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Pelosi, Mnuchin Talk Stimulus; Victoria Eases Up: Virus Update

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(Bloomberg) —

U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin had a lengthy talk Saturday night about efforts to craft a stimulus package to help the U.S. economy weather the impact of the coronavirus.

Victoria, the Australian state worst hit by the coronavirus outbreak, announced an easing of restrictions on Sunday, but left key sectors of the economy shuttered until next month to ensure community transmission is further contained.

Even as new U.S. cases jumped by the most since late July, President Donald Trump, at campaign rallies on Saturday, pushed states such as Michigan to lift emergency measures. Daily cases in France rose to a record 32,427. China reported 13 new infections on Oct. 17, all imported, while New Zealand reported the first community case in three weeks. India added more than 60,000 cases for a fifth consecutive day.

Key Developments:

Global Tracker: Cases top 39.6 million; deaths exceed 1.1 millionEurope cracks down with curbs in London and ParisDr. Reddy’s and Russia to start Sputnik vaccine testVaccine trial ailments raise questions about methodWho’s succeeding against the coronavirus and why: QuickTakeArdern Landslide Is a Vote for Covid Competence: David Fickling

Subscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click CVID on the terminal for global data on coronavirus cases and deaths.

India’s Virus Fatalities Approach 115,000 (12:45 p.m. HK)

India reported 61,871 new cases in a day, while deaths reached 114,031, the third highest in the world.

Prime Minister Narendra Modi on Saturday asked officials to prepare for speedy distribution of a Covid-19 vaccine, when it becomes available, to every citizen of the country by using the nation’s experience in successfully conducting the world’s biggest elections and disaster management programs.

Pelosi, Mnuchin Stimulus Talks (12:15 p.m. HK)

The pair spoke for an hour and 15 minutes, and have agreed to speak again Monday, Treasury spokeswoman Monica Crowley said in a tweet. Their respective staff will keep discussions going in the meantime.

Before those talks, Majority Leader Mitch McConnell announced that the Senate will vote on Republican proposals for a roughly $500 billion economic recovery bill and additional funding to aid small businesses, starting Tuesday.

The votes, essentially one-chamber messaging, will underscore the continued deep differences after months of talks on another stimulus bill that have failed to bridge gaps between the Trump administration, House Democrats and Senate Republicans.

Trump Pushes to Lift Restrictions in Michigan (10:30 a.m. HK)

“You got to get your governor to open up your state,” Trump said at the rally in Muskegon, referring to Gretchen Whitmer, who was recently a target of a kidnap plot by right-wing militia. The crowd responded with a “lock her up” chant, to which Trump replied “lock ‘em all up.”

Whitmer responded in a tweet saying, “this is exactly the rhetoric that has put me, my family, and other government officials’ lives in danger while we try to save the lives of our fellow Americans. It needs to stop.”

Trump held rallies in Michigan and Wisconsin Saturday. Many aides, recently diagnosed with Covid-19 and now recovered, joined him on Air Force One. The officials included Press Secretary Kayleigh McEnany, Republican National Committee chairwoman Ronna McDaniel and White House advisers Hope Hicks and Stephen Miller.

Philippine Survey Shows Government Actions ‘Adequate’ (10:15 a.m. HK)

Majority of Filipinos think that government’s steps to fight the coronavirus are “adequate,” pollster Social Weather Stations said on its website, citing the results of its survey in September. The measures pertain to ensuring the public has enough information on how to deal with Covid-19, extensive contact tracing and affordable testing nationwide.

Indonesia and the Philppines are the worst affected in Southeast Asia.

New Zealand’s First Community Case in Three Weeks (8:48 a.m. HK)

An Auckland man tested positive for the virus Saturday after developing symptoms the previous day, Director-General of Health Ashley Bloomfield said Sunday. People the man had contact with in the days prior when he may have been infectious have been put in isolation.

News of the fresh community case comes hours after Prime Minister Jacinda Ardern swept to a landslide victory in a general election, largely on the back of her government’s successful response to Covid-19.

Australia’s Victoria Eases Lockdown as Cases Decline (8:42 a.m. HK)

From midnight, the 5 million residents of Victoria state capital Melbourne, who have been under lockdown for more than 100 days, will be allowed to travel as far as 25 kilometers (16 miles) from their homes and time limits on daily exercise will be scrapped, state Premier Daniel Andrews said.

From Nov. 1, the stay-at-home order will be completely lifted and retail and hospitality sectors will largely reopen. That timeframe may be brought forward if case numbers continue to fall.

Victoria is responsible for about a quarter of gross domestic product and the restrictions have deepened Australia’s first recession in almost 30 years.

