Economy / 15

Amazon pledges billions to help fund green technology

June 25, 2020

The dedicated fund will build on Amazon's previous investment in a number of clean tech ventures, including electric truck specialist Rivian , which is in the process of delivering thousands of new zero emission delivery vehicles to the tech giant.

International Monetary Fund further cuts global economic growth forecast to minus 4.9%

June 25, 2020

Why it matters: To offset some of the negative economic impact from the pandemic, governments have announced massive fiscal packages and new borrowing that threatens their credit ratings and the sustainability of their budgets, the International Monetary Fund warned in its latest World Economic Outlook.

Former GOP candidate Carly Fiorina says she'll vote for Biden

June 25, 2020

And, you know, elections are binary choices. Alaska Senator Lisa Murkowski has also voiced her doubts about supporting Trump, claiming she agrees with former Defense Secretary James Mattis that Trump is a threat to the Constitution. "I've been very clear that I can't support Donald Trump ". Before running for president in 2016, Fiorina served as the CEO of Hewlett-Packard and ran for Senate in 2010 as a candidate representing Tea Party values.

Payments giant Wirecard files for insolvency after €1.9 billion goes missing

June 25, 2020

They have now lost 98 per cent since auditor EY refused to sign the 2019 accounts last week, forcing out long-time CEO Markus Braun. It was also evaluating whether to file for insolvency proceedings for its subsidiaries. Rather than investigate Wirecard, it targeted investors, banning them from betting on a drop in the share price, which plunged more than 40%. Prosecutors said that Braun may have acted in cooperation with other perpetrators.

US Initial Jobless Claims Preview: Coronavirus updates to overshadow gradual unemployment decline

June 25, 2020

While many have begun returning to work, some 19.5 million workers are still receiving unemployment insurance. State officials say an additional 2,700 initial claims were filed for the federal Pandemic Unemployment Assistance program. It also expires at the end of 2020. While new weekly unemployment filings have been slowly decreasing since peaking in late March, they have remained at historically high levels for over three months.

Brazil suspends WhatsApp payments just weeks after launch

June 25, 2020

Within days of its launch , the WhatsApp payments service has been suspended by the Central Bank of Brazil . Shares in Brazilian payments company Cielo SA plunged nearly 10% on Wednesday, a day after the nation's central bank and anti-trust regulator effectively blocked the launch of a new system that would allow WhatsApp users to send money via chats.

Disney+ To Launch In Eight More European Countries In September

June 25, 2020

The service is now available in the U.K., Ireland, France, Austria, Germany, Switzerland, Italy and Spain. As per its pricing in the likes of The Netherlands and France, Disney + will cost €6.99 per month or €69.99 for a year in Portugal, Belgium, Finland, Iceland and Luxembourg .

Diesel Now Costlier Than Petrol in Delhi

June 25, 2020

This led to a hike of ₹1.67 a litre on petrol while the impact on diesel was much higher at ₹7.10. At the current fuel prices , diesel costs Rs 79.88 per litre and petrol Rs 79.76 per litre in Delhi. Between March 16 and June 6, oil companies across the country had frozen the price hikes. Taxes make up for almost two-third of the retail selling price.

ABC’s flagship 7:45am radio news bulletin axed

June 25, 2020

The ABC will slash up to 250 jobs and axe its flagship 7.45am radio news bulletin in a major shake-up at the national broadcaster. And these budget and job cuts, coupled with the fee increases at universities, have surely pushed a lot of budding journalists and those who want to work in media over the edge, anxious about what our future holds.

Hell Freezes Over As Dodge Tops J.D. Power’s Initial Quality Study

June 25, 2020

The J.D. Power Initial Quality Study is now in its 34th year. But no one fared more poorly than Tesla. The lower the score, the fewer problems, and therefore the higher the initial quality rating. Most premium brands are below average: For most of the past decade, mass market brands have improved relative to premium brands, and this trend continues in 2020.

New Zealand Police Seize $90M Linked to Alleged BTC-e Exchange Operator

June 25, 2020

Coster added that the police worked closely with the U.S. Internal Revenue Service to address this "very serious offending". Vinnik says he acted as a technical consultant to the BTC-e platform and had no knowledge of any illegal activity. "These funds are likely to reflect the profit gained from the victimisation of thousands, if not hundreds of thousands, of people globally as a result of cyber-crime and organised crime".

Canada loses AAA rating as Fitch flags high debt level

June 25, 2020

However, the country's debt "ceiling" was maintained at AAA and its short-term debt was also affirmed, according to Kelli Bissett-Tom, director and primary rating analyst at Fitch. In a statement, Morneau says the federal government "will continue to be fiscally responsible" while doing what's necessary to protect the domestic economy.

