Tag: warns

Rishi Sunak warns Covid jobs plan will not stem UK’s rising unemployment

Rishi Sunak has warned that Britain faces a winter of rising unemployment as he said a new multibillion-pound spending package to boost an economy battered by Covid-19 would not be enough to prevent business failures and job losses over the coming months.

The chancellor said his winter jobs plan – a combination of wage top-ups, cash flow support for companies and an extended VAT cut for the hardest-hit sectors – was needed after tougher curbs to tackle the pandemic were announced earlier this week.

Sunak said the protracted battle against the virus meant the economy was undergoing a permanent adjustment but that it was “fundamentally wrong” to keep people in jobs that only existed due to the furlough introduced six months ago.

“We need to create new opportunities and allow the economy to move forward and that means supporting people to be in viable jobs which provide genuine security. As

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TikTok Warns Half Its User Base at Stake Under Trump Ban, Says Fashion Strategy Won’t Change

TikTok filed a preliminary injunction Wednesday in a Washington D.C. court to block the Trump administration’s ban on downloads, now postponed to this Sunday just before midnight.

The developer is playing defense, hoping to keep the TikTok app available in app stores run by Google and Apple, while a proposed deal by Oracle and Walmart continues playing out. Interim head Vanessa Pappas painted a bleak picture, warning that the ban would cause “irreparable harm” to the business.

According to the filing, “If allowed to remain in place, the Prohibitions will irreversibly destroy the TikTok business in the United States: They will devastate TikTok’s user base and competitive position, destroy the goodwill necessary for TikTok to maintain commercial partners in the United States and cripple Plaintiffs’ ability to attract and retain talent.”

Pappas disclosed that a ban may cost TikTok as much as half of its user base — which numbers

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Brazil central bank raises GDP outlook but warns of ‘greater-than-usual uncertainty’

By Jamie McGeever

BRASILIA, Sept 24 (Reuters)Brazil’s central bank on Thursday boosted its 2020 economic growth forecast to minus 5.0% from minus 6.4%, closer in line with the government and market consensus as the country’s COVID-19 crisis entered a less acute phase in the third quarter.

In its Quarterly Inflation Report, the central bank also said it expects the economy to grow 3.9% next year, although a “greater-than-usual uncertainty” hung over this outlook and fiscal and economic reforms were “essential” to securing a sustainable recovery.

The central bank said next year’s rebound hinges on this reform agenda continuing, and assumes a cooling in the COVID-19 pandemic that will gradually bring mobility and consumption back to pre-lockdown levels.

A gross domestic product slide of 5.0% this year is in line with the government’s -4.7% forecast, and the average of -5.1% in the bank’s latest weekly survey

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Sunak unveils new job support scheme; warns he cannot save every business

FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak visits Peak Scientific, a Scottish manufacturer of gas generators for analytical laboratories in Glasgow, Scotland, Britain, August 7, 2020. Andy Buchanan/Pool via REUTERS/File Photo

LONDON (Reuters) – British finance minister Rishi Sunak announced a new jobs support scheme on Thursday that would help firms employ people on shorter hours, but warned he could not save every business or job.

“The government will directly support the wages of people in work, giving businesses who face depressed demand the option of keeping employees in a job on shorter hours, rather than making them redundant,” Sunak told parliament.

Sunak said the scheme would run for six months, starting in November and be open to all small and medium sized enterprises. Larger firms would only be eligible if their turnover has fallen during the crisis.

“It will support viable jobs to make sure that employees

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U.S. Nears 200,000 Dead; Germany Warns on Europe: Virus Update

(Bloomberg) —

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U.S. deaths related to Covid-19 approached 200,000 and the nation’s new cases rose in line with a one-week average. Former FDA Commissioner Scott Gottlieb said he expects the U.S. to experience “at least one more cycle” of the virus in the fall and winter.

Germany’s health minister said the trend of cases in Europe is “worrying” as U.K. Chief Medical Officer Chris Whitty is set to warn on Monday that the U.K. is at a “critical point.”

India’s virus tally is approaching 5.5 million while Indonesia’s capital is adding thousands of beds to house patients as its health system struggles with record infections.

Key Developments:

Global Tracker: Cases top 30.8 million; deaths exceed 958,400Virtual UN is latest blow to New York City’s battered economyFewer people are dying of Covid as doctors gain practice, drugs improveA rash of infections on trading floors threatens Wall Street’s return to

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Tesla’s stock price is the ‘biggest houses of cards’ that is ‘getting ready to fold’ an investment research CEO warns

Win McNamee/Getty Images

Summary List Placement

  • Tesla’s stock is overvalued, David Trainer the CEO of New Constructs told CNBC’s “Trading Nation” Monday. 
  • He said: “We think this is a big, big – one of the biggest of all time – houses of cards that’s getting ready to fold.”
  • Tesla’s stock price is up by nearly 800% in the last year alone. 
  • It was a volatile week for Tesla last week due to a number of events, including a broader tech-sell off, and its biggest shareholder trimming their stake. 
  • Visit Business Insider’s homepage for more stories.

Tesla’s explosive share-price growth has made the luxury electric vehicle maker one of the hottest tech stories of the year, but its stock levels are “houses of cards” waiting to “fold”, one Wall Street strategist says. 

This is according to David Trainer, the CEO of investment research firm New Constructs. 

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