Money


Americans: you have a new Hyundai and it looks rad Americans: you have a new Hyundai and it looks rad
- March 19, 2020

It also gets a new coupe-inspired exterior design and a tech-focused cockpit created to lure in young buyers who want something other than a crossover . This gives the vehicle a combined output of up to 139 hp (104 kW / 141 PS) and 195 lb-ft (264 Nm) of torque. Hyundai claims the gasoline-powered Elantra will have class-leading fuel economy , but didn't have an exact figure to share. (more...)
Federal Reserve launches a third emergency lending program Federal Reserve launches a third emergency lending program
- March 19, 2020

The Money Market Mutual Fund Liquidity Facility, established under the Fed's emergency authority, echoes a version that was set up during the global financial crisis. The Fed said it will exclude any assets purchased from money market mutual funds from bank regulatory capital requirements, providing another incentive for banks to purchase assets from the funds as needed. (more...)
Canada, US To Close Border To Non-Essential Travel Over Coronavirus Canada, US To Close Border To Non-Essential Travel Over Coronavirus
- March 19, 2020

This is part of Trump's larger travel ban which previously applied to visitors from Europe, China and other parts of the world, in view of the rising coronavirus cases. "What the prime minister is going to announce will reassure people", he told in an interview with public broadcaster Radio-Canada. "Supply chains including trucking will also not be affected by this new measure". (more...)
Chancellor Rishi Sunak announces £330bn fund for business loans during coronavirus outbreak Chancellor Rishi Sunak announces £330bn fund for business loans during coronavirus outbreak
- March 19, 2020

He said the government will do "whatever it takes" to support the United Kingdom economy through the crisis. "Following the changed medical advice yesterday, there are concerns about the impact on pubs, clubs, theatres, and other hospitality, leisure, and retail venues", he noted. (more...)
Apple fined whopping $1.2 billion for its sale practices Apple fined whopping $1.2 billion for its sale practices
- March 19, 2020

Two Apple wholesalers, Tech Data and Ingram Micro, were fined 63 million euros and 76 million euros respectively for unlawfully agreeing on prices according to the French watchdog. It is the highest sanction levied by the French watchdog, which stressed it was the most important sanction against a company due to the "extraordinary dimension" of the case. (more...)
RBA cuts interest rates to historic low of 0.25 per cent RBA cuts interest rates to historic low of 0.25 per cent
- March 19, 2020

The central bank said it would set up the $90 billion special funding facility for commercial banks to help with their own margin pressures as well as assist small business - similar to an initiative announced in the United Kingdom by the Bank of England last week. (more...)
Automakers Are Shutting Down US Factories to Curb COVID-19 Automakers Are Shutting Down US Factories to Curb COVID-19
- March 19, 2020

General Motors and Ford both confirmed on Wednesday that it will initiate the suspension of all manufacturing operations in the United States, Mexico, and Canada over market conditions triggered by the ongoing pandemic. The dispute came as union members complained that continued work at the plants would expose them to the virus. Industry analysts have said it will be hard to keep the factories open for very long as the COVID-19 virus spreads. (more...)
Oil slumps to lowest level since 2003 Oil slumps to lowest level since 2003
- March 19, 2020

Rystad Energy projects a year-on-year decrease of 2.8 per cent or a fall of 2.8 million bpd in global oil demand this year. "It tells me prices are going lower until either OPEC comes back to the table, or the U.S. Saudi Arabia plans to ship a record 10 million barrels a day in April. Many analysts are scrambling to retool their forecasts against the rapidly evolving outbreak and an oil price war unleashed by Saudi Arabia and other Gulf producers. (more...)
Stock Market Takes Another Dive as Coronavirus Fallout Spreads
- March 19, 2020

Sterling fell 2.2% against the dollar to $1.1785 Wednesday, extending its rout this year to 10.6%. Stocks continued their volatile streak on Wednesday, with another drop of more than 4%. "These are truly unprecedented events with no adequate historical example with which to precisely anchor our forecast", Deutsche Bank economists wrote in a report Wednesday. (more...)
Air New Zealand could cut staff by 3700 Air New Zealand could cut staff by 3700
- March 19, 2020

It is also suspending its London-Los Angeles service from 20 March (ex LAX) and 21 March (ex LHR) through to 30 June. Air New Zealand announced a trading halt on Monday morning and said it would begin the process of making staff redundant. (more...)
QUICK TAKE: NYSE Closing Trading Floor on March 23 QUICK TAKE: NYSE Closing Trading Floor on March 23
- March 19, 2020

