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| Daimler AG: Shift to electric cars are inevitable |
4/30/2020 |
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The company's CEO said Wednesday the Stuttgart-based automaker was now engaging in a gradual re-start of production — and would continue its investment in electric cars and digitalization. He called the shift to new technologies “non-negotiable” despite the severe disruption from the virus outbreak.
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| GDP shrank 4.8% |
4/30/2020 |
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Drop in the January-March quarter will be only a precursor of a far grimmer report to come on the current April-June period, with business shutdowns and layoffs striking with devastating force. With much of the economy paralyzed, the Congressional Budget Office has estimated that economic activity will plunge this quarter at a 40% annual rate.
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| Bangladesh ordered reopen of garment factories |
4/29/2020 |
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Rubana Huq, president of the Bangladesh Garment Manufacturers and Exporters Association, or BGMEA, said she was under pressure to reopen factories after the pandemic cost the industry more than $3 billion in orders that were cancelled or suspended.
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| Even Airbus has "survival in doubt" |
4/29/2020 |
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Airbus slashed aircraft production and furloughed thousands of workers in response to the pandemic, which ground air travel to a near-standstill. But the letter warned that the company continues “bleeding cash at an unprecedented speed.”
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| Tesla made another advance towards autonomous driving |
4/29/2020 |
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In a note sent to a group of Tesla owners who were picked to test the stop light and sign recognition feature, the company said it can be used with the Traffic Aware Cruise Control or Autosteer systems. The feature will slow the car whenever it detects a traffic light, including those that are green or blinking yellow. It will notify the driver of its intent to slow down and stop.
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| Boeing terminated $4 billion agreement with Embraer |
4/28/2020 |
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Over the past few months, the companies had “productive but ultimately unsuccessful negotiations” about the unsatisfied conditions, which was “deeply disappointing,” Marc Allen, Boeing's president of Embraer partnership and group operations, said in a news release.
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| Trump orders Chevron to back out of Venezuela oil market |
4/23/2020 |
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The Trump administration on Tuesday ordered Chevron Corp. to “wind down” operations in Venezuela by Dec. 1, barring the California-based oil giant in the meantime from drilling or exporting, as the U.S. increases pressure on President Nicolás Maduro to give up power.
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| As Congress set to pass $483 billion relief biill |
4/23/2020 |
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Most of the funding, $331 billion, would go to boost a small-business payroll loan program that ran out of money last week. There would be $100 billion for health care, with $75 billion to hospitals and $25 billion to boost testing for the virus, a key step in building the confidence required to reopen state economies. There is $60 billion for a small-business loans and grants.
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| Virgin Orbit set to launche satellites from airlines |
4/23/2020 |
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Virgin sees these the ability to launch satellites from the air, via a reusable 747 from Branson’s Virgin Atlantic fleet, as easier, less expensive, and more resilient to weather conditions than ground-based launches.
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| furlough to furlough 17,000 current employees. |
4/22/2020 |
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The furloughs began on Monday and are expected to continue through June 21 of this year. During that time, furloughed employees will not receive salaries, but will continue to receive health care benefits. Coca-Cola Consolidated said the company will pay 100 percent of premiums applicable to impacted employees
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| Georgia would allow some small business to reoen on Friday |
4/22/2020 |
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Georgia's timetable, one of the most aggressive in the nation, would allow gyms, hair salons, bowling alleys and tattoo parlors to reopen as long as owners follow strict social-distancing and hygiene requirements. Elective medical procedures would also resume. By Monday, movie theaters may resume selling tickets, and restaurants limited to takeout orders could return to limited dine-in service.
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| A French court orders Amazon to suspend non-essential sales to protect employees |
4/16/2020 |
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The ruling requires Amazon to evaluate health risks at all its facilities around France and negotiate new safety measures with worker representatives. Amazon must suspend its non-essential trade within 24 hours or face 1 million euros ($1.1 million) in fines per day. Sales of food, medicine and hygiene supplies are still allowed.
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| Imagination CEO resignation to signify China control of foreign HiTech company |
4/15/2020 |
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This is surprising given the events of last week, when British government intervention put the brakes on an emergency board meeting at which four new directors representing China Reform Holdings, the owners of Imagination Technologies, were to be appointed [China Reform is the limited partner of Canyon Bridge, who bought out Imagination in 2017].
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| Amazon to return shipping “non-essential” items this week |
4/15/2020 |
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Amazon spokesperson saying the company will begin to accept more products in its warehouses this week that are outside of the e-commerce giant’s definition of “essentials”. In March, Amazon told its seller members that it was temporarily prioritizing stocking and shipping medical supplies, household products and other essential categories to meet demand for them amid the COVID-19 pandemic.
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| IMF predicts global economy to shrink 3% |
4/15/2020 |
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The IMF said Tuesday that it expects the global economy to shrink 3% this year — far worse than its 0.1% dip in the Great Recession year of 2009 — before rebounding in 2021 with 5.8% growth. It acknowledges, though, that prospects for a rebound next year are clouded by uncertainty.
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