Economy / 18

Uber, Postmates agree on $2.65 billion all-stock deal

July 06, 2020

On-demand delivery, however, has grown, with people relying on services like Uber Eats to get food without leaving their homes. According to CNBC , Uber may have pulled out of the deal over antitrust concerns. Uber had plans to also acquire Grubhub Inc through its Uber Eats business, but walked away from the deal as Just Eat Takeaway.com NV eventually reached a $7.3 billion agreement last month to buy the USA online food delivery company.

Coronavirus: Drunk people can not social distance, warns United Kingdom police chief

July 06, 2020

For the most part, people appeared to abide by the rules and rejoiced at the chance Saturday to lift a pint in the company of their mates. but in some places large crowds raised concerns that the deadliest outbreak in Europe may find fresh legs.

Tesla overtakes Toyota to become world's most valuable carmaker

July 06, 2020

The massive factory is the first outside the United States, which will boost production in China as rival automakers Volkswagen and BMW race to compete with the Californian EV giant. SEC and Tesla reached a settlement with Musk put on restriction. The Model Y is now in production in Fremont, California. The plant remained closed for six weeks causing a 20% drop in production.

Coconut items picked by monkeys removed from supermarkets in England

July 06, 2020

Waitrose has stopped selling coconut products that use slave monkey labour to harvest the fruit. Symonds, a conservationist, was responding to a report in The Telegraph newspaper which highlighted the plight of pigtailed macaques that are taken from the wild in Thailand and used on farms to harvest coconuts.

Satellite-carrying rocket ‘lost’ after New Zealand launch

July 06, 2020

Planet was expanding its giant constellation of Earth observation satellites, while In-Space was launching its first cubesat mission as part of an initiative to help researchers and startups get payloads into orbit. The primary payload for the launch was a 67kg imaging satellite built by Canon Electronics, whose launch was arranged by Spaceflight Inc. Rocket Lab cut the live stream at that point and it was later announced that the mission failed.

Advertisers Boycott Facebook, Demand Changes

July 05, 2020

That's according to Terry Hussey of Vigilant Management, who is skeptical about the reason why big advertisers are leaving Facebook. Zuckerberg told an employee meeting this week the boycott is not likely to have a major impact and that most of the advertisers "will be back on the platform soon enough", according to an account first reported by The Information and confirmed by AFP.

Almost 5 million U.S. jobs created amid grim coronavirus employment outlook

July 05, 2020

Trump recognized the June jobs report as a sign that his administration is doing a grand job i United States economy. Consistent with that, Thursday's jobs report showed employment in computer systems design and related services fell by 20,000.

Amid protests Air France to cut over 7500 jobs

July 05, 2020

The French flag carrier , part of Franco-Dutch group Air France-KLM, said it had lost €15 million a day during the worst part of the crisis, which also saw its revenues plunge by 95 percent. Activists from multiple unions protested at Air France headquarters at Paris' Charles de Gaulle Airport as talks began Friday morning about future job prospects at France's flagship airline .

COVID-19: Ontario reports 121 new cases, five more deaths

July 05, 2020

There were 121 new cases recorded in Ontario since yesterday. The increase is also down from Friday when 165 new lab-confirmed cases were reported . So far 994 individuals have recovered from the virus in Windsor-Essex. Toronto Public Health reported just 20 new cases of COVID-19 on Saturday, the lowest single-day case count since the city began publicly reporting the spread of the virus back in March.

Former Employee Identified as Deadly Walmart Distribution Center Shooting Suspect

July 05, 2020

Allison Hendrickson, spokeswoman for St. Elizabeth Community Hospital in Red Bluff, said two victims died in the attack. He says that his son and wife work in the center and he had been arriving to pick them up when he saw the fire. It added that no officers were hurt during the shooting. Two workers at a coffee dispenser warehouse in Springfield, Illinois, were fatally shot Friday after a co-worker opened fire, the authorities said.

