Money


May Jobs Report is Looking Up May Jobs Report is Looking Up
- June 10, 2020

That means the number of Canadians who have either lost their job or worked substantially fewer hours has fallen to just under 5 million, from about 5.5 million in April. India will also get the benefit of decreasing unemployment rate in America. If those workers "had been classified as unemployed on temporary layoff, the overall unemployment rate would have been about 3 percentage points higher than report", the Department of Labor said in May's report. (more...)
United States has officially entered first recession since 2009 United States has officially entered first recession since 2009
- June 10, 2020

While the committee points to February as the month the economy peaked and the recession began, the quarterly peak came at the end of a year ago. A recession is defined by "a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators", but the committee also "weighs the depth of the contraction, its duration and whether economic activity declined broadly across the economy". (more...)
Alberta adds 27 COVID-19 cases Alberta adds 27 COVID-19 cases
- June 10, 2020

COVID-19 travel restrictions such as border closures and quarantine requirements have been devastating for Alberta's economy and can not continue indefinitely, Premier Jason Kenney said Tuesday. Alberta plans to reopen movie theatres, gyms, pools, libraries , casinos and churches on Friday, a week earlier than planned. There will also be higher limits on indoor and outdoor gatherings. (more...)
Consumer Prices Fall For Third Straight Month Despite Soaring Grocery Prices Consumer Prices Fall For Third Straight Month Despite Soaring Grocery Prices
- June 10, 2020

May marked the first time that the core CPI has dropped for three consecutive months. According to the report, the inflation rate during May rose by 0.18 per cent, compared to April 2020. "Going forward, expect increased volatility in the coming months - but the medium-term risks to inflation remain firmly to the downside". Motor vehicle insurance fell a record 8.9% in May, while apparel fell 2.3% after a 4.7% drop in April. (more...)
Oil Prices Plummet Amid Fears Over US Crude Oversupply Oil Prices Plummet Amid Fears Over US Crude Oversupply
- June 10, 2020

Speaking of this possibility on Monday, Saudi Arabia's bin Salman said "it would be unproductive to engage them [Libya] in their early days". Opec, Russia and other producers agreed on Saturday to extend production cuts of 9.7 million barrels per day (bpd) until the end of July, curbing global supply by nearly 10 per cent. (more...)
Japan, UK agree to start trade talks Japan, UK agree to start trade talks
- June 10, 2020

But after the transition period expires at the end of the year, preferential tariffs and other measures will no longer be in effect. European Union and British negotiators said on Friday they had made very little progress in their latest round of talks about a post-Brexit trade agreement, with just weeks left to extend a year-end deadline to reach a deal. (more...)
South Korean court rules Samsung heir can avoid jail, for now South Korean court rules Samsung heir can avoid jail, for now
- June 10, 2020

Lee spent a year in prison from February 2017, when special prosecutors detained him over allegations that he bribed a confidante of former president Park Geun-hye. The risk of more jail time for Lee, who has led the group since his father's heart attack in 2014, has cast a pall over the conglomerate and its crown jewel, Samsung Electronics Co, whose annual revenue alone is equivalent to 12% of South Korea's gross domestic product. (more...)
Wall Street Hits the Brakes Wall Street Hits the Brakes
- June 10, 2020

It's still unclear whether the economy can recover anywhere near as quickly as the stock market, which has rallied sharply after earlier being down almost 34% from its February record. Those companies went into reverse on Tuesday. The American unemployment rate is hovering above 13% and many businesses that rely on customers entering indoor spaces, such as restaurants, movie theaters, and sports arenas, will probably not recover for quite some time. (more...)
‘Indian economy to shrink 5 per cent this year’ ‘Indian economy to shrink 5 per cent this year’
- June 10, 2020

In its latest edition of the Global Economic Prospect, the World Bank downgraded its projection of India by a massive negative nine per cent. World Bank too estimates Indian economy to contract 3.2 per cent in 2020-21. Rating agencies Fitch and Crisil too had projected a 5 per cent contraction of Indian economy, while Moody's forecast economy to shrink by 4 per cent. (more...)
Tesla China battery supplier CATL opens up about million-mile battery Tesla China battery supplier CATL opens up about million-mile battery
- June 09, 2020

The report points out that warranties on batteries for EVs is now about 150,000 miles or eight years. Advertisement Battery life is one of the main areas holding back electric vehicle adoption, and a truly long-life battery could be a transformative moment for the industry. (more...)
Reebok drops CrossFit Games after CEO’s George Floyd comments Reebok drops CrossFit Games after CEO’s George Floyd comments
- June 09, 2020

