Economy / 24

Joe Biden accuses 'toxic' Donald Trump of fanning USA unrest

September 01, 2020

The stakes for Biden's speech in Pittsburgh, in the swing state of Pennsylvania, could not have been higher a day before Trump heads to the city of Kenosha, Wisconsin , to deliver his dueling vision on the upheaval. "Just watched what Biden had to say", he posted. "If I didn't INSIST on having the National Guard activate and go into Kenosha, Wisconsin, there would be no Kenosha right now", Trump wroteon Twitter.

Deferred Payroll Taxes to Be Paid in 2021

September 01, 2020

If your company participates in the program (it isn't required to), you can get a boost of up to $248 in each bi-weekly paycheck during the last four months of the year. Employees are taxed 6.2 percent that goes toward the Social Security Trust Fund and another 1.45 percent for Medicare. In fact, a lot of employers are reluctant to follow the president's plan and halt withholding of the tax in 2020.

Amazon Prime Air delivery drones get FAA approval

September 01, 2020

The drones aren't quite ready to be deployed yet. These guidelines are at best a patchwork solution designed by the agency and its commercial partners to help provide a way for them to get underway with crucial systems development and safety testing and design, but the FAA is working towards a more fit-for-purpose set of regulations to govern drone airline operation for later this year.

Apple And Tesla Shares Begin Trading On A Split Adjusted Basis

September 01, 2020

Other companies with quadruple-digit stock prices included Amazon, at over $3,400, Google-parent Alphabet, at over $1,600, and Chipotle Mexican Grill, trading at over $1,300. While the splits themselves won't have any direct effects on the market caps of the companies, eToro says that stock splits can play an important emotional role for investors.

Huawei Ends Sponsorship Of Canberra Raiders Over 'Negative Business Environment' In Australia

September 01, 2020

The Australian arm of China's Huawei Technologies Co . has cited negative business conditions for pulling out as the major sponsor of professional rugby league club the Canberra Raiders, as diplomatic tensions between the nations worsen. China has generated Australia raising its ban on Huawei on infrastructure a state of turning about strained bilateral relations. Australia maintains it does not want a trade war with China, its most important trading partner.

Fed Ambiguity May Hold Gold Rangebound Over Near-Term

August 31, 2020

Spot gold was up 0.2 percent at $1,969.03 per ounce, after hitting its highest since Aug 19 at $1,976.14 in early Asian trade. 24-hour view: "While we expected AUD to strengthen last Friday, we were of the view that "sustained rise above 0.7300 is not expected".

COVID-19 vaccine: Bangladesh's Beximco inks deal with Serum Institute

August 31, 2020

Data from trials suggests that both these candidates are successful in generating good immune responses in humans and are safe to use. We will officially confirm its availability soon. The company said it would secure additional quantities of the vaccine to be distributed to the private pay market in Bangladesh. The dose will be repeated after one month, an official said.

Nestle to buy Aimmune Therapeutics for $2.6B

August 31, 2020

Nestle already has around a 25.6% stake in Aimmune , and the terms of the agreement will see Nestle's wholly-owned subsidiary, Societe des Produits Nestle S.A. Aimmune's Palforzia is the only treatment approved by the U.S. Food and Drug Administration to help reduce the frequency and severity of allergic reactions to peanuts in children aged 4 through 17, Nestle said in a statement.

S&P 500 on track for best August since 1984

August 31, 2020

It was the seventh straight day of gains for the index. Economic data released before the bell showed that USA consumers, who account for about 70 percent of the country's economy, increased their spending more than expected last month, but the savings rate, a barometer of consumer uncertainty, remained elevated well above pre-pandemic levels.

United Airlines permanently drops pricey change fee for most fliers

August 31, 2020

United Airlines made its announcement saying it was getting rid of its $200 flight change fee, effective immediately, on Sunday. "You may remember that as we emerged from previous tough times, we made hard decisions to survive financially, sometimes at the expense of customer service, either by adding new fees or cutting the things that made the flying experience better, simply because they were too expensive", he said.

