Treasury Secretary Janet Yellen said the US government will use all its powers to address climate change. Speaking at a meeting of Christian and Jewish religious leaders, and Jubilee USA Network – a non-profit, Yellen stressed that the poor suffer the most from climate change. She also said the Covid-19 crisis had sped up global economic inequality, and poor nations would need continued support.
Rates were kept anchored near zero by the Federal Reserve, and it also maintained the current pace of asset purchases. Expectations for GDP growth and inflation were also upgraded by officials, and estimates for the unemployment rate were also cut. An increasing number of members have predicted rate hikes in coming years, but not enough to change the forecast for none through at least 2023.
This year’s tax deadline is set to be delayed from its usual time of 15th April to somewhere during the mid of May. This will provide taxpayers with more time to pay their outstanding balances. No final deadline has yet been provided for the same. Questions regarding the same were not answered by the IRS and Treasury. Returns received by the IRS have fallen drastically behind last year’s numbers.
Ford informed its global employees who haven’t returned to workplace for the Covid-19 pandemic that the company expects them to do so from this summer in a flexible work plan. The work plan for the carmaker’s roughly 86,000 global employees will be a mixture of working from home and working from office. However, most of the employees aren’t expected to return to workplace before July.
Uber will consider its UK drivers as workers from Wednesday. This comes after the UK Supreme Court ruling against the company’s designation of its drivers. This will benefit more than 70,000 drivers in Britain, who will now receive minimum wage, vacation pay, etc. It would also include a pension plan for the drivers. This is the first time Uber has classified its drivers as workers.
Nokia said it would reduce its workforce by 10,000, which is more than 10% of its staff, and utilize the saving in costs towards research and development for 5G. With this, the number of Nokia employees is expected to fall between 80,000 to 85,000 in the next two years and reduce costs up to $715 million. The wireless network maker hopes to remain a key supplier in 5G networks with this move.
U.S. retail sales fell a seasonally adjusted 3% in February from January, the Commerce Department said Tuesday. The decline comes after retail sales soared in January as people spent $600 stimulus checks sent at the end of last year. The Commerce Department revised its January number upwards to 7.6% from its previously reported rise of 5.3%. Analysts said icy weather also contributed to the drop.
In a regulatory filing with the SEC, Tesla has given CEO Elon Musk the title of ’Technoking of Tesla’ while naming finance chief Zachary Kirkhorn ’Master of Coin.’ The carmaker did not provide a reason behind the cryptic new titles. Kirkhorn’s title comes in the wake of the company’s $1.5B purchase of Bitcoin. Both, Musk and Kirkhorn, will retain their existing titles of CEO and CFO.
More than 400 workers at the Tesla plant at Fremont, California tested positive for Covid-19 between May and December, Alameda County Department of Public Health data, obtained by PlainSite, showed. PlainSite said the tracking started in May and stopped in December. Tesla boss Elon Musk had played down the concerns and reopened the plant in May, ignoring warnings by public health officials.
India’s government is set to table a bill in Parliament that seeks to ban cryptocurrencies, fine cryptotraders and miners, and make holding cryptocurrencies illegal. The bill is expected to pass as the ruling BJP has majority in the lower house and an edge with allies in the upper house. If this bill is passed, it will deal a blow to investors, who now hold $1.4 billion in cryptocurrencies.
Fintech company Stripe has touched $95 billion in valuation after its latest funding. This makes Stripe the most valuable private company to come out of Silicon Valley. Stripe, which offers payments processing services, has emerged as one of the hottest digital payment companies riding on the increasing popularity of digital payments in recent years. Stripe saw its value tripling in under a year.
WHP Global, the New York-based brand management firm, is acquiring the controlling shares of Tru Kids Inc – the parent company that owns the iconic Toys R Us and Babies R Us brands. WHP Global didn’t reveal the deal’s financials. Toys R Us had only two physical stores in the US, which closed two months ago. The Toys R Us and Babies R Us generate over $2 billion in global retail sales annually.
The price of Bitcoin continues to rise, with the cryptocurrency surpassing the $60,000 level on Saturday, weeks after it topped $50,000. Bitcoins in circulation are worth more than $1 trillion. Interest in Bitcoin has surged over the past months amid signs of increasing institutional interest as well as speculative demand. The overall crypto market currently has a market cap of $1.87 trillion.
Amazon announced that it would stop the sale of books that frame transgender and other gender and sexual identities as mental illnesses. The company, however, said that the move is not targeted against conservative material and voices on Amazon’s platforms, since it offers ’customers across the political spectrum a wide variety of content that includes disparate opinions.’
Former Theranos CEO Elizabeth Holmes, whose criminal fraud trial was scheduled to start in July, is asking for a delay as she’s pregnant. The trial has already been delayed three times due to the pandemic. Holmes and her former COO Sunny Balwani are each facing a dozen criminal wire fraud charges and 20 years in prison. The start-up was once valued at $9B before shutting down in 2018.
Britain’s exports to Europe collapsed in January amid new terms of trade following Brexit. The UK exported goods worth £8.1 billion to the EU in its first month completely outside the bloc, a 41% decline compared to December. The drop off in trade is similar when compared to January 2020. Imports from the bloc tumbled 29% to £16.2 billion in January compared with the previous month.
A collection of digital artwork by the artist Beeple has just been sold by Christie’s auction house for a staggering $69 million. The sale has now made Beeple, also known as Mike Winkelmann, one of the three most valuable living artists in the world. Winkelmann creates a new piece of digital art every day, and was selling the first 5,000 days (13 years) of his work in the auction.
The number of American workers who applied for jobless benefits fell to about 712,000 in the week that ended March, the Department of Labor said. It is a drop of 42,000 from the previous week. This is seen as a result of lesser layoffs as Covid-19 cases are coming down and economy showing signs of improvement. Around 478,000 gig workers filed claims for Pandemic Unemployment Assistance last week.
Fintech startup Cheese launched a digital banking platform aimed at the Asian-American community. Co-founder and CEO Ken Lian, who is a Chinese American, told TechCrunch that the company understand Asian users better because he and co-founders Zhen Wang and Qingyi Li are Asian Americans. He recalled the difficulties he faced as a student due to lack of basic bank accounts when he came to the US.
Nissan said it was recalling more than 854,000 cars in the US and Canada to fix an issue with the cars’ brakelights. The recall covers certain Sentra models from 2016 to 2019. The automaker said the brakelights might fail when the driver presses on the pedal. It said the dealers would replace a switch in the system. Owners will be notified in April.
Burger King’s campaign for International Women’s Day backfired as its attempt to draw attention to the male-dominated culinary world. ’Women belong in the kitchen,’ the official UK Twitter account tweeted on Monday. ’Yet only 20% of chefs are women. We’re on a mission to change the gender ratio,’ the chain said in a follow-up tweet. Outrage was swift and came from competitors including KFC.
File-sharing company Dropbox announced that will acquire document-tracking company DocSend for $165 million. DocSend allows users to share and track documents by sending secure links that have built-in tools that allow user to see who is looking at documents and when. Dropbox, with the purchase, aims to incorporate those features into its core document-sharing service.