Friday September 25-th, 2020

Oil prices jump US$1 as sharp falls draw investors, bargain buyers Oil prices jump US$1 as sharp falls draw investors, bargain buyers

Despite the loss of oil demand because of the global spread of the virus, Saudi Arabia and Russian Federation are embroiled in a price war instigated after failing to agree to extend supply curbs to support the market. "Some of them (U.S. shale oil...

Rishi Sunak promises to guarantee £330bn loans to business Rishi Sunak promises to guarantee £330bn loans to business

Boris Johnson spoke about mortgages during the coronavirus outbreak. Mortgage lenders have agreed they will support customers that are experiencing issues with their finances as a result of Covid-19, including through payment holidays of up to 3 ...

Federal Reserve slashes interest rates, eases banking rules Federal Reserve slashes interest rates, eases banking rules

They also announced $700 billion in bond purchases to strengthen the economy - $500 billion in Treasuries and $200 billion in mortgage-backed securities. "Economic policymakers must do what they can to ease hardships caused by disruption to the eco...

Virus whammy: Asian stocks plunge as Philippines shuts markets Virus whammy: Asian stocks plunge as Philippines shuts markets

Investors anxious that the Fed action, joined by central banks in Japan, Australia, New Zealand and elsewhere, may be insufficient for companies facing a sharp slide in demand. This mechanism pauses trading after declines of 7% and 13% from the previ...

Qantas to slash 90 per cent of all global flights Qantas to slash 90 per cent of all global flights

Facing a growing list of travel bans around the globe and a "precipitous decline in demand", Qantas said the cutbacks would continue until at least the end of May. New Zealand, normally a popular destination for Qantas flights, announced similar me...

Global recession fears: Crude oil drops to $30 per barrel Global recession fears: Crude oil drops to $30 per barrel

Brent crude settled down $3.80, or 11.2 percent, at $30.05 a barrel. The coronavirus outbreak, which has infected at least 174,000 people and killed around 6,700, already has caused oil prices to plummet by 50% since the start of the year.

Trump Gives Himself a 10 Out of 10 for Handling Coronavirus Outbreak Trump Gives Himself a 10 Out of 10 for Handling Coronavirus Outbreak

The campaign, which is called "15 days to slow the spread", recommends that large swaths of the population isolate themselves and older Americans stay at home and avoid crowds. Assuming a more solemn demeanor than at previous press conferences, Trump...

Fed cuts interest rate to zero, launches $700bn QE programme Fed cuts interest rate to zero, launches $700bn QE programme

The Fed policy-setting Federal Open Market Committee said in the statement that the purchases will begin March 16 with a $40 billion instalment. Citing "the coronavirus outbreak has harmed communities and disrupted economic activity in many count...

IMF Ready to Mobilize $1 Trillion Loan Capacity to Counter Virus

With the help of donations, like $195 million recently from the United Kingdom, the International Monetary Fund hopes to boost that to $1 billion, she said. "This crisis will test whether the change made in the wake of the financial crisis will serve...

Steve Mnuchin minimizes the possibility of a recession amidst a coronavirus Steve Mnuchin minimizes the possibility of a recession amidst a coronavirus

OK, the president and I - I give him my honest opinions and I respect that he tells me what he wants us to do, so you know this wasn't erupt". Unlike the 2008 recession, which was underpinned by the burst of the housing bubble and other structural ...

Reserve Bank’s decisions to cut OCR welcomed to support economy Reserve Bank’s decisions to cut OCR welcomed to support economy

Unsurprisingly, the New Zealand dollar reacted negatively to the announcement, opening sharply lower at the start of trading. RBNZ deputy governor Geoff Bascand said: "To support credit availability, the Bank has chose to delay the start date of in...

Amazon Seeks 100000 More Employees to Keep Up With Surge in Orders Amazon Seeks 100000 More Employees to Keep Up With Surge in Orders

Amazon says it will add $2 per hour in the US and similar amounts in the United Kingdom and Europe. The outbreak has been especially hard for gig economy workers as global travel restrictions leave airports almost empty and more people are advise...