India quarterly growth plunges by record 23.9% following COVID-19

August 31, 2020

India's economy was already slowing before the pandemic struck. "India was in a lockdown all through April to June quarter with majority of economic activities being restricted. The pandemic has caused historic GDP contractions in economies around the world. But with inflation above the central bank's target, it is probably reaching the end of its easing cycle, leaving little scope for more support.

Buffett's Berkshire Hathaway buys stakes in 5 Japanese trading houses

August 31, 2020

Berkshire says it won't go over 9.9% ownership in any of the companies without first getting approval from the investee's board. Buffett's business declared that it obtained "a little even more" than 5 per-cent of the portions of Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & & Co.as well as Sumitomo Corp ., depending on to a claim.

Reliance Retail buys Kishore Biyani's Future Group businesses for Rs 24,713 crore

August 31, 2020

RIL will take over the debt and liabilities related to the retail and warehousing businesses and will invest Rs 1,600 crore for a minority stake of 13% in Future Enterprises as part of the deal . Post transaction, FEL will retain few manufacturing and distribution of FMCG goods apart from its insurance JVs with Generali and JVs with NTC Mills.

Centricus Looks to Team up Triller with TikTok in $20 Billion Bid

August 31, 2020

The deal could be complicated by a TikTok lawsuit seeking to block the Trump administration from banning the app, a move that many of ByteDance's investors sought to stop. Although, the CEO of Triller Inc. explained the confusion by claiming that this was because they were dealing directly with the chairman of TikTok's parent company ByteDance, Zhang Yiming.

Pelosi says $1.3 trillion WH offer not enough

August 30, 2020

Trump is willing to sign a relief bill worth $1.3 trillion, a figure that Democratic House of Representatives Speaker Nancy Pelosi says isn't almost big enough. Neither of these proposals would meet the needs of American workers and families. Meadows and Pelosi picked up negotiations for the coronavirus package on Thursday after dropping talks three weeks ago.

Gold prices decline by Rs 252 silver rises

August 30, 2020

Gold prices in India saw big swings on Thursday and Friday amid volatile global rates. The price of 24-carat gold in Chennai was Rs 53,720 per 10 gm. Low interest rates tend to support gold, which is also a hedge against inflation and currency depreciation. Vaibhav Shah, Managing Director, Monarch Networth Capital Ltd told the publication that "buying gold at any price is profitable in the long run" and suggested that investors should "invest in gold in two ways: buy physical gold and ...

Ford is now working on automated valet parking technologies

August 30, 2020

Bosch has been working on parking solutions for years and even teamed up with Daimler for a similar experiment with Mercedes-Benz vehicles in Stuttgart back in 2017. For the trial, Ford is using connected and autonomous Escape vehicles capable of vehicle-to-infrastructure (V2I) communication with Bosch's intelligent parking infrastructure.

Japanese Company Showcases Working Prototype of 'Flying Car'

August 30, 2020

The machine so far can fly for just five to 10 minutes, but if that can become 30 minutes it will have more potential, including in the Chinese market, Fukuzawa said. "From a cost perspective, they won't be practical to go to the grocery store". SkyDrive commenced in 2012 as a volunteer-primarily based job named Cartivator which acquired funding from businesses these as Toyota, Panasonic and online video video game developer Bandai Namco.

Boeing finds manufacturing defect in Dreamliners

August 30, 2020

Boeing Co. said that it discovered "two distinct manufacturing issues" toward the rear of certain 787s that means the planes don't meet design standards. The Dreamliner experienced a series of teething problems after its 2011 debut, including a three-month global grounding in 2013 over battery meltdowns.

Cyber attacks crash NZ stock exchange

August 30, 2020

Share trading was halted because investors could not see up to date company announcements leading to an "uninformed market". NZX in a later update said markets would resume trading at 1 p.m. "We as a government are treating this very seriously", he said, adding that security concerns prevented him from saying much more. The possibility of state actors being behind the attacks was also not discounted.

