Markets


Slack quarterly sales beat expectations as new users grow Slack quarterly sales beat expectations as new users grow
- June 07, 2020

The company reports over 122,000 paid customers, up 28% year-over-year. Amazon is now the second-largest private-sector employer in the US. The news comes at a time when there is increased demand for enterprise communications tools for remote teams. (more...)
Twitter disables Trump's George Floyd video tribute Twitter disables Trump's George Floyd video tribute
- June 07, 2020

Mr. Trump's activity on Twitter diminished during the afternoon, albeit not without him continuing to make news throughout the day as a result of his posts on the platform. Eleven days after Mr Floyd's death while handcuffed in the custody of Minneapolis police, Mr Trump said at a televised White House briefing such violence can not be allowed to happen. (more...)
Gap's quarterly sales plunge 43% on coronavirus hit By Reuters Gap's quarterly sales plunge 43% on coronavirus hit By Reuters
- June 07, 2020

The court battle highlights the mounting tension between retail landlords and their tenants, many of which had stores forced shut due to the crisis and as a result stopped paying rent or paid less rent. At the end of the first quarter, Simon Property, based in Indianapolis, had 412 stores operated by the Gap in its properties, making Gap one of its top US store tenants apart from department stores. (more...)
Jio Platforms raises $1.2B from Abu Dhabi's state fund Mubadala Jio Platforms raises $1.2B from Abu Dhabi's state fund Mubadala
- June 06, 2020

A subsidiary of Reliance Industries , the most valued firm in India whose core businesses are in oil refining and petrochemicals, Reliance Jio Platforms has raised $11.5 billion by selling a 19% stake in the last seven weeks. Abu Dhabi Investment Authority and Saudi Arabia's The Public Investment Fund are in discussions with Reliance Industries to invest in its digital arm, news agency Bloomberg reported this week citing people familiar with the matter. (more...)
Qantas scaling up flights by late June Qantas scaling up flights by late June
- June 06, 2020

Both Queensland and Western Australia have no published plans to reopen their borders and Queensland residents are subject to a 14-day quarantine if they travel back from what the state terms Covid-19 hotspots. They're also hoping to see the number of flights between Sydney and Melbourne quintuple by the end of June. "Normally, we plan our capacity months in advance, but in the current climate we need to be flexible to respond to changing restrictions and demand levels", he said. (more...)
Germany to make electic auto charging stations mandatory at all petrol stations Germany to make electic auto charging stations mandatory at all petrol stations
- June 06, 2020

We have to start now, "he told CNN". The total incentive package is 4% of the annual economic performance of the state. However, despite efforts and incentives, only about 3% of the total cars sold in May were electric. Demand is lower than ever since 1991. "The industry is standing in a dark cellar and still manages to step back, although there is still no light trail", said Klaus Wohlrabe, head of survey at Ifo. (more...)
Dow ends 3.2% higher after suprisingly good U.S. jobs data Dow ends 3.2% higher after suprisingly good U.S. jobs data
- June 06, 2020

That raises optimism that Friday's more comprehensive jobs report from the US government may also not be as bad as feared. Analysts saw unemployment soaring to a historic 19.8%. "The unemployment rate was solid; the participation rate was higher". Boeing Co surged 11.5%, giving biggest the blue-chip Dow its biggest boost, on hopes of a pickup in air travel a day after American Airlines Group Inc and United Airlines said they would boost their US flight schedule next month. (more...)
Trump sparks controversy saying 'great day' for George Floyd Trump sparks controversy saying 'great day' for George Floyd
- June 06, 2020

However while these figures sound encouraging, the U.S. unemployment rate remains higher than at any point during the financial crisis of the late 2000s. job creation in May. "For the president to try to put any other words in the mouth of George Floyd, I frankly, think is despicable", Biden said at an event in Delaware. (more...)
Oil prices fall on Thursday over doubts on output cuts Oil prices fall on Thursday over doubts on output cuts
- June 06, 2020

Two OPEC+ sources said Saudi Arabia and Russian Federation had agreed to extend the deeper cuts until the end of July but they said Riyadh was also pushing to extend them until the end of August. But they failed to agree on holding an OPEC+ meeting on Thursday to discuss the cuts, with OPEC sources saying it would be conditional on countries that have not complied with their targets so far deepening their cuts. (more...)
Coronavirus: Chancellor Sunak announces 'unprecedented' measures to support self-employed
- June 06, 2020

It is also only available to businesses and individuals who filed a taxi return for a year ago, and who make up the majority of their income from being self-employed. He added: "The Covid-19 crisis is highlighting just how unsustainable this situation is - as increasing numbers of these workers face losing their livelihoods due to having to self-isolate at home or from falling ill". (more...)
Twitter Pulls Trump’s Tribute Video to George Floyd Over Copyright Claim Twitter Pulls Trump’s Tribute Video to George Floyd Over Copyright Claim
- June 06, 2020