Wall Street climbs at open on jobs data, Dow +1.7%,

July 05, 2020

Third-quarter earnings for S&P 500 companies are now expected to tumble 25%, compared with a forecast of a 2.7% drop on April 1, according to Refinitiv data. In June 4.8m jobs were added following an upwardly revised 2.7m in May - that's a 33% recovery. Lastly, factory orders rose 0.8% in May to record their first growth in three months, according to the Commerce Department , well and truly short of the 9.7% increase expected by economists.

Citing security, govt to ban power gear from China

July 05, 2020

He said, all such imports will be subjected to an intense inspection in certified laboratories designated by the Power Ministry to check for any kind of embedded malware, Trojans or cyber threats. And the restriction on equipment import does not stop at the power sector. The shift away from China could hamper India's plans to clean up its air, as Chinese companies sell Flue Gas Desulphurisation (FGD) units to India, which cut emissions of sulphur dioxide.

Twitter to let some employees work from home permanently

July 04, 2020

In the statement , a Twitter spokesperson said the company was uniquely equipped for employees to work from home, "given our emphasis on decentralization and supporting a distributed workforce capable of working from anywhere". She also revealed that the opening would be gradual and carried out carefully. At the same time, the company says no to business travel until September with a "very few exceptions", along with "no in-person company events" the whole of 2020.

Serious divergences in Brexit talks

July 04, 2020

His British isles counterpart David Frost mentioned "major" disagreement remained on "a variety of essential problems". Both, however, committed to another round of negotiations next week in London. The talks will now resume next week in London. "We will continue to insist on parallel progress on all areas", Mr Barnier said. Johnson told LBC radio that leaving the transition period without a deal would still allow the United Kingdom to trade on Australian-style terms.

Qatar Airways enhances safety measures onboard for passengers and cabin crew

July 04, 2020

The airline's additional robust measures include offering face shields and protective kits to all passengers, in addition to a new protective gown for cabin crew. The Doha-based airline called Wednesday " a bumper day of flight resumptions ", with 11 reinstated destinations worldwide as the demand for air travel continues to increase after COVID-19 devastated the industry.

Japan asks U.S. to extradite ex-Green Beret over Ghosn escape

July 04, 2020

Former Nissan chairman Carlos Ghosn attends a news conference at the Lebanese Press Syndicate in Beirut, Lebanon, January 8, 2020. "Ltd" class="local_link" >Nissan Motor chief who fled Tokyo a year ago while on bail awaiting trial on financial misconduct charges.

'Advertisers will be back soon enough': Mark Zuckerberg dismisses Facebook boycott

July 04, 2020

Another quote from the meeting transcript has Zuckerberg saying the boycott is just a "reputational and partner issue", rather than something that's actually affecting their bottom line. To try and placate all the people rightly pissed off by Zuck's cavalier attitude , the company has announced he'll be taking a meeting with Stop Hate For Profit , the group behind the boycott which now has more than 600 brands.

Dow Jones jumps at open as U.S. job growth accelerates

July 04, 2020

The S&P index recorded 30 new 52-week highs and no new low, while the Nasdaq recorded 84 new highs and six new lows. The top performers on the S&P 500 were Noble Energy Inc (NASDAQ:) which rose 7.79% to 9.55, Akamai Technologies Inc (NASDAQ:) that has been up 6.39% to settle at 113.12 and TechnipFMC PLC (NYSE:) which gained 5.35% to close at 7.28.

Trump touts USA job gains as coronavirus cases hit record highs

July 04, 2020

By the start of February, the Centre for Disease Control (CDC) issued its first formal guidance on its website , saying that the agency "does not now recommend the use of face masks among the general public". Research shows that face coverings have been proven to help significantly curb chances of the virus spreading among individuals. 'I didn't want to give the press the pleasure of seeing it, ' he said then.

Supreme Court dismisses Indigenous appeal of Trans Mountain approval

July 03, 2020

Syeta'xtn, who is also known as Chris Lewis, said Indigenous people have a right to meaningful consultation and accommodation and the courts should be scrutinizing that process. The Indigenous communities have raised environmental concerns, such as the risks of oil spills. The expanded pipeline will almost triple the amount of diluted bitumen flowing between Alberta's oilsands and a marine port in Burnaby, B.C.

