Money


Johnson & Johnson discontinues its talc-based products in the USA and Canada Johnson & Johnson discontinues its talc-based products in the USA and Canada
- May 20, 2020

Plaintiffs' lawyers later shifted their focus, arguing that traces of asbestos - an indisputable and much-feared carcinogen - were present in talc and capable of causing cancer even in microscopic amounts. All of the losses have either been overturned on appeal or are still being appealed. "It means no more little girls are going to go through what we went through", said Kim, who started using baby powder when she was 10 years old. (more...)
China's embassy says Australia claim of WHA vindication is 'a joke' China's embassy says Australia claim of WHA vindication is 'a joke'
- May 20, 2020

China has since slapped an 80 per cent tariff on Australian barley and suspended imports from four major abattoirs. Australia sends between half and two-thirds of all its barley to China, making the tariff decision a massive blow to the $600 million a year industry. (more...)
Here's how coronavirus affected carbon emissions in every state Here's how coronavirus affected carbon emissions in every state
- May 20, 2020

It will be 7% if the strictest blocking rules remain throughout the year in much of the world, 4% if they are lifted early. China saw the largest drop in emissions in April, followed by the United States, Europe and India. "That underscores a simple truth: individual behavior alone ... won't get us there", Pennsylvania State University climate scientist Michael Mann, who was not part of the study, said in an email. (more...)
Tracked Vaccine From Moderna Shows Promise In Initial Trial Tracked Vaccine From Moderna Shows Promise In Initial Trial
- May 20, 2020

The study was created to show that the shot was safe, and it was successful on that front. By the standards of medical studies, such early, partial data are considered the territory of specialists and day traders. Food and Drug Administration under an emergency authorization while more data are awaited. While only preliminary and still not proof that the vaccine will work in the real world against the live virus, the news has sent the stock market into giddy territory, with the Dow Jones ... (more...)
As EU talks stall, U.K As EU talks stall, U.K
- May 20, 2020

The tariffs schedule - covering nearly 10,000 goods - will be applied to all goods from countries that Britain does not have a trade deal with. Meanwhile, with governments distracted by battling the coronavirus , many analysts have assumed that Britain and the European Union will be forced to extend their year-end deadline for reaching a post-Brexit trade deal. (more...)
SMIC unlikely to replace TSMC amid Huawei ban SMIC unlikely to replace TSMC amid Huawei ban
- May 20, 2020

As a result, the U.S. Commerce Department amended the foreign direct product rule on May 15, blocking shipments of semiconductors made by global chipmakers to Huawei . "In the long run, this will damage the trust and collaboration within the global semiconductor industry, which many industries depend on, increasing conflict and loss within these industries", the company said in a separate statement. (more...)
Thai Airways extends worldwide flight cancellations Thai Airways extends worldwide flight cancellations
- May 19, 2020

The airline offers travel voucher or cash refund for flights affected by the coronavirus pandemic. Thai Airways was under financial pressure even before the coronavirus outbreak caused passenger numbers to plummet. "Thai Airways will be protected by the courts. and a professional will be appointed to oversee the restructuring", Prayuth said, adding the airline's workers will continue to have jobs. (more...)
Air Canada to cut workforce by up to 60% due to coronavirus Air Canada to cut workforce by up to 60% due to coronavirus
- May 19, 2020

On Friday, an Air Canada spokesperson said the company made the "extremely hard decision" to lay off 50 to 60 per cent of the workforce because the pandemic has reduced its schedule by 95 per cent - and those traffic levels won't be returning to normal anytime soon. (more...)
Moderna Reports Positive Results From Early CCP Virus Vaccine Trial Moderna Reports Positive Results From Early CCP Virus Vaccine Trial
- May 19, 2020

The Massachusetts-based biotechnology company said that preliminary data from the trial showed all 45 participants produced antibodies against the CCP (Chinese Communist Party) virus . Technology transfer is expected to begin in June, with the first batches of mRNA-1273 set to be manufactured at Lonza's US site in July. Neutralising antibodies have been found in the first eight people who took part in safety trials for the experimental mRNA-1273 vaccine. (more...)
Uber reveals another 3,000 job cuts due to coronavirus Uber reveals another 3,000 job cuts due to coronavirus
- May 19, 2020

Twelve days after announcing the slashing of 3,700 jobs, Uber says it is laying off another 3,000 workers and closing one of its San Francisco offices entirely. Uber estimates it will incur 175 million to 220 million dollars (£143 million to £180 million) in charges related to the restructuring, including severance, other benefits and office closing costs, according to a federal filing . (more...)
Dyson takes the wraps off its cancelled N526 electric auto - Automotive Dyson takes the wraps off its cancelled N526 electric auto - Automotive
- May 19, 2020

