Money


RBI imposes moratorium on Yes Bank; caps withdrawals at Rs 50,000 RBI imposes moratorium on Yes Bank; caps withdrawals at Rs 50,000
- March 06, 2020

Moody's said the moratorium was credit negative as it affected timely repayment of depositors and creditors and added that the lack of coordinated action highlighted continued uncertainty over bank resolutions in India. "You will see very swift action by RBI to put in place a scheme to revive Yes Bank", Das said. These investors did hold discussions with senior officials of the Reserve Bank but for various reasons eventually did not infuse any capital. (more...)
Twitter pulls out of SXSW conference over coronavirus concerns
- March 06, 2020

SXSW itself will still run, but the event organizers will keep a close eye on attendee safety in light of the coronavirus. The statement says health issues for the Austin community are being considered and while the conference at this stage will not be cancelled, SXSW has issued precautions and advice for people travelling to Austin next week. (more...)
Watch out for Fake Coronavirus Products Watch out for Fake Coronavirus Products
- March 06, 2020

Amazon's efforts come as the coronavirus continues to spread around the world from its starting point in central China , with more than 2,700 deaths in China and 57 deaths in 46 other countries, according to the World Health Organisation (WHO), which put the total confirmed cases worldwide at more than 82,000. (more...)
GM announces new Ultium batteries and EV platform GM announces new Ultium batteries and EV platform
- March 06, 2020

The state of play: It begins with GM's new Ultium batteries, jointly developed with South Korea's LG Chem, which can be packaged in a variety of formats, enabling a modular EV platform that will underpin everything from urban taxis to luxury cars, work trucks and high-performance cars. (more...)
Due to Coronavirus Precautions, Starbucks Won't Fill Up Your Reusable Cup Due to Coronavirus Precautions, Starbucks Won't Fill Up Your Reusable Cup
- March 06, 2020

The letter announced a slew of "precautionary steps" the company is taking in response to the outbreak. But as of today, you'll no longer be able to fill your reusable cup at Starbucks . The Wall Street Journal reports that Starbucks sent a memo to employees earlier this week instructing them to clean cafes and sanitize bathrooms more regularly, as well as high-touch areas like door handles and machines. (more...)
Toyota announces global recall of 3.2 mil vehicles Toyota announces global recall of 3.2 mil vehicles
- March 06, 2020

Engine stalling can increase the risk of a crash, although the company wouldn't say if there have been any. Consumer Reports said this today about the recall, "Toyota and Lexus are recalling about 1.8 million vehicles from the 2013 through 2019 model years because their fuel pump could stop working, which could lead to a sudden stall or hesitation while driving". (more...)
Can't get your hands on hand sanitizer? Make your own Can't get your hands on hand sanitizer? Make your own
- March 06, 2020

That being said, sure, you can buy alcohol and make your own "hand sanitiser" at home, but there is a reason that most people don't like pouring vodka on their hands. The virus is spread through human-to-human interaction and respiratory droplets produced by coughing or sneezing. Meanwhile, Google searches for "homemade hand sanitizer gel", have surged, no-doubt because stores have been selling out. (more...)
IKEA issues dresser recall over tipping fears IKEA issues dresser recall over tipping fears
- March 06, 2020

The article numbers for the chest are 600-930-58 (birch), 501-637-54 (black-brown), and 803-221-34 (black-brown). The recalled products were manufactured and sold between April 2005 and December 2019 at Ikea stores nationwide and online. The Swedish furniture retailer has received six reports of Kullen 3-drawer chests that were not anchored to the wall tipping over. Canadian consumers who have not properly anchored their Kullen three-drawer chest are advised to bring it to Returns & ... (more...)
IATA revises airlines' loss estimates upwards to US$113b from Covid-19 IATA revises airlines' loss estimates upwards to US$113b from Covid-19
- March 06, 2020

Asia-Pacific airlines saw demand for air cargo contract by 5.9% in January 2020, compared to the year-earlier period. Europe, excluding Italy, France and Germany, would see a 7% fall in demand, as would the Middle East, excluding Iran. Since February 20, IATA said the virus had spread to over 80 countries and forward bookings had been severely impacted on routes beyond China. According to IATA, the financial markets have reacted strongly. (more...)
Anthony Levandowski ordered to pay $179 million to Google Anthony Levandowski ordered to pay $179 million to Google
- March 06, 2020

It found that he had "violated his duty of loyalty and breached his employment contract with Google by misusing confidential information and other actions he took in connection with Google's self-driving vehicle program". Levandowski was head of Uber Technologies Inc's self-driving technology unit. Levandowski's cofounder Lior Ron - who still works for Uber - reached a settlement with Google last month for $9.7 million. (more...)
Elizabeth Warren suspends presidential campaign Elizabeth Warren suspends presidential campaign
- March 05, 2020

