Markets


Mercedes-Benz S-Class images leaked with minimal camouflage Mercedes-Benz S-Class images leaked with minimal camouflage
- May 13, 2020

As earlier seen on the facelifted Mercedes E-Class, it now features a tad rounder appearance at its front fascia. Moving at the front, the grille has a different shape and appears to be slightly larger than before to lend the S-Class a more imposing look while following the same path taken by other luxury brands. (more...)
Treasurer Josh Frydenberg tested for coronavirus, awaiting results in self-isolation Treasurer Josh Frydenberg tested for coronavirus, awaiting results in self-isolation
- May 13, 2020

Australia is facing the largest budget deficit in history due to the "sobering" economic impact of the coronavirus pandemic, the country's treasurer said on Tuesday. "We can be confident about our future". "Temporary and targeted, the new spending measures were not created to go forever but to build a bridge to the recovery phase". (more...)
United States consumer prices post biggest decrease since 2008 United States consumer prices post biggest decrease since 2008
- May 13, 2020

Excluding food and energy core CPI decreased by 0.4%, the largest monthly drop in records dating to 1957. Annual consumer inflation slowed to 0.3 per cent, the smallest increase since 2015. Peter Boockvar, chief investment officer at Bleakley Advisory Group, said that "Food price gains were robust as we know there are empty shelves out there". (more...)
Australia faces 'sobering' future economy due to coronavirus Australia faces 'sobering' future economy due to coronavirus
- May 13, 2020

However, he also pointed out the severe economic impact of the virus, saying the nation's treasury was forecasting the gross domestic product (GDP) to fall by more than 10% in the June quarter, "which would represent our biggest fall on record", he said. (more...)
New help for large firms comes with serious commitments New help for large firms comes with serious commitments
- May 13, 2020

Prime Minister Justin Trudeau says whenever that does happen, the feds plan to be "very, very careful". Peter Loewen, a political science professor at the University of Toronto, said Trump's recent tendency to grasp at straws, such as by musing about the promise of UV light and disinfectants, suggest he's feeling "boxed in" by the crisis and willing to take his chances. (more...)
Twitter just told employees they can work from home permanently Twitter just told employees they can work from home permanently
- May 13, 2020

Silicon Valley companies were among the first adopters of work-from-home policies when the coronavirus spread, and they're in no rush to bring workers back to campus. In a statement, the company said it was "one of the first companies to go to a WFH model in the face of COVID-19, but [doesn't] anticipate being one of the first to return to offices". (more...)
Stimulus checks: IRS sets deadline for relief payment by direct deposit Stimulus checks: IRS sets deadline for relief payment by direct deposit
- May 12, 2020

Households are only entitled to a $500 payment for their dependents if their dependent is a child who is eligible for the child tax credit. That can add up to $3,400 for a family of four. The IRS issued a news release on Monday that gave several suggested reasons why people may be seeing a difference between the amount they received and the amount they thought they were going to get. (more...)
PM talks 'opening up of economy' as Mamata, KCR want extended lockdown PM talks 'opening up of economy' as Mamata, KCR want extended lockdown
- May 12, 2020

While PM Modi said the details of the package will be shared in due course he said it is time for us to do our bit for the street hawkers, daily wage workers, migrant labourers, fisherman, etc. He is believed to have told the Chief Ministers that "We will win this war against Corona because of your energy and help". "The only way to do this is an independent India", said Modi. (more...)
Temasek eyes stake in Virgin Atlantic Airways Temasek eyes stake in Virgin Atlantic Airways
- May 12, 2020

The stake is expected to raise around $500m which Virgin Group says will be used to support the groups "leisure, holiday and travel businesses" including the airline. Virgin said its plans were created to "reshape and resize the business to ensure that is it fit for the future, in response to the severe impact of the COVID-19 pandemic on the global economy, our nation and the travel and aviation industry". (more...)
United States stocks open lower as market weighs restarts United States stocks open lower as market weighs restarts
- May 12, 2020

Financial and industrial stocks accounted for much of the selling. They've been hit hard this year on worries that the recession will lead to a wave of households and businesses defaulting on their loans. The technology sector was strong in both the USA and Canada. "The increased risk from U.S./China trade relations and the data from countries at the leading edge of the virus spread are a real fly in the ointment for investors hungrily eying a rapid return to economic normality to justify ... (more...)
Chancellor expected to announce further furlough details Chancellor expected to announce further furlough details
- May 12, 2020

