Economy / 17

Oil drops as new coronavirus outbreaks raise fuel demand concerns

June 15, 2020

OPEC+ cut oil supplies by 9.7 million barrels per day (bpd), about 10% of pre-pandemic demand, and agreed last weekend to extend the reduction. A few days back, Nigeria suggested that it would now fully comply with the OPEC agreement and would bring down its production.

UK: Over fifth of economy lost in April due to lockdown

June 15, 2020

Meanwhile, the country's overall GDP fell by 10.4 percent in the three-month period ending with April, " as government restrictions on movement dramatically reduced economic activity ", the ONS said. And it suggests only about one in 1,700 people were infected between May 25 and June 7. The data spikes again later in the week, as more deaths are recorded of those who have tested positive for Covid-19.

Kudlow: Extra $600 in unemployment a 'disincentive' to return to work

June 15, 2020

Kudlow presented an optimistic outlook on State of the Union , saying "we are in the recovery stage" as he forecast rapid job and financial recovery. But Kudlow appears to contradict himself practically right away by expressing some places are up - although he is rapid to say the Trump Administration has it managed.

Band-Aid announces new bandages 'that embrace the beauty of diverse skin'

June 15, 2020

These new Band-Aids come in five skin tones and will be available in the USA sometime in the future, company spokesperson Katherine Lal told Daily Hive. The brand has previously received criticism over its lack of representation for people of color since the product was first created in 1921, and has sold a pink "flesh" color for almost a century, according to the company's website .

OSDH: 225 New Coronavirus Cases Across Oklahoma, 0 New Virus-Related Deaths

June 15, 2020

No new confirmed cases of the novel coronavirus were reported in La Salle County, the La Salle County Health Department reported Saturday. Additionally, Kansas Department of Health and Environment data shows Sedgwick County is trending upwards in daily case rates per 100,000 people and hospitalizations, which are opposite of the statewide trends.

Top airlines take United Kingdom government to court over 'devastating' quarantine

June 15, 2020

BA, along with competitor airlines easyJet and Ryanair , launched legal action on Friday to try to overturn the quarantine policy. The government, meanwhile, has argued that the quarantine restrictions on arrivals are vital to prevent the further spread of Covid-19.

Crude oil records first weekly decline in six weeks

June 15, 2020

The contract is down 7.3 per cent this week. Brent crude oil for August delivery rose 18 cents to $38.73 a barrel. July natural gas fell 8 cents to $1.73 per 1,000 cubic feet. A cluster of infections in Beijing has increased concern of a resurgence of the disease. The threat of a protracted recovery may put pressure on OPEC and its allies to cap production throughout 2020, and the group may take further steps to rebalance the energy market as the most recent Monthly Oil Market Report ...

AstraZeneca deal to supply European Union with 300 million COVID-19 vaccine doses

June 15, 2020

Sinovac's development of a vaccine against COVID-19 began in January 2020 in partnership with leading academic research institutes in China . The EU population of around 447 million requires the anti-virus vaccine, and the pharmaceutical group AstraZeneca is ready to supply to the EU of 300 million doses of a possible coronavirus vaccine, the German government confirmed on Saturday .

Just Eat Takeaway's $6 Billion Grubhub Grab Tests Growth Limits

June 15, 2020

Wall Road cheered the acquisition of Grubhub by Dutch-based mostly shipping big Just Try to eat Takeaway.com on Thursday, sending Grubhub's shares up by 4.7 per cent even though pushing shares of Grubhub's previous suitor, Uber , down 11 per cent.

Band-Aid recognizes diverse skin with more inclusive bandages

June 14, 2020

Band-Aid has announced it will make black and brown coloured bandages as part of its "fight against racism , violence and injustice". "We now sell BAND-AID brand Clear Strips Adhesive Bandages, which were created to be used by people with a variety of skin tones ".

Covid-19 vaccine by Sinovac shows positive results in initial trials

June 14, 2020

AstraZeneca recently struck similar agreements with Britain, the US, Norway-headquartered Coalition for Epidemic Preparedness Innovations (CEPI), and the global vaccine alliance Gavi. The contract is for 400 million doses of the vaccine which was developed at the University of Oxford. The OWS is aimed at speeding up the development, manufacturing, and distribution of medical countermeasures to the Chinese Communist Party virus .

