Money


Coronavirus: Emirates to suspend all passenger flights Coronavirus: Emirates to suspend all passenger flights
- March 23, 2020

Worldwide connectivity is crucial for Emirates' Gulf hub model, which transformed Dubai six years ago into the world's busiest global airport. "Additional examination and isolation arrangements will be taken later should flights resume in order to ensure the safety of passengers, air crews, and airport personnel and their protection from infection risks", the CAA said in a statement. (more...)
Amazon’s Jeff Bezos tells workers coronavirus will ‘get worse’ Amazon’s Jeff Bezos tells workers coronavirus will ‘get worse’
- March 23, 2020

The lawmakers specifically asked about reports that the tech behemoth was continuing to hold "stand-up" meetings with dozens of staff crowded into a room, that proper cleaning supplies were lacking at many warehouses, and that workers weren't being given enough time on breaks to practice good hygiene. (more...)
Gas prices fall below $ 2 per gallon in 12 states Gas prices fall below $ 2 per gallon in 12 states
- March 23, 2020

Gas prices continue to drop amid the coronavirus pandemic , and one analyst thinks they could fall below $1 per gallon. Oklahoma is the cheapest , with a cost per gallon of regular going for $1.84. In 1998, average gasoline prices across the country were $1.06 per gallon. With more than 10,000 cases and 152 people having died from the novel coronavirus, demand could remain low for the foreseeable future. (more...)
Bank of England cuts rates to 0.1%, ramps up bond-buying Bank of England cuts rates to 0.1%, ramps up bond-buying
- March 22, 2020

As interest rates plunged, some lenders moved quickly to withdraw tracker mortgages from the market. Savers face further misery from the Bank of England base rate being slashed from 0.25% to a new historic low of 0.1%. The £200bn of quantitative easing will buy Government bonds and corporate debt, and will take the total QE in the system up to £645bn. The announcement was made after the bank's monetary policy committee met for its regular meeting and as the country battles to control ... (more...)
Coronavirus: Uber, Ola suspend pool ride service to stop Covid-19 spread Coronavirus: Uber, Ola suspend pool ride service to stop Covid-19 spread
- March 22, 2020

According to Khosrowshahi, Uber has more than enough cash to help the company resist and overcome the current coronavirus crisis. Incidentally, seasoned Uber users may have noticed that the company discontinued its popular Uber Pool service to help prevent scenarios where the coronavirus may continue to spread. (more...)
Crude reality: Price crash means oil firms must slash spending Crude reality: Price crash means oil firms must slash spending
- March 22, 2020

Saudi Arabia has ordered state-run Aramco to keep output at a record high of 12.3 million barrels a day over the coming months, but in a surprise move Thursday, both the kingdom and Iraq cut the rebates on freight costs they give to customers, effectively lifting prices. (more...)
ECB sees 'considerable decline' in euro area activity ECB sees 'considerable decline' in euro area activity
- March 22, 2020

The move to sidestep self-imposed constraints will allow the European Central Bank to cross the looming "issuer limit" in Germany and some other smaller countries if needed, removing a key hurdle to the continuation of its asset purchases, which are set to hit roughly 3.7 trillion euros (3.5 trillion pounds) by the end of this year. (more...)
Australian PM announces stricter limits for indoor gatherings over COVID-19 Australian PM announces stricter limits for indoor gatherings over COVID-19
- March 22, 2020

But many economists expect the jobless rate to reach 7 per cent by October, up from 5.3 per cent last month, as Australia records its first recession in almost 30 years. Travel into remote indigenous communities has been restricted while visitors to jails will be curtailed and in some cases banned. Mr Morrison said the states will also be ensuring tenancy legislation protects tenants over the next six months. (more...)
With primary wins, Trump becomes presumptive Republican nominee With primary wins, Trump becomes presumptive Republican nominee
- March 21, 2020

Weld and Trump have many differences of opinion, particularly on social issues. "The reason that people all over the world look to the United States for leadership, as they do, is our dedication to the rule of law under our Constitution", Weld wrote. (more...)
Dow slumps 2,000 points after oil shock Dow slumps 2,000 points after oil shock
- March 21, 2020

The broader S&P 500 is just 1 percentage point away from falling into bear territory and bringing to an end one of the greatest runs in Wall Street's history. The yield on the benchmark 10-year U.S. Treasury was on course for its biggest one-day fall in nearly a decade, sending the rate-sensitive financials index down 7.9 per cent. (more...)
Dow falls again to end Wall Street's worst week since 2008 Dow falls again to end Wall Street's worst week since 2008
- March 21, 2020

