Money


House Approves Adding $310B to Paycheck Protection Program House Approves Adding $310B to Paycheck Protection Program
- April 25, 2020

The PPP launched on April 3 with $349 billion in funding created to help employees of small businesses harmed by the coronavirus outbreak . Thirty billion of that is reserved for community-based lenders, small banks and credit unions, and $30 billion is for mid-sized banks and credit unions. (more...)
Magic Leap Starts Lay Off Process Due To Slow Sales & COVID-19 Magic Leap Starts Lay Off Process Due To Slow Sales & COVID-19
- April 24, 2020

In a statement published on its blog, founder and CEO Rony Abovitz, perhaps predictably, blamed the COVID-19 crisis as being the trigger for the lay off and restructure. The cuts make Magic Leap the latest technology startup to shrink its workforce during the coronavirus pandemic that has seen tens of thousands of workers lose their jobs across the sector. (more...)
Another 4.4 million Americans filed for unemployment benefits last week
- April 24, 2020

To qualify for the new program, they have to be rejected for unemployment insurance, so anyone who has lost work due to COVID-19 should first file a claim through the state's online portal . Scott Anderson, chief economist at Bank of the West in San Francisco, said: "The US economy is hemorrhaging jobs at a pace and scale never before recorded". (more...)
SAP Appoints Christian Klein as Sole CEO to Sail Through Coronavirus SAP Appoints Christian Klein as Sole CEO to Sail Through Coronavirus
- April 24, 2020

Morgan joined SAP in 2004 and was appointed co-CEO with Klein in October 2019 when McDermott left. The company made it sound like going with a single CEO was always in the plans, and they were just speeding up the time table, but it feels like it might have been a bit more of a board decision and a bit less Morgan, as these things tend to go. (more...)
European Union to create joint COVID-19 recovery fund European Union to create joint COVID-19 recovery fund
- April 24, 2020

Various figures have been bandied around for the long-term fund, though no decision is expected on Thursday. During their talks, the leaders also endorsed a separate 540-billion-euro ($587 billion) rescue package drawn up by euro area finance ministers which would help pay lost wages, keep companies afloat and fund health care systems. (more...)
Amazon Workers to Strike Over 'Unsafe' Conditions Amid Coronavirus Pandemic Amazon Workers to Strike Over 'Unsafe' Conditions Amid Coronavirus Pandemic
- April 24, 2020

Hundreds of Amazon workers from across the USA on Tuesday called in sick to demand better safety standards at the ecommerce giant's warehouses in the largest coordinated action at the company since the coronavirus pandemic began. "But instead of addressing their concerns, Amazon has instead lashed out at worker leaders". "No worker should be subjected to unsafe conditions at work". (more...)
Walt Disney Company stops paying nearly half of its workforce Walt Disney Company stops paying nearly half of its workforce
- April 24, 2020

Disney theme parks and hotels have been shut in Europe and the United States for nearly five weeks due to worldwide Covid-19 lockdowns. Employees will still hang onto their health insurance, and they can put in for aid through the federal government's $2.2 trillion economic stimulus package. (more...)
Saskatchewan releases post-COVID plan Saskatchewan releases post-COVID plan
- April 24, 2020

Beginning May 4, restrictions on certain medical practices in Saskatchewan, such as dentistry, optometry and chiropractic therapy, will be lifted along with restrictions on fishing and boating. Gathering restrictions will remain for the first phase, and the long-term restrictions now in place on travel, long-term care homes and others will remain in place until the final phase. (more...)
Toyota Yaris Cross Revealed, India Bound? Toyota Yaris Cross Revealed, India Bound?
- April 24, 2020

Compared to the larger crossover, it appears less controversial from a styling standpoint, adopting a more conventional look. In the Yaris hatch it sips fuel at just 3.3 litres per 100km, so expect similar frugality from the Cross. It's not designed primarily for mud-trekking, mind, but for enhanced traction on slippery, wintery road surfaces in Europe and Japan. It still can't be confirmed whether the Yaris Cross will be coming to Thailand like you see here, although it stands a good chance ... (more...)
Trump disagrees with Georgia's push to re-open economy Trump disagrees with Georgia's push to re-open economy
- April 24, 2020

Canadian chef Hugh Acheson, a James Beard Foundation Award victor and owner of four restaurants in Georgia, says he won't be opening up shop. That's your language. You've got to watch it closely. President Donald Trump said Wednesday he disagrees with Kemp, but won't interfere. The Republican governors of South Carolina, Tennessee and OH also announced on Monday they will be taking similar measure in peeling back the curbs on commerce and social activity aimed at stopping the ... (more...)
Coronavirus triggers record shock in United Kingdom economy Coronavirus triggers record shock in United Kingdom economy
- April 24, 2020