It was a little unusual to see Dyson talking about a failure in an interview about success, but he was clearly using the opportunity to talk about the centrepiece of the project - the company's proprietary solid-state battery tech which can output excellent performance "even on a freezing February night". (more...)
U.S. Federal Reserve chief warns recovery could stretch until end 2021 U.S. Federal Reserve chief warns recovery could stretch until end 2021
- May 19, 2020

He also declined to be drawn into the debate on when the U.S. economy should reopen, beyond saying it should happen carefully to minimise the risk of sparking more infections. It may take a while. Jerome Powell said that if people remain out of work for a more extended period of time and let businesses fail unnecessarily, waves of them, there'll be longer-term damage to the economy, he said. (more...)
Macron, Merkel to announce new 'Franco-German initiative' on Monday Macron, Merkel to announce new 'Franco-German initiative' on Monday
- May 19, 2020

But despite widespread recognition that the hardest-hit countries will be unable to fix the economic damage on their own, divisions among European Union members on how to craft an overall response have hampered comprehensive action so far. Still, grants from the Recovery Fund will have strings attached - they are to be "based on a clear commitment from Member States to follow sound economic policies and an ambitious reform agenda" the document said. (more...)
Japan's economy slips into recession amid COVID-19 woes Japan's economy slips into recession amid COVID-19 woes
- May 18, 2020

On additional measures planned in the second extra budget for this year, Nishimura said he wants to create a framework that will protect businesses, employment and people's livelihood, and save Japan's economy no matter what happens. The second straight quarter of economic decline means that the world's third largest economy has fallen into a technical recession. How can Japan turn things around? Toyota Motor Corp on Friday said it would reduce vehicle production in Japan by 122,000 ... (more...)
Oil prices hit one-month highs on output cuts, demand signs Oil prices hit one-month highs on output cuts, demand signs
- May 18, 2020

The world's top exporter Saudi Arabia announced last week that it would cut an additional 1 million barrels per day in June, while OPEC+ wants to maintain existing oil cuts beyond June when the group meets next. The news that the number of oil rigs in the U.S. has fallen for a ninth consecutive week caused a sharp upturn in oil prices on Monday. There's still a risk, however, that oil's recovery could be derailed if the pandemic worsens. (more...)
This is the key indicator the US Fed's chief is watching This is the key indicator the US Fed's chief is watching
- May 18, 2020

In an interview with US TV network CBS' 60 Minutes news programme broadcast on Sunday night, Powell outlined the likely need for three to six more months of government financial help for firms and families. Jerome Powell told CBS News on Sunday night that it "may take a while" for the American economy to bounce back from COVID-19 shutdowns, but added that the US would "get through this" downturn. (more...)
Dyson's Canceled EV Apparently Surpassed Tesla Model X in Range Dyson's Canceled EV Apparently Surpassed Tesla Model X in Range
- May 18, 2020

According to Dyson, the aluminum vehicle which went by the codename "N526" weighed 2.6 tons, fit up to 7 people, had a top speed of 125 miles per hour, and could go from 0 to 62 miles per hour in 4.8 seconds. He added: "Ours is a life of risk and of failure". The founder also revealed that the cancelled SUV measured five metres long, two metres wide and 1.7 metres tall, featured a sporty overall design and had wheels that are bigger than on any production vehicle in the market. (more...)
Twitter Won’t Reopen Offices Before Sept., Allows Permanent Work From Home Twitter Won’t Reopen Offices Before Sept., Allows Permanent Work From Home
- May 18, 2020

Once Twitter goes back to work at its offices , employees can decide for themselves if they want to return to come to the office and those who can work remotely can continue to do so indefinitely should they wish to. It said it has built up a decentralised workforce that is "capable of working from anywhere" adding that "the past few months have proven we can make that work". (more...)
Beijing Urges US to Halt 'Unreasonable Suppression' of Huawei, Chinese Enterprises Beijing Urges US to Halt 'Unreasonable Suppression' of Huawei, Chinese Enterprises
- May 18, 2020

Under the new rules, foreign semiconductor makers who use American technology must obtain a US license to ship Huawei-designed semiconductors to the Chinese company. Foreign companies that use US chip-making equipment will be required to obtain a USA license before supplying certain items to Huawei. More U.S. restrictions could inflict further damage on Huawei. (more...)
Fed’s Powell warns unemployment could reach Depression-level 25 percent Fed’s Powell warns unemployment could reach Depression-level 25 percent
- May 18, 2020

Powell stressed health issues as central to the success of a U.S. economic reopening during the interview. Health and Human Services Secretary Alex Azar said on CNN's "State of the Union" Sunday that while the government and the private sector are committing their "full power" to developing a coronavirus vaccine, it will not be the sole determinant of Americans' ability to return to normal life. (more...)

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