Economy

OECD warns world in grip of worst peace-time recession in a century

OECD warns world in grip of worst peace-time recession in a century

The Covid-19 pandemic has triggered the "most severe recession in almost a century", the Organisation for Economic Co-operation and Development warned on Wednesday as it released two scenarios for h...

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Tesla shares cross record $1,000 mark for the first time

Tesla shares cross record $1,000 mark for the first time

Musk said in an internal memo that it was time to bring the Tesla Semi to "volume production". As Futurism points out, much like the Crew Dragon's module, the driver's seat inside the Tesla Se...

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ECB prepares 'bad bank' plan for wave of coronavirus toxic debt

ECB prepares 'bad bank' plan for wave of coronavirus toxic debt

The challenge, which comes as Europe mobilizes trillions of euros to bolster the area's financial system, is geared toward shielding industrial banks from any second fallout from the disaster, if risi...

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IRS stimulus check portal deadline announced for non-filers

But it seems some have mistaken the legit cards for a scam . The U.S. Department of the Treasury is now mailing them in the form of prepaid debit cards . Most information concerning the economic i...

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Gold prices today fall for second time in 4 days

Gold prices today fall for second time in 4 days

Gold rose on Monday due to technical buying after a sharp fall the previous session, while investors waited for the outcome of the meeting of the Federal reserve. Palladium dipped 4.1% to $1,939.50, ...

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Wall Street hits the brakes after weekslong rally

Wall Street hits the brakes after weekslong rally

Investors are awaiting a meeting of the Federal Reserve later in the day for signals on the future of stimulus for the USA economy. The Federal Reserve on Wednesday said it was committed to providin...

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Stocks veer mostly lower even after Fed forecasts low rates

Stocks veer mostly lower even after Fed forecasts low rates

In futures trade, the ASX SPI 200 index had declined more than 1 per cent to 6,053, indicating the share market would fall today after seven days of rises. However, the rally waned as Powell warned th...

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Nasdaq closes at new record high but S&P, Dow lower

Nasdaq closes at new record high but S&P, Dow lower

The S&P 500 index was down 10.18 points at 3,197.00, while the Nasdaq composite was up 53.67 points at 10,007.42. Due to the cloudy economic outlook, many companies in recent months have withdrawn o...

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Oil slides below $41 as United States inventory rise revives glut worries

Oil slides below $41 as United States inventory rise revives glut worries

U.S. crude and gasoline inventories are estimated to have fallen by 1.5 million barrels and about 100,000 barrels respectively in the week to June 5, a preliminary Reuters poll showed ahead of a re...

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Fed puts floor under bond buying, sees zero rates through 2022

Fed puts floor under bond buying, sees zero rates through 2022

Powell & Co. reiterated the Fed funds rate would stay in the 0% to 0.25% range for the foreseeable future and stressed continued bond-buying to support market functioning. GDP. The National Bureau...

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Coronavirus Pandemic Continues to Weigh on Overall U.S. Consumer Prices

Coronavirus Pandemic Continues to Weigh on Overall U.S. Consumer Prices

The scant inflation also will reinforce the Federal Reserve's willingness to pump liquidity into the economy to insulate it from shocks caused by the pandemic, since there are no signs that policy i...

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Online used vehicle seller Vroom surges 83 percent in IPO

Online used vehicle seller Vroom surges 83 percent in IPO

The blockbuster initial public offering (IPO) highlights the strong appetite for new stock offerings by companies with an online-focused business against the backdrop of the COVID-19 pandemic. Incom...

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Japan, Britain aim for swift trade deal, Tokyo says

Japan, Britain aim for swift trade deal, Tokyo says

Japan and Britain formally began talks on a free trade agreement on Tuesday, aiming to reach an agreement on a post-Brexit trade deal by the end of this year. "This deal will provide more opportuniti...

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World Bank projects Indian economy to contract 3.2% in FY21

World Bank projects Indian economy to contract 3.2% in FY21

The World Bank expects India's economy to contract 3.2 percent in the current fiscal. The Washington-based multilateral lender said the Covid-19 pandemic and the multi-phased lockdown imposed to c...

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Phase 2 of Alberta relaunch to start Friday

Phase 2 of Alberta relaunch to start Friday

The province's emergency management cabinet committee was scheduled to meet on Monday, with an announcement to follow. After no update on Sunday, Dr. Health officials say there are 355 active cases ...

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Coronavirus recession started in February, US panel says

Coronavirus recession started in February, US panel says

The US economy alone is expected to contract by 6.1 percent in 2020, 7.9 percentage points below previous forecasts, the report added. The statement follows an announcement made by the Department of L...

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Words From CrossFit CEO Spark Massive Backlash

Words From CrossFit CEO Spark Massive Backlash

Glassman has since apologised. In a subsequent tweet , Glassman attacked the IHME, which monitors the COVID-19 coronavirus by saying, "Your failed model quarantined us and now you're going to mod...

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Wall Street opens lower as focus shifts to Fed meeting

Wall Street opens lower as focus shifts to Fed meeting

Stocks have been rising since late March, at first on relief after the Federal Reserve and Capitol Hill pledged to support the economy and more recently on hopes that the recovery may happen more quic...