Biden raises more funds than Trump for second month

July 03, 2020

The president has challenged presumptive Democrat nominee Joe Biden to take a cognitive test. US President Donald Trump's campaign raised $266 million in the second quarter. But while Biden once stressed a return to normalcy, his campaign has pivoted in recent months as the nation's been swept by the coronavirus pandemic and by national protests over racial inequality.

Amazon Founder Jeff Bezos Hits New Wealth Record Amid the Pandemic

July 03, 2020

She's now valued at $56.9 billion, up $19.8 billion this year. Despite the coronavirus causing financial strife for many, Bezos has recorded $56.7 billion this year alone which only highlights the insurmountable wealth gap that has calcified.

Ireland Service Sector Downturn Slows In June

July 03, 2020

The 50-mark separates progress from contraction on a month-to-month foundation. New export business also expanded for the first time since January on firmer foreign demand, in contrast to overseas orders for manufactured goods, which continued to contract as many of China's trading partners remained in lockdowns.

Oil set for weekly gain as economic green shoots outweigh virus

July 03, 2020

U.S. West Texas Intermediate ( WTI ) crude CLc1 futures rose 25 cents, or 0.6%, to $40.07 a barrel by 0632 GMT, adding to a 1.4% rise from Wednesday. "But worrisome for oil prices are the densely populated southern USA states that have been ravaged by the virus and are among the US's most weighty consumers of gasoline".

OPEC has cut oil output by 1.25 mbpd in June

July 03, 2020

Final exports for July could be higher, traders said, including due to a spillover of June cargoes. The country's oil minister Prince Abdulaziz said at a June 18 OPEC virtual meeting that the kingdom will sell its oil at a discount to undercut Nigeria and Angola after they denied to make specific production cuts, according to the Journal.

Million Jobs Added in June, Unemployment Drops to 11.1 Percent

July 03, 2020

South Carolina's Department of Employment and Workforce received 16,959 new applications from unemployed South Carolinians, the agency reported Thursday. "It's 7.5 million jobs created in the last two months alone". Accommodation and food services still accounted for the highest number of claims with benefits paid for the week of June 13 - the week from which most-recent data are available - followed by health care and social service, administrative and support and waste management and ...

Pfizer jumps on early data from BioNTech-partnered COVID-19 vaccine study

July 03, 2020

An experimental covid-19 vaccine being developed by Pfizer and BioNTech provoked immune responses in 45 healthy volunteers, according to a preprint paper on medRXiv . London shares closed higher on Thursday as signs of progress in developing a COVID-19 vaccine bolstered hopes of a post-pandemic economic recovery, while Primark-owner Associated British Foods gained after issuing an upbeat trading update.

U.S. Trade Deficit Widened in May as Both Exports, Imports Fell

July 03, 2020

The median estimate of economists surveyed by Bloomberg called for a C$3 billion gap in May. Exports were down 4.4% to US$144.5 billion, while imports fell 0.9% to US$199.1 billion. Imports of basic and industrial chemical, plastic and rubber products were down 14.4 per cent in May and down 24.7 per cent from a year ago. Just three states - Nevada, Alaska and Hawaii - saw year-over-year increases in May.

SoftBank : Insurance Startup Lemonade Raises Expected IPO Price Range

July 03, 2020

Softbank has a 21.8% stake in Lemonade that is now valued at about £2.40 billion. It was marketing 11 million shares at $26 to $28 each after boosting the range from $23 to $26, according to filings with the U.S. Lemonade has yet to turn profitable since its inception in 2015, it said in its prospectus. Its sales have more than doubled in that period. That is less than the $2.1 billion it was valued at previous year, after it raised $300 million in a funding round led by Japan's ...

Air Canada suspending five routes out of Ottawa, closing station in Kingston

July 02, 2020

The carrier hints further service suspensions could be in the offing in the coming weeks as the company "takes steps to decisively reduce its overall cost structure and cash burn rate". Next week the airport moves to three Air Canada flights daily to Toronto, he said. "But today's announcement does come as a surprise". The airline has removed 79 planes from its mainline and Rouge fleets, chopping flight capacity by more than 85 per cent year over year, with only marginal improvement expected ...

