Reserve Bank cuts interest rates to a new record low

As the virus has spread, countries have restricted the movement of people across borders and have implemented social distancing measures, including restricting movements within countries and within cities. While interest rate cuts usually boost the h... More..

by | Published 12 days ago
Coronavirus crisis: US President Donald Trump closes US-Canada border
by | Thursday, March 19, 2020

Coronavirus crisis: US President Donald Trump closes US-Canada border

The president went on to stress that trade will not be affected and said he would follow-up with further details. The US has almost 8,000 cases of Covid-19 across all 50 states and has seen 138 deaths so far....More..

Coronavirus: Chancellor unveils £330bn support for economy
by | Thursday, March 19, 2020

Coronavirus: Chancellor unveils £330bn support for economy

She said: "It seems to me that they have grasped what our issues and major costs are within the industry and are addressing them - quickly". Following the changed medical advice yesterday (16 March), there are ...More..

French antitrust authorities fine Apple $1.2B for anti-competitive behavior
by | Thursday, March 19, 2020

French antitrust authorities fine Apple $1.2B for anti-competitive behavior

The authority added that two Apple's wholesalers, Tech Data and Ingram Micro, were punished with €63 million and €76 million fines respectively for agreeing on prices in violation of the law. Apple said thro...More..

Air New Zealand reduces trans-Tasman flying to a trickle
by | Thursday, March 19, 2020

Air New Zealand reduces trans-Tasman flying to a trickle

Capacity on domestic routes will be reduced by around 30 percent in April and May. "This crisis is moving really quickly", United Chief Executive Oscar Munoz and President Scott Kirby said in a memo to employ...More..

Senate passes coronavirus aid bill, sends to Trump
by | Thursday, March 19, 2020

Senate passes coronavirus aid bill, sends to Trump

The legislation passed by Congress guarantees free testing for the novel coronavirus , provides additional funding for government nutrition assistance programs, expands unemployment insurance and grants busi...More..

General Motors to temporarily suspend production
by | Thursday, March 19, 2020

General Motors to temporarily suspend production

The union has been pushing for factories to close because workers are fearful of coming into contact with the virus. A company spokesman said facility-specific closing information was not immediately availabl...More..

Oil falls for third day as Coronavirus travel bans escalate
by | Thursday, March 19, 2020

Oil falls for third day as Coronavirus travel bans escalate

Oil prices plummeted more than 13% to a almost 18-year low on Wednesday, as the coronavirus pandemic continued to sap demand for crude and as rising worries about a global recession were leading to fears of ...More..

NYSE takes traders' temperatures before they enter exchange
by | Thursday, March 19, 2020

NYSE takes traders' temperatures before they enter exchange

The closing of the New York Stock Exchange's trading floor will be until done until further notice. The NYSE said trading activity and regulatory oversight would proceed without interruption. Both the futur...More..

Tesla reportedly orders factory workers to show up despite shelter orders
by | Wednesday, March 18, 2020

Tesla reportedly orders factory workers to show up despite shelter orders

Seven Bay Area counties have ordered almost 7 million residents to shelter in place for three weeks and ordered businesses to send employees home in order to slow the spread of the coronavirus . "But Tesla m...More..

Ford temporarily suspends production in North American factories
by | Wednesday, March 18, 2020

Ford temporarily suspends production in North American factories

The closures come after Fiat-Chrysler and Ford said they were suspending production at Detroit-area plants after workers tested positive for coronavirus . GM believes it can run the plants safely with preventi...More..

Business rates Chancellor announcement coronavirus
by | Wednesday, March 18, 2020

Business rates Chancellor announcement coronavirus

The Chancellor will make available an initial £330 billion of guarantees - equivalent to 15% of UK GDP. Answering concerns raised by the industry and in an article in the drinks business , Sunak said tha...More..

