Wednesday, July 8

Tag: Top Stories

British grocers reject U.S. chlorine-washed chicken as row over welfare standards deepen
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British grocers reject U.S. chlorine-washed chicken as row over welfare standards deepen

The row between Britain and the U.S. over food standard has deepened after some of the U.K.’s leading grocers have refused to sell a raft of food imports. Britain’s fifth biggest grocer Aldi said it would never sell chlorine-washed chicken imported from the U.S., regardless of the outcome of ongoing U.K.-U.S. trade talks. It joins luxury grocers Waitrose and Booths in pledging never to stock products that would undermine the U.K.’s current food and animal welfare standards. Chlorinated chicken has become a significant bone of contention in talks between the U.K. and U.S. as the two look to negotiate a free-trade deal after the U.K.’s departure from the European Union. Read:American and British trade talks started this week — here’s why the shared language could get in the way The U....
Market Snapshot: Dow futures pull back 240 points after previous day’s rally
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Market Snapshot: Dow futures pull back 240 points after previous day’s rally

U.S. stock-index futures on Tuesday were trading lower, as investors reassessed the economic and public-health environment following a strong rally to start the month in the previous session. The pause in enthusiasm over equities comes as both the European Commission and the Paris-based OECD forecast the highest unemployment rates in generations amid the COVID-19 pandemic. How are benchmarks performing? Futures for the Dow Jones Industrial Average YM00, -0.94% YMU20, -0.94% were down 240 points, or 0.9%, at 25,940; those for the S&P 500 index ES00, -0.77% ESU20, -0.77% gave up 27.65 points, or 0.9%, at 3,144.25; while Nasdaq-100 futures NQ00, -0.38% NQU20, -0.38% were 49.50 points lower at 10,549, a decline of 0.5%. On Monday, the Dow Jones Industrial Average DJIA, +1.78%...
Futures Movers: Brent oil scores lift from Saudi price rise, China optimism, while U.S. crude weighed down by rising coronavirus cases
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Futures Movers: Brent oil scores lift from Saudi price rise, China optimism, while U.S. crude weighed down by rising coronavirus cases

Crude-oil futures on Monday traded mixed, with the U.S. oil moves pressured by evidence of growing cases of coronavirus, while international prices climbed on hopes of China’s perceived recovery from the pandemic. Brent, the international benchmark oil, also was supported by Saudi Arabia’s decision to raise the premium of its benchmark grade crude, and all other grades, by $1 a barrel, according to Reuters, citing people familiar with the matter, representing the third straight price increase by one of the biggest exporters of oil and the most influential member of the Organization of the Petroleum Exporting Countries. A blockade of oil-producing country Libya also remains in place, hindering exports from the north African producer, and helping to fuel expectations that supplies for cr...
The Wall Street Journal: Duke Energy, Dominion scrap plans for Atlantic Coast Pipeline after years of delays
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The Wall Street Journal: Duke Energy, Dominion scrap plans for Atlantic Coast Pipeline after years of delays

The builders of the Atlantic Coast Pipeline are pulling the plug on the project as companies continue to meet mounting environmental opposition to new fossil fuel conduits in the U.S. Duke Energy Corp. DUK, -0.11% and Dominion Energy Inc. D, +0.41% said Sunday that they were abandoning the proposed $8 billion pipeline — which aimed to carry natural gas 600 miles through West Virginia, Virginia and North Carolina and underneath the Appalachian Trail — citing continued regulatory delays and uncertainty, even after a favorable Supreme Court ruling last month. Dominion meanwhile said it was selling the rest of its natural gas transmission and storage network to Warren Buffett’s Berkshire Hathaway Inc. BRK.B, +0.47% for $9.7 billion including debt. The deal includes a 25% stake in the Cove ...
Economic Preview: Just when it seemed safe to go back to restaurants a new coronavirus outbreak threatens U.S. jobs recovery
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Economic Preview: Just when it seemed safe to go back to restaurants a new coronavirus outbreak threatens U.S. jobs recovery

