

A few members of the state Senate and Assembly were expected to travel to Albany to debate and vote on bills from their offices or the chambers while most lawmakers will participate from home through video and teleconference. NYSE Chief Commercial Officer John Tuttle said: 'The floor represents so much more than the several tens-of-thousands of square feet it occupies. (The coronavirus has led to more than 1.66 million infections in the United States and at least 98,200 deaths.) It switched ...

Casino Stanley Ho passes away at the age of 98

May 28, 2020

He passed away at the Hong Kong Sanatorium Hospital in Hong Kong. The flamboyant tycoon, who loved to dance and advised his nearest and dearest to shun gambling, headed one of the world's most lucrative gaming businesses through his flagship firm, SJM Holdings, which is valued at about US$6 billion (S$8.5 billion).

Gold Off 2-Week Low Amid US-China Tensions

May 28, 2020

On Wall Street, the Dow Jones Industrial Average rose 178.04 points, or 0.71%, to 25,173.15 on rising financial and industrial stocks. MSCI's gauge of stock performance in 49 countries surged more than 2%, as did its emerging markets index.

Facebook allows permanent work from home for many employees

May 28, 2020

If the experiment is successful, Facebook's move could prompt other tech giants to compete for engineering talent by embracing remote work - and other states to compete for Californians. Andrew Bosworth, head of Facebook's AR and VR division, has tweeted a short video of the company's experiment with mixed reality for "supercharging remote work and productivity".

USA stocks open higher

May 28, 2020

The Dow Jones Industrial Average .DJI rose 553.16 points, or 2.21%, to 25,548.27, the S&P 500 .SPX gained 44.36 points, or 1.48%, to 3,036.13, and the Nasdaq Composite .IXIC added 72.14 points, or 0.77%, to 9,412.36. Tech-related shares are among the most sensitive to Chinese growth, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in St.