Tesla Q2 deliveries top 90K vs. 83K estimate; shares up 10%

July 02, 2020

Analysts, who had anticipated lower numbers due to the COVID-19 pandemic, had varying forecasts with some predicting as few as 39,000 deliveries and as many as 83,000. Almost 16,200 Teslas were registered in China in April and May combined, with June figures still outstanding. The Shanghai plant was only briefly impacted by coronavirus shutdowns in late January and early February.

Hotel employee calls police on Black family using the pool as guests

July 02, 2020

The video, which has been viewed more than 900,000 times on Facebook, ends with her and children leaving to go to their room. Her narration suggested the worker followed her to an elevator as she went back to her room, but Ms Wright refused to talk to her.

Redefine Meat unveils its first 3D printed vegan steak product - Alt-Steak

July 02, 2020

Based in Rehovot south of Tel Aviv, Redefine Meat will first market test its "Alt-Steak" at high-end restaurants later this year before rolling out its industrial-scale 3D printers to meat distributors in 2021. She said 3D printing is one technology competing to improve alternative meat texture, but "having new technologies ... doesn't necessarily solve the flavor and taste problem".

Little Caesars staff fired after couple finds pepperoni swastika on their pizza

July 02, 2020

In the days since her story gained traction online, Laska says she has been accused of faking the incident. "That's when we posted to social media, wanting to express our anger and show our family and friends what kind of place it ( Little Caesars ) was".

Several salads recalled across Canada due to Cyclospora risk | Dished

July 02, 2020

The company says the affected bagged salad products-both brand name and store brand-are clearly marked with the letter "Z" at the beginning of the product code, which is located on the upper right-hand corner of the front of the package. Iceberg lettuce, carrots, and red cabbage are found in several Fresh Express bagged coleslaws, salads, and salad kits; more than 30 branded products are part of the recall.

Environment Canada issues heat warning for Montreal and Laval regions

July 02, 2020

Environment Canada has issued a heat warning for Waterloo Region and Southern Wellington County. During a heat wave, residents are reminded to drink plenty of water and stay in a cool area. Overnight lows will range from 16 to 20 degrees Celsius. Hot and humid air can also bring deteriorating air quality. Symptoms of heat-related illness include rapid breathing, dizziness or fainting, vomiting, rapid heartbeat, extreme thirst, decreased urination and unusually dark yellow urine.

Oil prices climb after US inventory drop signals demand rise

July 02, 2020

Brent crude LCOc1 dropped 84 cents, or two per cent, to Sh4,240 ($40.18) a barrel, and USA crude CLc1 fell 72 cents, or 1.8 per cent, to Sh3,900 ($37.77). However, investors are cautious after a surge in infections in the United States and a warning from the USA government's top infectious disease expert that the number could soon double.

Volkswagen Tiguan SUV facelift launched along with sportier R variant

July 02, 2020

The second-gen Volkswagen Tiguan SUV has been on sale since 2016 and was also the most popular auto from the Volkswagen Group previous year with 9.11 lakh units produced. It's the same powertrain as you'll find in the Volkswagen Passat GTE and Volkswagen Golf GTE , plus the new Cupra Leon and Skoda Octavia vRS. All Tiguan models are equipped with a standard eight-speed automatic transmission, and Start/Stop system, created to help improve fuel efficiency.

Bound Audi Q5 Facelift Revealed With Revised Styling

July 02, 2020

Prices for the new Q5 start from £42,950, with a more comprehensive price list likely to be announced closer to the car's arrival in autumn. To kick things off, the new Audi Q5's look is more in-line with its Q-series siblings, with larger bumpers and upper sections of the LED headlamps which replace the Xenon units as part of the entry level Sport specification.

Senate Dems Unveil Plan for Extension of Federal Unemployment Benefits

July 02, 2020

This extension of benefits is not available to Pandemic Unemployment Assistance claims for self-employed and other populations expanded under the CARES Act. ME paid out $882 million in unemployment benefits between March 15 and June 20. People who go back to work part-time may continue receiving weekly benefits.

