Economy

United Kingdom economy could sink 35% and unemployment hit 3.4 million, OBR says

United Kingdom economy could sink 35% and unemployment hit 3.4 million, OBR says

It said public sector net borrowing could reach £273bn in 2020-21, or 14 per cent of GDP, marking the biggest deficit since the Second World War. OBR's scenario outlines that there may have already ...

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Fed provides massive liquidity injection to calm markets amid signs of stress

The Treasury securities operation schedule includes a change in the maturity composition of purchases to support functioning in the market for U.S. Treasury securities. A popular strategy by these inv...

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Rishi Sunak Announces 80% Income Support for Self-Employed Affected by Coronavirus

Rishi Sunak Announces 80% Income Support for Self-Employed Affected by Coronavirus

If you are self-employed or work on a freelance basis and have questions, we urge you to visit The Association of Independent Professionals and the Self-Employed (IPSE ). This is in line with the sup...

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JPMorgan, Wells Fargo offer reality check as virus mauls profit

JPMorgan, Wells Fargo offer reality check as virus mauls profit

The quarterly profit of JPMorgan Chase & Co fell by more than two-thirds as the coronavirus or COVID-19 pandemic and record low prices of oil forced the largest bank of the United States to boost re...

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Amazon fires staffers who criticized warehouse work conditions during coronavirus crisis

Amazon fires staffers who criticized warehouse work conditions during coronavirus crisis

Cunningham and Costa were outspoken leaders in Amazon Employees for Climate Justice . The stampede for jobs is all the more urgent considering a majority of Amazon's openings are front-line jobs in...

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International Monetary Fund expects global economy to shrink by 3%

The region, which includes all Arab countries and Iran, will suffer its worst economic performance since 1978 when it was convulsed with unrest and shrank by 4.7 percent, according to World Bank data....

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SEIFSA welcomes reserve bank's surprise second repo rate cut

SEIFSA welcomes reserve bank's surprise second repo rate cut

He noted that in addition to the continued easing of interest rates, the central bank had also taken steps to ensure adequate liquidity in money and government bond markets and to ease capital require...

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International Monetary Fund slashes 2020 growth forecasts as virus fallout mounts

International Monetary Fund slashes 2020 growth forecasts as virus fallout mounts

The World Trade Organisation last week forecast that goods trade would shrink more steeply this year than in the global financial crisis a decade ago before rebounding in 2021 as the Covid-19 pandem...

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Andrew Cuomo and 5 Governors to Suggest Reopening Economy Amid Epidemic

Andrew Cuomo and 5 Governors to Suggest Reopening Economy Amid Epidemic

Mayor Bill de Blasio had earlier said that three indications would tell whether the situation is any better, the number of people admitted to the hospitals, ICU, and the positive tests for the virus, ...

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Gold holds near one-month peak as coronavirus worries deepen

Gold holds near one-month peak as coronavirus worries deepen

Japan's wholesale prices marked the first annual decline in five months in March, suggesting that slumping global demand for oil and raw material due to the pandemic will weigh on inflation in com...

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IMF cancels debt payments for 6 months for 25 poor nations

IMF cancels debt payments for 6 months for 25 poor nations

The International Monetary Fund (IMF) has called its executive board meeting on April 16 to consider disbursement of an extra loan worth $1.4 billion to Pakistan after prime minister Imran Khan, onc...

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Colorado meat packing plant temporarily closes over COVID-10 deaths

Colorado meat packing plant temporarily closes over COVID-10 deaths

Tyson Foods Inc shut a hog slaughterhouse in Columbus Junction, Iowa, the week of April 6 after more than 24 cases of COVID-19 involving employees at the facility. Brazilian owned JBS confirmed an wor...

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Georgia bar takes down $3,700 from walls and ceiling to pay staff

Georgia bar takes down $3,700 from walls and ceiling to pay staff

So he made a decision to withdraw the dollar bills one by one and give the cash to the employees. It took another week to clean and count the money. She is now making moves to help round up donati...

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SoftBank Group expects first loss in 15 years

SoftBank Group expects first loss in 15 years

The steep loss follows a troubled year when the near-collapse of the WeWork shared office space business, one of the fund's highest-profile investments, cast a shadow over the Japanese tech group and ...

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Gas Below One Dollar At Some Wisconsin Gas Stations

Gas Below One Dollar At Some Wisconsin Gas Stations

According to GasBuddy , the top 10 gas stations in the state are offering gas for under one dollar per gallon. I honestly have never seen gas prices this low in my lifetime.

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Health Canada approves Spartan Bioscience's portable COVID-19 test

Health Canada approves Spartan Bioscience's portable COVID-19 test

The company that makes it, Spartan Bioscience , says it can show results in less than an hour. Spartan Bioscience said its Spartan Cube DNA analyzer - which is about the size of a coffee cup - ca...

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Disney World suspended 43000 workers

Disney World suspended 43000 workers

Things have been a little up in the air about what Cast Members jobs will look like until Disney World reopens (since the parks are closed "until further notice" currently). Other Disney workers a...

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Gilead Drug Shows Promise

As per studies , remdesivir attacks those enzymes of the coronavirus that lead to its reproduction, which is why it is being suggested that it could be used for COVID-19 treatment, said Dr Raman R....

