Money


Asia Stocks Set for Modest Gains; U.S. Shares Rise: Markets Wrap Asia Stocks Set for Modest Gains; U.S. Shares Rise: Markets Wrap
- April 15, 2020

With the outbreak sowing chaos across the world, investors have been lost in a fog when it comes to corporate earnings. Bank of America Corp. and Citigroup Inc. Elsewhere, oil prices tracked higher in Asia, drawing support from the commitment by the biggest producers to curb output even as doubts remain as to whether the cuts will be enough to offset the demand destruction caused by Covid-19. (more...)
Amazon fires staffers who criticized warehouse work conditions during coronavirus crisis Amazon fires staffers who criticized warehouse work conditions during coronavirus crisis
- April 15, 2020

This week, the company fired Bashir Mohamed , a warehouse worker in Minnesota who was also speaking out against unsafe conditions surrounding Covid-19. Amazon expects to hire more than 2,400 new employees in Pennsylvania as part of the 75,000 additional new roles across the country. She and Costa also offered to match donations up to $500 to support warehouse staffers who have been exposed to the virus. (more...)
Malaysia says welcomes OPEC+ pact to cut crude oil output Malaysia says welcomes OPEC+ pact to cut crude oil output
- April 15, 2020

It is the single largest output cut in history, representing around 10 percent of global supply. In May-June, the parties to the OPEC+ agreement will reduce production by 23 percent from the October 2018 level. For example, Russia's average oil production declined to 11.24 million bpd on April 1-12 from 11.29 million bpd in March, according to Reuters . "While many are dismissing this historic cut as too little too late, the reality is that it will provide the market some hope". (more...)
Trump Bizarrely Compares Governors in Coronavirus Spat to 'Mutineers' from British History Trump Bizarrely Compares Governors in Coronavirus Spat to 'Mutineers' from British History
- April 15, 2020

Cuomo's faint protests that he doesn't want the job ring hollow - he was testing the waters for a run almost a decade ago before a challenge from his left by an underfunded near-total unknown nearly knocked him out of the governor's mansion. (more...)
Gov. Noem's statement on Smithfield's indefinite closure of its Sioux Falls plant Gov. Noem's statement on Smithfield's indefinite closure of its Sioux Falls plant
- April 15, 2020

Wesley Self, who is leading the trial. In its Sunday announcement, Smithfield stated that it would continue to pay its employees through the next two weeks "and hopes to keep them from joining the ranks of the tens of millions of unemployed Americans across the country". (more...)
Oil market falls too big to offset with output cuts Oil market falls too big to offset with output cuts
- April 15, 2020

Trump had already tweeted about the deal earlier in the day. The agreement between the Vienna-based Organization of the Petroleum Exporting Countries and non-OPEC producers foresees deep output cuts in May and June followed by a gradual rise in production until April 2022. (more...)
Trump Says OPEC+ Planning to Cut Production 20 Million Barrels Per Day Trump Says OPEC+ Planning to Cut Production 20 Million Barrels Per Day
- April 15, 2020

Discussions amongst prime global vitality ministers will resume on Friday. During Thursday's meeting, country representatives managed to overcome their differences before committing to a ten million barrels per day cut. Brent oil costs, which hit an 18-year low final month, had been buying and selling round $32 a barrel on Thursday, half their degree on the finish of 2019. (more...)
Burger King giving away Whoppers for students who complete educational activities Burger King giving away Whoppers for students who complete educational activities
- April 15, 2020

Beginning Monday and continuing through April 20, the fast-food chain says it will post a question each day on its social media channels, including Facebook and Instagram . Keep in mind that Burger King is now working on drive-thru, takeout, and delivery only where possible. Last week, Burger King on Twitter said it would stop charging delivery fees for orders up to $10 and announced plans to donate sandwiches to people in the medical field. (more...)
Over half of global airlines' passenger revenues at risk: IATA Over half of global airlines' passenger revenues at risk: IATA
- April 15, 2020

Passenger demand globally is forecast to plunge 48 per cent year-on-year in 2020 due to travel restrictions imposed by governments to contain the spread of the disease, as well as weaker economic growth. " We need to restore passenger confidence ", he added. IATA has previously estimated airlines may burn through US$61 billion in cash during the second quarter, while the safety precautions are at their peak. (more...)
GlaxoSmithKline, Sanofi Collaborate On COVID-19 Vaccine Development: What You Should Know
- April 15, 2020

The companies said they had signed a letter of intent to combine their technologies to produce an adjuvanted vaccine for the coronavirus. Adjuvants can be added to a vaccine to boost a patient's immune reaction against a virus and may also reduce the amount of vaccine protein required per dose, allowing more vaccine doses to be produced and therefore helping to protect more people. (more...)
Economy could shrink 35 per cent in Q2 and unemployment to rise Economy could shrink 35 per cent in Q2 and unemployment to rise
- April 15, 2020