PPP Loan: Senate passes extension until August 8, hours ahead of deadline

July 02, 2020

The Paycheck Protection Program (PPP) was one of the pillars of the stimulus program the USA government enacted earlier this year to help small businesses keep afloat during nationwide lockdowns. Democrats have driven a temporary extension of a popular subsidy program for small businesses through the GOP-controlled Senate. "What we really need to pass very soon is targeted help for those who need a second round of aid", Rubio tweeted Tuesday night.

Lululemon buys at-home exercise startup for $500 million

July 02, 2020

Lululemon detailed in April 2019 what it called the "Power of Three" plan to accelerate growth. CEO Calvin McDonald said, "the acquisition of MIRROR is an exciting opportunity to build upon [Lululemon's] vision, enhance our digital and interactive capabilities, and deepen our roots in the sweatlife".

Oil prices to face pressure despite rallying over 5% this week

July 02, 2020

Oil prices rose on Wednesday after a market report showed crude stockpiles in the United States staged a larger drop than expected, suggesting demand is improving whilst the coronavirus outbreak spreads around the world, Reuters reports.

Amazon to pay $500 million in one-time bonuses to front-line workers

July 01, 2020

Amazon.com Inc., after complaints about ending pandemic hazard pay, will give one-time bonuses of $500 to most frontline workers. For Amazon Flex drivers, Amazon said it will pay $150 for those who have more than 10 hours in June. Despite the company's claims that it has gone out of its way to make its warehouses safe and clean during the pandemic, workers worldwide have consistently called out the company's handling of the situation.

Eastern Ladakh standoff: India, China hold marathon Corps Commander talks

July 01, 2020

The latest meeting took place on the Indian side of the disputed border on Tuesday, he said . "Intensive talks are also on through diplomatic channels to resolve the border dispute", the defence ministry official said. The meeting took place on the lines of the one they held at the Chushul-Moldo border personnel meeting (BPM) point in eastern Ladakh on June 6. India's army chief, Gen.

Gold price hovers at 48,255 per 10 grams

July 01, 2020

Powell didn't promise new stimulus, but he did say he remained committed to keeping interest rates low and providing its various liquidity facilities to ensure financial markets are operating properly. "On MCX, resistance for gold prices is placed at Rs 48,850 level while support is seen at Rs 48,000", Kedia added. Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Monday following a positive trend in the worldwide spot prices as a rise in global coronavirus cases ...

Airbus To Cut Around 15,000 Jobs Worldwide Amid Pandemic

July 01, 2020

Airbus will try to avoid involuntary layoffs, he said, but "compulsory actions can not be ruled out". Airbus refused to exclude sackings, but said it would first seek voluntary departures, early retirements and other measures. But "given the scale of the crisis and the share of our business that has disappeared for the foreseeable future, there is still a need for adaptation".

Chesapeake Energy Files For Bankruptcy Protection

July 01, 2020

The agreement also has backing from portions of other creditors, including those behind 87 percent of its term loan, and holders of 60 percent and 27 percent, respectively, of its senior secured second lien notes due 2025, and senior unsecured notes.

Wirecard UK unlocks customers' cash after FCA freeze

July 01, 2020

The company said it has discussed measures with authorities in the United Kingdom after the Financial Conduct Authority froze the operations of Wirecard Card Solutions, Wirecard's United Kingdom operation. An Post said its Money Currency cards are marketed as an affordable way for customers to bring and use money overseas. "There may be a delay before all card programmes are fully operational, so some customers could find themselves unable to transact immediately but we anticipate this ...

Cirque du Soleil files for bankruptcy and terminates 3480 employees

July 01, 2020

TPG, Fosun, and Caisse have been investors in Cirque du Soleil since 2015, they said. Cirque du Soleil Entertainment Group filed for bankruptcy protection in Canada on Monday in an effort to restructure its operations as it faces pressure from closed shows due to the coronavirus pandemic .