Money


Coronavirus impact | Australia's economy takes sharpest dive since the 1930s Coronavirus impact | Australia's economy takes sharpest dive since the 1930s
- September 05, 2020

The country's GDP contracted 7% in the second quarter compared to the prior one, the Australian Bureau of Statistics (ABS) said Wednesday . This story was first published on CNN .com Australia's economy had its worst quarter on record. Victoria accounts for a quarter of Australia's business activity. This is as a result of the country's lockdown and other measures that have hit the private sector and investments. (more...)
The Dow plunges 500 points as Wall Street's main indexes fall The Dow plunges 500 points as Wall Street's main indexes fall
- September 05, 2020

Traders are seeking to find an appropriate valuation for tech stocks and gauge the health of the USA economy as the coronavirus pandemic rages on after having killed more than 180,000 Americans. It closed up seven points at 33.60. There seemed to be no explicit catalyst for the sell-off, with economic data coming in roughly where the market had expected and no companies issuing foreboding warnings. (more...)
USA employers added 1.4 million jobs in August, unemployment rate at 8.4% USA employers added 1.4 million jobs in August, unemployment rate at 8.4%
- September 05, 2020

Here are five selected takeaways. The economy continues to heal but the pace of improvement is slowing. Nonfarm Payrolls (NFP) in the US rose by 1,371,000 in August, the data published by the US Bureau of Labor Statistics showed on Friday. (more...)
Weekly Jobless Claims Drop More than Expected Weekly Jobless Claims Drop More than Expected
- September 05, 2020

The jobs report comes a day after other Labor Department figures showed that the number of Americans filing new claims for unemployment benefits last week dropped to just over 880,000, falling by more than expected and breaking the psychological barrier of 1 million, stoking further hope for a more robust labor market rebound. (more...)
US private payrolls miss expectations, point to slowing labor market recovery US private payrolls miss expectations, point to slowing labor market recovery
- September 04, 2020

US private employers hired fewer workers than expected for a second straight month in August, suggesting that the labor market recovery was slowing as the COVID-19 pandemic persists and government money to support workers and employers dries up. (more...)
Jeep reveals the 2021 Wrangler PHEV 4xe, but is it waterproof? Jeep reveals the 2021 Wrangler PHEV 4xe, but is it waterproof?
- September 04, 2020

This figure actually represents a sales increase of 2.5 per cent year-on-year with the Wrangler being one of the few models in the segment to experience sales growth rather than decline as the Covid-19 pandemic continues to cripple the industry. (more...)
Budget deficit to hit record $3.3 trillion due to virus, recession Budget deficit to hit record $3.3 trillion due to virus, recession
- September 04, 2020

USA government debt is on track to exceed the size of the economy for the 12 months ended September 30, a milestone not hit since World War II that has been brought into reach by a giant fiscal response to the coronavirus pandemic. These huge federal outlays have caused a surge in this year's already large deficit and federal debt. Even assuming that the European Commission will postpone returning to the 3%-of-GDP budget deficit constraints in 2021, the public financing remains a "strong ... (more...)
Deliveroo announces Eat In to Help Out scheme for independent restaurants Deliveroo announces Eat In to Help Out scheme for independent restaurants
- September 04, 2020

Q Hotels Group - The Q Hotels Group - with 21 venues across the United Kingdom - has said that it will extend the scheme, but not for how long yet. Takeaway delivery giant Deliveroo also announced that it offer customers a discount in September to encourage them to "eat in to help out", after the subsidy scheme ends next week. (more...)
Asian stocks set to fall as Wall Street's tech rally stumbles Asian stocks set to fall as Wall Street's tech rally stumbles
- September 04, 2020

S&P 500 goes into consolidation after impressive rally . "Given the market's seemingly relentless climb higher on the back of the mega-cap tech names, it should be no surprise that a pullback was in the offing as the market became increasingly extended and overbought", said Quincy Krosby, chief market strategist at Prudential Financial Inc. (more...)
ISM report highlights solid manufacturing growth in August ISM report highlights solid manufacturing growth in August
- September 03, 2020

New Orders rose to 67.6 from 61.5 in July, and Production to 63.3 from 62.1. In addition, the US gains aren't enough yet to bring back manufacturing jobs: The ISM's employment index, while rising to a six-month high in August, continued to show factories are cutting staff. (more...)
Tata Motors, Hyundai to supply Nexon and Kona EVs for government use Tata Motors, Hyundai to supply Nexon and Kona EVs for government use
- September 03, 2020