The OBR said: "This note should not be viewed as a central forecast of what is most likely to happen". The british economy can be reduced by 13 percent in 2020, if the society is closed down over the three months in the case of coronaviruses . (more...)
Questions remain over Chancellor's self-employed aid package Questions remain over Chancellor's self-employed aid package
- April 15, 2020

Joseph Rowntree Foundation head of economics Dave Innes said it is "crucial" that self-employed people with little to no savings aren't forced by necessity to step out of self-isolation and go to work if the system takes time to implement. I am hoping and expecting these people are included when the detail of the Job Retention Scheme is announced". Company owners who pay themselves a salary are not covered by the scheme, but instead will be covered by the Coronavirus Job Retention Scheme if ... (more...)
Gold Scales Seven-year High On Rising Economic Worries, Fed Stimulus Gold Scales Seven-year High On Rising Economic Worries, Fed Stimulus
- April 14, 2020

Silver for May delivery fell 51.6 cents, or 3.21 percent, to close at 15.537 dollars per ounce. Tracking gains from global markets, Multi Commodity Exchange (MCX), May Gold contracts closed 2.07% higher at Rs 46,215 per 10 gm in yesterday's trade, after surging to a lifetime high of Rs 46,360. (more...)
Wells Fargo takes 1Q earnings, revenue hit from virus Wells Fargo takes 1Q earnings, revenue hit from virus
- April 14, 2020

Profit in JPMorgan's consumer unit plunged 95% to $191 million, whacked by the loan-loss provisions, particularly in credit cards. That figure jumped from $1.5 billion a year ago to $8.29 billion last quarter. In addition to the credit losses, the bank reported lower credit card fees and less credit card spending overall as the travel and entertainments sectors essentially shuttered becasue of the virus outbreak. (more...)
Power outages starting to hit metro Detroit as high winds continue Power outages starting to hit metro Detroit as high winds continue
- April 14, 2020

Additional power outages may occur throughout the day Monday as high winds sweep across the region. Crews will be practicing social distancing and will be medically screened before shifts. It emits carbon monoxide, which can be deadly. Keep refrigerator and freezer doors closed as much as possible to maintain the cold temperature. Visit this link for more information on food safety . (more...)
Gas Prices Continue To Fall Gas Prices Continue To Fall
- April 14, 2020

With this week's pump price declines, IL ($1.88) is in the only state in the region with an average more than $1.75/gallon. An employee with NAFCO told The Drive that the low prices are the result of a pricing war because a new station, M & M Junction, opened in the area recently. (more...)
Arizona dairy farmers forced to dump milk during coronavirus pandemic Arizona dairy farmers forced to dump milk during coronavirus pandemic
- April 14, 2020

Get all the latest news on coronavirus and more delivered daily to your inbox. Which means the milk has to be diverted somewhere else, leaving some dairy farmers with major limitations. One example would be the little dinner roll butters you get that most restaurants serve. O'Brien said the checkoff's mission of building sales and trust on behalf of USA dairy farmers and importers will prioritize limiting milk disposal and redirecting supply to serve those in greatest need over the ... (more...)
International Monetary Fund slashes 2020 growth forecasts as virus fallout mounts International Monetary Fund slashes 2020 growth forecasts as virus fallout mounts
- April 14, 2020

While the Fund's latest World Economic Outlook praised the "swift and sizeable" response in countries like the UK, Germany, Japan and the USA, it said no country would escape the downturn. The euro area will probably shrink 7.5 per cent in 2020 and rxpand 4.7 per cent in 2021, it said. This would be the worst recession in 30 years after a negative economic growth of 1.51% in 2016. (more...)
Trump Challenges Governors' Authority on Reopening Economies Trump Challenges Governors' Authority on Reopening Economies
- April 14, 2020

This answer came in response to a reporter's question asking him to clarify the power of his office, vis-à-vis the governors, to reopen businesses in the United States. The US now has the most coronavirus cases and deaths in the world. It's the most basic tenet of federalism, he said: "The federal government can't give orders to governors". (more...)
500,000 Zoom accounts are being sold on the dark web 500,000 Zoom accounts are being sold on the dark web
- April 14, 2020

Alternatively, Zoom could scan user accounts again data breach lists to see if customers are reusing passwords, then force a password change where one is found. Bleeping Computer also got in touch with some of the compromised account owners and were told that the passwords were correct. Although the videocall service has been beset with privacy issues since the onset of the coronavirus drove millions more people to its service, the accounts for sale on the dark web were obtained using ... (more...)

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