But the following day, June 6, Glassman again drew criticism for several tweets in which he criticised the Institute for Health Metrics and Evaluation's statement that racism is a public health issue. CNN reported that gym owners said they were dismayed by CrossFit's failure to quickly put out a statement expressing solidarity with protesters or support for black athletes, as dozens of corporations did in the days following George Floyd's death . (more...)
Cathay Pacific unveils US$5 bn bailout plan Cathay Pacific unveils US$5 bn bailout plan
- June 09, 2020

On Tuesday the airline announced a sweeping proposal to inject liquidity and keep it afloat with the help of Hong Kong's government. Of that total, about 20 billion Hong Kong dollars ($2.6 billion) would be issued to a new, government-controlled group to be called Aviation 2020 . (more...)
Coronavirus: US stock market reaches major milestone Coronavirus: US stock market reaches major milestone
- June 09, 2020

US stocks were also bolstered by the Federal Reserve's move to ease the terms of its "Main Street" lending programme to encourage more businesses and banks to participate. Stocks that would benefit most from an economy that's growing again were rising the most, but pullbacks for a handful of big tech stalwarts were keeping the market's overall gains in check. (more...)
New fence around the White House becomes a canvas for protesters New fence around the White House becomes a canvas for protesters
- June 09, 2020

Given that the mayor of Washington recently strengthened the movement by renaming a nearby street "Black Lives Matter Plaza", it's clear that the people of Washington are no longer willing to sit idly by. "There won't be defunding, there won't be dismantling of our police", Trump told a roundtable of state, federal, and local law enforcement officials at the White House on Monday. (more...)
World Bank says coronavirus to shrink 2020 global output by 5.2% World Bank says coronavirus to shrink 2020 global output by 5.2%
- June 09, 2020

Please be totally notified relating to the threats and expenses connected with trading the monetary markets, it is among the riskiest financial investment types possible. In one, where the COVID-19 outbreak persists for longer than expected, requiring the continuation or reintroduction of restrictions on movement, the global economy would shrink nearly 8 per cent this year. (more...)
Wall St marches higher on hopes of swift economic rebound Wall St marches higher on hopes of swift economic rebound
- June 09, 2020

Wall Street's main indexes rose on Monday, building on last week's sharp gains after a surprisingly upbeat jobs report raised bets of a swift recovery from a coronavirus-driven downturn. Investors were also focussed on efforts to reopen the U.S. economy in the wake of Covid-19, with reopening plans in various stages across all 50 states. (more...)
BP to cut 10,000 jobs as virus hits demand for oil BP to cut 10,000 jobs as virus hits demand for oil
- June 09, 2020

Senior executives will be included in the cutbacks, with one third of all top managers getting laid off. The job cuts come amid a time of tremendous change for BP. Major companies like BP with diversified businesses are likely to survive the pandemic, but smaller oil producers are going to have a harder time, analysts say. (more...)
Saudi Arabia to end voluntary cuts on top of OPEC+ pact Saudi Arabia to end voluntary cuts on top of OPEC+ pact
- June 09, 2020

HSBC raised its 2020 Brent oil price forecast to $39 from $37 per barrel and its outlook on West Texas Intermediate (WTI) to $34.60 from $32.80. Both benchmarks rose to their highest since March earlier in the session with WTI topping $40 a barrel. (more...)
Essex Not Permitted to Enter Stage 2 Essex Not Permitted to Enter Stage 2
- June 08, 2020

Ford extended on Saturday the State of Emergency across Ontario until June 19, leaving orders of banning on large gatherings and dine- in restaurants in place. Measures announced Monday will let licensed establishments set up a new patio or expand an existing patio without the Alcohol and Gaming Commission of Ontario requiring an application or fee. (more...)
Ryanair to fly through 'rubbish' United Kingdom quarantine, CEO O'Leary says Ryanair to fly through 'rubbish' United Kingdom quarantine, CEO O'Leary says
- June 08, 2020

Ryanair chief executive Michael O'Leary says the quarantine will cause "untold devastation" for the country's tourism industry - not just on the airlines. "Ryanair is operating a thousand daily flights to points all over Portugal, Spain, Italy, Greece from the 1st of July, the 2nd, the 3rd and every day after that". (more...)

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