Even though stocks briefly ticked upwards on Thursday, US financial institutions are predicting a global recession. Fears over the severity of the outbreak have wiped off almost 30% - or more than US$8 trillion - from the value of the benchmark S&P index since its record closing high on Feb 19, as the rapid spread of COVID-19 shuts down large cities and upends business activity. (more...)
Coronavirus outbreak: Governments offer financial lifelines to airlines, at a price Coronavirus outbreak: Governments offer financial lifelines to airlines, at a price
- March 21, 2020

Air New Zealand could redeploy some staff to the government, presumably in well-being roles and call tracing, New Zealand's finance minister advised reporters. Air New Zealand's Board of Directors believes that, given the highly uncertain environment that exists, the cancellation of this dividend is in the best interests of the airline, including because that action is a pre-requisite to the availability of the facility. (more...)
Britain increases benefit pay in response to coronavirus Britain increases benefit pay in response to coronavirus
- March 21, 2020

Commenting on the announcements Mike Hawes, SMMT chief executive, said: 'The Chancellor's unprecedented package of emergency funding and tax support will come as a huge relief to automotive companies of all shapes and sizes as they battle to safeguard their businesses and support thousands of workers and their families who otherwise face hardship. (more...)
Palo Alto's Tesla Suspends Plant After Flouting Shelter In Place Patch Palo Alto's Tesla Suspends Plant After Flouting Shelter In Place Patch
- March 21, 2020

Electric auto maker Tesla has been forced to suspend production at two of its main production sites, as state authorities in the U.S. impose restrictions on economic activity in a bid to stem the growth of the COVID-19 pandemic. More than 10,000 other folks have died from the illness, whilst greater than 86,000 other folks have recovered, monitoring knowledge suggests. The city and officials from the surrounding Alameda County did not immediately respond to a request for comment on ... (more...)
Canada auto factories to make coronavirus medical equipment Canada auto factories to make coronavirus medical equipment
- March 21, 2020

Trudeau said he understands the past week has been challenging for Canadians. He said the federal government is also expediting access to test kits to determine whether individuals have been infected with the novel coronavirus and other medical devices. (more...)
Wall Street ends higher to stem coronavirus selloff Wall Street ends higher to stem coronavirus selloff
- March 21, 2020

The sense of gloom surrounding the outlook for the USA and global economies deepened further on Friday after New York Governor Andrew Cuomo ordered all nonessential businesses to keep their workers home as cases of confirmed COVID-19 in the state topped 7,000 - the highest in the nation. (more...)
US Senators sold off stocks ahead of coronavirus economic crash US Senators sold off stocks ahead of coronavirus economic crash
- March 20, 2020

Kelly Loeffler and others are also facing questions about why they were selling stocks last month, before the stock market took a nosedive as the outbreak spread across the United States and the Dow Jones Industrial Average lost roughly 30% of its value. (more...)
Trump Suspends Student Loan Payments, Standardized Testing Trump Suspends Student Loan Payments, Standardized Testing
- March 20, 2020

Officials said the move would offer relief to tens of millions of borrowers. All federal student loan servicers have been instructed to grant forbearance to any person with loans if they request one. "Right now, everyone should be focused on staying safe and healthy, not worrying about their student loan balance growing", DeVos said in a statement . (more...)
President Trump holds video conference with nation's governors alongside coronavirus task force President Trump holds video conference with nation's governors alongside coronavirus task force
- March 20, 2020

But the FDA Commissioner Stephen Hahn later indicated that, while the drug has not yet been formally approved, access to it was being expanded so that authorities could gather more data. Fauci said he does not recommend going to the doctor and specifically asking for medications such as chloroquine and hydroxychloroquine - originally used to combat malaria. (more...)
Teva, Mylan to jumpstart production of old malaria drug to fight coronavirus Teva, Mylan to jumpstart production of old malaria drug to fight coronavirus
- March 20, 2020

Both drugs are already approved for other purposes but are not known to work against Covid-19, meaning it is not guaranteed they will prove effective. Kaletra , a combination HIV treatment sold by AbbVie ABBN.N, and the generic blood pressure drug losartan have also been considered as potential treatments for the virus, although Chinese investigators reported this week that Kaletra failed to improve outcomes for seriously ill COVID-19 patients. (more...)

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