Brazil’s Weekly Cases Lowest in Five Months (5:44 p.m. NY)

Brazil reported 24,062 cases, ending a week with the fewest new infections in five months, according to the nation’s Health Ministry. Total cases are 5,224,362. Another 461 people died for a total of 153,675. The week’s toll was the least deadly since the beginning of May, according to the ministry website.

U.S. States Report Jump in Cases, Deaths (4:59 p.m. NY)

The number of U.S. cases increased by 69,276, the highest since July 29, according to data compiled by Johns Hopkins University and Bloomberg.

The Friday data, 9% higher than the previous day’s, underscores rising Covid-19 cases in most parts of the country less than three weeks before the election in which President Donald Trump’s handling of the outbreak is a central issue.

Florida, hit hard this summer, reported the most cases since August. California and Texas both neared 17,000 fatalities. Ohio, a swing state, broke a record for new cases Saturday, the fourth straight day reporting more than 2,000 daily infections.

Indiana broke a record for new infections for the second day in a row, amid an unrelenting surge of cases in the Midwest. Total cases, rising since mid-September, are now 145,977 and deaths 3,685.

Slovaks Protest Virus Restrictions (3:02 p.m. NY)

Coronavirus restrictions triggered the first mass protest in Slovakia, with hundreds of demonstrators opposing mandatory face masks and other restrictions in the east European Union nation violently clashing with the police.

Police used water cannon and pepper spray to disperse the crowd, which — in violation of a nationwide ban on association of more than six people — gathered in front of the Government Office in the capital, Bratislava. The police whose Facebook video showed protesters throwing stones said “several” people have been detained.

After being one of the best countries in handling the first wave of the pandemic, new Covid-19 infections have been on the rise in Slovakia.

France Covid Cases Hit Record (2:25 p.m. NY)

France reported a record 32,427 new coronavirus cases in the past 24 hours as tighter restrictions went into effect in the country’s major cities to try to check the outbreak.

The government has put in place a curfew effective Saturday in the Paris region and eight other metropolitan areas, confining people to their homes between 9 p.m. and 6 a.m. for four weeks.

The number of new cases surpassed the previous record of 30,621, set Thursday, according to statistics on France’s national health agency website.

Ireland Faces Stricter Lockdown (1:33 p.m. NY)

Ireland recorded 1,276 new infections on Saturday, among the highest levels since April. The new figures came as senior government members met to consider a recommendation from health authorities that Ireland move to a Level 5 lockdown, the strictest, for six weeks. The nation is mostly at Level 3, with some border areas at Level 4.

Cyprus Sets New Restrictions (1:23 p.m. NY)

Cyprus imposed new measures to contain the virus across the country, while it decided to close all restaurants, bars and cafes from 10:30 p.m. in Limassol, the second-largest city of the small Mediterranean island.

The government decided to take further action after a week in which Cyprus broke case records on three days. Cyprus reported another high on Saturday, with 202 new confirmed cases.

Pope’s Residence Reports Positive Case (1:18 p.m. NY)

A person living in the same Vatican residence as Pope Francis has tested positive, was moved out and placed into isolation, Vatican spokesman Matteo Bruni said Saturday.

All people in contact with the infected person, reportedly asymptomatic, were also moved out of the Casa Santa Marta and placed in isolation, the Catholic New Service reported. Two days ago, the Swiss Guard, which helps protect the pope, announced 11 cases among a total of 135 soldiers.

Deloitte to Close Four U.K. Offices (12:38 p.m. NY)

Deloitte LLP will close four of its 50 offices in the U.K. as a way to cut costs as more staff work at home, the Financial Times reported.

About 500 employees working for Deloitte will be moved to other locations or be allowed to work remotely full time, the paper said. The accounting firm has about 19,000 employees in the U.K. and is one of the first large companies to not renew leases on office space as a result of the pandemic-induced shift to work from home, the newspaper said.

New York Announces Targeted Anti-Virus Strategy (12:30 p.m. NY)

Governor Andrew Cuomo said New York is shifting its strategy for combating the coronavirus, targeting small infected areas for restrictions rather than by larger regions or counties. The new strategy comes, he said, as infections could rise with colder weather and people spending more time indoors.

“It’s much smarter,” he said, adding that the strategy would be in place at least until a vaccine is widely available. “It’s more effective. It’s also less disruptive.”

The state reported 1,784 cases, a 0.4% increase compared with an average 0.3% daily increase of the previous seven days. Another nine people died.

Movie theaters outside of New York City will be allowed to reopen at 25% capacity with up to 50 people per screen, beginning Oct. 23, the governor said.

U.K. Adds 100,000 Cases in Less Than a Week (12:16 p.m. NY)

The U.K. reported another 16,171 cases of coronavirus on Saturday and 150 deaths. The country has added more than 100,000 cases since Sunday, almost 15% of the cumulative total of 705,428. London and suburban Essex were among the locations to move to increased restrictions today, with people banned from meeting indoors with people outside their households.

