April 07, 2020

Business

DailyHum News
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Samsung first-quarter beats estimates; chips likely to prop up virus-hit second-quarter
Business

SEOUL (Reuters) - Samsung Electronics Co Ltd (005930.KS) said on Tuesday its first-quarter operating profit likely managed to rise slightly from a slump a year earlier, as solid chip sales helped cushion the blow from the coronavirus pandemic on smartphones and TVs. The global leader in semiconductors is benefiting from higher demand for chips from laptop makers and data centres amid the coronavirus-driven shift to working from home, even as its mobile and consumer electronics businesses suffer. Samsung said operating profit was expected to be 6.4 trillion won ($5.2 billion) in the quarter ended March, compared with 6.2 trillion won a year ago and the 6.2 trillion won estimate from analysts according to Refinitiv SmartEstimate.
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Demand for Luckin app surges as Chinese rush to drink up after admission of fraud
Business

BEIJING / HONG KONG (Reuters) - Luckin Coffee’s app has rocketed to become the second most popular in China as consumers rushed to claim a free drink that it has long offered for downloading, worried the chain might collapse after it said much of its sales last year were fabricated. “I heard that if you download the app, you will get free coffee,” said Beijing-based Gan Lin, 35, who downloaded the app on Friday. “I’m not that into coffee but it would be a pity to lose the chance for a free drink. After all, you don’t know how much longer Luckin can hold on.” The coffee chain’s app usually ranks between the 70th and 100th most popular free app downloads for users of Apple’s iOS operating system in China, according to app performance tracker App Annie. Apple’s App Store is one of the biggest in China.
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Mixed martial arts-UFC close to securing private island for fights
Business

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.Ultimate Fighting Championship (UFC) President Dana White has said the mixed martial arts promotion is close to securing a "private island" to stage bouts for international fighters during the COVID-19 pandemic.The flu-like virus has infected 1.27 million people globally and caused over 70,000 deaths and brought the sports world to a standstill, but the UFC plans to stick to its schedule albeit without fans in attendance.The organization, which was forced to postpone three events, will resume its calendar with UFC 249 on April 18 and White said he had also found a new venue for that event after the Barclays Center in New York was ruled out."I locked this venue up for two months," White told TMZ Sports.  "I have this venue for two months, and I'm setting up shop here. We're going to be pumping out fights every week."
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Oil Companies Are Collapsing, but Wind and Solar Energy Keep Growing
Business

A few years ago, the kind of double-digit drop in oil and gas prices the world is experiencing now because of the coronavirus pandemic might have increased the use of fossil fuels and hurt renewable energy sources like wind and solar farms.That is not happening.In fact, renewable energy sources are set to account for nearly 21 percent of the electricity the United States uses for the first time this year, up from about 18 percent last year and 10 percent in 2010, according to one forecast published last week. And while work on some solar and wind projects has been delayed by the outbreak, industry executives and analysts expect the renewable business to continue growing in 2020 and next year even as oil, gas and coal companies struggle financially or seek bankruptcy protection.
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CargoSmart, Tesla and Cosco to Pilot Blockchain Tech in Cargo Release Process
Business

CargoSmart, the software wing of the Hong Kong-based Orient Overseas Container Line, aims to transform the cargo release process using its new blockchain application.According to a report published by Splash 247 on April 7, CargoSmart partnered with Cosco, Shanghai International Port Group (SIPG), and the electric vehicle and clean energy behemoth Tesla to conduct a pilot project for the application.Digitizing the shipping industryThe traditional documentation processes of the shipping industry are cost and time-intensive, which makes the whole industry less efficient. CargoSmart has been conducting research and development for its application to reduce consignee and shipment agent verification steps. The firm aims to digitize the documentation process and reduce the overall time for picking up cargo from shipping terminals and thus reduce delivery times.
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Bitfinex Launches Staking in Response to Customer Demand
Business

