Markets


China scraps annual economic growth target for first time China scraps annual economic growth target for first time
- May 22, 2020

Li announced a consumer price index target of 3.5 percent for 2020 and a deficit target of 3.6 percent of GDP, up from 2.8 percent a year ago, suggesting room to maneuver in the pursuit of strengthened economic growth. The premier gave no details, but President Donald Trump has threatened to back out of the deal if China fails to buy more American exports. Local governments have also issued 1.2 trillion yuan ($169bn) in special bonds in the first four months, according to the finance ministry. (more...)
RBI Cuts Repo Rate By 40 Bps To 4% RBI Cuts Repo Rate By 40 Bps To 4%
- May 22, 2020

With the reduction in the repo rate by 40 basis points to 4 percent, it is likely that the savings bank interest rates as well as fixed deposit rates in financial institutions will see a further downward movement. Meanwhile, the outbreak of Covid-19 has affected the pace of the IBC (Insolvency and Bankruptcy Code) resolution process. Anuj Puri, Chairman - ANAROCK Property Consultants, said, the RBI's repo rate cut is a welcome move. (more...)
Gardaí called to McDonald's as large queues reported at reopened restaurants
- May 22, 2020

The firm has already reopened restaurants for drive-through customers including four sites in Ipswich but none so far in Norfolk. Management is also limiting the maximum spend per auto to €30 and customers are asked to use contactless payments where possible. (more...)
COVID-19 unemployment claims approach 39 million since mid-March COVID-19 unemployment claims approach 39 million since mid-March
- May 22, 2020

According to data released Thursday by the U.S. Department of Labor, an additional 2.44 million workers filed for benefits in the week ending May 16. The prior week's figure was revised down by 294,000 to 2.69 million after a clerical error by CT labor officials inflated the overall nationwide figure. (more...)
Walmart pulls plug on e-commerce website Jet Walmart pulls plug on e-commerce website Jet
- May 22, 2020

History: Jet.com was still pretty embryonic when Walmart agreed to buy it in August 2016. For comparison, February comp sales grew by 3.8%. Ironically, Walmart withstood this test while officially retiring the Jet brand, which never became the urban e-commerce power player envisioned by Walmart, but did produce its e-commerce CEO, Marc Lore. (more...)
HHS taps Virginia company to expand USA production of crucial drugs HHS taps Virginia company to expand USA production of crucial drugs
- May 22, 2020

Lawmakers inside and outside of Washington, D.C., have complained that the US has been far too reliant on foreign supply chains as it raced to secure key equipment and drugs in the battle against COVID-19. Establishing advanced biomanufacturing in the U.S. In an attempt to lessen its dependence on China and India, Trump's administration has awarded a contract amounting to $354 million to the U.S.based and privately-held Phlow Corporation to make COVID-19 drugs, other essential drugs, and ... (more...)
Costco worker lauded online for handling of customer who violated mask policy Costco worker lauded online for handling of customer who violated mask policy
- May 21, 2020

In response, Tison addressed the camera directly and told the customer, and any of his social media followers, that he was "asking this member to put on a mask because that is our company policy" (via Fox News ). There he is walking away with all my stuff. "There he goes. "Cuz I'm not a f***in" sheep". To which Tison replies, "Hi, everyone". "We should be moving forward as a country", he added. (more...)
New US jobless claims slow to 2.43 million in latest week New US jobless claims slow to 2.43 million in latest week
- May 21, 2020

Claims have been gradually declining since hitting a record 6.867 million in the week ending March 28. Most states in recent weeks have seen substantial decreases in weekly claims. "The sharp rise in continuing claims the week before illustrates that the easing of lockdowns in many states has not yet resulted in any large-scale recall to work for those now on temporary layoff", Capital Economics said in a note Thursday. (more...)
2.43 million Americans applied for unemployment benefits last week 2.43 million Americans applied for unemployment benefits last week
- May 21, 2020

After hitting a record in the week ending March 28 , the weekly initial jobless claims figure has been on a steady decline. Each subsequent week has seen claims decline. These workers generally do not qualify for regular unemployment insurance, but to get federal aid for coronavirus-related job and income losses they must first file for state benefits and be denied. (more...)
EasyJet to resume domestic flights across United Kingdom and France EasyJet to resume domestic flights across United Kingdom and France
- May 21, 2020

The airline company originally will reactivate domestic courses in the United Kingdom and France where it states there suffices client need to assistance rewarding flying. Further routes will be added as demand increases and lockdown measures across Europe are relaxed, the statement said. "The safety and wellbeing of our customers remains our highest priority, which is why we are implementing a number of measures to enhance safety at each part of the journey, from disinfecting the aircraft ... (more...)
EIP: What to know about the Economic Impact Payment Cards EIP: What to know about the Economic Impact Payment Cards
- May 21, 2020

