Economy / 14

Mitsubishi Motors expects net loss for FY2020

July 28, 2020

Today's Very Important Meeting detailed the company's new three-year plan called "Small but Beautiful", which aims to reduce Mitsubishi's fixed costs by 20 per cent, and refocus its efforts into what it calls its "core regions and technologies".

Wall Street climbs on stimulus, dovish Fed bets ahead of earnings rush

July 28, 2020

Wall Street's main indexes were higher on Monday as investors monitored progress in government stimulus efforts along with rising U.S. COVID-19 cases and restrictions around the world. "There was some profit taking due to high valuations, but I don't see them going away anytime soon". Technology, consumer discretionary and materials sectors rose over 1.0% each.

Senate GOP, White House poised to unveil their next coronavirus relief plan

July 28, 2020

Chamber of Commerce. The full amount would go to people with taxable annual incomes of up to $75,000. President Donald Trump had insisted on a payroll tax cut, which caused some delay, but after the pitch met with opposition from many Republicans and Democrats alike, the proposal was dropped.

Florida man charged with using COVID-19 relief funds on Lamborghini

July 28, 2020

The office said a complaint filed against he man alleges he fraudulently obtained $3.9 million in PPP loans, which were meant to help support small businesses and other organizations hit by the COVID-19 pandemic, after initially seeking roughly $13.5 million in PPP loans "through applications to an insured financial institution on behalf of different companies".

Virginia Chick-fil-A offers free food for coins amid shortage

July 28, 2020

The Mint said it has been operating at full production capacity since mid-June, minting nearly 1.6 billion coins a month. A Taco Bell in California is offering free food for customers that pay for their food in coins. and 4 p.m. The location recently posted on Facebook that due to the promotion, it was able to get enough coins to last them a couple of weeks. "Any $10 combination of ROLLED coin denominations accepted".

Intel reshuffle sees Ann Kelleher lead tech development for 7nm CPU project

July 28, 2020

In the wake of its 7 nm disaster , Intel today announced that it would reorganize to accelerate its releases and improve focus and accountability. While Intel might have a handle on 10nm now, 7nm is another story, with the first 7nm-based Intel CPU now being pushed back by approximately six months.

Get ready for another $1,200 stimulus check in August

July 28, 2020

The vast majority have no option but to stay home since the number of unemployed Americans is more than three times higher the number of job openings . All members of the Senate went on a almost three-week-long recess that ended on July 20. Sen. Ron Wyden of OR, the ranking Democrat on the Finance Committee, said the White House is "showing that it has zero understanding of the desperation of unemployed Americans".

Australian regulator accuses Google of misleading users over data privacy issues

July 28, 2020

A spokesman for Google said it "strongly disagreed" with the ACCC's allegations and would defend its position in court. He says, "this is an action we are taking that others have not". It charged Google of misleading its account owners on the use of personal data. Google said it worked with the commission during investigation and its account holders consented to "prominent and easy-to-understand notifications".

Target, like Walmart, says it will be closed on Thanksgiving Day

July 28, 2020

Numerous deals reserved for Thanksgiving will be available earlier in October and continue through the holiday season, according to a news release. "This year more than ever, a joyful holiday will be inseparable from a safe one, and we're continuing to adjust our plans to deliver ease, value and the joy of the season in a way that only Target can".

Gold hits all-time high on global jitters

July 27, 2020

Shanghai was slightly higher, having suffered big losses last week as China and the US closed consulates in Chengdu and Houston, ramping up tensions between the superpowers. "We believe that gold will continue its uptrend, driven by growing concerns over the global economic recession, fears of a second wave of COVID-19, heightened geopolitical tensions, historically low and negative interest rates as well as rising inflationary expectation amidst unprecedented levels of stimulus measures ...

Coronavirus: Ryanair warns autumn second wave is its 'biggest fear'

July 27, 2020

He added that ancillary revenue would likely be volatile until there is some reasonable expectation that a Covid-19 vaccine will emerge in the coming calendar year. "We can manage these challenges; we are doing extraordinary work on the cost base". Still, the low-priced airline will not cancel summer flights despite the latest decision .