Kona N Line on the other hand gets body coloured claddings (it is black in the regular car), ditches the skid plate in favour of a front splitter with fins, the air intake is larger, while the grille mesh design and surface treatment is different. (more...)
Budget deficit to hit record $3.3 trillion because of coronavirus, recession Budget deficit to hit record $3.3 trillion because of coronavirus, recession
- September 03, 2020

Total government debt will surpass the US economy's size next year, CBO said. Federal deficits were projected to fall to $1.8 trillion in the fiscal year beginning October 1, the CBO said, and will total $13 trillion over 10 years. The government has ramped up spending to support jobless people and small and mid-size businesses. "In the short term, you have to spend what it takes to minimise the recession and keep the economy afloat", Brian Riedl , a senior fellow at the right-leaning ... (more...)
U.S. unemployment claims fall, layoffs remain elevated U.S. unemployment claims fall, layoffs remain elevated
- September 03, 2020

Normally, the fact that so many people filed for unemployment last week would not be a reason to celebrate. There are growing signs the labor market recovery from the depths of the pandemic in mid-March through April is faltering, with financial support from the government virtually depleted. (more...)
Former PM Tony Abbott Calls For Lockdown And Travel Restrictions To End Former PM Tony Abbott Calls For Lockdown And Travel Restrictions To End
- September 03, 2020

Yes, this is the same man who spent a career proudly trumpeting his pro-life credentials, past year calling NSW's abortion bill " death on demand " that is "morally shocking". "From a health perspective, this pandemic has been serious". The Board of Trade is headed by trade minister Liz Truss and, the government says, it "champions exports, inward investment and outward direct investment to deliver economic growth and prosperity across. (more...)
Freighter with 39 Filipino crew, 4 others missing off southwestern Japan Freighter with 39 Filipino crew, 4 others missing off southwestern Japan
- September 03, 2020

The ship sent a distress call from west of Amami Oshima island in southwestern Japan on Wednesday as the region experienced strong winds, heavy seas and drenching rains from Typhoon Maysak as it headed towards the Korean peninsula. It said winds could reach a maximum speed of 252kmh. "These cows should never have been at sea", said the campaigns manager, Marianne Macdonald. Four other foreign crew members were on board the ship, so 42 remain missing. (more...)
Nvidia, Microsoft power gains for S&P 500 Nvidia, Microsoft power gains for S&P 500
- September 03, 2020

Treasury yields were mixed. USA private employers hired 428,000 workers in August, according to an ADP report , far below economists' forecast of a 950,000 increase, signaling the labour market recovery was slowing as the Covid-19 pandemic drags on and fiscal stimulus fades. (more...)
Australia's economy takes sharpest dive since in 1930s Australia's economy takes sharpest dive since in 1930s
- September 02, 2020

Hours worked also plummeted 9.8 percent, well above the record 2.5 percent fall in wages backed by JobKeeper payments, which were extended in July until March next year due to the ongoing COVID-19 crisis. As of Wednesday, Australia had succeeded in suppressing COVID-19 throughout most of the country, excluding the state of Victoria where strict lockdowns had seen daily case rates plunge to less than 100 since peaking at over 700 in early August. (more...)
Airline pilots see man in jetpack while landing at Los Angeles airport Airline pilots see man in jetpack while landing at Los Angeles airport
- September 02, 2020

The company says its packs are classified as aircraft, however, and that pilots require a license to operate one, as well as a radio system in order to communicate with air traffic control towers. About 10 minutes later, another plane spotted the man. Listeners on LiveATC.net, a streaming network for aircraft communications, then hear the controller tell a JetBlue flight to be aware of a possible jetpack nearby, before calling in the incident. (more...)
Oil rises on strong factory activity and forecast of a crude drawdown Oil rises on strong factory activity and forecast of a crude drawdown
- September 02, 2020

Brent crude futures for November climbed 27 cents, or 0.6%, to $46.08 a barrel by 0038 GMT, while U.S. West Texas Intermediate crude was at $43.11 a barrel, up 14 cents, or 0.3%. "Expectations of higher consumption, powered by a China recovery, lifted sentiment and saw both Brent crude and WTI track higher in Asia". Despite the upward trajectory of the prices, market observers are more preoccupied about whether global oil inventories will be demanded in the same manner as they were, prior ... (more...)
Stocks of TikTok U.S. suitors hit by fears of China block
- September 02, 2020

The Wall Street Journal reported last week that ByteDance is asking for $30 billion for the USA operations, but has faced resistance from bidders. Until recently, it appeared that all is in place for an American company to take over TikTok. (more...)

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