Major cryptocurrency exchange Bitfinex has become the latest exchange to offer staking services to customers.Announced April 3, Bitfinex will offer staking rewards up to 10% per annum on crypto assets underpinned by a Proof-of-Stake algorithm."We're committed to engaging our existing users and the wider community with new products and innovations," said Bitfinex’s CTO, Paolo Ardoino. "The Bitfinex Staking Rewards Program provides our users with another avenue to increase their holdings on our platform."Bitfinex introduces staking in response to customer demandArdoino states that Bitfinex’s clients asked for staking to be introduced, noting that staking allows traders to generate passive income by holding crypto assets on the exchange.Bitfinex will launch staking with support for three cryptocurrencies: EOS, V-Systems (VSYS), and Cosmos (ATOM). The exchange’s CTO adds that more stackable tokens will be added in the coming months — with Tezos (XTZ) staking currently slated to launch in May.
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Accor Plans to Rehire All Staff, Reopen Hotels After Virus
Business

Apr.07 -- Accor SA Chief Executive Officer Sebastien Bazin says he’s fighting to make sure the hotel group’s operations are in shape when the rebound happens following the coronavirus pandemic. Accor has laid off 220,000 employees around the world due to the Covid-19 outbreak. Bazin says he intends to re-hire “everyone of them” and to re-open each hotel which has been closed. He speaks on "Bloomberg Daybreak: Europe."
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Dubai now requires police permits for anyone who wants to leave their house
Business

DUBAI, United Arab Emirates ⁠— Dubai has handed down its strictest lockdown measures yet as coronavirus cases in the United Arab Emirates tripled in just over a week. Residents of Dubai, the commercial and tourism hub of the oil-rich Gulf monarchy, have already been in lockdown for two weeks, with all but essential businesses closed and no outdoor activities permitted, including exercise. Since Sunday, leaving the house for trips deemed "essential" — which only include visits to the grocery store, pharmacy or doctor — now requires a permit issued online by the Dubai Police, with a new permit required for each trip. A mask and gloves are to be worn at all times when outside the house, on penalty of police action. The rules are in effect for two weeks, subject to renewal.
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Japan declares coronavirus emergency, prepares near $1T stimulus
Business

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.Japanese Prime Minister Shinzo Abe on Tuesday declared a state of emergency to fight new coronavirus infections in major population centres and unveiled a stimulus package he described as among the world's biggest to soften the economic blow.Abe announced the state of emergency targeting the capital Tokyo and six other prefectures - accounting for about 44% of Japan's population - for a period of about one month."We have decided to declare a state of emergency because we've judged that a fast spread of the coronavirus nationwide would have an enormous impact on lives and the economy," he told parliament earlier.His cabinet will also finalise the stimulus package worth 108 trillion yen ($990 billion) - equal to 20% of Japan's economic output - to cushion the impact of the epidemic on the world's third-largest economy.
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UK's Boris Johnson remains in intensive care with coronavirus as world leaders send messages of support
Business

World leaders have rallied around U.K. Prime Minister Boris Johnson, sending him their best wishes and wishing him a speedy recovery after his admission to an intensive care unit Monday evening as his coronavirus symptoms worsened.President Donald Trump sent his best wishes to the prime minister Monday and told a press briefing that: "All Americans are praying for him, he's a friend of mine, he's a great gentleman and a great leader." Johnson received support from closer to home too, with various European leaders wishing him a speedy recovery.French President Emmanuel Macron tweeted Monday: "I send all my support to Boris Johnson, to his family and to the British people at this difficult moment. I wish him a speedy recovery at this testing time."
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Bitcoin Has Gained $600 for 3 Consecutive Mondays — Price Hits $7,400
Business

Bitcoin (BTC) bulls showed up early Monday morning and took full control of Bitcoin price by sending the price through the $6,900-$7,200 resistance zone to a nearly 4-week high of $7,454. The surge to $7,454 occurred as the United States’ markets opened strong, leading the S&P 500 and Dow to rally 7.03% and 7.73%, respectively. It seems investors are beginning to gain some confidence as the rate of novel coronavirus infections begins to slow down in Italy, Spain and China along with murmurs of additional financial stimulus packages from governments. Crypto market daily price chart. Source: Coin360BTC price bullish but the future is in fluxBitcoin’s strong upside move pulled the price above the rising wedge trendline and through the $6,900 level which has functioned as a strong resistance since March 20. Earlier in the day, crypto trader Pentoshi pointed out that “BTC has now printed 3 consecutive $600 plus Mondays.”
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Oil rises as hopes build for global production cut
Business

