Markets


3M fires back at Trump over order to produce more face masks 3M fires back at Trump over order to produce more face masks
- April 05, 2020

We only are getting some relief from not being able to export out of Korea". "If people don't give us what we need for our people, we're going to be very tough, and we've been very tough". Mr. Trudeau called the move a "mistake", but as of Friday evening President Donald Trump was unmoved by Canada's urging to reverse the order. Several French regional officials said this past week that the United States government had prevented masks from going to France by bidding higher. (more...)
Medical supply shortage spurs global scramble for materials
- April 05, 2020

In a statement issued Friday morning, the company says its employees have gone "above and beyond" to manufacture as many N95 respirators as possible for the United States market. Trudeau highlighted Canada's role in the exchange of goods by mentioning the Canadian medical professionals who cross the border for work and the shipments of supplies, such as gloves and testing kits, which are sent to the U.S. (more...)
SoftBank to walk out on $3 bn commitment to WeWork SoftBank to walk out on $3 bn commitment to WeWork
- April 04, 2020

Though the company reported a loss of $1.25 billion in the third quarter previous year, WeWork last week revealed that it expects to be able to overcome the economic slowdown thanks to a war chest of $4.4 billion in cash and cash commitments. (more...)
Many college students not eligible for stimulus checks Many college students not eligible for stimulus checks
- April 04, 2020

People who didn't file in 2019 will still be able to receive money based on their 2018 tax return. The IRS says that could happen within three weeks, as of April 2, 2020, writing, "The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people". (more...)
Boeing offers ‘voluntary’ layoffs as coronavirus crisis continues Boeing offers ‘voluntary’ layoffs as coronavirus crisis continues
- April 04, 2020

Boeing employees in the region had been speaking out before Boeing made a decision to temporarily close its plants last week, saying they were increasingly anxious about the spread of COVID-19 as more coworkers tested positive for the virus. (more...)
Third inmate dies from COVID-19 at Oakdale federal prison Third inmate dies from COVID-19 at Oakdale federal prison
- April 04, 2020

Keller told "American Agenda" that despite the stay-at-home order in many states, "the Bureau of Prisons is still moving inmates between locations, and sometimes across the country, and we just think that it's within their... At the direction of Attorney General William Barr, the Bureau of Prisons has also been taking steps to begin releasing especially vulnerable inmate populations who are nonviolent and eligible for home confinement programs. (more...)
Pandemic to slow Philippine economy 'substantially,' says ADB Pandemic to slow Philippine economy 'substantially,' says ADB
- April 04, 2020

The ADB said it expects the Chinese economy to expand 2.3 percent this year, down from the previous projection of 5.8 percent. Excluding the newly industrialised economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei, China, developing Asia is forecast to grow 2.4% this year, compared to 5.7% in 2019, before rebounding to 6.7% next year. (more...)
Target to limit number of shoppers, supply workers with masks and gloves Target to limit number of shoppers, supply workers with masks and gloves
- April 03, 2020

Target locations have already implemented new sanitation efforts, Plexiglas partitions at check-out, contactless pick-up and home delivery, as well as signage encouraging shoppers to stay six feet apart. Masks and gloves will also be provided to Target's Shipt shoppers as they enter stores. Each location will receive the masks and gloves within two weeks, the company said. (more...)
Disney to furlough Disney to furlough "non-essential" employees at theme parks, waives annual pass fees
- April 03, 2020

The company did not say how many employees would be affected. The unions that represent Disneyland workers have been pushing for their members to be paid throughout the shutdown. "Over the last few weeks, mandatory decrees from government officials have shut down a majority of our businesses", the statement said. Employees can also apply paid vacation time to the start of their furlough if they desire, the company said. (more...)
Funding Is Available For Businesses To Pay Employees Through Paycheck Protection Program Funding Is Available For Businesses To Pay Employees Through Paycheck Protection Program
- April 03, 2020

Valley, for example, has sent a note and CARES Act primer to 2,700 businesses, clients and clients of clients. A $350 billion small business bailout, a vital fiscal lifeline for millions of enterprises facing certain doom at the hands of coronavirus-inspired lockdowns, may be dead on arrival due to fears of banks doing the lending. (more...)
Social Security recipients to automatically receive stimulus pay Social Security recipients to automatically receive stimulus pay
- April 03, 2020

