Money

Statistics Canada to launch June jobs report as catalyst limitations ease

Statistics Canada to launch June jobs report as catalyst limitations ease It's down 42,900 from February, the last month before restrictions to contain the virus began choking the economy . In June, the city's unemployment rate was the third-highest behind Edmonton at 15.7 per cent, and Calgary was at 15.6 per cent. [Full Article...]

Canada predicts historic deficit due to pandemic spending

Canada predicts historic deficit due to pandemic spending Things could, however, get worse under two alternative scenarios the Finance Department lays out. Prime Minister Justin Trudeau said in May he would extend CEWS through August; the government later promised to lower a threshold that forced applicants to prove that their revenues had fallen 30 per cent compared with the previous year. [Full Article...]

Wall Street closes down as late buying fails to overcome COVID concerns

Wall Street closes down as late buying fails to overcome COVID concerns U.S. stocks were mixed on Friday with the Dow and S&P 500 index in the red and the Nasdaq closing in the black. Trading volume is expected to spike, especially during the opening and close of Friday's session on account of "quadruple witching", as investors unwind interests in futures and options contracts prior to expiration. [Full Article...]

Jio Platforms scores another investment: $1.5bn from Saudi Arabia's PIF

Jio Platforms scores another investment: $1.5bn from Saudi Arabia's PIF PIF will buy a 2.32 per cent stake in its digital unit Jio Platforms for Rs 11,367 crore. The stunning speed and size of the fund-raising has helped Reliance achieve the net debt-free status before the March deadline set for the company by Ambani, Asia's richest man . [Full Article...]

A Supreme Court victory for LGBT rights and the rule of law

A Supreme Court victory for LGBT rights and the rule of law In a blow to the administration of President Donald Trump, the court ruled by six votes to three that Title VII of the Civil Rights Act of 1964 , which outlaws discrimination against employees because of a person's sex , also covers sexual orientation and transgender status. [Full Article...]

Tech Tent: Facial recognition faces reckoning

Tech Tent: Facial recognition faces reckoning IBM, on the other hand, committed to getting out of the facial recognition game altogether, pointing out the inherent bias against minorities often built into these systems, and the tech's potential to impinge on civil liberties. Amazon on Wednesday banned police from applying its tech for just one 12 months, when IBM previously claimed it would cease supplying the technological know-how for "ma... [Full Article...]

United States jobless claims continue gradual decline, remain elevated

Weekly initial jobless claims have decelerated for 10 consecutive weeks. The state Department of Labor has come under fire since March as workers report waiting months for their benefit payments or calling unemployment offices day after day without reaching help. [Full Article...]

China Inflation -0.8% On Month In May

China Inflation -0.8% On Month In May The consumer price index (CPI), which measures the prices of a basket of consumer goods and services, rose 2.4% year-on-year, the fourth straight monthly decline and down from a 3.3% pace in April, data (link in Chinese) from the National Bureau of Statistics (NBS) showed. [Full Article...]

Crude oil futures soar to 3-month high

Crude oil futures soar to 3-month high The recovery of global benchmark Brent crude futures from a 21-year intraday low of $15.98 a barrel early in March to the close of $40.80 on Monday means that crude is no longer the massive bargain it was Chinese buyers may now scale back some of their purchases for strategic and commercial storage purposes. [Full Article...]

Biden Has More Support From Women Than Clinton

Biden Has More Support From Women Than Clinton This is the worst presidential approval rating since January of 2018 and very similar with approval ratings for Jimmy Carter and George H.W. Bush at this point in their reelection years. The 46-year old black man died after a white Minneapolis police officer put his knee on the handcuffed Floyd's neck for almost nine minutes. Trump has been slammed for his response to the riots, unrest and cla... [Full Article...]

Canada's unemployment rate reaches record 13.7%

Canada's unemployment rate reaches record 13.7% This is the highest the jobless rate has been since 1982. The development indicates that the Coronavirus-paralysed U.S. economy is rebounding with surprising strength as businesses began to reopen last month after several weeks of lockdown over the pandemic. [Full Article...]

Economy adding 2.5 million jobs in May

Economy adding 2.5 million jobs in May But the European Central Bank also warned it expects the region's economy to shrink 8.7% this year due to the pandemic. Travel stocks, meanwhile, were also boosted by growing expectations for a comeback in travel and tourism demand after the Trump administration eased a proposed ban against flights by mainland Chinese airlines to the U.S. [Full Article...]

Facebook is offering permanent Work from Home opportunity for its employees

Facebook is offering permanent Work from Home opportunity for its employees The company is ramping up its efforts for remote hiring and will also allow experienced employees in good standing to work from home , CEO Mark Zuckerberg said in a staff meeting Thursday that was livestreamed on his public Facebook page. [Full Article...]

Banks, financial stocks under pressure as RBI extends moratorium on loan repayment

Banks, financial stocks under pressure as RBI extends moratorium on loan repayment The central bank moved up its monetary policy committee meeting, which was scheduled for early June, to make the rate cut. The bank had cut the repo rate by 75 basis points in March as fears grew over the spread of the virus in the country of 1.3 billion people. [Full Article...]

Tesla to introduce 'million-mile' battery later this year or early next

Tesla to introduce 'million-mile' battery later this year or early next Electric auto maker Tesla Inc plans to introduce a new low-priced, long-life battery in its Model 3 sedan in China later this year or early next that it expects will bring the cost of electric vehicles in line with gasoline models, and allow EV batteries to have second and third lives in the electric power grid . [Full Article...]

China Steps Up U.S. Soybean Buying With Million-Ton Purchase

China Steps Up U.S. Soybean Buying With Million-Ton Purchase Under the deal, the Trump administration agreed to postpone any further tariff increases, while China promised a $200-billion increase over two years in its purchases of U.S. The statement said the remaining United States products subject to China's second round of additional tariffs will not be excluded for the time being. [Full Article...]

Apple Stores to reopen in four USA states next week

Apple Stores to reopen in four USA states next week Apple stores are beginning to reopen, but they will have new precautions that will limit how many people can be in a store. Apple will start reopening some of its U.S. It touts Apple's new no-contact delivery service, financing options, order tracking, and more, with links to shop all Apple's product categories, including iPhone, iPad, Mac and Apple Watch. [Full Article...]

Crude oil prices rise above $31 as lockdown easings counter supply glut

Crude oil prices rise above $31 as lockdown easings counter supply glut USA jobless claims, meanwhile, continued to rise, although at a slower pace with 3.2 million more people seeking unemployment benefits for the week ended May 2. Saudi Arabia increased its official selling prices for June after cutting May exports to nearly the lowest in a decade following a deal by global producers to reduce output to prop up prices. [Full Article...]

Trump pushes economy reopening, says virus could kill 100K

In an assessment that clashes with those of some public health experts, President Trump said he believed that by the end of the year there would be a vaccine against Covid-19. He said he did not believe he posed a risk to others. Trump smiled in response, saying, "I'm not sure, but I think I like that question". He said the economic ties between the United States and Ireland will be "m... [Full Article...]

Warren Buffett's Berkshire Hathaway Posts Nearly $50 Billion Loss Amid Coronavirus Pandemic

Warren Buffett's Berkshire Hathaway Posts Nearly $50 Billion Loss Amid Coronavirus Pandemic At a virtual shareholder meeting also on Saturday, Buffett announced that his conglomerate has sold all its airline stocks, sending an alarming signal to industry devastated by the global pandemic. Buffet is considered one of the world's savviest investors. Like many other events, the annual pilgrimage had to go online for the first time due to the coronavirus pandemic. [Full Article...]


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