SAP Announces Plan to Take Qualtrics Public Through US IPO

July 27, 2020

Assuming those fundamentals haven't changed, it looks like a real win for Qualtrics and Smith, and a save by SAP from whatever strategic plan they chose to change midstream. "Founded by Smith, his father and brother in 2002, Qualtrics emerged as a breakout success for Utah's tech community, subject to a Forbes profile in 2017, before looking to go public the following year", Alex Konrad writes for Forbes .

Gold price hits record high on new fears for the economy

July 27, 2020

With vast monetary easing measures put in place by the Federal Reserve pushing the dollar lower against most other currencies, gold is flying, hitting an all-time high of 1,944.71 USA dollars, well above its previous record of 1,921.18 us dollars seen in 2011.

Lawsuit launched in Aus against cruise ship outbreak

July 27, 2020

Cruiseline operator Carnival said on Thursday that its Princess and P&O brands had extended pauses in operations as a result of the Covid-19 pandemic. The company also announced refunds for travelers who paid in full or in part for their voyages. The lone exception is Australia , where five of its ships will resume passenger voyages November 1.

Little Company, Big Secrets: Tesla slams Rivian with an IP theft lawsuit

July 27, 2020

The other lawsuit names former XPeng employee Guangzhi Cao, once a member of Tesla's Autopilot team and one of about 40 people said to have direct access to the software's source code. Rivian has announced a fresh timeline for the release of its R1T electric pickup and the R1S electric SUV, going beyond summer 2021 . Amazon is also a customer and has ordered 100,000 electric vans from Rivian.

US State Department Eases Restrictions on Military Drone Exports to Foreign Nations

July 27, 2020

The White House announced that President Donald Trump had approved a move to diverge partly from the 1987 Missile Technology Control Regime, in which 35 countries agreed to restrict the sales of unmanned weapons delivery systems. "Trump is unilaterally abrogating a long-standing arms control agreement because it is inconvenient for his anything goes' policy to sell risky weapons seemingly anywhere to anyone", alleged Congressman Eliot Engel, Chairman of the House Foreign Affairs Committee.

Coronavirus: Full retail revenue bounce back to pre-pandemic amounts

July 26, 2020

A new report from the agency found that total retail sales fell by 17.9 per cent as Canadians increasingly sheltered in place between February and May and brick-and-mortar stores closed their doors. The "flash" - or preliminary - Purchasing Managers' Index (PMI ), compiled by IHS Markit and CIPS, rose to 57.1 in July, up sharply from 47.7 past thirty day period.

Highlights from Coca-Cola's Q2 2020 Results

July 26, 2020

Analysts had predicted EPS of 42 cents on $7.2 billion in revenue. In a conference call with investors, Coca-Cola Company Chairman and CEO James Quincey said: " We need to do a better job nurturing and growing smaller, more enduring propositions and exiting some zombie brands, not just zombie SKUs ".

Wisconsin friends split $22 million Powerball jackpot after 1992 promise

July 26, 2020

Joe Feeney from Wisconsin in the USA could barely believe it when he received a call from his friend Tom Cook to say he had won 22 million dollars (£17.3 million) on the Powerball lottery and was intending to split it with him. "A handshake is a handshake, man", Mr Cook said, as he proudly accepted his lottery cheque alongside his mate. The odds of winning the Powerball jackpot are estimated to be one in about 292 million.

Tech stocks drag on markets as U.S.-China relations sour

July 26, 2020

A speech Thursday by U.S. Secretary of State Mike Pompeo saying that "securing our freedom from the Chinese Communist Party is the mission of our time" adds to the rhetoric certain to incense Beijing, making it still more hard for either side to back down, he said.

Homeless charity Crisis suffers data breach through software provider Blackbaud

July 26, 2020

The company asserts that no credit card, bank account, or social security information was stolen by the hackers. The hackers targeted the company in May, but the universities were informed in July. Aberystwyth University has reassured current students and alumni that "no bank account or credit card details were taken" in the attack. Aberystwyth University confirmed it is "urgently investigating" as it says it "take data security extremely seriously".