Airlines Will Soon Go Bankrupt Over Coronavirus: CAPA Airlines Will Soon Go Bankrupt Over Coronavirus: CAPA

Capa said forward bookings were far outweighed by cancellations and "each time there is a new government recommendation it is to discourage flying". Demand for flights was drying up "in ways that are completely unprecedented", the centre said.

Oregon Reports First Death From New Coronavirus Oregon Reports First Death From New Coronavirus

The Oregon Health Authority said the Multonomah County man was hospitalized at the Portland Veterans Affairs Medical Center and died Saturday. "While we knew we would arrive at this day at some point, it doesn't lessen the impact", said OHA direc...

Berkshire Hathaway makes annual meeting purely virtual Berkshire Hathaway makes annual meeting purely virtual

Buffett appeared crestfallen about shutting down the public portion of the two-decade-old event, which is usually a staid, but still carnival-like event. "It's a reunion. It's a rite of spring". Buffett said "events have moved very fast" since he d...

Dow Plunges 2200 Points, Trading Halted After Fed Slashes Rates Dow Plunges 2200 Points, Trading Halted After Fed Slashes Rates

Trading was halted for 15 minutes shortly after the opening bell due to the S&P 500's decline of more than 7 percent. The price of oil dropped by around 5 percent Sunday evening. Temporary government orders to close restaurants and bars in New Yo...

Perfume giant LVMH halts production to make coronavirus hand sanitiser Perfume giant LVMH halts production to make coronavirus hand sanitiser

The World Health Organisation declared Europe the epicentre of the global pandemic earlier this week following a rapid surge in the number of cases in the continent. The FDA encouraged licensed pharmacists and doctors to create their own hand sanit...

France fines Apple $1.2 billion for anti-competitive acts

It comes at a time of heightened scrutiny on United States tech giants by European regulators, who have been delving into the firms' powerful market position, the tax they pay, and how they protect consumers' privacy. The watchdog said Apple's two wh...

Coronavirus: Asia stocks fall after global central bank action Coronavirus: Asia stocks fall after global central bank action

The Fed also announced a QE program that would include the purchase of US$500 billion of Treasury Securities as well as US$200 billion of Mortgage Backed Securities (MBS). Lower rates can also give home buyers more purchasing power, making it easier ...

Coronavirus impact on economy likely to decrease: China Coronavirus impact on economy likely to decrease: China

All three readings - industrial output , retail sales , and fixed asset investment - plunged by double-digit percentages from the same period past year. sharply narrowed 40 percent. Factories may not be back to full output until April, some ana...

Bill Gates steps down from Microsoft board - Strategy - Training & Development Bill Gates steps down from Microsoft board - Strategy - Training & Development

While no longer an active member of Microsoft's board, Gates will still serve as a "technology advisor" to current CEO Satya Nadella. "Bill founded our company with a belief in the democratizing force of software and a passion to solve society's mo...

JetBlue Hits Passenger Knowingly Infected With Coronavirus With A Lifetime Flight Ban JetBlue Hits Passenger Knowingly Infected With Coronavirus With A Lifetime Flight Ban

The passenger boarded a JetBlue flight from John F. Kennedy International Airport to Palm Beach International Airport Wednesday night without informing airline employees he had been tested for the coronavirus and was awaiting the results, the air...

Stock futures sink after rate cut, new virus restrictions Stock futures sink after rate cut, new virus restrictions

The massive show of financial force, coming as more countries are on lockdown due to the spread of the COVID-19 illness, aims to contain the economic fallout as businesses are forced to shut their doors in an already sluggish global economy.

Google Making Self-Check Website On Coronavirus Testing Google Making Self-Check Website On Coronavirus Testing

We have many, many locations behind us, by the way. It will only be able to direct people to a testing facility in the Bay Area. "I believe they gave a date of Monday, March 16th and we're working actually across the clock and I do know that our enti...

Trump Caught Google Off Guard With Coronavirus Site Announcement

The White House is turning to Google to build a new screening website for anyone wanting information on how to get tested for the coronavirus , President Donald Trump said on Friday. The announcement creates a remarkable moment in the spotli...

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