Economy

U.S. Fed chief: Economic recovery could stretch through end of 2021

U.S. Fed chief: Economic recovery could stretch through end of 2021

Powell believes the USA will certainly cope with the downturn citing its largely healthy financial system, while the COVID-19 healthcare crunch is simply "an outside event" that the American economy w...

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Uber to cut 3,000 jobs, trim invesment

Uber to cut 3,000 jobs, trim invesment

The firm said it would cut 3,000 more jobs, bringing the total reductions in recent weeks to a quarter of the workforce. Last year Uber said it would be profitable by the end of 2020 on an Ebitda ba...

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Coronavirus: France and Germany propose €500bn recovery fund

Coronavirus: France and Germany propose €500bn recovery fund

Commission president Ursula Von der Leyen has not given a specific figure, but has said the plan would be linked to the EU's regular budget and funded in part by the commission borrowing on financial ...

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This is the key indicator the US Fed's chief is watching

This is the key indicator the US Fed's chief is watching

Federal Reserve chairman Jerome Powell in a interview aired Sunday on CBS said that the USA economy could "easily" shrink by 20-30% due to the pandemic fallout, which might last until late 2021, w...

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Jio to Get Rs. 6,598 Crores Investment From General Atlantic

Jio to Get Rs. 6,598 Crores Investment From General Atlantic

The U.S. -based private equity fund's agreement to take a 1.3 per cent stake sets an enterprise value of Rs 5.16 trillion for the digital services business of Ambani's Reliance Industries Ltd, Reli...

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GOP senator calls to 'strangle' Huawei in wake of new sanctions

GOP senator calls to 'strangle' Huawei in wake of new sanctions

Huawei was put onto the Entity List a year ago over sanction violations and cybersecurity concerns which effectively blocked the company from sourcing US -made products. According to a source speak...

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Participating in sale of Virgin Australia: IndiGos largest shareholder InterGlobe Enterprises

Participating in sale of Virgin Australia: IndiGos largest shareholder InterGlobe Enterprises

It is the parent company of airline major IndiGo and its largest shareholder. Therefore, we can not say anything further at this time. As of March 2020, Interglobe and associates of Rahul Bhatia hold ...

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Twelve McDonald's restaurants closed after delivery driver tests positive to coronavirus

Twelve McDonald's restaurants closed after delivery driver tests positive to coronavirus

A second Victorian McDonald's has been closed after a staff member tested positive for COVID-19. Authorities insist it will be some time before Cedar Meats resumes full operations after 100 coronavi...

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Fed's Powell: Economy may need vaccine for full recovery

Fed's Powell: Economy may need vaccine for full recovery

Jerome Powell will be on CBS' 60 Minutes this evening. "Those parts of the economy will be challenged until people feel really safe again", he said. The Fed chairman said he and other central bank...

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US Fed Chair warns of prolonged recession

US Fed Chair warns of prolonged recession

Mr. Powell said the FOMC prefers alternatives such as forward guidance or hard signals of how long current policy will remain in place and large-scale asset purchases, also known as QE. "We ought to d...

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McDonald’s details new measures to safely reopen dining rooms

McDonald’s details new measures to safely reopen dining rooms

The chain, which is preparing to reopen its locations to dine-in customers as some USA states loosen stay-at-home orders, recently sent out a detailed instruction manual to franchise operators in th...

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Royal Mail CEO Back quits as board promises change

Royal Mail CEO Back quits as board promises change

Royal Mail RMG .L Chief Executive Rico Back stood down on Friday after two years in charge marked by battles with unions over a proposed 1.8 billion pound restructuring plan for the former United Ki...

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German Economy Shrinks 1.9% in Q1 Year-on-Year as Shutdown Bites

German Economy Shrinks 1.9% in Q1 Year-on-Year as Shutdown Bites

That means German GDP growth has been negative for two successive quarters, the technical definition of a recession. The German economy's decline reflects its biggest quarterly drop since the glob...

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Singapore Airlines reports nearly $150mn virus loss

Singapore Airlines reports nearly $150mn virus loss

This included S$198 million in fuel-hedging losses as fuel prices plunged towards the end of the quarter. Additional fuel hedging losses are expected in that quarter, it said. SIA also said "there is ...

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Saudi wealth fund boosts United States holdings with stakes in Citi, Boeing, Facebook

Saudi wealth fund boosts United States holdings with stakes in Citi, Boeing, Facebook

Among these companies are the IT giant Facebook , Bank of America, Citigroup, entertainment giant the Walt Disney Company, global hospitality company Marriot, pharmaceutical corporation Pfizer, aviat...

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Lufthansa restores routes, targets 1800 weekly flight - global

Lufthansa restores routes, targets 1800 weekly flight - global

With more than 106 destinations in Germany and Europe and over 20 intercontinental destinations, the range of flights on offer by the end of June will expand noticeably for all travellers. Lufthansa ...

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Call to self-employed to register for grant scheme

Call to self-employed to register for grant scheme

The government has revealed the early roll out of the Self-Employment Income Support Scheme, which has drawn praise from the Association of Independent Professionals and the Self-Employed (IPSE), noti...

