Markets
COVID-19 impact: Ola Cabs to fire 1400 employees
CEO Bhavish Agarwal said that their revenue has dipped 95 per cent in the last 2 months. The affected employees working under the India Mobility business will depart from Ola by the end of this week, while people working at Ola foods and Ola Financial Services will leave their jobs by the end of next week, as per the note. [Full Article...]
SBA: Safe Harbor PPP Repayment Date Extended
The Small Business Administration (SBA) and the U.S. Dept. of the Treasury have just released the official Paycheck Protection Program Loan Forgiveness Application. Additionally, borrowers can obtain safe harbor from forgiveness reduction if they can show that by June 30, they restored their workforce to the level in place on February 15. [Full Article...]
Coronavirus lockdowns prompt "extreme" dip in global carbon emissions
Jackson and his fellow researchers created a "confinement index" to describe how locked down 69 countries were between the months of January and April according to three levels of confinement ranging from broad travel restrictions to "policies that substantially restrict the daily routine of all but key workers". [Full Article...]
Rolls Royce : Britain's Rolls-Royce to lay-off 9000 jobs
The FTSE 100 engine maker said the job cuts from its global workforce of 52,000 would fall mainly on the civil aerospace business and that it would also review the division's facilities. Rolls-Royce's defence unit would not need to reduce headcount, it added. The company said the cuts could result in £700 million in savings towards an overall aim of £1.3 billion in annual savings. [Full Article...]
Chancellor extends job furlough scheme until the end of June
Sunak, said he wanted to ensure that " no business slips through our safety net of support as we help protect jobs and the economy". If the scheme is modified, food businesses that have been heavily impacted by the closure of the restaurant and food service sector would win by not having to completely close down; the public would win by retaining vital supplies and services; and taxpayers would ... [Full Article...]
Oil Price Rises To Two-month High of $35
The July WTI contract CLc2 was up $0.12 per barrel at $31.77. In another sign traders aren't anxious about a sharp plunge, the premium to pay for out-of-the-money puts on WTI versus calls fell to the lowest since early March, just before the price war kicked off. [Full Article...]
Feds release instructions for loan forgiveness under PPP
Business owners can view a copy of the application and instructions here . But SBA leaders said they want eligible businesses to receive total forgiveness. However, the requirement that 75% of the loan funds be used for payroll has not been changed. In comments to the SBA, Nebraska Farm Bureau also urged the agency to increase the amount of loans that could be allocated for rent, in addition ... [Full Article...]
China slaps 80% tariff on Australian barley alleging subsidies and dumping
China had attacked Australian Prime Minister Scott Morrison since he began lobbying global counterparts for an investigation last month. After the effective barley tariff of more than 80% was confirmed on Monday night, the agriculture minister, David Littleproud, declared "there is no trade war" with China, denying that the tariff - officially cited by China as a penalty for dumping - was lin... [Full Article...]