Money

Money Warren Buffett takes $10bn hit and slashes 10,000 jobs at parts maker
Author: 0 Warren Buffett takes $10bn hit and slashes 10,000 jobs at parts maker

The latest quarterly report shows Berkshire held a cash float of nearly $US147 billion and its share portfolio was worth over $US199 billion. Operating profit, which the writedown does not affect, fell 10 per cent. It is a great turnaround for the company which reported a huge first-quarter loss. It reported a $2.1 billion underwriting profit in the quarter, up from $393 million a year ago.

Money Silver refuses to be left behind by gold’s bull run
Author: 0 Silver refuses to be left behind by gold’s bull run

Investors chasing the over-priced equity markets are betting big on gold as an hedge against economic uncertainty. Bucking the trend, silver September futures have hit a 7-year high of Rs 60,782 per kg on MCX . "Gold has rallied to record high levels reflecting firmness in the global market, where prices have been on a rise for the last few months but picked up pace amid sharp losses in the dollar, additional stimulus measures and robust investor inflows".

Money CDC extends no-sail order for cruise ships
Author: 0 CDC extends no-sail order for cruise ships

CDC issued its No Sail Order on 14 March and this was renewed on 9 April . Cruise Lines International Association (CLIA ) last month announced a voluntary suspension of cruise operations from USA ports until September 15 and CDC said it extended its ban as not all cruise operators are members of CLIA.

Money Tesla shaves $3,000 off Model Y price months after sales start
Author: 0 Tesla shaves $3,000 off Model Y price months after sales start

The common major a few USA automakers, Ford, GM and Fiat Chrysler Automobiles, are offering % funding prices, in addition to deferred or for a longer time-time period payment selections, when other automakers have also announced incentives and payment ideas to enchantment to new buyers and preserve present homeowners from defaulting on loans.

Money OPEC+ close to deal on next phase of oil cuts
Author: 0 OPEC+ close to deal on next phase of oil cuts

That was pushed back a month and now the Saudis seem desperate to make sure it starts. The Journal, citing sources, said Saudi Arabia was leading a push within the organisation to increase production. The Agency estimated that global oil demand this year will average 92.1 million barrels a day, down 7.9 million barrels a day from 2019, a slightly smaller decline than forecast in the June forecast.

Money Sudbury’s unemployment rate edges upwards to 9.4%
Author: 0 Sudbury’s unemployment rate edges upwards to 9.4%

Canada, as a whole, gained 953K jobs, with the unemployment rate falling to 12.3%. Saskatchewan saw an increase of over 30,000 jobs as the province's economy reopened. Most of the new jobs came from Ontario and Quebec, which added 378,000 and 248,000 jobs, respectively. Friday's jobs report joins "a growing number of economic indicators that have been less-bad than feared early in the economic recovery", Royal Bank of Canada economist Nathan Janzen said.

Money COVID-19 pandemic pushes federal deficit projection to record $343B
Author: 0 COVID-19 pandemic pushes federal deficit projection to record $343B

Perrin Beatty, president of the Canadian Chamber of Commerce, noted the deficit and the debt-to-GDP ratio of 49.1 per cent "will undermine Canada's fiscal capacity for decades". Conservative leader Andrew Scheer, the leader of the opposition, called it a dire picture. "Our government was well-positioned to be there for Canadians and lay the groundwork for our economy to bounce back".

Money Supreme Court Decision on Consumer Protection
Author: 0 Supreme Court Decision on Consumer Protection

The court ruled along ideological lines that the structure of the CFPB violates the Constitution. The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, created the CFPB to serve as an independent agency for the goal of enforcing consumer protection laws in the financial services space.

Money Dow Falls as Jobless Claims Numbers Disappoint
Author: 0 Dow Falls as Jobless Claims Numbers Disappoint

The Dow Jones Industrial Average abruptly turned lower Friday after Apple said it was closing some stores due to a rise in coronavirus cases, stoking fears of another lockdown. In other markets, USA crude futures rose 0.7% to $38.22 a barrel, regaining some momentum as a meeting to monitor compliance with the so-called 'OPEC+' alliance's deal on output restraint passed off without major incident, while executives from major trading companies Vitol and Trafigura told Bloomberg that global ...