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Trudeau promises more help for Air Canada after mass layoffs

Trudeau promises more help for Air Canada after mass layoffs

Air Canada suspended most of its worldwide flights, including to the United States, after the temporary closure of the border between the U.S. and Canada in an attempt to stop the spread of the coron...

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China's factory output posts first increase for 2020 but consumption still weak

China's factory output posts first increase for 2020 but consumption still weak

Industrial output in April climbed 3.9 percent from a year earlier after falling 1.1 percent in March, the NBS said. That brought the production of the metal in the January-to-April period to 11.83 ...

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Sorrento Therapeutics skyrockets 244% after claiming a breakthrough on COVID-19 drug

Sorrento Therapeutics skyrockets 244% after claiming a breakthrough on COVID-19 drug

Sorrento says it believes this antibody, which is labelled STI-1499, stood out among billions of candidates it has been screening from its extensive human antibody library for its ability to completel...

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US, States Gearing For Antitrust Case Against Google

US, States Gearing For Antitrust Case Against Google

Visit Business Insider's homepage for more stories . According to a report from the Wall Street Journal , officials at the Justice Department and a group of state attorneys general are focused on G...

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New Tesla battery to break 100$/kWh barrier; CATL involved

New Tesla battery to break 100$/kWh barrier; CATL involved

The breakthrough is reportedly chemical additives and nano-engineered materials that make battery cells more resistant to damage caused by repeated rapid charging , thus extending their life. Musk's ...

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Ford’s Launches of F-150 and Bronco to Be Delayed by Months

Ford’s Launches of F-150 and Bronco to Be Delayed by Months

That's about a 30 percent improvement over the 47 miles in 10 minutes that Ford quoted last fall. The extended-range all-wheel drive model is a bit less impressive as a 10 minute charge will only de...

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'Six more airports to be auctioned under PPP model' - Nirmala Sitharaman

'Six more airports to be auctioned under PPP model' - Nirmala Sitharaman

She said the government monopoly in coal mining is being removed. The government said that it would also move towards indigenisation of spare parts for foreign systems that are already in service....

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Sensex falls over 300 points amid uncertainty over effectiveness of stimulus package

Sensex falls over 300 points amid uncertainty over effectiveness of stimulus package

At 9:15 am, the S&P BSE Sensex was down 116.09 points (0.37 per cent) at 31,006.80, while the Nifty 50 was at 9,109.75, down 33.00 points (0.36 per cent). Ajit Mishra, VP - Research, Religare Brokin...

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JCPenney files for bankruptcy; 8 WV locations await fate

JCPenney files for bankruptcy; 8 WV locations await fate

It reported sales of US$10.7 billion in 2019, a decrease of more than US$7 billion in 10 years. The bankruptcy filing caps a long decline for the 118-year-old department store chain, which once oper...

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IATA says 2019 air travel levels won't be achieved for years

IATA says 2019 air travel levels won't be achieved for years

Under the best-case process, domestic markets would begin to open moving into quarter three, with a much slower phased opening of worldwide markets. This would limit the air travel recovery, despite m...

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Coronavirus lockdown: Twitter allows employees to work from home ‘forever’

Twitter has become the first major tech company to allow employees who can work remotely to do so indefinitely, as the coronavirus outbreak forces unprecedented changes in work culture across the w...

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Amazon’s Jeff Bezos on Track to Become World’s First Trillionaire

Amazon’s Jeff Bezos on Track to Become World’s First Trillionaire

According to the study projections, Bezos is set to become a trillionaire by 2026, when he will be aged 62. It's also worth noting that Bezos also had to relinquish much of his wealth to his wife fr...

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EU's Barnier says trade talks with Britain 'disappointing'

EU's Barnier says trade talks with Britain 'disappointing'

David Frost the UK's chief negotiator and Barnier have failed to break the deadlock leaving trade talks on the brink of collapse. Little progress was made in UK-EU talks on future trade arrangeme...

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Zomato lays off 13% of its workforce

Zomato lays off 13% of its workforce

Goyal further wrote, "Our business has been severely affected by the COVID lockdowns". THE IMPACT of Covid19-led lockdown on the restaurant industry has started taking its toll on other stakeholders...

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The First Signs Of Real Oil Demand Recovery Are Here

The First Signs Of Real Oil Demand Recovery Are Here

WTI jumped 9 per cent in the previous session. The market mood remains less than euphoric, though, with the coronavirus pandemic far from over and new clusters emerging in some countries where lockd...

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China to put USA firms including Apple, Boeing on unreliable list

China to put USA firms including Apple, Boeing on unreliable list

Senator Ben Sasse (R., Neb.) welcomed the new sanctions on Friday. "Modern wars are fought with semiconductors , and we were letting Huawei use our American designs". The Commerce Department sa...

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Germany, Europe's biggest economy, slips into recession

Germany, Europe's biggest economy, slips into recession

The day before, a study published by consulting firm Ernst & Young showed that operating profit (EBIT) of Germany's large companies shrank by 23.5 percent to a total of around 20.3 billion euros (21.9...

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WTO chief Roberto Azevedo to step down a year early

WTO chief Roberto Azevedo to step down a year early

Azevedo said that he had taken a "personal decision" after talking with his family and that his move was not due to health reasons or because of specific political ambitions. He continued that the tra...

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