Money


Google parent Alphabet lashes out at Australia for antitrust law changes Google parent Alphabet lashes out at Australia for antitrust law changes
- August 21, 2020

Yesterday Google's Managing Director of Google Australia Mel Silva wrote an open letter to the Australia People warning both citizens and Aussie YouTube creators alike that the very nature of news and media on the web served in Australia is under attack. (more...)
Uber and Lyft granted emergency stay, will not shut down tonight Uber and Lyft granted emergency stay, will not shut down tonight
- August 20, 2020

Following the court's decision, executives at Uber and Lyft stated that they were prepared to suspend their service to comply with the court order, as it would require them to go through restructuring and rehiring unless their appeal was successful in securing a delay to the earlier order. (more...)
Global Markets: Stocks fall as markets still rattled by Fed minutes Global Markets: Stocks fall as markets still rattled by Fed minutes
- August 20, 2020

The S&P 500 rose 0.23% to end the day at 3,389.78 points, surpassing its previous record close of 3,386.15 on February 19, and erasing its losses since the start of the COVID-19 pandemic. The initial move for stocks, along with Treasury yields, was downward after a report showed that slightly more than 1.1 million USA workers applied for unemployment benefits last week. (more...)
Oil slides from five-month high on cloudy demand outlook Oil slides from five-month high on cloudy demand outlook
- August 20, 2020

West Texas Intermediate, the key USA gauge, was up 0.07 per cent at $42.92 per barrel. However Crude Oil bulls remained upbeat after the US Energy Information Administration (EIA) report showed signs of recovery on energy demand. Last month the JMMC recommended that cuts be eased from August 1 to about 7.7 million barrels per day (bpd) from a reduction of 9.7 million bpd since May, in line with an earlier OPEC+ agreement. (more...)
Electric vehicle startup Canoo to go public via SPAC
- August 20, 2020

The California company will follow in the footsteps of fellow EV startups Nikola , Lordstown Motors , and Fisker by entering in a so-called "reverse merger" with a special goal acquisition company whose shares are already publicly traded, in this case Hennessy Capital Acquisition Corp. (more...)
Airbnb Files Confidentially for IPO With Travel Rebounding Airbnb Files Confidentially for IPO With Travel Rebounding
- August 20, 2020

The number of shares to be provided and the cost range for the IPO have not yet been determined, the company said. The comeback for travel following the first peak of the pandemic was faster than expected, though, helping keep Airbnb's plans for a public market debut moving ahead. (more...)
Fed minutes pull rug out from under stocks, rates rise Fed minutes pull rug out from under stocks, rates rise
- August 20, 2020

Australian stocks dropped 1.04 per cent due to concern that ties with China will worsen further after a report that Australian regulators will reject acquisitions by a Chinese company. The readout on Fed discussions provides hints to further action that the US central bank could take in September. "The Fed's largesse means that there are trillions of dollars of excess liquidity sloshing around seeking greater returns than the near zero or even negative rates offered by fixed income", wrote ... (more...)
The Qantas Group (ASX:QAN) profit nosedives 91% The Qantas Group (ASX:QAN) profit nosedives 91%
- August 20, 2020

The West Australian's aviation editor Geoffrey Thomas will join The West Live host Jenna Clarke this morning to discuss the future of an industry riding its worst turbulence in its 100-year history. Mr Joyce said the airline doesn't expect to resume worldwide operations until July 2021, and expects a "significant underlying loss" in fiscal 2021. (more...)
Group of Democrats Urge Pelosi to Pass Smaller Bill on Unemployment Benefits Group of Democrats Urge Pelosi to Pass Smaller Bill on Unemployment Benefits
- August 20, 2020

Derek Kilmer, chair of the moderate New Democrat Coalition, the bill would tie $600 of extra weekly unemployment benefits to economic triggers, to avoid the benefits lapsing due to partisan bickering. The Trump administration sees the potential for Republicans and Democrats to agree on a pandemic relief package totaling $500B that would leave out the biggest areas of disagreement, Bloomberg reports, citing a senior USA official. (more...)
United Kingdom inflation rises to 1.0 pct in July as lockdown eases United Kingdom inflation rises to 1.0 pct in July as lockdown eases
- August 19, 2020

Annual prices for meat rose at a slower pace in July than June largely due to production ramping up again following plant closures caused by spikes in infection rates among workers. Governor Tiff Macklem has said the central bank will maintain its key interest rate at the lower limit of 0.25 per cent until inflation gets back into the Bank of Canada's target range. (more...)
Uber and Lyft might adopt a franchise business model in California Uber and Lyft might adopt a franchise business model in California
- August 19, 2020