Finance minister says Britain to urgently review distancing rule

June 14, 2020

Ministers are under intense pressure from Conservative MPs who see the easing of the two-metre rule as crucial to the next phase of the reopening, including pubs and restaurants, slated for early July. "As we get the numbers down, so it becomes one in a thousand, one in 1600, maybe fewer, your chances of being, two metres, one metre or even a foot away from somebody who has the virus are obviously going down statistically, so you start to build some more margin for manoeuvre and we'll be ...

Centre Burdening Common Man With High Taxes On Petrol, Diesel: Congress

June 14, 2020

While price of petrol was raised by 59 paise per litre, a litre of diesel became costlier by 53 paise as oil marketing companies look at cutting losses incurred during the lockdown period when demand fell in a massive manner. The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances. Surjewala alleged that between 2014-15 and 2019-20, the Modi government has hiked taxes on petrol and diesel 12 times and has ...

United Kingdom and Australia investigating Facebook's GIPHY deal

June 14, 2020

An investigation has been launched into Facebook's acquisition of GIF sharing platform Giphy by United Kingdom regulators. Facebook had been planning to integrate Giphy into Instagram , its photo-sharing app. The gist of it is, CMA suspects Facebook and Giphy merging into a single entity, which would impact the competition in a negative way. "Everyone will continue to have the same access to GIPHY", the company said .

Microsoft hits pause on selling law enforcement facial recognition tech

June 14, 2020

He has been urging lawmakers to take a stand on facial recognition software for two years, but a bill in Microsoft's home state of Washington that borrowed heavily from his proposals has failed twice. "If all of the responsible companies in the country cede this market to those that are not prepared to take a stand, we won't necessarily serve the national interest, or the lives of the black and African-American people of this nation well", Smith explained.

Italy, Germany, France and Netherlands sign contract with Astrazeneca for COVID vaccine

June 14, 2020

The Netherlands, Italy and Germany will play a big role in manufacturing the drug in Europe , he said. Other companies, including Moderna and Sanofi, are racing to develop and produce a vaccine against the new coronavirus , a step experts say will be crucial to allowing countries to ease their lockdowns and restrictions on public life.

Facebook fires employee who tweeted about inaction at workplace #104833

June 14, 2020

The company said during the walkout that participating employees would not face retaliation. "I can confirm the accuracy of Brandon's tweets explaining what happened", a Facebook spokesperson told Business Insider. Zuckerberg's position has prompted rare public rebukes and even resignations within the company, both from Facebook employees and content moderators , as well as external pushback from civil rights leaders and other critics.

PM Modi reviews COVID-19 situation, India's response

June 14, 2020

The sudden interaction with chief ministers by the Prime Minister, clearly indicates that a clear strategy needs to be drawn up to arrest the spike in fresh cases as many states have been following their own plans to implement the lockdown.

Treasury Secretary Mnuchin: ‘We Can’t Shut Down the Economy Again’

June 14, 2020

That damage goes beyond economic fallout, extending to "medical problems and everything else that get put on hold", he said. "I was very pleasantly surprised by the recent numbers, I though we were going to bottom in June not in May", Mnuchin said.

DeSantis Announces School-Reopening Recommendations

June 14, 2020

If a regular student could make money as a social media influencer, why couldn't an athlete? Though it was clear from the NCAA's recommendations that it's looking for federal help in governing college athletics. "I see people going to Alabama and Clemson and I know they've got good programs, but there's nothing better than winning a national championship in your home state".

North American stock markets plunge at start of trading, loonie falls

June 14, 2020

American stock exchanges were hit even harder. The energy sector led the Toronto market lower with a slide of nearly 10 per cent. The major averages posted their worst day since March 16, when they all dropped more than 11%. Stocks suffered their biggest one-day pullback in three months on Thursday as traders grew concerned about the number of coronavirus cases increasing in some states that are reopening up from lockdowns.