U.S. Fed to buy short-term corporate debt in emergency move
by | Wednesday, March 18, 2020

U.S. Fed to buy short-term corporate debt in emergency move

The facility will support rollovers of commercial paper, a commonly used form of unsecured, short-term debt issued to raise funds. At the same time, money market funds, among the largest buyers of the short-t...More..

Saudis to boost oil exports to 10 mn barrels per day
by | Wednesday, March 18, 2020

Saudis to boost oil exports to 10 mn barrels per day

Oil extended its slide to the lowest level in nearly 17 years as the coronavirus pandemic threatens to bring the global economy to a standstill, battering demand just as supply explodes. When that premium, ...More..

Airlines cutting flights in response to Covid-19
by | Wednesday, March 18, 2020

Airlines cutting flights in response to Covid-19

Even with the reduced schedule, the company is "doing all it can to avoid furloughs", according to a separate letter the airline's pilots union leadership sent their membership Sunday evening. travel disruption...More..

Macron orders people in France to stay at home
by | Wednesday, March 18, 2020

Macron orders people in France to stay at home

He said the tougher measures in France , which has seen more than 6,600 cornavirus infections and almost 150 deaths in recent weeks, was unprecedented in peacetime, declaring, " We are in a health war ". The g...More..

Stock Futures Jump Following Biggest Wall Street Losses Since 1987
by | Wednesday, March 18, 2020

Stock Futures Jump Following Biggest Wall Street Losses Since 1987

Stocks plunged following a series of measures announced by the US Federal Reserve , including slashing interest rates to almost zero and the buying of $700 billion in Treasurys and mortgage-backed securities, ...More..

Qantas to cut 90% of worldwide flights
by | Wednesday, March 18, 2020

Qantas to cut 90% of worldwide flights

Virgin Australia will suspend all global flying from March 30 to June 14 and reduce domestic capacity by 50 percent as it grounds 53 aircraft. If you've got a Qantas or Jetstar booking from now until May...More..

Oil falls to $30 on recession fears and Saudi pump war
by | Wednesday, March 18, 2020

Oil falls to $30 on recession fears and Saudi pump war

Benchmark Brent crude plunged by nearly 11 percent to $30.33 a barrel by 12:00 GMT. The front-month price had risen $1 earlier in the session. With West Texas Intermediate crude oil now trading around $27 a...More..

Senate Will Pass House Coronavirus Bill With No Changes: Majority Leader
by | Wednesday, March 18, 2020

Senate Will Pass House Coronavirus Bill With No Changes: Majority Leader

Senate Majority Leader Mitch McConnell has said the Senate is "anxious" to pass the latest House-passed bill, an action that could happen later on Tuesday. Any issues they have, he said, can be addressed in ...More..

Dow trades below 20,000 for the first time since 2017
by | Wednesday, March 18, 2020

Dow trades below 20,000 for the first time since 2017

The Dow Jones Industrial average lost more than 12 per cent and closed down 2,997 points - a record drop - and has now lost 31 per cent since reaching its 52-week high in February. Those moves came after Poli...More..

Chancellor to issue £330bn backed loans to help businesses amid coronavirus
by | Wednesday, March 18, 2020

Chancellor to issue £330bn backed loans to help businesses amid coronavirus

Sunak promises government intervention "on a scale unimaginable only a few weeks ago". The Chancellor will make available an initial £330 billion of guarantees - equivalent to 15% of UK GDP. Interest-free bu...More..

Oil price drops again to US$31, fuel prices to reduce today
by | Tuesday, March 17, 2020

Oil price drops again to US$31, fuel prices to reduce today

Brent for May settlement traded up 1 cent at $30.06 a barrel on the ICE Futures Europe exchange as of 10:40 a.m.in London . If that weren't enough, Saudi Arabia and Russian Federation have been engaged in ...More..