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New York Fed says to offer $1.5 trillion in cash this week

New York Fed says to offer $1.5 trillion in cash this week

For the third time in four days, the Fed's NY arm announced that it will increase the size of its lending in the repo market, where investors borrow cash in exchange for high-quality collateral like T...

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Amazon stops accepting new online grocery customers amid surging demand

Amazon stops accepting new online grocery customers amid surging demand

Amazon's grocery delivery services will no longer accept any new customers, at a time when locked down shoppers desperately look for alternatives to brick and mortar grocery stores . Despite the chan...

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On heels of historic truce, oil producers have mountain to climb

On heels of historic truce, oil producers have mountain to climb

Kevin Birn, a Calgary-based oil market analyst at IHS Markit , says the agreement to cut 9.7 million barrels per day of crude output is unprecedented, but it doesn't match the demand destruction ca...

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Stocks slide as Wall Street braces for more coronavirus pain

Stocks slide as Wall Street braces for more coronavirus pain

The U.S. stock market was closed Friday in observance of Good Friday. Carnival Corp CCL.N , Royal Caribbean Cruises RCL.N and Norwegian Cruise Line Holdings NCLH.N tumbled as the U.S. US stock index...

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Microsoft Pushes Employees to Work From Home Due to Coronavirus Concerns

Microsoft Pushes Employees to Work From Home Due to Coronavirus Concerns

Amazon advised its employees who are experiencing symptoms associated with the novel coronavirus to remain at home and seek medical attention. In total, 28 people have been officially diagnosed wi...

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Dire economic effects for South Asia due to coronavirus

Dire economic effects for South Asia due to coronavirus

The World Bank said tourism has dried up in these countries, garment trade has collapsed, consumer and investor sentiment has deteriorated and foreign capital is being withdrawn. Given the uncertainti...

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HDFC jumps 4% as China's central bank buys 1% stake

HDFC jumps 4% as China's central bank buys 1% stake

There is no law barring investments by the Chinese central bank in any Indian entity. Invesco Oppenheimer Developing Markets Fund, Government of Singapore and People's Bank of China featured among...

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House of Commons passes COVID-19 wage subsidy bill

House of Commons passes COVID-19 wage subsidy bill

The 75 percent wage subsidy, which is for three months and retroactive to March 15, is for businesses that have suffered or would suffer a 15 percent drop in revenues last month or 30 percent this mon...

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France sets aside €20 billion in capital to help coronavirus-hit firms

France sets aside €20 billion in capital to help coronavirus-hit firms

Air France-KLM, one of the world's largest airline groups, has helped repatriate French and Dutch nationals stranded overseas by the outbreak. The company is "confident" of being able to get more fi...

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Meatpacking Giant Closes South Dakota Plant Due to COVID-19 Outbreak

Meatpacking Giant Closes South Dakota Plant Due to COVID-19 Outbreak

The United Food and Commercial Workers, which represents workers at the plant, said it had pushed for a partial closure after the first infection was confirmed. The plant has a total of 3,700 workers,...

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Bitcoin Whale Numbers Hit 2-Year High as Investors Mirror 2016 Halving

Bitcoin Whale Numbers Hit 2-Year High as Investors Mirror 2016 Halving

Likewise, the number of whales active in the market throughout an "accumulation phase" has actually not been this high considering that completion of 2015, crypto market scientist Glassnode stated ...

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IRS Launches Tool To Help Non-Filers Get Coronavirus Relief Check

IRS Launches Tool To Help Non-Filers Get Coronavirus Relief Check

Most people who who filed a tax return in 2018 and/or 2019 and provided their bank account information for a debit or credit should soon see an Economic Impact Payment direct-deposited into their ...

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Disney World to Furlough 43,000 Employees During Indefinite Closure

Disney World to Furlough 43,000 Employees During Indefinite Closure

Now, the Service Trades Council Union Coalition, which represents about 43,000 employees across Walt Disney World Resort, has reached an agreement with Disney, confirming that the furlough will be e...

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London Pastor brings annual Easter egg hunt to children's homes

London Pastor brings annual Easter egg hunt to children's homes

A few websites online offer simple picture searches for little ones, reminiscent of Where's Waldo or I Spy . All of the children loved it, but so did the parents. For many this would have been a ...

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Small businesses and government loan struggles

Small businesses and government loan struggles

Ius says she's working with a local bank for help with the PPP but has not heard back yet. If you are eligible or have questions about your business' eligibility status, the SBA encourages you to ca...

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First results in on Gilead coronavirus drug but more study needed

First results in on Gilead coronavirus drug but more study needed

As several experimental drugs moving in and out of laboratories, Gilead Sciences Inc takes a step closer to the much-needed cure for patients infected with Coronavirus. Two such studies, which are b...

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COVID-19: Amazon Workers In NY Plan To Strike Over Safety Concerns

COVID-19: Amazon Workers In NY Plan To Strike Over Safety Concerns

NY state attorney general Letitia James called Amazon's actions "disgraceful". Amazon warehouse workers in Staten Island, N.Y., and Instacart's grocery delivery workers nationwide plan to walk of...

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