Trump says China trade deal still on after adviser's remarks

June 25, 2020

South Korea reported 46 new coronavirus cases on Tuesday, bringing the national tally to 12,484. " They had nothing at all to do with the Phase I trade deal, which continues in place ", the White House official said. President Donald Trump today signed an executive order to support the lobster industry, following conversations that started with the roundtable discussion in ME on June 5.

Bayer to pay up to $10.9bn to settle US cancer lawsuits

June 25, 2020

In the Roundup settlements, Bayer executives said the deal shouldn't affect its credit rating or dividend policy and that paying down its large debt load from the Monsanto transaction remains a "high priority". Alva and Alberta Pilliod, who said Roundup caused non-Hodgkin lymphoma, were awarded $2 billion past year. Bayer said it expects to maintain its investment-grade credit ratings and intends to keep its dividend policy.

Gold Prices Rise For Second Day Even As Rupee Appreciates

June 25, 2020

The US stock market eventually bottomed near April 2003 - yet Gold continued to rally from near the $281 level to $992 in early 2008 - a massive +665% over just 5 years. Among other main precious metals, spot silver fell 0.3 per cent, platinum declined 0.3 per cent and palladium dropped 0.4 per cent. In the week that ended June 21, COVID-19 cases in the USA surged by 25% compared to a week earlier based on estimates.

Japan-Based Fugaku Supercomputer Named World's Fastest Computer

June 24, 2020

The new Fugaku supercomputer took 6 years to develop, and cost over $1 billion to build. The organization established by supercomputer researchers started releasing the Top 500 list in 1993. And in a couple of years, so will all new Mac systems, with Apple yesterday announcing it has begun transitioning away from using Intel CPUs in favor of ARM.

IMF predicts deeper global recession from coronavirus pandemic

June 24, 2020

Moreover, the "scarring" of the labor force from mass job cuts and business closures means that the world economy will recover much more slowly, with the International Monetary Fund projecting 5.4 per cent global growth in 2021, far below its pre-pandemic projections.

WhatsApp new payment feature has been suspended by Brazilian authorities

June 24, 2020

The central bank also stated that it hadn't had the opportunity to analyse the P2P messaging system in advance of its roll out. It shared concerns that payment services that proceed without approval may cause irreparable damage to the system especially when it comes to competition, efficiency and privacy.

Kia Sedona / Carnival Is A Dramatic ‘Grand Utility Vehicle’

June 24, 2020

When will the 2021 Kia Carnival come to Australia? Radical design changes start at the front with a shorter overhang and a longer hood which was made possible by shifting the A-pillar backwards. Besides that, there's no details regarding the powertrain, but Kia said all will be revealed soon. Expect it to carry over the 2.2-litre diesel for select markets.

Nestle to rename Australian candies amid race debate

June 24, 2020

Red skins are a red, raspberry-flavoured chewy sweet. "We appreciate the comments we have received on the need for change". "It is a word that tells Native American children that they are to be denigrated - that they are second-class citizens", he explained.

FDA Recommends Not Using These Nine Hand Sanitizers Considered Toxic

June 24, 2020

All nine products are manufactured by Mexico-based Eskbiochem SA de CV and contain varying amounts of methanol. In a letter, the FDA said their products may contain methanol, which can be poisonous if absorbed through the skin or ingested.

Donald Trump says China deal 'fully intact' despite Peter Navarro

June 23, 2020

USD/CNH trims gains as White House adviser walks back on comments that China trade deal is over. Trump waded in on Twitter to reassure markets that the agreement between the world's two largest economies - which took nearly two years of wrangling - was still in play.

BofA sees oil demand recovering, hikes crude forecasts

June 23, 2020

The West Texas Intermediate (WTI) for July delivery increased 71 cents to settle at 40.46 USA dollars a barrel on the New York Mercantile Exchange. Both Brent and U.S. In New York, streets were clogged with traffic as the worst affected city in the United States emerged from more than 100 days of lockdown. It is worth noting that prices for early delivery are now higher than for next month's delivery.

USA stock futures fall as global coronavirus cases continue to rise

June 23, 2020

Eastern, Dow Jones Industrial Average futures were down about 150 points, or 0.6%, with S&P 500 futures and Nasdaq-100 futures declining as well. On Friday, the S&P 500 ended a wobbly day down 0.6% at 3,097.74 after mounting worries about the rising coronavirus infections undercut an early rally.

Ambani beats zero net-debt deadline with US$15b Jio flows

June 23, 2020

Reliance's share price jumped by 1.27% in early trade on Friday to ₹1,677. As a result, it has now emerged as a net personal debt-cost-free enterprise. "Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. As our fund-raising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms".

