Money


Coronavirus: IMF warns on severe recession in 2020 Coronavirus: IMF warns on severe recession in 2020
- March 26, 2020

Georgieva said that almost 80 countries around the world requested the IMF's help amid the coronavirus crisis. "Many countries are already taking unprecedented steps". In addition, it said several low and middle income countries have asked it to make a special drawing right allocation, as was done during the Global Financial Crisis. (more...)
U.S. unemployment claims hit record amid coronavirus lockdown U.S. unemployment claims hit record amid coronavirus lockdown
- March 26, 2020

Initial U.S. unemployment insurance claims rose last week to over 3.2 million, an increase of over 3 million from the previous week. But that staggering leap in joblessness likely understates the full damage the coronavirus outbreak has inflicted on the US labor market, according to multiple economists. (more...)
U.S. Senate, White House agree on $2 trillion coronavirus rescue plan U.S. Senate, White House agree on $2 trillion coronavirus rescue plan
- March 26, 2020

Majority Leader Mitch McConnell appeared somber and exhausted as he announced the vote - and he released senators from Washington until April 20, though he promised to recall them if needed. Hospitals would get significant help as well. But, leaders in both parties and main economists believe that's necessary. But failure was not an option - nor was starting over - which permitted both sides to include their priorities. (more...)
Amazon suspends 3,900 accounts over coronavirus price gouging Amazon suspends 3,900 accounts over coronavirus price gouging
- March 26, 2020

Attorney General Gurbir Grewal said Wednesday that despite steps that Facebook , Amazon, Walmart , eBay , and Craigslist have already taken, the problem persists and is highlighted because of increased online shopping during the governor's "stay at home" order. (more...)
Coronavirus impact: Centre to provide Rs 170000 crore relief package Coronavirus impact: Centre to provide Rs 170000 crore relief package
- March 26, 2020

Finance Minister Nirmala Sitharaman on Thursday said the government will pay the EPF (Employees' Provident Fund) contribution both of the employer and the employee (10 per cent each) for the next three months in wake of coronavirus outbreak. (more...)
Wetherspoons pub vandalised with paint urging boss to ‘pay your staff’ Wetherspoons pub vandalised with paint urging boss to ‘pay your staff’
- March 26, 2020

Ian Hodson, president of the BFAWU, said: "He is ignoring the advice of the Government to stand by your workers and instead abandoning them in their time of need". The 35-year-old said: "I wasn't surprised that something like this would happen after the Wetherspoon boss told staff to go and work for Tesco ". They need to pay rent and buy food, and because of the low wages he's always paid them, they will not have savings to depend upon. (more...)
U.S. Senate approves $2 trillion coronavirus package that includes relief checks U.S. Senate approves $2 trillion coronavirus package that includes relief checks
- March 26, 2020

This means that a lower-income family of two parents and one child would receive $2,900. The Trump administration struck a deal with Senate Democrats and Republicans on an historic rescue package that tees up more than $2 trillion in spending and tax breaks to bolster the hobbled USA economy and fund a nationwide effort to stem the coronavirus . (more...)
Wall Street jumps on hopes of US$2 trillion stimulus Wall Street jumps on hopes of US$2 trillion stimulus
- March 26, 2020

Many traders have "reverted to the 2008 case study", when markets saw several 5% rallies during the global financial crisis before bottoming out in March 2009, Chris Weston of Pepperstone said in a report. The S&P 500 was down 1.4%, as of 10 a.m. The Nasdaq fell 33.56 points, or 0.5%, to 7,384.30. The Russell 2000 index of smaller company stocks gained 13.79 points, or 1.3%, to 1,110.34. (more...)
Ontario announces $17 billion provincial aid in response to coronavirus Ontario announces $17 billion provincial aid in response to coronavirus
- March 26, 2020

According to a release issued by the Ministry of Health, the plan includes a $1-billion COVID-19 contingency fund and an unprecedented $2.5-billion reserve, along with another contingency or $1.3 billion. The provision of $9 million in direct support for families for their energy bills by expanding eligibility for the Low-Income Energy Assistance Program (LEAP) and ensuring their electricity and natural gas services are not disconnected for non-payment during the COVID-19 outbreak. (more...)
Coronavirus-Asia markets rise as United States agrees stimulus package Coronavirus-Asia markets rise as United States agrees stimulus package
- March 26, 2020

