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Unemployment rate creeps up to 4.1% as pandemic takes toll

Unemployment rate creeps up to 4.1% as pandemic takes toll

Business
Britain's unemployment rate rose to 4.1% in the three months to July as the total number of jobless rose by 62,000, the Office for National Statistics said.The jobless rate was the highest in nearly two years and up from 3.9% a month earlier - but is still yet to be fully illustrative of the economic crisis with the Treasury's soon-to-end furlough scheme helping keep the numbers down. Live coronavirus updates from UK and around the world Image: Sandwich chain Pret is among employers cutting jobs during the crisis Meanwhile, payroll data showed that 695,000 fewer people were employed in August compared to March when the UK lockdown started - though after revisions to earlier data that was a smaller number than before.Darren Morgan, dir...
Ice sheets melting at ‘worst-case scenario rate’, research warns

Ice sheets melting at ‘worst-case scenario rate’, research warns

World
Ice sheets in Greenland and Antarctica are melting at a rate which matches the worst-case scenario for sea level rises, according to a new study.The vast majority of the planet's ice mass is contained in the Antarctic ice sheet, which would cause sea levels to rise by 58 metres if it melted completely. The much smaller Greenland ice sheet, which previous research suggests may have melted beyond the point of return, would cause a rise of just over seven metres. ...

Stock futures rise slightly after Fed rate decision, Big Tech earnings loom

Finance
A cyclist passes by the New York Stock Exchange in New York, on May 26, 2020.Wang Ying | Xinhua News Agency | Getty ImagesU.S. stock futures rose on Wednesday night following a session in which the major averages posted solid gains as the Federal Reserve pledged to maintain current stimulative measures.Dow Jones Industrial Average futures climbed 18 points, or 0.1%. S&P 500 futures gained 0.1% and Nasdaq 100 futures advanced 0.2%.The Fed kept the overnight U.S. rate in a range between 0% and 0.25%. The central bank noted that while the economy has recovered slightly, activity and employment remain "well below their levels at the beginning of the year." Fed Chairman Jerome Powell added the central bank will keep an accommodative stance until the economy has "weathered" the effects of th...
Cases, deaths climb worldwide as COVID-19 mortality rate declines to 4.4%

Cases, deaths climb worldwide as COVID-19 mortality rate declines to 4.4%

World
July 12 (UPI) -- Coronavirus has spread worldwide since the pandemic began earlier this year, rising exponentially in deaths to more than 567,000 and nearly 13 million cases. But despite those grim statistics, the mortality rate -- comparing deaths and cases -- has been declining. On May 1, the mortality rate was 7.2 percent but on Saturday it had decreased to 4.4 percent overall. Advertisement Seventy-two days ago, the death count was 240,976 and cases were 3,351,722. Deaths have more than doubled to 567,035, while cases almost quadrupled to 12,884,231. On Saturday, there were 214,786 new cases, below the record of 236,918 the day before. Deaths rose by 4,996 Saturday compared with 5,684. Since the first deaths were reported in Wuhan, China, the outbreak spread to Europe, then the United...
Will ensure banks pass on rate cut benefits to consumer: FM to India Inc

Will ensure banks pass on rate cut benefits to consumer: FM to India Inc

Finance
NEW DELHI: Finance Minister Nirmala Sitharaman has assured that she will ensure banks pass on the rate cut benefits to consumers, so the interest burden on them eases, industry body PHDCCI said on Friday. She was addressing members of the PHD Chamber of Commerce through a video conference here. "Hon'ble @FinMinIndia @nsitharaman assured that she will personally ensure that #banks transfer benefits of the #ratecuts to end consumers at the earliest," PHDCCI said in a tweet. Last month, the RBI slashed the benchmark repurchase (repo) rate, the price at which banks borrow from the central bank, by 40 basis points to a historic low of 4 per cent. RBI Governor Shaktikanta Das had said monetary policy transmission to banks' lending rates has continued to improve. "The 1 year median marginal c...