Money


Coronavirus breaches White House as rest of America re-opens Coronavirus breaches White House as rest of America re-opens
- May 11, 2020

Trump, meanwhile, has never worn a mask in public and the Associated Press reported that the president doesn't want to wear a mask because he's afraid he'll look ridiculous and that it will harm his reelection chances. Health officials have strongly cautioned against doing so prematurely, citing inadequate testing and contact tracing infrastructure . Fauci's institute said that he has tested negative for COVID-19 and will continue to be tested regularly. (more...)
Elon Musk is behaving like an entitled baby Elon Musk is behaving like an entitled baby
- May 10, 2020

Tesla Co-Founder and CEO Elon Musk said that he planned to "immediately" move Tesla's headquarters, which is now in Palo Alto, California to either Texas or Nevada. Alameda County issued an extensive statement on Tesla Saturday afternoon, noting that they have been working closely with the Tesla team on the ground in Fremont. (more...)
Gerber Baby Is First Adopted Child Chosen for Campaign Gerber Baby Is First Adopted Child Chosen for Campaign
- May 10, 2020

What a way to celebrate her first birthday, which is tomorrow, May 9. Gerber has announced the victor of its 10th annual Gerber "spokesbaby" contest! She has two older sisters: 12-year-old Whitney and 8-year-old Charlotte who is also adopted. (more...)
Mnuchin warns of 'permanent economic damage' unless USA reopens Mnuchin warns of 'permanent economic damage' unless USA reopens
- May 10, 2020

Mr. Hassett cited the filing of initial claims for unemployment insurance now arriving at a clip of about three million per week. The staggering US unemployment rate reported by the government on Friday amid coronavirus lockdowns may get even worse, Treasury Secretary Steven Mnuchin said on Sunday. (more...)
US small business rescue falls short on several counts -watchdog US small business rescue falls short on several counts -watchdog
- May 10, 2020

Groups representing small businesses and lenders pointed to several possible factors, including the processing of a backlog of applications from the first round; the removal of duplicates from borrowers who applied at more than one bank; and the wariness of some firms applying after the Trump administration warned that companies that take loans and don't need them could face criminal prosecution. (more...)
COVID-19: Canada's wage subsidy program to be extended
- May 10, 2020

The prime minister declined to state how much Canada paid for the masks, but said that the federal government was in talks with the supplier about whether "alternative uses" for the masks would be possible. It says Canada has received 23 planeloads of personal protective equipment and medical supplies including more than 33 million surgical masks. Almost 60% of Canada's deaths have occurred in Quebec, where there are numerous outbreaks in nursing homes. (more...)
Alphabet's Sidewalk Labs Scrapping 'Smart City' Project 05/08/2020 Alphabet's Sidewalk Labs Scrapping 'Smart City' Project 05/08/2020
- May 10, 2020

Whichever it was, "Quayside", the highly controversial idea of a fully " wired " high-tech community development on Toronto's waterfront has come to an end. The Toronto waterfront development was Sidewalk's biggest project since Dan Doctoroff helped launch the business in 2015. Doctoroff was chief executive of Bloomberg LP and deputy mayor of New York City under Michael Bloomberg. (more...)
Uber Suffers the biggest loss of $2.9 Billion in Q1 Uber Suffers the biggest loss of $2.9 Billion in Q1
- May 10, 2020

Excluding those line items, net of the tax benefit Uber would have booked a loss of $1.1 billion. Today after the bell, however, the global ride-hailing giant reported its own financial results . However, Uber Eats emerged as the silver lining. He says that "On the other side of this dark valley, the Uber business model will likely look a lot different for the next few years (at least) and the company must rationalize costs and a smaller operation to focus on attaining profitability ... (more...)
Rolls-Royce have signalled job cuts could be on the cards Rolls-Royce have signalled job cuts could be on the cards
- May 10, 2020

It has widely been reported that Rolls-Royce is planning to lay off up to 8,000 workers . In a statement, it said it had enacted a significant reduction in the volume of service visits in its maintenance, fix and overhaul (MRO) shops for 2020 and now expects MRO volumes in 2020 to be below 2019 levels, while it expects to deliver around 250 widebody engines in 2020, down from previous guidance of 450. (more...)
Small firms secure £2bn in bounce-back loans in first 24 hours Small firms secure £2bn in bounce-back loans in first 24 hours
- May 10, 2020