Parents receive an additional $500 for each qualifying child. That includes payments for Americans who are eligible. How can someone be sure they will receive payment? Backlash ensued after the IRS indicated that people who do not normally file tax returns would need to file an abbreviated return to get the $1,200 payout earlier in the week. (more...)
Rishi Sunak revamps business interruption loans to aid more companies Rishi Sunak revamps business interruption loans to aid more companies
- April 03, 2020

Eligibility - the business must meet the eligibility criteria as set by the Government to be able to qualify and be able to apply. Chancellor Rishi Sunak said: "We are making great progress on getting much-needed support out to businesses to help manage their cashflows during this hard time - with millions of pounds of loans and finance being provided to hundreds of firms across the country". (more...)
HSBC, StanChart shares tumble in Hong Kong after banks scrap dividend HSBC, StanChart shares tumble in Hong Kong after banks scrap dividend
- April 03, 2020

The five largest banks in the United Kingdom had originally planned for 7.4 billion pounds ($9.3 billion) in dividend payments over the next two months. This is to ensure that the banking system as a whole deploys capital in support of the economy. The PRA said banks entered the epidemic, which has put Britain into lockdown, with strong capital positions, enough to withstand a severe United Kingdom and global recession. (more...)
Steve Mnuchin Thinks $1200 Will Final Households Up To 10 Weeks Steve Mnuchin Thinks $1200 Will Final Households Up To 10 Weeks
- April 03, 2020

Mnuchin said he anticipated at least a "rough" second quarter for the United States economy from lockdowns that the authorities have imposed and President Donald Trump said will last until the end of April. 'It is very important for us that workers are protected, and this is a major part of the package'. Congress and President Donald Trump passed the stimulus bill last week to address the dramatic economic crisis caused by the coronavirus pandemic. (more...)
Trump’s Contradictory Views on China Shift as Crisis Grows Trump’s Contradictory Views on China Shift as Crisis Grows
- April 02, 2020

In response to a classified USA intelligence report about China's coverup of the virus outbreak, Rep. Michael McCaul (R-Texas) condemned the Chinese Communist Party (CCP) for deceiving the world in order to protect its rule. The skeletons of coronavirus cases that China hid are apparently tumbling out of the closet. The US, where the outbreak is the worst, has confirmed more than 200,000 infections and 4,542 deaths. (more...)
Arkansas initial jobless claims almost tripled last week Arkansas initial jobless claims almost tripled last week
- April 02, 2020

Labor Department Thursday. "That legislation also contains significant incentives for businesses to retain workers and continue paying them, which will put businesses and workers in a better position to resume work and re-boot the economy once the virus is contained". (more...)
Saudi Arabia Seeks Urgent OPEC+ Meeting To Stabilise Oil Market Saudi Arabia Seeks Urgent OPEC+ Meeting To Stabilise Oil Market
- April 02, 2020

Speaking about the dispute at a White House news conference, Mr Trump said: "It's very bad for Russian Federation, it's very bad for Saudi Arabia". It makes no sense for Russian Federation and Saudi Arabia to bail out all other oil producing nations including the U.S. (more...)
British Airways suspending flights from London’s Gatwick British Airways suspending flights from London’s Gatwick
- April 02, 2020

The International Air Transport Association (IATA), an aviation industry trade group, said that airlines could lose between $63bn (£50bn) and $113bn in revenues as a result of the coronavirus pandemic . In a brief statement, British Airways said: "Talks continue". "Unite has been working around the clock to protect thousands of jobs and to ensure the United Kingdom comes out of this unprecedented crisis with a viable aviation sector", a spokesman for the union said. (more...)
U.S. weekly jobless claims seen at record high: again U.S. weekly jobless claims seen at record high: again
- April 02, 2020

The number of claims has grown by over 3.3 million since the previous week. The figures far exceeded the median estimate of 3.50 million in a Reuters survey of economists. Issues in the labor market reflect recent struggles in the stock market. USA stock futures pared gains following the report. "We anticipate the largest one-month spike in the unemployment rate in history, which underscores the critical importance of extending support to working families and those who have recently lost ... (more...)
Costco, Home Depot to start limiting number of customers at its stores Costco, Home Depot to start limiting number of customers at its stores
- April 02, 2020

Costco and Home Depot announced separately that they will limit the number of people in their stores amid the growing coronavirus pandemic. Costco said on its website that beginning Friday, no more than two people on the same membership card will be able to enter. (more...)

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