Following economic crisis: Syria's Assad sacks PM Khamis

June 14, 2020

Media reported that the national currency had fallen against the U.S. dollar over the recent days, prompting prices for life necessities to significantly soar. Khamis was the sixth prime minister to serve under Assad, who has ruled the country since 2000. Ali told the radio late Wednesday that the Central Bank "forcefully interfered" to stop the depreciation of the currency, calling it part of an "economic war" against Syria.

Petrol prices breach ₹75-mark in Delhi in seventh consecutive hike

June 14, 2020

Kolkata too felt the brunt of rising fuel prices as the price of a litre of petrol rose 57 paise to Rs 77.05 per litre. In Delhi, one litre of petrol cost Rs 75.16 per litre, up from Rs 74.57 per litre on Friday, an increase of 59 paise. Former Union Minister Kapil Sibal said at a press conference that Central excise duty on petrol has been increased by 258% and on diesel by 819% since the Modi government came to power in May 2014.

Hertz Bankruptcy Court Approves $1B Stock Sale

June 13, 2020

The US auto rental company Hertz (NYSE: HTZ ) wants to use the current stock market phase and, despite the bankruptcy proceedings, issue new shares worth up to $ 1 billion. The company's almost $3 billion of unsecured bonds traded at around 40 cents on the dollar Friday. A share offering would avoid new interest, fees and restrictions on Hertz's finances and wouldn't impose any claims from a bankruptcy loan that would outrank existing creditors, the company said.

North West wage support passes one million jobs

June 13, 2020

The figures show that 20,000 people, or 17.8% of the local population, including children and pensioners, have been furloughed there. A total of 6,800 workers have been placed on furlough leave in Montgomeryshire, figures released this morning have shown.

AstraZeneca agrees to supply Europe with 400mn doses of Covid-19 vaccine

June 13, 2020

The agreement signed by the Anglo-Swedish company and Europe's Inclusive Vaccines Alliance will also make the vaccine available to any European Union country that wishes to take part in the initiative. The doses "must be distributed to all member states that want to participate, depending on the size of their population", the ministry said. De Jonge said that the risks attached to making such an investment, before the vaccine had been proved to work, were not outweighed by the social ...

California examines Amazon's business practices

June 13, 2020

The watchdog group reportedly intends to accuse Amazon of using data from third-party sellers to compete against them. The EU competition enforcer may soon send a charge sheet called a statement of objections to the company, outlining suspected violations of antitrust laws, the person said.

Band-Aid announces plans to release racially diverse range of bandages

June 13, 2020

Band-Aid shared new bandages in a diverse range of skin tones on Instagram this week, but it's not clear if Canadians will be able to purchase the darker colours. "In addition, we will be making a donation to @blklivesmatter". In an email, a spokeswoman for Johnson & Johnson Consumer Cos. said Band-Aid plans to launch a range of bandages in light, medium and deep shades of brown in its most popular style, Flexible Fabric, next year.

Lebanon currency crisis: Dozens hurt in second night of clashes

June 13, 2020

The head of the Money Exchange Syndicate, Mahmoud Mrad, told reporters that the central bank governor had promised to inject U.S. dollars into the Lebanese market to prop up the country's currency. In one incident in central Beirut, roughly 200 young men gathered on mopeds, some of them defacing shop fronts and setting fire to stores. Prime Minister Hassan Diab canceled his meetings and called for an emergency session to discuss the financial crisis, while the Central Bank's governor urged ...

Petrol price hiked by 57 paise/litre, diesel by 59 paise in Delhi

June 13, 2020

According to the latest update, the petrol prices have gone up by 57 paise, making it Rs 74.57 per litre while the diesel prices have been increased by 59 paise, which has made it Rs 72.81 per litre in Delhi today. "As of March 30, 2017, retail prices of petrol and diesel have been regulated on a weekly basis and enforced by KPDNHEP under the Price Control and Anti-Profiteering (Determination of Maximum Retail Price for Petrol and Diesel) in accordance with the Price Control and ...