The government will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. Applications via the fast-track scheme, which involves a simple online form, far exceed those made through the much-criticised coronavirus business interruption loan scheme (CBILS). (more...)
Jeep Wrangler rolls during crash test Jeep Wrangler rolls during crash test
- May 10, 2020

The IIHS consented to retest the Wrangler with an alternate technique which did get FCA's approval, however, the results remain unchanged with the Wrangler once again tipping on its side. Most vehicles stop their forward progress and rotate to the side while remaining upright during the test. And on top of that, the previous generation Wrangler performed much better in the same test. (more...)
United States unemployment rate hits 14.7% as more than 20.5 million lose jobs United States unemployment rate hits 14.7% as more than 20.5 million lose jobs
- May 10, 2020

The Labor Department released the data Friday. The unemployment rate has always been an indicator of the health of the economy, shrinking when jobs are plentiful and rising when times get hard. Statistics Canada said the figure would have been much higher had it included a large number of people who wanted to work but could not job-hunt "presumably due to ongoing business closures and very limited opportunities to find new work". (more...)
WH Concern Deepens as 11 Members of Secret Service Test Positive WH Concern Deepens as 11 Members of Secret Service Test Positive
- May 10, 2020

The news comes after Pence's press secretary Katie Miller - who is also the wife of President Trump's senior adviser Stephen Miller , 34, - tested positive for the coronavirus on May 8. Trump and Pence were tested and confirmed to be negative. "All of the recommended guidelines we have for businesses that have essential workers were now putting in place here in the White House, so as America reopens safely the White House is continuing to operate safely". (more...)
US Small-Business Rescue Program Ignored Congress, Watchdog Says
- May 10, 2020

More funds were made available after Congress approved an additional $310 billion for the PPP. Small hospitals going through bankruptcy are suing the Small Business Administration, arguing it is unlawful for the federal government to deny them loans under the Paycheck Protection Program. (more...)
Three members of White House coronavirus task force enter quarantine
- May 10, 2020

Hahn and Redfield would have regularly come in contact with Vice President Mike Pence and President Donald Trump in consulting with the White House coronavirus task force. "Two senior administration officials said the discussion was not heated", the newspaper reported . And, at least 11 members of the Secret Service - charged with protecting President Trump and other officials - had the virus as of Thursday evening, according to a Department of Homeland Security (DHS) tally reviewed ... (more...)
Germany constitutional court questions European Union bank program
- May 10, 2020

In making that ruling, it accused the EU's top court of overstepping its powers when it backed the European Central Bank policy in 2018. Setting the stage for an unprecedented clash, Germany's Constitutional Court ruled this week that the European Central Bank overstepped its mandate with trillions of euros worth of bond purchases so the Bundesbank must quit the scheme within three months unless the European Central Bank can prove necessity. (more...)
At least two operators officially cancel summer cruises in Alaska At least two operators officially cancel summer cruises in Alaska
- May 09, 2020

It also announced that its ship Amsterdam will not operate a planned 79-day cruise from Boston, Massachusetts on October 3. Holland America Line had previously cancelled all 2020 Land+Sea Journeys, which combine an Alaska cruise with an overland tour to Denali and the Yukon. (more...)
FDA approves Quidel's antigen test FDA approves Quidel's antigen test
- May 09, 2020

One, called a polymerase chain reaction, or PCR test, is a molecular diagnostic tool that identifies the virus's genetic material. Hinton added that the emergency-use approval for the new antigen test does not mean it has been cleared or approved by the FDA for widespread use, but only for use by authorized laboratories. (more...)
How tech companies plan to reopen: Facebook, Google, Microsoft, Amazon How tech companies plan to reopen: Facebook, Google, Microsoft, Amazon
- May 09, 2020

Facebook Inc said on Friday it would allow its workers who are able to work remotely to do so until the end of the year as the coronavirus pandemic forces governments to extend stay-at-home orders to curb the spread of the disease, Reuters reported . (more...)
Ryanair flew just 40000 passengers in April Ryanair flew just 40000 passengers in April
- May 09, 2020

This compares to 75,501 flights it had been expected to fly before the outbreak of coronavirus . Owain Jones, managing director of the Hungarian airline's United Kingdom subsidiary, said: "Although travel is now restricted by government regulations, we are planning for the easing of restrictions as the situation improves and our customers are able to start travelling again". (more...)

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