TOKYO (Reuters) - Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed. Brent crude LCOc1 was up by 80 cents, or 2.4%, at $33.85 a barrel by 0657 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude CLc1 was up by 83 cents, or 3.2%, at $26.91 a barrel, having dropped nearly 8% in the previous session. The world’s main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that would depend on the United States joining in, sources told Reuters.
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Japan's economy has been dealt the 'final blow' by the coronavirus pandemic, says analyst
Business

Japan's economy has been dealt a "final blow" as the country deals with the fallout from the global coronavirus pandemic, leaving it on a path toward a "steep recession."That's according to Jun Saito, senior research fellow at the Japan Center for Economic Research (JCER).The Japanese economy already started to slow down since late 2018, and the impact of trade tensions between China and the U.S. was further exacerbated by a consumption tax rate hike in Oct. 2019, Saito told CNBC's "Squawk Box" on Tuesday."I think the coronavirus has given a final blow to the economy," he said, reiterating his view that Japan is headed for a "very steep recession." He said this would likely be caused by shocks from both demand and supply.
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Oil higher as hopes build for production cut amid coronavirus threat to demand
Business

TOKYO (Reuters) - Oil rose on Tuesday amid hope that the world’s biggest producers of crude will agree to cut output as the coronavirus pandemic crushes demand, even as analysts warn a global recession may be deeper than expected and big production cuts will be needed. Brent crude LCOc1 was up by 80 cents, or 2.4%, at $33.85 a barrel by 0657 GMT after falling more than 3% on Monday. West Texas Intermediate (WTI) crude CLc1 was up by 83 cents, or 3.2%, at $26.91 a barrel, having dropped nearly 8% in the previous session. The world’s main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that would depend on the United States joining in, sources told Reuters.
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Futures surge on early signs of coronavirus slowdown in hot spots
Business

(Reuters) - U.S. stock index futures bounced for a second straight day on Tuesday as risk appetite returned on tentative signs the coronavirus outbreak was starting to plateau in hard-hit U.S. states. All three major indexes rallied more than 7% on Monday after the governors of New York and New Jersey said their states, hot spots of the COVID-19 disease, were showing early signs of a “flattening” of the outbreak. But they warned against complacency as the nationwide death toll approached 11,000 and global infections surged past 1.3 million, while companies braced for an earnings recession in the face of fading demand. Exxon Mobil (XOM.N), Marathon Oil (MRO.N) and Apache Corp (APA.N) rose between 4% and 8% as oil prices rallied amid hopes that the world’s main oil producers including Saudi Arabia and Russia would agreeing to cut output at a meeting on Thursday.
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The Virus Changed the Way We Internet
Business

With many stuck at home during the pandemic, Americans have been spending more of their lives online. This is how our habits have changed.
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Boris Johnson given oxygen but not on a ventilator after coronavirus-stricken PM moved to intensive care
Business

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.Boris Johnson was given oxygen overnight but did not require a ventilator, according to a senior cabinet minister, speaking a day after the coronavirus-stricken U.K. prime minister was moved to a London hospital's intensive care unit.Since Sunday evening, the prime minister has been in St Thomas’ Hospital, in London, as the country fights the epidemic.COVID-19 deaths are nearing 5,400 in the U.K. and 11,000 in the U.S.Johnson has been “receiving the very, very best care from the team at St Thomas’ and our hopes and prayers are with him and with his family," senior cabinet minister Michael Gove said."He is kept, of course, under close supervision. By being in intensive care if there is further support he needs it is there at hand. But the Prime Minister has not been on a ventilator,"  Gove said, according to Sky News.
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As coronavirus hits tourism, Wizz Air finds new role
Business