Hundreds test positive at Tyson Foods plant in Arkansas

June 23, 2020

China's General Administration of Customs office made the announcement on Sunday. Tyson Foods confirmed to NPR that the announcement pertains to its Berry Street facility in Springdale, Ark., where 227 workers tested positive for the coronavirus earlier this month.

Disney Gets Rid of Free Trials For Disney+ Streaming Service

June 22, 2020

Bonus: the entire original cast is featured including Leslie Odom Jr., Chris Jackson, Phillipa Soo, Renée Elise Goldsberry, Jasmine Cephas Jones, Jonathan Groff, and Daveed Diggs alongside Miranda, as Alexander Hamilton , in the movie. The movie version of " Hamilton ", the beloved Broadway musical that won 11 Tony Awards and the Pulitzer Prize for Drama, was set to hit theaters October 15, 2021.

UK PM Boris Johnson set to announce cut in social distancing rule

June 22, 2020

According to Sky News , the Prime Minister is also expected to confirm plans that will allow the hospitality sector to reopen on 4 July. "The more we open up, the more important it is everyone follows the social distancing rules", they explained.

US halts test of Trump-touted hydroxychloroquine for Covid-19 patients

June 22, 2020

National Institutes of Health (NIH), the agency announced on Saturday. The blinded, placebo-controlled randomized clinical trial aimed to enroll more than 500 adults who are now hospitalized with COVID-19 or in an emergency department with anticipated hospitalization.

Musk says 'tentative' date for Tesla shareholder meeting is September 15

June 22, 2020

Tesla and China's Contemporary Amperex Technology Ltd (CATL) 300750.SZ are jointly developing batteries created to last a million miles of use and enable electric Teslas to sell profitably for the same price or less than a gasoline vehicle, people familiar with the plans have said.

Dreyer's To Drop 'Derogatory' Eskimo Pie Name After 99 Years

June 22, 2020

Eskimo Pie will change the brand name and its marketing, Elizabell Marquez, a representative for the brand's parent company, Dreyer's Grand Ice Cream (part of Nestle), told Rolling Stone magazine. The Eskimo Pie joins the rebranding of food groups across the United States, including Aunt Jemima , Uncle Ben's and Cream of Wheat, that have either launched an investigation into their brand or vowed a change.

Petrol, diesel price rise continues through the fortnight

June 22, 2020

Fuel prices have increased for the 16th consecutive day, taking the total hike to Rs 8.30 per litre for petrol and Rs 9.22 per litre for diesel. It rose to an all-time high of Rs 75.79/litre on Wednesday, breaking the earlier record of Rs 75.69/litre in October, 2018.

Face coverings become compulsory for commuters in England

June 22, 2020

Two groups - people with disabilities and children under 11 - are exempt from the new rules and the government says there are valid reasons, such as health conditions, for not wearing a mask. Today's announcement cooincides with the re-opening of "non-essential" shops in England. Everyone in England must wear a face covering if using public transport from today (stock image).

Names of most PPP loan borrowers will be made public

June 22, 2020

Small business owners may get a second bite at the coronavirus relief apple under proposed legislation that would extend the Paycheck Protection Program . Publicly shamed, a number of big corporations said they would return their loans. Treasury Secretary Steve Mnuchin said last week the USA needs additional fiscal stimulus even as the economy starts to rebound, and that a fourth round of fiscal stimulus should include help for restaurants and travel, retail and leisure businesses, as ...

Modi launches Garib Kalyan Rozgar Abhiyaan to generate employment for migrants

June 22, 2020

The move to launch the scheme from Bihar is also politically significant as state is now under National Democratic Alliance (NDA) regime where Kumar is battling anti-incumbency to bid for his return as the fourth time chief minister. The launch of the event was attended by Union Minister for Rural Development Narendra Singh Tomar, Uttar Pradesh Chief Minister Yogi Adityanath, his Bihar counterpart Nitish Kumar , and Madhya Pradesh CM Shivraj Singh Chouhan and CM Rajasthan, Ashok Gehlot.

Jetstar launches bargain $19 flights to kickstart post-iso travel

June 21, 2020

However WA's borders remain closed except for those with specific exemptions. For less than $20, you can travel between Melbourne and Sydney, Melbourne and the Gold Coast , Sydney and Byron Bay, Sydney and Cairns, Adelaide and Melbourne, Brisbane and Sydney, and more.

Ontario dips back down to fewer than 200 new COVID-19 cases

June 21, 2020

According to OPH's numbers Saturday, that brings the city's total cases to 2,054 since the pandemic started. "Although all indicators of COVID-19 activity have steadily declined in recent weeks, our epidemic curve and cumulative cases are a reminder of how quickly this disease can spread".