Sunak said the scheme will remain in place to support more people as he continues conversations around helping people get back to work who may lose their jobs. However, speaking at Monday's Downing Street daily briefing, Prime Minister Boris Johnson said a "sudden big flood" of people returning to work was not expected, describing the latest measures as "baby steps". (more...)
China cuts Australian beef imports after warning over virus probe China cuts Australian beef imports after warning over virus probe
- May 12, 2020

Australia has stoked tensions with China in recent weeks by calling for an independent probe into the origins of the coronavirus pandemic, worrying businesses in the most China-dependent developed economy. "Many more farmers rely upon them in terms of selling cattle into those facilities", Birmingham told reporters in a press conference in Canberra. The Australian Meat Industry Council has put the suspension down to labelling issues. (more...)
Ryanair to restore 40% of flights from July Ryanair to restore 40% of flights from July
- May 12, 2020

There will be fewer daily/weekly frequencies on trunk routes, "as Ryanair works to restore some services on the widest number of routes, rather than operating high frequency services on a small number". "As already shown in Asia, temperature checks and face masks/coverings are the most effective way to achieve this on short haul (1 hour) within Europe's single market". (more...)
Ryanair to restore 40% of flights from 1 July Ryanair to restore 40% of flights from 1 July
- May 12, 2020

The plan would involve almost 1,000 flights per day being operated and 90% of Ryanair's pre-Covid-19 route network being restored. Passengers on Ryanair flights will be banned from queueing for the lavatories when the airline resumes flights on July 1. (more...)
Colombia's Avianca files for bankruptcy in NY
- May 12, 2020

Van der Werff added: "When government-mandated air travel restrictions are lifted and we are able to gradually resume our passenger flights, we look forward to welcoming back our furloughed employees and playing a leading role in restarting the economy in Colombia and our other key markets". (more...)
Morrisons cuts petrol price to below £1 a litre Morrisons cuts petrol price to below £1 a litre
- May 11, 2020

It has also cut its diesel price to no more than 104.7p per litre. Fuel prices typically take a while to correspond to the price of crude oil, a move which many say is merely a way for forecourts to increase their profit margins. RAC fuel spokesperson, Simon Wiliams said it was unclear how long prices would stay at their current lows. The RAC said the lower price was "much more reflective of what the retailer is itself paying to buy the fuel in". (more...)
Federal government announces financing opportunities for larger companies affected by COVID-19 Federal government announces financing opportunities for larger companies affected by COVID-19
- May 11, 2020

There will be limits on company actions on dividends, share buy-backs and executive pay, although what exact restrictions there will be were not announced. "The measures we are announcing today will add to the supports now available to large employers in Canada to help them weather the storm". "We've seen many oil and gas companies make commitments already around net-zero by 2050", Trudeau said, referring to previously established carbon reduction goals. (more...)
China threatens `countermeasures` against US as media war escalates China threatens `countermeasures` against US as media war escalates
- May 11, 2020

We urge the United States to immediately correct its mistake. -Chinese spat over journalistic freedoms, occurring while the two nations fight a PR war over the coronavirus pandemic . USA companies do not seem to be considering significantly reducing their China footprint, said the report. China's investment in the USA peaked in 2016 amid a rush of ambitious overseas deals. (more...)
Raises borrowings to ₹12 lakh crore in FY21 Raises borrowings to ₹12 lakh crore in FY21
- May 11, 2020

Therefore, the borrowings would make room for government expenditure and offset the expected revenue shortfall. Former Union finance minister P Chidambaram on Saturday welcomed the Central authorities's choice to borrow a further Rs 4.2 lakh crore, saying that the funds must be used to offer reduction to the poor and restart the financial system to tide over the Covid-19 disaster. (more...)
Coronavirus: Saudi Arabia triples Value-Added Tax rate, suspends monthly allowance for citizens Coronavirus: Saudi Arabia triples Value-Added Tax rate, suspends monthly allowance for citizens
- May 11, 2020

Finance Minister of Saudi Arabia , Mohammed Al-Jadaan said "Cost of living allowance will be suspended as of June first, and the value added tax will be increased to 15% from 5% as of July first". A committee has been formed to study all financial benefits paid to public sector employees and contractors, and will submit recommendations within 30 days, the statement said. (more...)

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