Apple co-founder Wozniak sues YouTube, Google, over Bitcoin rip-off

July 26, 2020

Wozniak sued both YouTube and its parent company Alphabet along with 17 other alleged victims of the scam . The lawsuit , however, praised Twitter for acting " swiftly and decisively " to shut down malicious accounts and "protect its users from the scam" after the micro-blogging platform faced a cryptocurrency hack, in which a host of verified Twitter accounts owned by well-known public figures posted a Bitcoin giveaway message.

McDonald's to require masks at all US restaurant locations

July 26, 2020

Guests at USA restaurants won't be allowed to enter without wearing a face covering as of August 1, McDonald's announced Friday, joining many other companies, as well as governments, in mandating the use of masks in some form. They could also offer a free drink the next time the customer comes in, as long as they wear a mask. "In those situations where a customer declines to wear a face covering, we'll put in place additional procedures to take care of them in a friendly, expedited way".

Emirates will cover medical expenses if passengers catch Covid-19

July 26, 2020

One global airline is offering to pay for passengers' medical costs and hotel quarantine if they become ill with COVID-19 while flying with the carrier. "It is an investment on our part, but we are putting our customers first, and we believe they will welcome this initiative". If a passenger is traveling onward to another destination after arriving at their Emirates destination, they can still benefit.

How major USA stock indexes fared Thursday

July 26, 2020

The S&P 500 is poised for a second day of losses, threatening the gauge's fourth straight week of gains. Analysts also cited unease over the hefty gains by equities since March despite a highly uncertain U.S. Indexes down: Dow 0.42%, S&P 0.45%, Nasdaq 0.69%. Tech was the biggest percentage loser. Healthcare lost ground, dropping 1.1 percent ahead of executive orders by US President Donald Trump aimed at lowering drug prices.

Gold Nears $1900 as Veteran Mobius Says Keep Buying

July 26, 2020

After over nine years, gold prices hit Rs 50,000 per 10 grams on Wednesday in India the worlds second-largest gold consumer after China as a host of factors like global uncertainties triggered by Covid pandemic, weak dollar, low-interest rates and stimulus programmes have increased the appetite for gold.

Ann Taylor, Lane Bryant owner files Chapter 11 bankruptcy

July 25, 2020

According to their websites, there are now four Ann Taylor, nine Loft and 37 Justice stores in Canada, many of them in Ontario. Its largest debts are related to rent: Ascena owes $31.7 million to mall operator Simon Property Group, $16.6 million to Brookfield Properties, $8.8 million to Boston Properties and $7.2 million to Tanger Properties.

Amazon takes another step towards bringing Alexa on par with Google Assistant

July 25, 2020

In a press release on its developer website , Amazon has announced Alexa for Apps, a new feature that will allow Alexa skills to take customers directly into an app on iOS. Alexa for Apps can be implemented into any app that can be opened with deep links, and Amazon says that the feature is being added to experiences for TikTok, Yellow Pages, Uber, Sonic, Zynga , Volley, and more.

BMW X7 Dark Shadow Edition debuts - 500 units only

July 25, 2020

It looks ... like a shadow, so the name works. While this paint has been used on other BMW models, this is the first time it has been featured on an X model. BMW's done it often enough, having revealed 1 Series Shadow Edition , M2 Black Shadow Edition and M5 Nighthawk editions in years past. You'll notice the dark blue leather on the seats, upper dashboard and doors.

Hong Kong: Stocks start with losses

July 25, 2020

Tech stocks in Asia were among Friday's biggest losers. South Korea's Kospi 180721, - 0.71% declined 0.6%, and benchmark records in Taiwan Y9999, - 0.87%, Singapore STI, - 1.27% and Indonesia JAKIDX, - 1.20% all dropped. The innovation substantial Nasdaq Composite Index COMP, - 2.28% lost 244.71 focuses, or 2.3%, to 10,461.42. Analysts said investors also are wary over the unclear prognosis for further stimulus for the US economy, just as the end of a previous package of extra support for ...