COVID-19 Vaccine Development

June 13, 2020

The company says it will administer 100 microgram dose of the experimental vaccine for maximum immune response and minimum adverse effects in the Phase-3 trial. Johnson and Johnson is likely to begin human trials in July. At that dose level, the company said it can deliver 500 million doses per year and perhaps as many as 1 billion doses per year starting in 2021, as it works with Swiss drugmaker Lonza for its manufacturing needs.

Virus pummels global economy, jobs - even without 2nd wave

June 13, 2020

The OECD expects the world economy to shrink by 6 percent this year and then rebound by 5.2 percent next year if a second wave doesn't materialize. "Now we're in the midst of. OECD chief economist Laurence Boone said: "Both scenarios are sobering, as economic activity does not and can not return to normal under these circumstances.

Inditex's online sales up 50% during store closures

June 13, 2020

Inditex said the loss was exacerbated by a 308 euros million write off the cost of its store optimisation (revamp) campaign that has been stalled by the impact of the pandemic. On the other hand, gross space growth is expected to be 2.5% annually, half the rate it logged previous year. In total, Inditex has around 7,400 stores.

McDonald's to begin reopening for walk-in takeaway service

June 13, 2020

The chain has been slowly re-opening around the country with drive-up and drive-thru outlets opening first. Posting on Instagram, McDonald's confirmed: "We're getting ready to reopen takeaway ". Paul Pomroy, McDonald's UK & Ireland chief executive, said: "Starting on Wednesday 17th June, in 11 Roadchef service station locations, we will welcome motorway users back inside our restaurants for the first time since March".

Dow sinks more than 1,500 points as coronavirus cases increase

June 13, 2020

Despite the gains, major indices finished the week lower after markets suffered their worst session Thursday since March. The Dow jumped 680 points, or 2.7 percent, on Friday before retreating slightly. Still, investors are waiting for more data to see whether the spike in COVID-19 cases are a sign of a possible second wave of the infection, said Charlie Ripley, senior investment strategist for Allianz Investment Management.

Hertz proposes $1 billion stock sale to capitalize on odd rally

June 12, 2020

According to The Journal, Hertz's lawyers said on Thursday that "the recent market prices of and the trading volumes in Hertz's common stock potentially present a unique opportunity" to raise funds on more favorable terms than the strings-attached loans that insolvent firms often get.

Noubar Afeyan's Moderna set to test coronavirus vaccine with 30000 volunteers

June 12, 2020

A vaccine against COVID-19 developed by U.S. biotech firm Moderna will enter the third and final stage of its clinical trial in July with 30,000 participants, the manufacturer has announced . Moderna has completed manufacture of vaccine required to start the Phase 3 study. At that dose level, the company said it can deliver 500 million doses per year and perhaps as many as 1 billion doses per year starting in 2021, as it works with Swiss drugmaker Lonza for its manufacturing needs.

Walgreens, CVS to stop locking up beauty products aimed at black women

June 12, 2020

Walmart's Twitter account quickly responded "Jesús, we're sensitive to the issue and understand your concerns". In 2018, the mass retailer was sued by Essie Grundy after Grundy discovered that personal care products targeted at people of color were locked away on multiple occasions at the California-based Walmart store where she shopped.

USA sees 1.54m new jobless claims as layoffs go on

June 12, 2020

More than 900,000 unemployment claims have been filed in MA since the onset of the coronavirus pandemic and stay-at-home orders meant to arrest its spread. That rate jumped from 3.5 percent in February to hit 13.3 percent in May. The reported job gains last month drew heavily on retail, hospitality and travel industries, which did not have significant reopenings during the time, said Daniel Alpert, a managing partner at Westwood Capital and a senior fellow in financial macroeconomics at ...

Stocks plunge on revived coronavirus fears, Dow -6.9%

June 12, 2020

Bond yields fell sharply, a sign of increasing caution among investors. The Dow Jones Industrial Average plunged more than 800 points, or 3% and the S&P 500 tumbled 2.5%. Airlines, cruise and travel shares that soared in recent weeks bore the brunt of the selling. The Russell 2000 index was down 5.9%. In Europe markets closed sharply lower, as Britain's FTSE-100 dropped 3.99%, while France's CAC-40 tumbled 4.71% and Germany's DAX fell 4.47%.