All-electronic trading will begin with Monday's market open. So far the exchange hasn't been asked to close the trading floor. There is some risk that closing the floor could contribute to markets becoming more volatile. The NYSE does note that there are some floor broker order types that will be unavailable, though, and didn't provide any guidance for when it expects to reopen the trading floor. (more...)
Detroit automakers, UAW agree to curb production to contain coronavirus Detroit automakers, UAW agree to curb production to contain coronavirus
- March 18, 2020

The automakers have allowed salaried employees whose tools are design software and spreadsheets to work from home to reduce their risks of exposure. "Were still - this is kind of a trial and error thing as everybody's you know trying to get a grasp on it", said Witt. Fiat Chrysler says it has "already implemented extensive protocols to ensure the health and welfare of our workforce" and that it is "continuing to carefully monitor the situation and are making improvements as needed". (more...)
United Kingdom unveils $400 billion lifeline for firms hit by coronavirus
- March 18, 2020

Britain's Indian-origin finance minister Rishi Sunak on Tuesday unveiled a "bold" rescue package to help United Kingdom businesses and the economy survive the impact of the coronavirus pandemic. Johnson warned more "extreme measures" could be required to protect lives in the future. "We are in a war against an invisible killer", United Kingdom health secretary Matt Hancock said, adding that emergency legislation to tackle the virus would be introduced in Parliament on Thursday. (more...)
Singapore gets food supplies despite Malaysia's virus lockdown Singapore gets food supplies despite Malaysia's virus lockdown
- March 18, 2020

A check found that there was no congestion from 4am to 9am which is daily normal occurrence, as Malaysians commute to the republic for work. He added that Singapore has put in place robust plans to manage this scenario and will continue to review its strategies to ensure that Singaporeans "never run out" of food or essential supplies. (more...)
Coronavirus: Government announces further measures to support theatres following closures Coronavirus: Government announces further measures to support theatres following closures
- March 18, 2020

Speaking at Tuesday's daily coronavirus press briefing in Downing Street, Johnson said: "Although the measures announced are already extreme, we may well have to go further and faster in the coming days to protect lives and the NHS". It follows draconian measures he had announced on Monday which calls on people not to go out, even to buy food or essentials, other than for exercise and in that case at a safe distance from others. (more...)
California Considers Whether Tesla Factory Can Operate in Coronavirus Shutdown California Considers Whether Tesla Factory Can Operate in Coronavirus Shutdown
- March 18, 2020

On a related note, Tesla's Fremont factory - which boasts approximately 10,000 employees - will remain operational for the time being given that Alameda county declared Tesla to be an "essential' business". "My frank opinion is that the harm from the coronavirus panic far exceeds that of the virus itself", he wrote. Musk told his millions of Twitter followers on March 6 that "the coronavirus panic is dumb". (more...)
Airlines cutting flights in response to Covid-19 Airlines cutting flights in response to Covid-19
- March 18, 2020

March is typically the busiest month of the year for the carrier. The announcement of drastic flight suspension is also partly because of the crash history of United Airlines' Boeing 737 Max aircraft, which caused the aircrafts to remain grounded. (more...)
Oil sinks to $29, producers slip into recession Oil sinks to $29, producers slip into recession
- March 18, 2020

With Saudi Arabia and Russian Federation pledging to boost production, IHS Markit estimates that oversupply of oil could come to 800 million to 1.3 billion barrels. "Some of them (U.S. shale oil companies) may not survive prolonged low oil prices , and in this event US production would decrease". While Washington has said it will use the oil sale to replenish its strategic reserve (SPR). (more...)
EU To Shut Borders As France, Germany Tighten Restrictions To Control Coronavirus EU To Shut Borders As France, Germany Tighten Restrictions To Control Coronavirus
- March 18, 2020

The overall idea is "to reduce unnecessary movement, but at the same time to ensure the movement of merchandise, of goods, so that we can guarantee as much as possible the integrity of the single market, guarantee the deliveries that are needed", EU Council President Charles Michel said . (more...)
Stock Futures Jump Following Biggest Wall Street Losses Since 1987 Stock Futures Jump Following Biggest Wall Street Losses Since 1987
- March 18, 2020

The Dow Jones Industrial Averaged faced its worst point drop ever on Monday, as it fell 2,997 points at the close, or 12.9%. The tech-laden Nasdaq Composite Index finished at 7,334.78, up 430.19 points or 6.23 percent. Investors anxious that the central bank actions may be insufficient for companies facing a sharp slide in demand. The Federal Reserve said Sunday it would cut interest rates to almost zero and will inject $700 million in treasury and mortgage-backed securities. (more...)

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