BUDAPEST (Reuters) - Hungarian low-cost airline Wizz Air (WIZZ.L) is repatriating citizens and transporting medical equipment for east European governments, in a move coupling one-off charter traffic with savvy government relations amid the coronavirus crisis. Wizz Air is one of several airlines involved in the largest peacetime repatriation effort in Europe as travel firms turn their attention from tourists to serving governments. “We try to do the right thing,” Wizz Air Chief Executive Jozsef Varadi told Reuters. “Yes, governments and other institutions pay for the flights, but this is not the time to make a profit ... The most important issue here is to help.” Wizz has operated two repatriation flights from the United States to Hungary, with the Budapest government picking up the tab and securing onboard meals.
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Duisport’s CEO: Optimistic Cargo Shipments Will Be Good This Month
Business

Apr.07 -- Erich Staake, chief executive officer at Duisport Group, discusses the impact of coronavirus on trade, shipping routes and supply chains and automation in the industry. He speaks on “Bloomberg Markets: European Open.”
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From Russia with love? Why the Kremlin's coronavirus aid to the West is controversial
Business

Russia has been accused of sowing misinformation and distrust in Europe over the coronavirus pandemic, and its efforts to send aid to the U.S. and Italy — two of the worst affected countries — have been met with skepticism. However, Andrey Kostin, president and chairman of VTB Bank, told CNBC Monday that Russia did not expect anything in return for its recent assistance to Italy, which included medical personnel, ventilators, masks and protective suits."We're not enemies, we're friends to the West, to Europe, to America," he told CNBC's Squawk Box Europe."Of course, we can't solve the problems of Italy or other countries, but where we can show our support and provide real assistance we'll be doing this."
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Domestic travel in the US, Australia and Southeast Asia could resume by June, says Flight Centre CEO
Business

Domestic travel within North America, Australia and Southeast Asia could be on course to return to normal by June if current efforts aimed at curbing the coronavirus outbreak are successful, according to the CEO of Australia's largest travel agency.International travel, meanwhile, could be on hold for another six months, Flight Centre's Graham Turner told CNBC's "Street Signs.""My feeling is, and this is in places like Southeast Asia, Australia, North America, the domestic side of things will start picking up, start returning to normal, mainly on government dictates, in June," he said Tuesday.Graham said he was unsure whether that would be "early, mid or late June.""But the more international side of it we think it's probably going to be more September, October, which is, you know, six months away," he added.
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Asian shares cautiously gain on hopes virus is slowing, dollar slips
Business

SYDNEY/SINGAPORE (Reuters) - Asian stock markets rallied for a second day on Tuesday and riskier currencies rose, on tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe. Gains, however, lacked Monday’s momentum as the number of coronavirus cases kept rising globally and an economic crash on a scale not seen for generations looms large. FTSE futures gained 3.08% and EuroSTOXX 50 futures rose 0.61%, pointing to a steady open in Europe, while U.S. stock futures were steady after trading either side of flat through the Asian day. “At the moment Asian markets are leading their global counterparts and reacting with some optimism to speculation that we may be reaching peak infection and mortality rates in major cities,” said Michael McCarthy, chief market strategist at CMC Markets. “But frankly that may be ill-founded.”
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Nissan to furlough about 10,000 workers in Mississippi, Tennessee
Business

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.Nissan says it will be furloughing most of its hourly manufacturing employees at three US plants, according to CNN.Nissan shut its U.S. plants on March 20 to help slow the spread of Covid-19.According to a company spokesperson, the company will furlough about 10,000 employees Tuesday at plants in Canton, Mississippi and two locations in Tennessee.GM STARTS MAKING CORONAVIRUS FACE MASKS IN WARREN, MICHIGAN, PLANTNissan plans to restart production on April 27. In the meantime, the automaker is asking furloughed employees to apply for unemployment.Ford, General Motors and Fiat Chrysler have also halted auto production.CLICK HERE TO READ MORE ON FOX BUSINESSAutomakers like General Motors are using factories to manufacture products like protective masks needed in the fight against coronavirus. Ford is making face shields.
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