Supreme Court Bars Workplace Discrimination Against LGBTQ People; Ruling May Be Transformative

June 21, 2020

This is because the actions characterizing someone as gay or transgender wouldn't be questioned if exhibited by someone else of different sex. The Justice Department under President Donald Trump discouraged the Court from its ultimate conclusion, filing an amicus brief last fall that argued sex and sexual orientation are too dissimilar.

S&P 500, Dow flat after three-day rally

June 21, 2020

Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd dropped 2.2% and 3.2%, respectively. " The market's looking for its next big impulse ", said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.

Quebec’s Long Streak of Balanced Budgets Ends on Virus Costs

June 21, 2020

In total, Quebec has offered $28.3 billion in aid to individuals and businesses in the form of loans, subsidies, deferments, accelerated tax credits, with $8.9 billion of the total in deferral of tax payments until September 1, offering businesses transitory liquidity.

Wirecard seeks new financing strategy after slashed rating

June 21, 2020

Earlier, fellow Philippine lender BDO Unibank Inc. also said the German firm isn't one of its clients. Instead, Wirecard said in a statement that auditors Ernst & Young had identified "spurious balance confirmations" relating to "cash balances on trust accounts".

Nebraska had nation's lowest unemployment rate in May

June 21, 2020

Nebraska has the nation's lowest unemployment rate in May after taking a big hit from the coronavirus pandemic. Over the year, wage and salary employment decreased 161,500, with losses in the leisure and hospitality sector (-64,600), the professional and business services sector (-27,700), and the education and health services sector (-16,700), among others.

CLIA Cruise Lines Suspend Until September 15

June 21, 2020

The Florida-based company said it had US$7.6 billion available at the end of May, but was burning US$650 million a month as it awaits regulatory approvals for the resumption of some lines in the hope that customers will come back later this year.

Wirecard CEO resigns as $2 billion goes missing and fraud claims fly

June 20, 2020

After floating the following year, 51-year-old Austrian entrepreneur Markus Braun oversaw its growth into a global fintech business after becoming chief executive and chief technology officer in 2002. Wirecard AG, a German financial services and payment processing company has recently been the subject of a significant scandal, which resulted in the company's shares falling by as much as 71.4%.

Taco Bell Fires Employee for Wearing Black Lives Matter Face Covering

June 20, 2020

He stated that he chose to switch to the Black Lives Matters mask since it was much easier to take a breath in. A manager told him to take it off, but he refused and headed for the door, according to the report. Starbucks are allowing staffers to wear their own Black Lives Matter T-shirts or pins until the company's new branded shirts are delivered to the 250,000 employees.

Govt could ditch state pension triple lock despite manifesto pledge

June 20, 2020

Portfolio Adviser sister title International Adviser reported in May 2020, that the government was considering ending the triple lock to offset the debt accumulated to fight the economic fallout from the pandemic. However, it simply wasn't designed for a world where inflation or earnings are veering so wildly from one year to the next. The potential increase in triple locked state pensions over the next two years was mooted at as much as 21.3 per cent in research released by Willis ...

Volkswagen reveals production version of ID. Roomzz in China

June 20, 2020

The ID 4 - which was previously known as the ID Crozz when it absolutely was still an idea - may be the first vehicle from VW's forthcoming ID lineup of electric vehicles that will be sold in the united states. The production ID.4 doesn't seem to have many surprises in the looks department, it looks more or less like a current Volkswagen would, and not too much unlike just a bigger ID.3.

Mazda reveals brand-NEW MAZDA BT-50

June 20, 2020

Sorry. The new BT-50, which is actually an Isuzu D-Max with a prettier face, is mainly for Asia and Australia. It's applied its Kodo design approach, with the front end's narrow headlights and front grille brings it inline with the brand's popular SUV models.

Tesla closing in on Texas factory in Austin

June 20, 2020

An application via the Texas Comptroller office explains Tesla's plans for the development and design of "high-tech electric vehicle manufacturing plant in Travis County". Tesla said eight states were initially identified as viable contenders and that it has received unspecified incentive packages ahead of its decision.

Stocks close lower as Apple store closures spark economy revival worries

June 20, 2020

Ten of the 11 primary S&P 500 sectors finished lower, with utilities shedding 3.1 percent, leading the laggards. " Apple is the canary in the coalmine with respect to other businesses", Keator added. The S&P is synchronising its delayed rebalancing to take advantage of that liquidity. The Nasdaq Composite Index was up 3.07 points, or 0.03 percent, to 9,946.12.

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