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Apollo Bay Distillery recalls hazardous bottle of gin made in Victoria

Apollo Bay Distillery recalls hazardous bottle of gin made in Victoria

SS Casino Dry Gin has been recalled. Nine 700ml bottles of SS Casion Dry Gin, which were sold at the Great Ocean Road Brewhouse in Victoria between 5pm on Friday and 7.30pm on Sunday, were affecte...

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As people resume their jobs, these are the top seven returning jobs

As people resume their jobs, these are the top seven returning jobs

The Labor Department also noted that workers in millions were misclassified as "employed but not at work", during the coronavirus pandemic. 367,800 jobs returned in the retail industry, clothing sto...

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Global output to shrink by 5.2%

Global output to shrink by 5.2%

Global gross domestic product will probably shrink 5.2% in 2020, the Washington-based development organization said in its semi-annual Global Economic Prospects report Monday. Once mitigation measures...

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Ryanair's O'Leary says airline will not alter schedule despite United Kingdom quarantine

Ryanair's O'Leary says airline will not alter schedule despite United Kingdom quarantine

But the boss of Ryanair has said the rules are a "political stunt" and are not a quarantine and he claimed even the Home Office acknowledged the rules were unenforceable. The new rules, which are de...

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CrossFit CEO does damage control after Reebok cancels partnership for ‘tone-deaf’ tweet

CrossFit CEO does damage control after Reebok cancels partnership for ‘tone-deaf’ tweet

Shortly before Berger's firing, Glassman was quoted as saying: "He needs to take a big dose of "shut the f*** up" and hide out for awhile". After the companies pulled the plug on the partnerships,...

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Black Lives Matter movement not an insult to others: Amazon CEO Bezos

Black Lives Matter movement not an insult to others: Amazon CEO Bezos

Bezos said he will continue to support this movement. The $150 billion-dollar-man wrote that he posted the racist screed because it was important to make hate visible. saying BLM doesn't mean othe...

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Stocks rise more, Nasdaq on pace for record on economy hopes

Stocks rise more, Nasdaq on pace for record on economy hopes

Stocks surged on Friday, with the tech-heavy Nasdaq closing within a striking distance of its February 19 all-time peak, after the unemployment rate in May unexpectedly fell. The S&P 500 has erased ...

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Ontario adopts regional approach to second stage of reopening

Ontario adopts regional approach to second stage of reopening

Premier Doug Ford is set to announce details today about Ontario's Stage 2 of reopening, his office said Monday. "We will be ready very soon to take our next steps to reopen our economy, but it won'...

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BP to cut 10,000 jobs worldwide amid virus pandemic

BP to cut 10,000 jobs worldwide amid virus pandemic

The boss of United Kingdom oil giant BP has told staff it plans to cut 10,000 jobs from its global workforce after being hit hard by the coronavirus outbreak. BP is giving no pay rises to senior emp...

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Many areas of Alberta left in the dark Sunday afternoon

Many areas of Alberta left in the dark Sunday afternoon

Fortis Alberta said the loss of a tie line in B.C.is resulting in lost service and will update Albertans when more information becomes available. An Enmax spokesperson said over 40,000 Calgary dist...

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BP to slash 10,000 jobs this year

BP to slash 10,000 jobs this year

The public health crisis has hit company earnings and forced many to change the way they operate. Chevron Corp, the second-largest United States oil producer, last month said that it will cut betwee...

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HSBC raises crude oil forecasts, sees deficit in July

HSBC raises crude oil forecasts, sees deficit in July

Brent crude, the global benchmark, fell 0.1% to $42.25 a barrel at 1:17 p.m.in London, erasing earlier gains. Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respe...

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Reliance Jio-ADIA deal: 5 things you need to know

Reliance Jio-ADIA deal: 5 things you need to know

Among other investors, Vista Equity Partners will pick a 2.32 per cent stake, General Atlantic 1.34 per cent, KKR 2.32 per cent and Mubadala 1.85 per cent. On May 8, US-based Vista Equity Partners bou...

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Trump hails USA jobs report as greatest comeback in American history

Trump hails USA jobs report as greatest comeback in American history

In advance, economists had been projecting the loss of 8.3 million jobs, continuing the economic bloodletting caused by the coronavirus pandemic that has spurred the highest unemployment levels sinc...

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Bristol protesters pull down statue of slave trader, push it into harbour

Bristol protesters pull down statue of slave trader, push it into harbour

The statue was erected in the centre of Bristol in 1895 to commemorate Colston's philanthropy. "Whilst history shouldn't be forgotten, these people who benefited from the enslavement of individuals ...

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USA unemployment drops to 13.3% - still on par with Great Depression

USA unemployment drops to 13.3% - still on par with Great Depression

The US economy regained 2.5 million jobs in May as coronavirus pandemic shutdowns began to ease, sending the unemployment rate falling to 13.3 percent, the Labor Department reported. Nonfarm pay...

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Elon Musk calls for 'break up' of Amazon

Elon Musk calls for 'break up' of Amazon

He claimed that his book was getting censored for no reason at all. The controversial CEO of Tesla , Elon Musk , has tweeted calling for the breakup of Amazon as reported by Reuters . "Mu...

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