The Treasury said it has already sent more than 140 million economic impact payments worth $239 billion to Americans by direct deposit to accounts at financial institutions, Direct Express card accounts, and by check. "This is generally the address on your most recent tax return or as updated through the United States Postal Service (USPS)", it said , repeating that your payment will be made by check or prepaid debit card. (more...)
Hackers Hit EasyJet in Cyberattack Exposing Data of 9 Million Customers Hackers Hit EasyJet in Cyberattack Exposing Data of 9 Million Customers
- May 21, 2020

Easyjet insists that the passport and credit card details of almost all of those people were not affected. "These affected customers will be contacted in the next few days". "Talk to your bank/credit card company to see if they can give you a list of all the occasions when attempts were made to use your credit card". "...the Board of easyJet announces that it has been the target of an attack from a highly sophisticated source", the airline said in its statement. (more...)
Covid impact: Air fares on domestic flights to be capped Covid impact: Air fares on domestic flights to be capped
- May 21, 2020

Passengers will have to update their Aarogya Setu App status to declare they are free of any COVID-19 symptom. Fresno Yosemite International Airport officials didn't comment about the flight Gonzalez was on, but said far fewer people than normal have flown to and from the airport over the past couple months. (more...)
Wednesday's Stock Market Open: US Equities Jump On Strong Retailer Numbers Wednesday's Stock Market Open: US Equities Jump On Strong Retailer Numbers
- May 21, 2020

Despite Tuesday's stumble, Wall Street is on track to recoup its losses from last week amid fresh hopes for a US economic recovery in the second half of the year and optimism about a potential vaccine for COVID-19. Ahead of the opening bell in NY, shares in Expedia Group fell 6% after analysts at Jefferies Group downgraded the travel company's stock and cut their target for the price. (more...)
Fed minutes show officials saw coronavirus as severe economic threat Fed minutes show officials saw coronavirus as severe economic threat
- May 21, 2020

Four more , including a US$600 billion (S$840 billion) Main Street Lending Program , are expected to begin operating later this month. Mnuchin also noted that the Treasury is willing to take on some risks in deploying the existing funds and is prepared to "take losses" with capital used in leveraging those funds. (more...)
China imposes massive tariffs on Australian barley China imposes massive tariffs on Australian barley
- May 20, 2020

Beijing has denied they are related. Chinese trade officials said in a statement: " The investigating authority has ruled that there was dumping of imported barley from Australia and the domestic industry suffered substantial damage ". Chinese President Xi Jinping said China supports the idea of a comprehensive review of the global response to COVID-19 and it should be "based on science and professionalism led by World Health Organization, and conducted in an objective and impartial manner". (more...)
Crowe creates PPP loan forgiveness management solution for lenders Crowe creates PPP loan forgiveness management solution for lenders
- May 20, 2020

Borrowers who use a biweekly payroll schedule, or a more frequent schedule, may choose to have the eight-week period begin on the first day of its first pay period following loan disbursement, rather than on the date of disbursement. Borrowers may now elect to utilize the "Covered Period" or an " Alternative Payroll Covered Period " to determine the eight-week period during which loan proceeds must be spent in order to qualify for forgiveness. (more...)
Oil gains on signs of output cuts, improved demand Oil gains on signs of output cuts, improved demand
- May 20, 2020

He said, "The global economy is reopening and the oil glut has eased off". The alliance's program of production cutbacks this month is well on the way to trimming 9.7 million barrels of daily crude output - roughly 10% of global supplies, according to tanker-tracking data, interviews with physical crude traders and refiners, and assessments by consultants. (more...)
Rolls Royce : Plans to Cut 9000 Jobs Amid Major Restructuring Rolls Royce : Plans to Cut 9000 Jobs Amid Major Restructuring
- May 20, 2020

Warren East, chief executive of Rolls-Royce, warned the majority of the cuts could fall in the United Kingdom, as it embarks on a "major reorganisation". Rolls Royce said it is "increasingly clear that activity in the commercial aerospace market will take several years to return to the levels seen just a few months ago". (more...)
Coronavirus in Suffolk: 856k surge in jobless claimants Coronavirus in Suffolk: 856k surge in jobless claimants
- May 20, 2020

The government scheme is supporting 7.5 million jobs, ensuring employees receive 80 per cent of their monthly pay up to £2,500 (RM13,150). United Kingdom unemployment rates have increased. However, while the claimant count has increased by over 800,000, according to the ONS notes themselves, this is because people are now eligible for benefits due to the CV19 crisis that previously were not, but they still remain employed. (more...)

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