White House clashes with Republicans over Covid-19 relief

July 25, 2020

Senate Majority Leader Mitch McConnell (R-Ky.) speaks to reporters following the Senate Republicans weekly policy lunch on Capitol Hill in Washington on June 9, 2020. A number of different solutions were being discussed, the official said Thursday, including dropping the add-on to $100 (£78). That benefit officially expires on 31 July, but due to the way states process unemployment payments, the cutoff was, in effect, on Saturday.

United Airlines reports worst ever financial quarter

July 25, 2020

With its announcement Tuesday, United became the second US carrier to report earnings for the period spanning April-June. United last week warned 36,000 employees that they could be furloughed in October. They said steps taken by airlines and governments together with a co-operative health-screening program will prevent COVID-19 from spreading among passengers.

White House drops payroll tax cut as GOP unveils virus aid

July 25, 2020

Senate Republicans won't include a payroll tax cut , a measure long sought by President Trump , in the coronavirus relief legislation they are planning to release publicly on Thursday amid opposition from lawmakers of both parties. Nobody, not even Democrats, wanted a fixed number for everyone. "My effort's going to be to allow the local communities, the cities, the towns, the states, to participate in whether they want to do this", Inhofe , told reporters.

Euro, gold on a high as the USA dollar breaks down

July 25, 2020

Gold has been helped by a weak dollar, which remained in the doldrums near more than four-month lows on Thursday, easing 0.05 per cent to 94.965. "And there's no yield on treasuries right now, so gold is a safe spot given the circumstances of the central banks and the coronavirus".

Oil prices steady as weak dollar balances low demand

July 25, 2020

The dollar slid to 22-month lows against a basket of currencies. A weaker dollar generally stimulates purchasing of products priced in the greenback, like oil , since they end up being less expensive for holders of other currencies. However, global oil demand remains low due to the rapidly increasing number of global cases of the novel coronavirus (COVID-19), which surpassed 15.5 million late Thursday, according to the latest data from Johns Hopkins University.

Alipay parent unveils AntChain as new blockchain brand

July 25, 2020

Making its first move into the blockchain industry in 2015, the Ant Group development team shifted its focus to commercial applications on its network a year ago. The decision to file for an IPO , that has been explained by the company as a way to accelerate the digital transformation of China's service industry, has been reportedly under discussion for at least two years but factors such as the outbreak of COVID-19, that has turned most of businesses and transactions to an all-digital ...

Korea's economy tumbles by 2.9% in Q2

July 24, 2020

South Korea's GDP fell 2.9 percent year-on-year, the biggest fall since the fourth quarter of 1998 and worse than a 2 percent decline shown in the poll. Finance Minister Hong Nam-ki struck an optimistic note, however. Exports, which account for almost 40% of the economy slumped 16.6% quarter-on-quarter the worst since 1963 on weak demand for cars and petrochemicals while business investment in construction and factories swung shrank.

US Stocks Drop With Dow Falling More Than 350 Points

July 24, 2020

Futures for Dow Jones Industrials grew 68 points, or 0.3%, early Thursday, to 26,952. Other stock indexes around the world were mixed, while uncertainty across markets helped gold touch its highest price in almost nine years. These companies have been the biggest winners on Wall Street amid the coronavirus and the shift to working at home. Republicans in the Senate were set to unveil their proposals for a $1-trillion COVID-19 rescue package Thursday morning, but that got delayed.

Man makes good on 1992 handshake, splits $22M jackpot with friend

July 24, 2020

Mr Feeney, a keen fisherman from Menomonie, said: "He called me and I said: 'Are you jerking my bobber?'" "Congratulations to Tom, Joe, and their families", Wisconsin Lottery director Cindy Polzin said in a statement . 'It was quite an experience when I read those first two or three numbers, ' Cook said. Cook gave his two-week notice and has since retired. The men say they hope to take their wives on a road trip, like one they previously took - though perhaps in an upgraded vehicle this ...