China's EV maker Xpeng raises US IPO pricing By

August 29, 2020

The Alibaba-backed Chinese electric carmaker earlier said it had raised more money than expected, despite the souring of US-China relations. Xpeng had initially planned to raise $1.11 billion, but raised the amount to $1.5 billion this week.

After Google, Facebook tells staff to work from home till mid

August 29, 2020

The social networking giant will also give employees $1,000 to expense things like office supplies and furniture. The company added that it will reopen offices where it is able to, but said it does not expect to see a significant return to the office in the US or Latin America in 2020.

Amazon orders 1800 Mercedes-Benz electric vans for European deliveries By

August 29, 2020

The technology giant has ordered the vehicles from Mercedes-Benz Vans, which also announced it has joined the Climate Pledge , which has signatories aiming to be net-zero for carbon emissions by 2040. It's not as big an order as in the case of up to 100,000 Rivian EVs , but it's still one of the largest EV orders ever (the biggest Mercedes-Benz ever received).

Best true wireless earbuds 2020: Tested by Underscored

August 29, 2020

The Apple wireless headset model uses a force sensor to switch between features such as answering calls and skipping music. China's Xiaomi follows with 10% of the market, while Samsung is third with 6%. It is because of these Chinese companies that Apple has lost its market share for True Wireless Stereo. In other words, Apple is facing stiff competition from its Chinese rivals.

Tesla's Nevada factory was target of 'serious' cyber attack

August 29, 2020

We updated it to reflect that Elon Musk , Tesla's CEO, confirmed that the Russian tried to recruit an employee of the company's Gigafactory in Sparks, Nevada. Investigators say that Kriuchkov provided the employee with a burner phone to communicate with other unidentified members of the plot, and instructed him to leave the burner phone in airplane mode until after the money was transferred.

Canadian economy posted record drop in second quarter due to pandemic

August 29, 2020

Economic output rebounded in May by 4.8%, and StatCan reported an increase of 6.5% in June. Declines were recorded across the board amid a nationwide lockdown including in consumer spending, business investment, trade and tourism - in line with analyst forecasts, following a 2.1 percent (8.2 percent annualized) contraction of Canada's gross domestic product (GDP) in the first quarter.

Google employees will work remotely until summer 2021

August 28, 2020

However, according to U.S. media reports, Google CEO Sundar Pichai has now made the decision to extend the work-from-home facility after deliberations with senior executives at the firm. But no other company of Google's scale has given such a long-term commitment that its offices would stay largely shut. Following earlier reporting , Google has confirmed that it will continue to allow employees to work from home through the end of June of next year.

RBC’s Capital Markets Strength Helps Bank Counter Virus Woes

August 28, 2020

Royal Bank of Canada: Reported net income of $3,201 million for the quarter ended July 31, 2020, down $62 million or 2% from the prior year. The Toronto-based bank said it had earnings of $1.61 per share. The bank says it earned $602 million or $1.66 per diluted share for the quarter ended July 31 compared with a profit of $608 million or $1.66 per diluted share in the same quarter past year.

TikTok to Sell US Operations For $30 Billion in Coming Days

August 28, 2020

Mayer's departure comes days after TikTok asked a federal judge to block the Trump administration from enacting a ban on the fast-growing social media network, bringing a geopolitical fight over technology and trade into a US courtroom. "China supports relevant companies in taking up legal weapons to safeguard their legitimate rights and interests, and will continue to take all necessary measures to resolutely safeguard the legitimate rights and interests of Chinese companies", Zhao Lijian, ...

Musk confirms Tesla Nevada factory was target of 'serious' cyberattack

August 28, 2020

Kriuchkov rented a vehicle in San Francisco and drove to Sparks, Nevada, the location of Tesla's Gigafactory 1, according to a criminal complaint. "Kriuchkov asked an acquaintance to purchase an airline ticket for him in an attempt to fly out of the country", the release states.