Italy Breaks Record Again (11:12 a.m. NY)

Italy reported 10,925 new coronavirus cases Saturday, the most in one day since the outbreak began; 47 people died compared with 55 Friday.

The number of patients in intensive care beds rose by 67 to 705. Italy had over 4,000 people in intensive care units at the peak of the outbreak in April.

Italian Prime Minister Giuseppe Conte’s government may approve new restrictions on public life as early Saturday evening, according to government officials, who asked not to be named in line with their policy

China Finds Virus on Food Packaging (11 a.m. NY)

China’s Center for Disease Control and Prevention said it found active Covid-19 virus on the outer component of refrigerated food packaging, adding that it showed the possibility of infection via such contaminated surfaces, according to state broadcaster CCTV.

The virus was found on food packaging in the coastal city of Qingdao in Shandong province, the report said, without specifying the origin of the product. Qingdao has reported a dozen new virus cases this month, most linked to a hospital where infected travelers from overseas are being treated.

Netherlands Hit New Daily Record as King Cancels Holiday (9:48 a.m. NY)

The Netherlands found 8,141 new cases overnight, a new daily record, Dutch news agency ANP reported, citing health agency RIVM.

The country’s king and his wife scrapped a vacation trip to Greece after an outcry at home as Dutch people were asked to travel as little as possible.

Vaccine Trial Ailments Raise Questions About Method (8:30 a.m. NY)

Two vaccines stalled by potential side effects have one key feature in common: Both are based on adenoviruses, cold germs that researchers have used in experimental therapies for decades with varying results.

Johnson & Johnson’s and AstraZeneca Plc’s pauses are reviving questions about adenoviral vectors, which have been used in laboratory, animal and human experiments for years. In some cases, the experiments have succeeded, but not always.

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Taking on debt shouldn’t be seen as shameful: financial specialists

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Marra said she wasn’t surprised by the poll results because she has seen comments online about people sharing their stories about having to go into debt and then being shamed. She said there are many forms of debt that people take on that aren’t stigmatized, such as mortgages or student loans.

Marra said she hopes the pandemic can be seen as a teachable moment to highlight that it’s all right to reach out to professionals for debt advice.

She said people should be careful with credit cards or payday loans that have high-interest rates or compound interest.

“It’s really important that they understand the terms of the repayment,” Marra said. “If we are struggling, you ask what should we do? I think the very first thing you should do is to reach out to your creditors. If you know you’re going to be late on a payment, the best thing to do is reach out early. There is a vested interest in the relationship with your creditor for them to help you and work through paying it back.”

She said the flexibility of creditors can sometimes vary but she has noticed most are open to the idea because of the pandemic.

The poll also found low-income earners, seniors, people on disability support and women lost the most economic ground during the past six months. Marra said economists hoped the economic recovery would look like a “U” or a “V” but instead the shape resembles more like a “K”.

“You got a portion of the population that does rebound in that V and then you’ve got another portion of the population that doesn’t rebound as quickly and, in fact, has more difficulties getting back to that rebound,” she said. “When you look at let’s say women, for example, there has been so much socio-economic progress for women prior to COVID. We’re at historic levels of women in the workforce and now as COVID continues we’re actually at an all-time low … for women leaving the workforce. That’s primarily driven by the need to have childcare, and women typically make a little bit less.”

jlabine@postmedia.com

Twitter.com/jefflabine



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Finance minister addresses COVID-19 economic recovery plan at virtual event

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Finance Minister Chrystia Freeland will provide an update on the Liberal government’s plan to recover from the pandemic-induced economic slowdown today.

Freeland is scheduled to speak at the Toronto Global Forum at 12:40 p.m. 

The finance minister is the keynote speaker for the final day of the three-day event, which brought together politicians, business leaders and academics from around the world to exchange views on global economic issues.

Her speech is happening on the same day the Bank of Canada released a new report predicting the country’s economy won’t fully recover what was lost to COVID-19 until 2022.

The bank’s monetary policy report estimates the economy will shrink by 5.7 per cent this year, but grow by 4.2 per cent next year and 3.7 per cent in 2022.

Prime Minister Justin Trudeau said this week that government officials are working on a “robust” budget update outlining the state of federal finances after months of spending on pandemic-related support programs.

The last detailed update came in the form of a fiscal snapshot tabled by then-Finance Minister Bill Morneau in July. It estimated the federal government’s budget deficit would hit $343.2 billion this year — but it was delivered before the Liberals made a series of costly changes to benefit programs that are sure to drive that number up.

In last month’s speech from the throne, the government promised to extend emergency supports for Canadians and struggling businesses hit by the COVID-19 crisis into next summer.