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.7% with Australian shares jumping 3.4% and South Korean shares gaining 3.5%. At 13:11 p.m. They don't know what their future is going to be like, how are they going to pay the bills", Schumer added. The biggest uncertainty is on how countries can slow the pandemic and how quickly they can lift various curbs on economic activity. (more...)
Gold dips as investors overlook stimulus measures in cash dash Gold dips as investors overlook stimulus measures in cash dash
- March 25, 2020

Gold futures were now trending at Rs 41,037 per 10 grams on MCX with an increase of 1.59 per cent or Rs 644. "The Fed unveiled its biggest cannon seen to date - even bigger than in the great financial crisis", said Tai Wong, head of base and precious metals derivatives trading at BMO. (more...)
Oil Prices Up on Drop in Supply Oil Prices Up on Drop in Supply
- March 25, 2020

American benchmark West Texas Intermediate was at $24.86 a barrel at the same time for a 3.54% gain after ending the previous session at $24.01 per barrel. Barclays on Tuesday slashed its oil price forecasts for 2020, citing considerable downward pressure on the market from a Saudi-Russian price war and demand disruption because of the coronavirus. (more...)
Number of COVID-19 cases among Amazon workers rises Number of COVID-19 cases among Amazon workers rises
- March 25, 2020

This news comes shortly after Amazon temporarily closed one of its NY delivery stations due to an employee contracting the virus. This comes in light of a steady escalation of coronavirus cases in United States of America, even as the country's government continues to put large sections of the country in lockdown and announces economic measures to soften the blow on the economy. (more...)
Federal Reserve launches aggressive plan to buy government-backed debt Federal Reserve launches aggressive plan to buy government-backed debt
- March 25, 2020

Financial markets sharply reversed themselves after the announcement, but then fell back again after the market opened. The blue-chip index sank 7.4 per cent on Monday in its biggest one-day drop since a record 8.3 per cent plunge on Oct 24, 2008, during the global financial crisis. (more...)
US Stocks Struggle Early after Tuesday's Overcooked Rally US Stocks Struggle Early after Tuesday's Overcooked Rally
- March 25, 2020

The 9.3% rise in the benchmark S&P 500 was part of a global rally which saw the Europe-wide Stoxx 600 finish up 7.5%, London's FTSE 100 end up 9%, Frankfurt's DAX with an 11% gain, the ASX 200 with a 4.2% rise and looking to go as much again today and perhaps more if the US Congress nuts out a final bill approves it. (more...)
Australia bans all overseas travel
- March 25, 2020

A new COVID-19 text messaging campaign, announced by the government on Wednesday, caused further consternation after the first message failed to include the most recent advice to stay home unless "absolutely necessary". "These measures are really draconian ..." In the real estate space, real estate auctions and open house inspections are closed . "Weddings can continue to be conducted where it is just the couple, the celebrant and the witnesses, that's no more than five people", he said. (more...)
US Congress, negotiators reach deal on $2-trillion coronavirus aid package US Congress, negotiators reach deal on $2-trillion coronavirus aid package
- March 25, 2020

Republicans, Democrats and top Trump aides had negotiated for days over the package, which would be the third and largest passed to address the crisis if it is backed by both the Republican-majority Senate and the Democratic-majority House of Representatives. (more...)
The Fed throws everything at financial markets The Fed throws everything at financial markets
- March 25, 2020

The purchases would be made, it said , "in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy". All told, the size of the Federal Reserve's balance sheet has already surpassed the $4.5 trillion maximum level reached after the 2008 financial crisis, and we think it could well surpass $6 trillion before all is said and done. (more...)
MyGov Website Crashes Due To MyGov Website Crashes Due To "Unprecedented Demand"
- March 25, 2020

Robert said the site could only handle 55,000 users at one time, insisting it was fine despite people being unable to access it. "At present there are delays, we don't give a running commentary on delays". A large group of people showed up at Ipswich Centrelink this morning chasing up claims and payments that had been stopped or closed because of JobSeeker payments that had commenced on Friday, March 20. (more...)
Scott Morrison Extends Lockdown To Food Courts, Weddings, Funerals And More
- March 25, 2020

Australia is enforcing more stringent controls to slow the spread of the coronavirus , banning non-essential travel overseas, closing food courts in shopping malls and restricting weddings and funerals after the number of cases surged past 2,000. (more...)

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