Demand collapse pins oil below $30 amid deepening global rout
by | Tuesday, March 17, 2020

Demand collapse pins oil below $30 amid deepening global rout

This would dwarf the previous six-month global surplus of 360 million barrels from late 2015 to early 2016, it said in a market analysis. The crude oil prices dropped during February 2020 futures settlement...More..

Steven Mnuchin announced the emergency aid package to stabilize economy
by | Tuesday, March 17, 2020

Steven Mnuchin announced the emergency aid package to stabilize economy

The Chamber's executive who spoke privately said the price tag on its proposal for business loans were hard to estimate because of unknowns that include the length and severity of the economic downturn. "I hope...More..

USA markets: S&P 500 sinks 8% on open; trading suspended
by | Tuesday, March 17, 2020

USA markets: S&P 500 sinks 8% on open; trading suspended

Globally, over 167,500 people have contracted the disease and more than 6,500 have died, according to the World Health Organisation (WHO). In Asian trading, Sydney's benchmark plunged 9.7%, Hong Kong's Hang S...More..

Fed Takes Measures to Offer Support Amid Coronavirus
by | Tuesday, March 17, 2020

Fed Takes Measures to Offer Support Amid Coronavirus

Starting in 2008, the Fed cut its key rate to near zero and kept it there for seven years. The BOJ, which kept its rates unchanged, said it will raise the upper limit to buy commercial paper and corporate...More..

Experts see recession, 26% drop for stock market amid coronavirus panic
by | Tuesday, March 17, 2020

Experts see recession, 26% drop for stock market amid coronavirus panic

The Dow Jones Industrial Average fell 9.7 percent, or around 2,250 points, to 20,935.16, while the tech-rich Nasdaq Composite Index tumbled 6.1 percent to 7,392.73. The S&P 500 posted no new 52-week highs a...More..

Amazon seeks to hire 100,000 to keep up with surge in orders
by | Tuesday, March 17, 2020

Amazon seeks to hire 100,000 to keep up with surge in orders

Amazon continued, "In particular, you will notice that we are now out of stock on some popular brands and items, especially in household staples categories". News of the hiring was reported earlier by The Wa...More..

OCR slashed to new low - banks respond immediately
by | Tuesday, March 17, 2020

OCR slashed to new low - banks respond immediately

That measure won't stop New Zealand descending into a "guaranteed recession" according to banks, which quickly passed on the cut to personal lenders. The government over the weekend ordered all worldwide arri...More..

Dollar, Equity Futures Drop as Fed Slashes Rates
by | Monday, March 16, 2020

Dollar, Equity Futures Drop as Fed Slashes Rates

The Nasdaq Composite, comprising the biggest United States tech companies, slid more than six percent. The Financial Services Forum, which represents Bank of America, Bank of New York Mellon, Citigroup, Gol...More..

Bank of Canada lowers interest rate: Read the official statement
by | Monday, March 16, 2020

Bank of Canada lowers interest rate: Read the official statement

The leading rate reductions are part of a $10 billion stimulus package announced March 13 by the federal government. The Liberals had promised to deliver a budget on March 30, and Morneau wouldn't say if that...More..

by | Monday, March 16, 2020

French antitrust watchdog hits Apple with record $1.2 billion fine

A spokesperson for the company told CNBC that it plans to appeal and called the decision "disheartening". On Monday (16 March), the Autorité de la Concurrence (France's competition authority) announced that...More..

What do the Fed's latest moves mean for U.S. consumers?
by | Monday, March 16, 2020

What do the Fed's latest moves mean for U.S. consumers?

The main reason: The economy is coming to a standstill because of the necessary behavioral changes being made across the country to stem the viral outbreak, an avoidance of travel, shopping and mass gatherings....More..

Bill Gates to focus more time towards global health
by | Monday, March 16, 2020

Bill Gates to focus more time towards global health

Gates functioned as chairman of Microsoft's board of supervisors up until very early in 2014 and also has actually now tipped away totally, according to the Redmond- based modern technology titan. Rather th...More..