Trudeau said Monday the promised update won’t cite a specific fiscal anchor to keep spending from spiralling out of control.

In a recent report, the office of Parliamentary Budget Officer Yves Giroux estimated that the size of the debt compared to the size of the domestic economy — which had been the Liberals’ preferred fiscal anchor — could be around 48 per cent this year and next.

The debt this year is expected to push past $1.2 trillion.

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Marble Launches Maestro – Its Financial Literacy Educational Platform | 2020-10-28 | Press Releases

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(TheNewswire)

Launch of Maestro further expands the Marble platform with this educational component, as November marks the 10 th anniversary of Financial Literacy Month in Canada

Vancouver, B.C. – TheNewswire – October 28, 2020 – Marble Financial Inc. (CSE:MRBL ) (CNSX:MRBL.CN) ( OTC:MRBLF) (“Marble” or the “Company”) a financial technology company that empowers Canadians’ toward a positive financial future, is pleased to announce the launch of Maestro, Marble’s latest financial literacy educational platform, available to all MyMarble customers.

Maestro combines expert-curated educational content and skill testing quizzes to give Canadians the power to have both a foundation in crucial financial knowledge and the empowerment to effectively utilize Marble’s personal finance and credit rebuilding platform, MyMarble and its current products, Score-Up, and Fast-Track. Maestro users will benefit from over 30 different courses across three core financial foundations, credit, budget, and debt management.

Key findings from Statistics Canada’s 2019 Canadian Financial Capability Survey showed that 51% of 18 to 35 year-old Canadians surveyed seek financial literacy from online sources, displaying a preference for easy-to-use and digestible online content. In addition to this, 44% of Canadians surveyed said they engaged in financial education to strengthen their financial knowledge, proving a high demand and additional user acquisition stream with a product such as Maestro.

November marks the 10 th anniversary of Financial Literacy Month in Canada, and today, millions of Canadians are still seeking some form of online financial education. The launch of Maestro adds an additional dimension to Marble’s product line, allowing Marble to become its users’ primary personal finance solution through a more holistic, end-to-end financial experience.

Maestro is now available on the MyMarble Platform and offers the following:

  • – Available to all Marble customers at no cost, monthly fees or subscription

    – Over thirty expert-curated online courses in the credit, budget and debt management sectors

    – Desktop and mobile friendly

    – Video enabled and audio course content for all audiences

“Canadian’s are used to the traditional ways when it comes to improving their financial literacy – friends or family, financial advisors, or banks,” said Karim Nanji, CEO of Marble. “The description of a ‘Maestro’ is someone who conducts and is a master of their respective trade. The ability to master finances is something we believe all Canadians can achieve through financial literacy offered in an effective and easy online-learning environment. With Marble’s Maestro, we are very excited to fill the demand to further empower and educate Canadians. With the power of our online technology and our industry-leading MyMarble, Score-Up, and Fast-Track solutions, our customers have all the tools needed to take control of their personal finances.”

ON BEHALF OF THE BOARD OF DIRECTORS,

Karim Nanji, CEO

About Marble Financial Inc. (CSE: MRBL; OTC: MRBLF) Marble leverages its proven data driven strategies utilizing the power of machine learning, data science, and artificial intelligence, through its industry-leading proprietary technology solutions Fast-Track, Score-Up, and Credit-Meds to engage in and navigate a clear path for Canadians towards financial wellbeing and a meaningful credit score. Since 2016, Marble is proud to have empowered thousands of marginalized Canadians to a positive financial future, and we continue to establish ourselves as leaders in financial wellness through the licensing of our proprietary products on the Marble Platform.

For further information, please visit the company’s website at http://mymarble.ca

Mike Marrandino,

Executive Chairman

T:(855) 661-2390 ext. 104

Email: ir@marblefinancial.ca

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Caution Regarding Forward-Looking Information

This release contains “forward-looking information” as such term is used in applicable Canadian securities laws, including statements regarding the Private Placement and the use of proceeds therefrom. The use of any of the words “target”, “plans”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management’s expectations and assumptions, including statements relating to the future plans and objectives of the Company, the Company’s expectations surrounding the market potential of Maestro, Score-Up, Fast Track and the benefits including potential credit score improvement, building and management results. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including but not limited to, that the Company’s financial condition and development plans do not change as a result of unforeseen events, and that the Company will and has received all required regulatory approvals in the jurisdictions across Canada that it will be offering this product. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to: general economic, market or business conditions; changes in the Company’s financial condition and development plans; and other risks and uncertainties as set forth in the Company’s most recent continuous disclosure filings filed under the Company’s profile at www.sedar.com .

Although the Company has attempted to consider important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

Copyright (c) 2020 TheNewswire – All rights reserved.



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