Just as service was revealing indications of getting for California's ride-share chauffeurs, by Friday it might vanish entirely- disallowing a last-gasp effort from Uber and Lyft to prevent a court-imposed due date to reclassify their employees as workers rather of professionals. (more...)
Big Shot Names Want UK to Back Greece, Cyprus Against Turkey Big Shot Names Want UK to Back Greece, Cyprus Against Turkey
- August 19, 2020

But Turkey insists it has jurisdiction despite Greece claiming one is on its continental shelf and the other claimed by Cyprus. The move sparked alarm in Greece, which deployed its own naval vessels to the area. The foreign ministers of Greece and Cyprus are discussing a list of sanctions their countries can impose against Turkey because of its illegal acts eastern the Mediterranean, Al Arabiyah reported Tuesday. (more...)
IPhone 12 to Be Made in India Starting Middle of 2021 IPhone 12 to Be Made in India Starting Middle of 2021
- August 19, 2020

The renders, which have been created by Svetapple (picked up by 9to5Mac ), show the standard iPhone 12 with a flatter body, slimmer bezels around the display and a slightly reduced notch compared to the current iPhone 11 . The images give us a clear look at the refreshed design for this year's iPhones. On the higher end, the iPhone 11 Pro lineup will be replaced by a 6.1-inch "iPhone 12 Pro" and a 6.7-inch "iPhone 12 Pro Max", representing slight increases in the screen sizes of prior ... (more...)
No new US-China trade talks scheduled - White House chief of staff No new US-China trade talks scheduled - White House chief of staff
- August 19, 2020

According to TASS , Robert Lighthizer is negotiating from the USA. At a news conference on Saturday, when asked if he was considering a ban on other Chinese-owned companies including Alibaba to follow that on social video app TikTok, U.S. (more...)
Coronavirus vaccine: Australia promises free doses if trial succeeds
- August 19, 2020

Australian Prime Minister Scott Morrison announced on Tuesday that the nation will be manufacturing a COVID-19 vaccine and giving it out for free to all citizens, reported Reuters . The cost of the vaccine, as well as details concerning its domestic manufacture, have yet to be ironed out. It still has more than 7,000 active cases and remains Australia's worst concern. (more...)
India's wholesale price inflation down at (-) 0.58% in July India's wholesale price inflation down at (-) 0.58% in July
- August 19, 2020

Nigeria's headline inflation rate rose to 12.82% year-on-year in July, indicating an increase of 0.26% from the figure recorded in June. A separate index for food, which accounts for the bulk of the inflation basket, showed a price increase of 15.48% from 15.18% in June. (more...)
European Union urges Turkey to end renewed drilling in East Med European Union urges Turkey to end renewed drilling in East Med
- August 19, 2020

Borrell said the move "regrettably fuels further tensions and insecurity in the Eastern Mediterranean " and "runs counter and undermines efforts to resume dialogue and negotiations, and to pursue immediate de-escalation". The Turkish statement also warned against sailing in the search area. Ankara has caused frictions by sending a research vessel - escorted by Turkish naval ships - into Greek waters while also dispatching a drillship to Cyprus. (more...)
S&P 500 briefly hits intraday record high S&P 500 briefly hits intraday record high
- August 19, 2020

Separately, readings showed that United States factory output increased more than expected in July but remained below pre-pandemic levels while consumer sentiment was largely steady in the first half of August. Communications services-a new category that includes numerous big tech stocks-and consumer discretionary were the best sectors of the S&P 500 in morning trading on Tuesday. (more...)
Oracle joins bid for TikTok's USA operations, sources say Oracle joins bid for TikTok's USA operations, sources say
- August 19, 2020

Trump has said he would support an effort by Microsoft to buy TikTok's American operations if the US government got a "substantial portion" of the proceeds, but has also said there are other interested potential buyers. TikTok said its "US user data is stored in Virginia with a back-up in Singapore and strict controls on employee access". TikTok also repeated its intention to "pursue all remedies available to us in order to ensure that the rule of law is not discarded". (more...)
Walmart +6% after e-commerce surge leads to earnings smasher (NYSE:WMT) Walmart +6% after e-commerce surge leads to earnings smasher (NYSE:WMT)
- August 18, 2020

Earnings, adjusted for one-time gains and costs, were $1.56 per share, easily outpacing Wall Street projections of $1.22, according to a survey by Zacks Investment Research . Revenue grew 8.8% to $16.4 billion and comp sales without fuel rose 13.3%. Walmart's sales at United States stores open for at least one year increased 9.3% to $93.3 billion during the three months ending on July 31, compared with the same stretch last year. (more...)

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