The U.S. got some great news Thursday with the rehiring of 4.9 million people in June, but the two steps forward the economy took in May and June could be followed by one step back in July. The problem? A resurgence in coronavirus cases, especially in states that allowed their economies to reopen early, is leading to renewed restrictions on businesses and consumers. See: MarketWatch Economic Calendar At the epicenter of the resurgence in the coronavirus epidemic is the restaurant industry. The reopening of restaurants led to the return of some 3 million workers in May and June, accounting for 40% of the jobs the U.S. has regained since the onslaught of the coronavirus. That’s the good news. Read: U.S. regains 4.8 million jobs, unemployment falls to 11.1%, but rehiring set to slow T...
The Wall Street Journal: USS Ronald Reagan and Nimitz carriers sent to disputed waters as China tensions rise
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The Wall Street Journal: USS Ronald Reagan and Nimitz carriers sent to disputed waters as China tensions rise

The U.S. is sending two aircraft carriers into one of Asia’s hottest spots to deliver a pointed message to China that it doesn’t appreciate Beijing’s military ramp-up in the region. The USS Ronald Reagan and USS Nimitz are set to hold some of the U.S. Navy’s largest exercises in recent years in the South China Sea from Saturday—at the same time that China is holding drills in the area. Source: MarketWatch
Key Words: Fauci says Americans must do 3 things to win the battle against COVID-19
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Key Words: Fauci says Americans must do 3 things to win the battle against COVID-19

Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases for three decades and one of the leading experts on pandemics in the U.S. for the last four decades, dished out some harsh words to both the U.S. public and federal authorities. Fauci said SARS-CoV-2, the name for the virus that causes COVID-19, will continue to spread unless everyone ups their game. He was speaking this week at the Senate Health, Education, Labor and Pensions Committee in Washington, D.C., alongside other government officials. On Thursday, Fauci said the virus may be mutating to become more transmissible. “We don’t have a connection between whether an individual does worse with this or not. It just seems that the virus replicates better and may be more transmissible. But this is still ...
NewsWatch: The coronavirus crisis is costing states and locals hundreds of billions, analysis finds
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NewsWatch: The coronavirus crisis is costing states and locals hundreds of billions, analysis finds

MARKETWATCH FRONT PAGE The economic pain facing state and local governments resulting from the coronavirus pandemic is disconnected from the improving outlook on the national front. A new analysis from a Cleveland Federal Reserve researcher quantifies that hit. See full story. No U.S. stock funds? Is this 25-year old investor crazy — or on to something? Do-it-yourself retirement saver goes against the Wall Street crowd See full story. Lemonade IPO: 5 things to know about the online insurer As the world is buffeted by digital and societal revolutions, Lemonade Inc. is hoping to leverage the uncertainty created by those upheavals to reshape an industry meant to provide peace of mind: insurance. See full story. James Carville says there’s a ‘significant chance’ Trump drops out of the presid...
Key Words: Zuckerberg said to say of Facebook ad boycott: ‘All these advertisers will be back’ soon enough
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Key Words: Zuckerberg said to say of Facebook ad boycott: ‘All these advertisers will be back’ soon enough

Hundreds of companies around the world have joined a temporary ad boycott against Facebook Inc., but Chief Executive Mark Zuckerberg says he’s not worried and has no intention of changing its policies, according to a new report. “ “My guess is that all these advertisers will be back on the platform soon enough.” ” — Mark Zuckerberg Zuckerberg said the boycott is more of a PR issue than one that will hurt the social-media giant’s bottom line, according to a report Wednesday by The Information, which cited a transcript of remarks Zuckerberg gave at an employees-only virtual town hall Friday. “We’re not gonna change our policies or approach on anything because of a threat to a small percent of our revenue, or to any percent of our revenue,” he said, according to The Information. Whil...
U.K. airline easyJet to close three of its airport hubs as coronavirus wreaks further havoc
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U.K. airline easyJet to close three of its airport hubs as coronavirus wreaks further havoc

U.K.-based budget airline EZJ, -0.93% said on Tuesday it is considering shutting three of its airport hubs because of the steep drop in travel demand caused by coronavirus. The carrier said in a statement it could close bases at London Stansted, London Southend and Newcastle airports as part of wider cost cutting measures announced in May because of coronavirus. It said the airports would remain part of its route network meaning flights would still land there but it would not retain offices and staff.  EasyJet and airlines around the world have been hit hard by coronavirus cutting jobs and forecasting a slow recovery. Many countries have closed their borders and banned nonessential travel, with European Union citizens still barred from traveling to the U.S.. EasyJet said it expe...