Asian American's unemployment rose from 14.5% to 15%. And then he added, "Hopefully, George is looking down right now and saying, "This is a great thing that's happening for our country". Some economists forecast the rate could remain in the double-digits through the November elections and into next year. Trump spoke at a signing ceremony for a measure making revisions to the Paycheck Protection Act. (more...)
Statistics Canada to release May jobs numbers, expected to show more losses Statistics Canada to release May jobs numbers, expected to show more losses
- June 06, 2020

Statistics Canada reported Friday the Canadian economy added 289,600 jobs in May, with businesses reopening amid easing public health restrictions. The city's unemployment rate jumped to 13.6 per cent, up from 10 per cent in April, and slightly higher than Calgary's unemployment rate of 13.4 per cent. (more...)
Coronavirus Job Retention Scheme extension explained: Everything mobility leaders need-to-know Coronavirus Job Retention Scheme extension explained: Everything mobility leaders need-to-know
- June 06, 2020

While these contributions are still relatively low and should enable employers to retain their furloughed workers at least into late October, the changes do make large numbers of United Kingdom workers vulnerable to being sacked by employers whose profit margins are so tight that even 10 per cent of their workers' pay will not be feasible. (more...)
Canada Added 2,90,000 Jobs in May but Unemployment Rate Still Increased Canada Added 2,90,000 Jobs in May but Unemployment Rate Still Increased
- June 05, 2020

Combined with more people reporting getting regular hours, the agency said Canada had recovered only 10.6 per cent of employment losses and absences related to the COVID-19 pandemic. A year ago at this time our area unemployment rate sat at 7.5%. Some of this difference may be accounted for by individuals applying for traditional UI instead of the new Pandemic Unemployment Assistance program, either by mistake or because of State requirements. (more...)
Ottawa-Gatineau loses 24000 jobs in May as pandemic continued Ottawa-Gatineau loses 24000 jobs in May as pandemic continued
- June 05, 2020

James said to date, more than 510,000 people in B.C. have received the $1,000 BC Emergency Benefit for Workers. Had those numbers been counted, the May unemployment rate would have been 19.6% rather than 13.7%. "Compared with February, full-time employment was down 11.1% in May, while part-time work was down 27.6%". Wall Street indices muddled through the day, with the Dow ending up just 0.1 percent and the S&P 500 and Nasdaq both closing lower, ending three days of gains that Peter Cardilo ... (more...)
Alberta's unemployment rate hits 15.5 per cent Alberta's unemployment rate hits 15.5 per cent
- June 05, 2020

Numerous gains came in the leisure and hospitality sector, where reopened restaurants saw job levels increase by 1.2 million, following losses of 7.5 million in April and 743,000 in March. The provincial unemployment rate rose to 13.6 per cent in May, up from 11.3 per cent in April. "These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (Covid-19) pandemic and efforts to contain it", the ... (more...)
U.S. unemployment sees surprise improvement in May U.S. unemployment sees surprise improvement in May
- June 05, 2020

Bureau of Labor Statistics. It's joyous, let's call it like it is. Wall Street indices muddled through the day, with the Dow ending up just 0.1 percent and the S&P 500 and Nasdaq both closing lower, ending three days of gains that Peter Cardilo of Spartan Capital Securities said were "a little overboard" ahead of the unemployment report. (more...)
United States unemployment sees surprise improvement in May United States unemployment sees surprise improvement in May
- June 05, 2020

The Bureau of Labor Statistics reported that the "motion picture and sound recording" category, which includes film production workers and theater employees, had an unemployment rate of 31.5%, up from 31.3% in April. Thursday's new numbers however, still break the previous record for most claims made in a single week set in 1982 with 695,000. But government employment continued to decline sharply, dropping by 585,000 positions. (more...)
USA unemployment rate could reach 20%, almost 2 million more claims expected USA unemployment rate could reach 20%, almost 2 million more claims expected
- June 05, 2020

More than 40 million Americans have filed for unemployment insurance since the start of the coronavirus lockdown period in March, a figure the U.S. has not seen since the Great Depression. In one sign of systemic inequality, black unemployment, at 16.8%, remains significantly higher than white unemployment, at 12.4%. Although economists are predicting unemployment will fall rapidly as people return to work, the economy might not recover quickly. (more...)
Latest round of Brexit negotiations made no significant progress — EU's Barnier Latest round of Brexit negotiations made no significant progress — EU's Barnier
- June 05, 2020

The Bank of England governor has told banks to bolster their preparations for a no-deal Brexit . The central bank said on Wednesday: "It is fundamental to the Bank of England's remit that it prepares the United Kingdom financial system for all risks that it might face". (more...)

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