Shinzo Abe: Japan's hawkish PM known for 'Abenomics'

August 28, 2020

Trump. Abe's time at the top included the aftermath of the devastating 2011 quake and tsunami, the enthronement of a new Emperor, and an attempt at restarting the Japanese economy through reflation, government spending and structural reform .

IKEA and LEGO play up storage fun with product partnership

August 28, 2020

It's simple, but so good. The BYGGLEK boxes are equipped with LEGO studs on the top and the front, which allow kids to integrate the storage boxes as part of their LEGO builds. They can store their stories inside them, and proudly display their creations on top of them. "At IKEA , we always believe in the power of play". "The good thing is that you can not put it together the wrong way, and you don't need any tools", said LEGO design manager Rasmus Buch Løgstrup .

US Federal Reserve to tolerate higher inflation in landmark policy shift

August 28, 2020

Under the new approach, laid out in a fresh statement on the Fed's longer-run goals and monetary policy strategy approved by all 17 of its policymakers, the USA central bank will seek to achieve inflation averaging 2 per cent over time, offsetting below-2 per cent periods with higher inflation "for some time", and to ensure employment doesn't fall short of its maximum level.

European Union trade commissioner Phil Hogan resigns over COVID-19 dinner scandal

August 28, 2020

Ireland's prime minister and the deputy prime minister asked European Trade Commissioner Phil Hogan, Ireland's EU commissioner, to consider resigning over his attendance at an event being investigated for breaching COVID-19 regulations. Irish Agriculture Minister Dara Calleary had already resigned for attending the same event. Hogan has always denied breaking coronavirus legislation and said he tried to act in line with voluntary government guidelines.

Fed's inflation push lifts S&P 500, Nasdaq to new highs

August 27, 2020

Shortly after the opening bell, the Dow Jones Industrial Average fell 0.74 points to 28,247.70. While the market's movements have remained nearly relentlessly upward in recent weeks, powered largely by big technology stocks, its momentum has slowed.

Musk wealth tops $100bn as Bezos worth twice as much

August 27, 2020

Bezos' net worth is more than Nike, McDonald's and Pepsi , all three companies are valued between $139 billion and $191 billion, The Wrap's report said. However, his almost 11 per cent stake in Amazon makes up over 90 percent of his massive fortune. The report said that, amid the COVID-19 pandemic, the wealth of the world's 500 richest people had risen by $809 billion so far in 2020, a 14 percent increase since January.

GST Tax Rate on Two-Wheelers may be Reduced

August 27, 2020

The Centre's proposals will be strictly around the legal opinion given by the attorney general about its obligations to compensate states. This means that the ability to tax goods and services and raise revenue shifted from origin states (where the good or service is produced) to destination states (where it is consumed).

Here's Why Bitcoin (BTC) Price May Rally Before 2021

August 27, 2020

BTC broke many key supports near $11,800 to move into a bearish zone. The price of the digital currency has failed to hold gains over the $11,550 support area against the Dollars. The growth of BTC and crypto wallet downloads was mostly fueled by the coronavirus lockdowns and the rising popularity of bitcoin and digital currencies in emerging markets.

Gold prices today slip ahead of US Fed chairman's speech

August 27, 2020

US gold futures were steady at $1,938.80. Attention is now focusing on U.S. Federal Reserve Chairman Jerome Powell, and his speech at Thursday's Jackson Hole symposium, for guidance on the Fed's strategy moving forward. Offering some respite to gold, the dollar index fell 0.2% to a near one-week low. Gold prices were mostly unchanged on Wednesday, as worries over the global economic outlook from rising COVID-19 cases offset an uptick in risk sentiment driven by signs of progress in ...

RBI calls for deep-seated, wide-ranging reforms for sustainable growth

August 27, 2020

The RBI also said that because people have remained indoors, the use of cash increased exponentially, forcing it to undertake expansionary policy measures to ensure adequate liquidity in the market. While bank frauds , both in value and volume terms increased in 2019-20, data suggest, for the period April - June 2020, as many as 1,558 frauds were reported amounting to Rs 28,843 crore, which is less in comparison to the 2,024 frauds reported in the same period in 2019 amounting to Rs 42, ...