Money Ambani beats zero net-debt deadline with US$15b Jio flows
Author: 0 Ambani beats zero net-debt deadline with US$15b Jio flows

Mumbai Reliance Industries Limited (RIL) has raised over ₹168,818 crore in less than two months, against its net debt of ₹161,035 crore, as on 31st March 2020, making RIL a net debt-free company and fulfilling its chairman Mukesh Ambani's promise to shareholders much ahead of schedule.

Money Now Microsoft is banning police from using its facial recognition tech, too
Author: 0 Now Microsoft is banning police from using its facial recognition tech, too

The tech giant's announcement came shortly after IBM chose to completely abandon the facial recognition business, citing concerns that it could be nefariously used for mass surveillance and racial profiling. Driven to action by country-wide protests in the U.S. following the death of George Floyd , tech giants are calling for the introduction of new regulations to prevent facial recognition contributing to discrimination.

Money Tesla is close to becoming the world's most valuable auto company
Author: 0 Tesla is close to becoming the world's most valuable auto company

Donny Dolittle shared a screenshot of a leaked June 9 email from Elon Musk regarding the Tesla Semi, indicating that it is finally going into production. Tesla first debuted its Semi truck during a special event in 2017. Of note: Musk's note about Tesla's electric trucks follows a surge in the stock price of electric truck manufacturer Nikola, which has tripled its price since it began trading last week.

Author: 0 U.S. jobless claims continue gradual decline, remain elevated

Continuing claims - the total number of Americans claiming ongoing unemployment benefits in state programs - decreased by less than estimated to 20.9 million in the week ended May 30. Georgia had 136,000, down from 149,000. Labor officials said 3,000 of those claims were for state unemployment benefits, while the rest were for federal Pandemic Unemployment Assistance.

Money Consumer inflation continues to ease in May
Author: 0 Consumer inflation continues to ease in May

Energy prices continued to fall in May, dropping 1.8 percent on the month, and 18.9 percent year-on-year. That was largely due to slowing food prices, which rose 10.6% in May from a year earlier, versus a 14.8% rise in April. inflation edged down again in May, but at a slower rate than the prior month as price drops moderated in some sectors, the Labor Department said today.

Money Saudi Arabia to end voluntary cuts on top of OPEC+ pact
Author: 0 Saudi Arabia to end voluntary cuts on top of OPEC+ pact

Global benchmark Brent broke past $43 per barrel for the first time since early March on Monday after major crude exporters made a decision to keep record production curbs in place until the end of July. Even as oil prices recovered, they are still well below the costs of most US shale producers, leading to shutdowns, layoffs and cost-cutting in the world's largest producer.

Money New CNN Poll Shows Joe Biden 14 Points Over Donald Trump
Author: 0 New CNN Poll Shows Joe Biden 14 Points Over Donald Trump

These include: his ties to China, the country the White House blames for the spread of the pandemic; Hunter Biden, the vice president's son, whom aides believe can be painted as a symbol of corruption; and Mr Biden's support for a 1994 crime bill, which Mr Trump says helped create conditions that have led to the unrest in American cities.

Money US unemployment rate drops in May as economy reopens
Author: 0 US unemployment rate drops in May as economy reopens

The May jobs report showed an unexpected rise in the number of non-farm payrolls in the economy and a drop in the unemployment rate from April , averting what economists expected would be a rise in the jobless rate to the highest level since the Great Depression amid the coronavirus pandemic.

Money Dow Soars 829 Points on Heels of Strong US Jobs Report
Author: 0 Dow Soars 829 Points on Heels of Strong US Jobs Report

The S&P 500 opened higher by 64.61 points, or 2.08%, at 3,176.96, while the tech-rich Nasdaq Composite gained 155.60 points, or 1.62%, to 9,771.41. Nasdaq just missed setting a new closing record high. A report showed that the number of US workers filing for unemployment benefits eased for a ninth straight week, roughly in line with the market's expectations.

Money Asia Morning: US Indexes Lack Momentum, Airline Stocks Fly
Author: 0 Asia Morning: US Indexes Lack Momentum, Airline Stocks Fly

Australian shares are set to open lower this morning. Wall Street turned in its fourth straight gain after surveys Wednesday showed employers cut fewer jobs than forecast last month and a USA manufacturing downturn eased slightly. Treasury yields rose after the data. Increasing tensions between the United States and China are also raising worries about a resumption in the trade war between the world's two largest economies, while some investors are anxious about volatiltiy that could be ...

