Bush tax cuts

Apollo Tyres on Tuesday said that it has cut 528 jobs at its plant in Netherlands. The job cut is part of an earlier announcement that it will cut 737 jobs over two years against the initial 1265 jobs to streamline manufacturing operations.Onkar Kanwar promoted tyre major had acquired Vredestein Banden BV (VBBV) for an undisclosed sum in 2009 from Russia’s bankrupt largest tyre manufacturer Amtel-Vredestein NV.The management and the Works Council (WC) of Apollo Vredestein B.V. (AVBV), Company's Netherlands based subsidiary, has reached an agreement on the specialization of the factory in Enschede marking the conclusion of the consultation process.Under the agreement, AVBV will retain 737 job positions (against the initial 1265) and continue to focus on high-value segment passenger car tyres and its earlier capacity for agricultural & space master tyres.According to the company, seeing the current environment certain tyre sizes are no longer sustainable to produce at Enschede … [Read more...] about Apollo Tyres cuts 528 jobs at Netherlands plant; to focus on high-value segment

New Delhi: Even as the global economy goes in an unlock mode with gradual pick up in economic activity, the oil market is expected to remain subdued with expectation that crude oil prices may again fall below $40 a barrel next month.A crucial meeting of the Organization of Petroleum Exporting Countries (OPEC) and Russia is scheduled on Wednesday by video conference to discuss producers' approach to the market. The meeting is likely to decide on easing of production cuts from next month, a move that may halt crude price rise and if demand conditions actually don't meet up to expectations, may trigger a free fall again.A bigger global effort to stabilise oil prices involving all major oil producers from the effects of COVID-19 and general economic slowdown resulted in OPEC + deciding in April to take away about 9.7 million barrels of oil per day from the market. The cut got extended till July owing to unprecedented demand fall due to COVID-19 pandemic. Saudi Arabia increased the … [Read more...] about Oil slide expected in August as OPEC+ may boost production

The global economy is facing an unprecedented medical, economic and financial crisis. The developed world can still spend its way out of trouble by increasing fiscal deficit, expanding the central bank balance sheet, cutting rates, providing backstop to the market and printing money on an unimaginable scale. The emerging world doesn’t have that luxury.The developed world wants to follow the Bank of Japan, which enhanced liquidity, cut rates, monetised deficit and bought equities since the 1990s, yet failed to revive the economy. It doesn’t want to follow India, which during the 1991 crisis raised rates, depreciated the rupee, lowered fiscal deficit and import duties and opened up to foreign capital. GDP expanded manifold after initial pains. Inefficiencies thriving under duty protection and Licence Raj were removed. It caused inevitable loss in jobs. But there were many entrepreneurs who took up the challenge and built globally competitive businesses, adding more jobs than … [Read more...] about What lies ahead for the MSME sector

electric vehicles and hydrogen cars.The six-year plan will build digital infrastructure and a stronger safety net for job seekers, but its "Green New Deal" aspects have drawn attention as they aim to cut heavy reliance on fossil fuels in Asia's fourth-largest economy."The coronavirus pandemic once again reaffirmed the urgency of responses to climate change," President Moon Jae-in said in a speech, adding that the new projects were expected to create about 1.9 million jobs through 2025.The plan envisages investment in smart grids to manage electricity use more efficiently, promotion of remote medical services, a work-from-home policy for businesses and online schools based on fifth-generation (5G) wireless networks, and tax breaks for telecoms providers who install the systems.First proposed by Moon's ruling party ahead of the parliamentary election in April, the plan set ambitious goals of net-zero emissions by 2050, an end to funding of overseas coal plants, and introduction of a … [Read more...] about South Korea to spend $95 bln on green projects to boost economy

OSLO: Norwegian oil firm Aker BP on Tuesday beat second-quarter pretax profit expectations helped by record output and a partial reversal of impairments from the previous quarter as oil prices rose.Pretax profit fell to $151 million from $249 million a year earlier but beat a forecast of $91.3 million in a Refinitiv poll of analysts, said the company, which is jointly controlled by BP Plc and investment firm Aker ASA.Aker BP, which has a stake in Norway's giant Johan Sverdrup oilfield, repeated its 2020 production guidance of 205,000-220,000 barrels of oil equivalents per day.The company took an impairment charge of $654 million in the first quarter as oil prices crashed, resulting in a pretax loss of $414 million. Due to a rise in oil prices, it reversed $136 million of that impairment in the second quarter.Brent futures have more than doubled since April to $41.80 a barrel on Tuesday, but were still well below of more than $70 a barrel at the start of the year.Aker BP also reversed … [Read more...] about Aker BP beats Q2 expectations on record output, keeps guidance