Air India says no layoffs, no reduction in basic pay

July 24, 2020

However, this didn't cut ice with workers' unions demanding that the airline withdraw its controversial order on compulsory "leave without pay" of up to five years as it amounted to the loss of full salary. "Unlike other carriers which have laid off large number of their employees, no employee of Air India will be laid off", said a post on Air India's Twitter handle.

New Unemployment Claims Are Up For The First Time In 4 Months

July 24, 2020

The Tennessee Department of Labor and Workforce Development released the latest numbers Thursday, saying 25,794 claims were filed during the week ending on July 18. MI pandemic unemployment assistance claims declined by 2,949 to 23,609 for the week ending July 18. According to the weekly report, 1.4 million Americans sought initial unemployment claims last week.

'Considerable gaps' remain between United Kingdom and European Union in reaching trade deal

July 23, 2020

Both sides appear to agree a deal could be reached but only if the other makes concessions. "On the level-playing field the United Kingdom still refuses to commit to maintaining high standards in a meaningful way". He told a London press conference: "On fisheries, the United Kingdom is effectively seeking for near-total exclusion of fishing vessels from the UK's water".

Australian Government Extends JobKeeper Until March 2021

July 23, 2020

Prime Minister Scott Morrison bumps elbows with a DisplayWise employee during a visit to the DisplayWise workshop in Miranda, Sydney, on Monday. "These payments have given enormous support to people when they've needed it most". But a new, part-time rate will be offered to casuals after confirmation that around one in four workers on JobKeeper were securing a pay rise that was worth $550-a-fortnight on average - the same amount as the JobSeeker coronavirus supplement.

USA orders China to shut consulate in Houston, Texas

July 23, 2020

Two U.S. government officials said they had information that documents were being burned there. Hussein Ismail, a researcher at Egypt State Information Service, said that the USA move is a unilateral political provocation and a reflection of the US government's arrogance.

Britain says 'unfortunately clear' no Brexit deal by end of July

July 23, 2020

His EU counterpart Michel Barnier said both sides were still "far away" and time was running out for negotiations. "We will continue to engage constructively with the European Union on these key issues and will work hard to reach the broad outline of an agreement, but as we have been clear all along we are not asking for a special, bespoke or unique deal".

Pay hike for 900,000 United Kingdom public sector workers on COVID-19 frontline

July 23, 2020

For instance, police, prison officers and National Crime Agency staff will only be entitled to a pay increase in England and Wales. "This year's pay awards reflect the enormous effort made by those in the public sector in responding to the unprecedented challenges for the country during the Covid-19 outbreak", it said.

Oil prices up as European Union agrees on budget, coronavirus aid

July 23, 2020

Global benchmark Brent crude was trading at $43.50 per barrel at 0634 GMT for a 1% increase after closing Monday at $43.20 a barrel. The king has ruled the world's largest crude oil exporter and close USA ally since 2015. Crude oil prices experienced an optimistic view during the trading of June 2020 due to several factors, which had a direct and positive impact on prices.

China In Focus: Houston Chinese Consulate Ordered to Close

July 23, 2020

The United States has an embassy in Beijing plus five consulates in mainland China and one in Hong Kong. In Beijing, a spokesman for China's foreign ministry said the United States gave the Chinese side a deadline of three days to close the mission in the Texas city.

Qantas' final 747 flight touches down in Los Angeles

July 23, 2020

The last ever Qantas 747 flight left Sydney on Wednesday ending a significant chapter in Australian aviation history. QF7474 will be operated by VH-OEJ, a 17-year-old airframe that was delivered to Qantas in July 2003. PHOTO: The vibrant 1970s Economy Class cabin of the first Qantas Boeing 747. The airline's first female captain, Sharelle Quinn, was one of six pilots in command of the final flight - which had no else on board - and said it had been an "absolute privilege" to fly the 747s ...

Elon Musk's Tesla Rises on 4th Consecutive GAAP Profit

July 23, 2020

But the company likely would have lost money without $428 million it earned from selling electric vehicle credits to other automakers so they can meet government fuel economy and pollution regulations. "As long as they can keep getting credit revenue and they have new offerings ramping up like the Y, they have a chance at continued profit", he said.