Money RBI extends moratorium on EMIs for three more months till August 31
Author: 0 RBI extends moratorium on EMIs for three more months till August 31

He said the decision to extend the moratorium period for loans is a significant negative for private banks, both in the medium and long term. In his previous addresses post the COIVD-19 outbreak and lockdown, the RBI governor had announced a series of measures to infuse liquidity into the banking system and support the economy on 27 March and 17 April.

Money Tesla May Deploy 'Million-Mile' Batteries in China Later This Year
Author: 0 Tesla May Deploy 'Million-Mile' Batteries in China Later This Year

That's not the official name, of course, but it's a reference to how much longer the cells can operate before failing. Making this possible are new methods of producing batteries at volume and reducing or even eliminating the use of cobalt , which is the most expensive material used in batteries today.

Money US Senate threatens sanctions on China over COVID-19 accounting
Author: 0 US Senate threatens sanctions on China over COVID-19 accounting

The latest list waives tariffs on products including medical disinfectant, rare-earth metal ores, and some silicon wafers used in the electronics industry. Trump critics, including some former officials, academics and columnists, have said that while China has much to answer for in terms of its actions early in the outbreak, the US administration appears to be seeking to deflect attention from what they see as a slow USA response to the crisis.

Money Nigeria's Bonny light crude up by 22.7% as global oil demand improves
Author: 0 Nigeria's Bonny light crude up by 22.7% as global oil demand improves

West Texas Intermediate crude oil, the US benchmark, climbed 9.8 percent to $26.34 per barrel while Brent crude , the worldwide standard was up 6.29 percent at $31.59. Oil prices jumped on Thursday following the news that China's exports unexpectedly rose last month and a sharp increase in Saudi Arabia's crude oil official selling prices.

Money Apple will open some stores in the United States next week
Author: 0 Apple will open some stores in the United States next week

Apple will begin reopening its retail stores in Alabama, Alaska, Idaho and SC from next week. A handful of Apple's stores will open next week as the company slowly begins to bring its brick-and-mortar retail back online after almost two months of a total shutdown in the U.S.

Money Another 3.2 million Americans filed for unemployment last week
Author: 0 Another 3.2 million Americans filed for unemployment last week

Another 20,000 Oregonians filed for new unemployment benefits last week, adding to the state's staggering tally of job losses during the coronavirus outbreak. "Claims continue to decay by about 15 to 18 percent per-week, and are now at less than half the 6.9 million peak in the week of March 28", he said in an analysis.

Money Warren Buffett Says Coronavirus Cannot Stop America, Despite Huge Berkshire Loss
Author: 0 Warren Buffett Says Coronavirus Cannot Stop America, Despite Huge Berkshire Loss

Billionaire investor Warren Buffet said Saturday he's confident the USA economy will bounce back from its pummeling by the coronavirus pandemic because "American magic has always prevailed". Its stock price has fallen 19% in 2020, compared with a 12% drop in the Standard & Poor's 500, despite Buffett's prediction that Berkshire would outperform in down markets.

Money Buffett's Berkshire Hathaway posts record loss on coronavirus, but operating profit rises
Author: 0 Buffett's Berkshire Hathaway posts record loss on coronavirus, but operating profit rises

Warren Buffett's Berkshire Hathaway sold more than $6 billion worth of stocks in April, according to first-quarter earnings released on Saturday ahead of its annual meeting. Berkshire, which owns companies including Geico auto insurer, Burlington Northern Santa Fe railroad, Dairy Queen, Duracell, and many other financial, industrial, and consumer firms, has been hit hard by the COVID-19 pandemic.

Money Tyson CEO warns of meat supply shortage; how bad could it get?
Author: 0 Tyson CEO warns of meat supply shortage; how bad could it get?

The order is designed, in part, to protect companies from liability if workers end up getting sick. The 15 largest pork-packing plants account for 60% of all pork processed in the USA, and the country has already seen a 25% reduction in pork slaughter capacity, according to UFCW.

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