As Hurricane Laura approaches, tips to keep in mind if you're evacuating

August 27, 2020

In nearby Louisiana, the message to residents wasn't much different, as Gov. John Bel Edwards said Wednesday that " people need to heed warnings they've been given and evacuate now ", and that they should not decide to stay in their homes based on how well they fared during past hurricanes that struck the state .

S&P 500 shakes off a bumpy start, pushes to another record

August 26, 2020

About 30 minutes into trading, the benchmark Dow Jones Industrial Average was almost flat at 28,305.18. The broad-based S&P 500 was similarly unchanged at 3,432.68, while the Nasdaq was down 0.2 per cent at 11,353.48. Meanwhile, a conversation between USA and Chinese officials indicate the Phase 1 trade deal between the two countries is intact. "The parties also discussed the significant increases in purchases of US products by China as well as future actions needed to implement the ...

Facebook agrees to pay France €106 million in back taxes

August 26, 2020

A Facebook spokesman said French tax authorities carried out an audit on Facebook's accounts over the 2009-2018 period, which resulted in an agreement by the subsidiary to pay a total $125 million. According to Facebook's spokesman, the US tech giant's French subsidiary decided in 2018 that advertising sales will be included in its annual accounts.

American Air to slash 19,000 jobs as pandemic hits travel demand

August 26, 2020

The furloughs of union workers and layoffs of management staff announced Tuesday will fall heaviest on flight attendants, with 8,100 being terminated in October. American said last week it was suspending flights to 15 small US cities in October without more federal aid. But negotiations between Congress and the White House on a new spending package are deadlocked as the coronavirus continues to threaten the world's largest economy, and forcing major U.S.

Jack Ma's Ant Group Files for IPO, Eyes $225bln Valuation

August 26, 2020

Its biggest and best-known business is Alipay, the largest player in China's ¥430 trillion ($62 trillion) third-party mobile payments market, according to market researcher Qianzhan. Ant's other shareholders, which include the Singapore government's Temasek Holdings, the Canada Pension Plan Investment Board, Malaysian sovereign wealth fund Khazanah Nasional, as well as Saudi and Abu Dhabi state funds, Hong Kong's CK Hutchison Holdings, and USA private equity firms Warburg Pincus, Silver Lake ...

Uber, Lyft get reprieve from California court

August 25, 2020

Lawmakers in California and elsewhere have discovered that unconvincing. Traditional cab companies charge more for a ride than the ride-share companies, which have been using venture capital to artificially lower fares in the name of gaining market share, and the cab drivers earned a lot more money before Uber and Lyft came along.

KFC Thinks Better of its Slogan

August 25, 2020

The fast-food giant announced the slogan will be paused worldwide. "In all seriousness, we think it's important to take a moment to have a little fun during these tough times, but rest assured we'll still be providing "Finger Lickin" Good' chicken and a responsible experience for our unbelievable KFC family and customers, here and around the world", she said.

Belarus protesters flood into Minsk as army issues warning

August 25, 2020

However, the authorities again beefed up police cordons around the city since last week and threatened opposition activists with criminal charges. The opposition also reported the detention of Alexander Lavrinovich, the leader of striking workers at a major industrial plant.

WTO Sides With Canada Over US on Lumber Imports

August 25, 2020

The WTO panel "failed to acknowledge the impact of the Canadian government's subsidies advantaging the Canadian lumber industry". The setback for the U.S. They've caused unjustified injury to Canadian business and USA customers equally. At the time, the US and Canada tried to negotiate a settlement but failed.

EDD announces additional $300 coming in unemployment benefits

August 25, 2020

FEMA will provide the funding through the Lost Wages Assistance program, which was created through a number of executive orders signed by President Donald Trump. The new payments will be made retroactive to August 1. "It needs to be done through a separate appropriation, not by taking money from FEMA, which is how we, the states, are planning to get reimbursed", he said, of costs incurred by the state in recent months.

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