The outbreak, which has infected more than 2.5 million and killed about 180,000 globally, has also continued to cripple manufacturing, shutting down factories and upending supply chains across the export-heavy region. "The rather muted reaction relative to the amplitude of the misses proves the lack of surprise for markets, which are nearly immune to data at the moment", said Olivier Konzeoue at Saxo Markets. (more...)
Iowa Pork Plant Grinds to a Halt Due to COVID-19 Iowa Pork Plant Grinds to a Halt Due to COVID-19
- April 24, 2020

The governor reported that 1,428 COVID-19 patients have recovered, giving the state a recovery rate of 38%. Tyson Foods said that all 2,800 employees at the plant will be asked to undergo COVID-19 testing later in the week and that they would continue to be paid while furloughed. (more...)
Coronavirus: US unemployment claims hit 26.4 million Coronavirus: US unemployment claims hit 26.4 million
- April 23, 2020

The Department of Labor released its latest report Thursday morning on the number of new jobless claims filed last week, showing that an additional 4.4 million workers submitted new claims. "It wipes out all the job gains during the long expansion", said Joseph Brusuelas, chief economist at RSM in NY. About one in six American workers have lost their jobs in the past five weeks, by far the worst string of lay-offs on record. (more...)
Record US jobless claims wipe out post-Great Recession employment gains Record US jobless claims wipe out post-Great Recession employment gains
- April 23, 2020

The new jobless claims for the week ending 18 April was released on Thursday and registered at 4.43 million . Based on the median forecast, last week's claims data would bring the cumulative unemployment benefits claims to roughly 26.2 million since the week ending March 21, representing about 16% of the labor force. (more...)
Coronavirus job loss: 26 million have filed for unemployment Coronavirus job loss: 26 million have filed for unemployment
- April 23, 2020

Trump on Wednesday applauded steps taken by a handful of Republican-led states to begin reopening their economies, despite warnings from health experts of a potential new surge in infections. Construction has shed more than 9% of its jobs. Thursday's weekly jobless claims report from the Labor Department will add to a growing pile of increasingly bleak economic data. (more...)
Trump to Republican governor: 'too soon' to reopen
- April 23, 2020

The president said he would intervene, however, 'if I see something totally agregious, totally out of line, ' he said. Much of the United States has been practicing intense safety measurements since the spread of coronavirus began to reach it's peak over the last few weeks. (more...)
CME Group preparing for possibility negative oil prices persist CME Group preparing for possibility negative oil prices persist
- April 23, 2020

Earlier in the session, the market hit a low of $16.00. "It would be nice for oil's push higher to come from a less troublesome catalyst", said Spreadex analyst Connor Campbell. Bjørnar Tonhaugen, the head of oil markets at Rystad Energy, said the world's onshore oil storage would be filled to the brim by the first week of May and the market should brace for unprecedented low prices in the weeks ahead. (more...)
Social Security recipients given tight timeline to get stimulus cash for dependents Social Security recipients given tight timeline to get stimulus cash for dependents
- April 22, 2020

Who does this apply to? Social Security beneficiaries without qualifying children and those who have just begun receiving Social Security or SSI benefits as of January 1, 2020, who also did not file a tax return for 2018 or 2019, will need to enter their information with the IRS, but a deadline has not yet been set, according to the administration. (more...)
Oil Prices Go Negative. But What About Gas Prices? Oil Prices Go Negative. But What About Gas Prices?
- April 22, 2020

The market panic caused U.S. oil prices to turn negative for the first time as oil producers without access to storage space began paying customers to take their barrels from next month. Goldman Sachs warned that the June WTI contract would be subject to the same downward pressure as May, adding that another slide could occur Tuesday as the May contract closes. (more...)
Hirono Encourages Social Security Beneficiaries to Apply for Direct Cash Payments Hirono Encourages Social Security Beneficiaries to Apply for Direct Cash Payments
- April 22, 2020

But the agency has revised that guidance and is working with other federal agencies to get the bank account or address for those people so that it can automatically send them the stimulus payments. Wednesday to get the extra $500 this year for each qualified child. If the individuals do not enter the necessary information by noon Eastern Time on Wednesday, the $500 payment would not be paid until they file their 2020 tax return next year. (more...)

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