United States interest rates stay around zero

June 12, 2020

The US Federal Reserve (Fed ) has kept interest rates on hold and indicated they would remain so until at least the end of 2022 as the central bank expects gross domestic product ( GDP ) to fall by 6.5 per cent in 2020 and bounce back to 5 per cent gain next year.

Collins Pushes Second Round Of PPP Loans For Some Small Businesses

June 12, 2020

Previously, the PPP loans had to be used within 8 weeks of receipt. The rule clarifies that borrowers will be eligible for proportionally-reduced forgiveness if they spend less than 60% of the loan proceeds on payroll, rather than no forgiveness - the law itself was not clear on this point, and many commentators believed that a "cliff" applied if the 60% threshold is not met.

Cash-strapped British Airways plans to sell artworks

June 12, 2020

But Britain's 14-day quarantine, introduced on June 8 for arrivals from overseas, is deterring bookings at a time when other European countries are beginning to open their borders. Their legal action escalates tensions with the government, and the relationship is in contrast to France and Germany where political leaders have bailed out the countries' carriers.

US Treasury's Mnuchin: 'We can't shut down the economy again'

June 12, 2020

Mnuchin said of the $3 trillion in coronavirus rescue spending approved by Congress this year, only about $1.6 trillion has filtered through the economy so far. He said the President's Working Group will examine accounting issues related to Chinese companies and will produce a thorough report "that strikes the right balance between protecting our capital markets and dealing with this situation as well".

1.5 million Americans filed for unemployment last week

June 12, 2020

Construction workers assemble a scaffold at a job site, as phase one of reopening after lockdown begins, during the outbreak of the coronavirus disease (COVID-19), New York City, New York, U.S., June 8, 2020. However, claims remain elevated amid jobs cuts outside the consumer sector, among industries that were not initially hit by the shutdown. Between the lines: Economists are still trying "to reconcile weekly data with the unemployment rate", as Bloomberg notes .

Tesla and Nikola ramp up electric truck plans, stock market signals approval

June 12, 2020

Milton made the announcement through his Twitter account on Monday, and soon after the Nikola started rallying. Two hotshot companies named for the same dead inventor are jockeying over futuristic designs for electric trucks. Tesla's Cybertruck may have another competitor to contend with as Nikola ( NKLA ) and its Badger pickup truck is making waves even before it officially hits the market in 2021.

Hiring intents weakest since 2005: Manpower

June 11, 2020

Mark Cahill, Managing Director, ManpowerGroup UK says: "While there's no getting away from the challenges that lie ahead, the data underlines the resilience of UK employers". That said, a more modest hiring Outlook was reported in the public administration & education sector, at +10%. Peterborough's data is close to the national survey of 1,000 employers which showed that 12 per cent plan to increase staffing levels in the third quarter while 17 per cent anticipate cutbacks.

Elon Musk says Tesla ready to start 'volume production' on semi truck

June 11, 2020

The EV maker's market cap rose to US$ 190 billion, whereas Toyota's market value is around US$ 216 billion. Nikola has two additional models of prime mover trucks in the works which are expected to compete directly with the Tesla Semi . He did not specify a timeframe for production, but noted that "production of the battery and powertrain will take place at Giga Nevada", according to Reuters .

Fed puts floor under bond buying, sees zero rates through 2022

June 11, 2020

Commenting on job losses amid the pandemic, Powell said this was unfortunate as the U.S. had effectively the first tight labor market in a quarter-century. Versus the Swiss franc, the dollar slipped to a three-month low and it languished near a one-month low versus the yen. "As market functioning has improved since the strains experienced in March, we have gradually reduced the pace of these purchases", he said, while noting that the central bank will increase holdings of Treasury and ...

USA jobless claims continue gradual decline, remain elevated

June 11, 2020

Despite moves to reopen businesses nationwide, another 1.54 million United States workers filed for unemployment benefits last week, the Labor Department said Thursday, bringing the total initial claims since mid-March to 44.2 million. economist at Oxford Economics in New York Nancy Vanden Houten told Reuters, adding: " The figures don't capture the full extent of the blow dealt to workers during this unique crisis ".

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