Elizabeth Warren was struggling after early voting, but many observers felt she damaged the aspirations of Democratic candidate Mike Bloomberg in his first appearance on the debate stage, on February 19 in Las Vegas. "She cost Crazy Bernie, at least, Massachusetts, Minnesota and Texas", the president said of three of the states at stake on Super Tuesday. Her exit from the race following senator Amy Klobuchar's departure leaves the Democratic field with just one female candidate - ... (more...)
Trudeau creates cabinet committee to deal with coronavirus Trudeau creates cabinet committee to deal with coronavirus
- March 05, 2020

The eight-person committee, being led by Chrystia Freeland, Canada's Deputy Prime Minister, will meet regularly to make sure there's a coordinated effort for the impacts of COVID-19. The committee will include several other cabinet ministers and Kirsty Duncan, deputy government House leader. He pointed to supply-chain disruptions in China affecting Canadian businesses as well. (more...)
NZ shares outperform Asia as global markets rally NZ shares outperform Asia as global markets rally
- March 05, 2020

Peter McIntyre, an investment adviser at Craigs Investment Partners, said Biden was seen to be the more market-friendly candidate and benchmark United States indices all closed at least 3 per cent higher overnight. "Investors will take comfort in co-ordinated central bank action". Hong Kong's Hang Seng added 2.1% to 26,762.43, while the Shanghai Composite jumped 2.0% to 3,071.68. (more...)
NZX falls following U.S. interest rate cut NZX falls following U.S. interest rate cut
- March 05, 2020

Yet the circumstances are radically different. How long will it last? - makes it particularly hard to devise a solution. Official data showed that Eurozone inflation slowed due to lower energy prices in February and the unemployment rate stabilized at its lowest level in more than a decade at the beginning of the year. (more...)
OPEC seeks Russia’s support for deeper production cut OPEC seeks Russia’s support for deeper production cut
- March 05, 2020

With the prospect of extended OPEC supply cuts, however, the selloff in crude oil might stabilize. Saudi Arabia and other members of the Organisation of Petroleum Exporting Countries are seeking to win support from Russian Federation to join them in new additional oil output cuts to prop up prices, which have tumbled by a fifth this year because of the coronavirus outbreak. (more...)
Robinhood users miss stock rally as the trading platform seizes up Robinhood users miss stock rally as the trading platform seizes up
- March 05, 2020

The Robinhood team has spent the last two days evaluating and addressing the issue, the co-CEOs said . According to the company, service was restored before 9AM Pacific. The free stock-trading app Robinhood was down on Monday as a "system-wide outage" locked users out of their accounts during a historic market rally. (more...)
Twitter encourages all 5,000 employees to work from home amid Coronavirus fears Twitter encourages all 5,000 employees to work from home amid Coronavirus fears
- March 05, 2020

Besides, Twitter said it's also an opportunity for the social media giant to work towards the remote and distributed workforce. In the post, Twitter said, "We are working to make sure internal meetings, all hands, and other important tasks are optimized for remote participation". (more...)
India's Top Court Strikes Down Curbs on Cryptocurrency Trade India's Top Court Strikes Down Curbs on Cryptocurrency Trade
- March 05, 2020

On the global front, Facebook has made a decision to revamp its plans for digital currencies amid regulatory scrutiny. Pronouncing the verdict, the three-judge bench of the apex court said the ban was "disproportionate". If the government were to follow the panel's recommendations, it could signal the end of digital currencies in India. Moreover, there was no law in place banning cryptocurrency, it was only a circular putting a ban on banks from "providing any service in relation to virtual ... (more...)
Calls for emergency coronavirus sick pay for low paid workers Calls for emergency coronavirus sick pay for low paid workers
- March 05, 2020

British Prime Minister Boris Johnson said on Wednesday he would cut the number of days workers have to wait before they become eligible for the state minimum sick pay if they are isolating themselves because they may have coronavirus . Ms O'Grady said: "We all want people to follow the Government's health advice". The continued spread of coronavirus is forcing companies to find ways to deal with a potential outbreak. (more...)
Coronavirus: IMF provides $50bn to fight outbreak Coronavirus: IMF provides $50bn to fight outbreak
- March 05, 2020

While some economists argue lower interest rates will do little to help address interruptions in supply chains, Federal Reserve Chair Jerome Powell said it should provide a boost to confidence. These loans the International Monetary Fund said can be disbursed very quickly to assist member countries implement policies to address emergencies such as the coronavirus. (more...)

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