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IKEA Winnipeg employee tests positive for COVID-19 – CTV News Winnipeg

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WINNIPEG —
An IKEA Winnipeg employee has tested positive for COVID-19, which has prompted the store to temporarily close.

The company made the announcement on its website, stating it learned a worker tested positive on Saturday. 

“We are supporting our co-worker to ensure they have everything they need and hope for their full recovery soon,” the statement said.

The company said it is following the guidelines of Manitoba Public Health, and is taking extensive precautionary measures. IKEA said out of an abundance of caution, it is closing the Winnipeg store temporarily in order to complete a thorough deep clean and sanitization carried out by a third-party. 

It did not say when the store is expected to reopen, or when the employee last worked. 

The province announced 55 news cases of COVID-19 in Manitoba on Saturday, with 19 of those being identified in Winnipeg. 

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Wall Street falls, S&P 500 down 1.2% as global markets swoon – CP24 Toronto's Breaking News

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Stan Choe, Damian J. Troise And Alex Veiga, The Associated Press


Published Monday, September 21, 2020 3:03PM EDT


Last Updated Monday, September 21, 2020 11:23PM EDT

NEW YORK – Wall Street slumped Monday as markets tumbled worldwide on worries about the pandemic’s economic pain, though the S&P 500 had pared its losses by the end of the day.

The drops began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem rising coronavirus counts. In the U.S., stocks and Treasury yields weakened, while prices sank for oil and other commodities that a healthy economy would demand.

The S&P 500 fell 38.41 points, or 1.2%, to 3,281.06. It extends the index’s losing streak to four days, its longest since stocks were selling off in February on recession worries. But a last-hour recovery helped the index more than halve its loss of 2.7% from earlier in the day.

The Dow Jones Industrial Average fell 509.72, or 1.8%, to 27,147.70 after coming back from an earlier 942 point slide. The Nasdaq composite slipped 14.48, or 0.1%, to 10,778.80 after recovering from a 2.5% drop.

Wall Street has been shaky this month, and the S&P 500 has dropped 8.4% since hitting a record Sept. 2 amid a long list of worries for investors. Chief among them is fear that stocks got too expensive when coronavirus counts are still worsening, Congress is unable to deliver more aid for the economy, U.S.-China tensions are rising and a contentious U.S. election is approaching.

Investors should expect the stock market to stay volatile, perhaps through the November elections, as they wait for these questions to shake out, said Jason Draho, head of asset allocation for the Americas at UBS Global Wealth Management.

Monday’s selling was exacerbated by worries about the possibility of more business restrictions in Europe, particularly as the United States heads into flu season, Draho said, and “some investors may be stepping aside.”

David Joy, chief market strategist at Ameriprise Financial, noted how Monday’s sharpest drops were concentrated in areas of the market most closely tied to the economy’s strength, such as energy companies and raw-material producers.

“It seems to be a broader expression of worry about the economy,” he said.

Bank stocks took sharp losses after a report alleged that several continue to profit from illicit dealings with criminal networks despite U.S. crackdowns on money laundering.

Shares of electric and hydrogen-powered truck startup Nikola plunged 19.3% after its founder resigned as executive chairman and left its board amid allegations of fraud. The company has called the allegations false and misleading.

General Motors, which recently signed a partnership deal where it would take an ownership stake in Nikola, fell 4.8%.

Investors are also worried about the diminishing prospects that Congress may soon deliver more aid to the economy. Many investors call such support crucial after extra weekly unemployment benefits and other stimulus expired. But partisan disagreements have held up any renewal of what’s known as the CARES Act.

“The stimulus money from the CARES Act, the impact of that, is running off and there doesn’t seem to be any urgency in Washington to get another package together,” said Joy of Ameriprise Financial..

Partisan rancour is only continuing to rise, deflating hopes further. The sudden vacancy on the Supreme Court following the death of Justice Ruth Bader Ginsburg is the latest flashpoint dividing the country.

Tensions between the world’s two largest economies are also weighing on markets. President Donald Trump has targeted Chinese tech companies in particular, and the Department of Commerce on Friday announced a list of prohibitions that could eventually cripple U.S. operations of Chinese-owned apps TikTok and WeChat. The government cited national security and data privacy concerns.

That raises the threat of Chinese retaliation against U.S. companies.

A U.S. judge over the weekend ordered a delay to the restrictions on WeChat, a communications app popular with Chinese-speaking Americans, on First Amendment grounds.

Trump also said on Saturday he gave his blessing to a proposed deal between TikTok, Oracle and Walmart to create a new company that would likely be based in Texas.

Layered on top of all those concerns for the market is the continuing coronavirus pandemic and its effect on the global economy.

On Sunday, the British government reported 4,422 new coronavirus infections, its biggest daily rise since early May. An official estimate shows new cases and hospital admissions are doubling every week.

Prime Minister Boris Johnson later this week is expected to announce a slate of short-term restrictions that will act as a “circuit breaker” to slow the spread of the disease. The number of cases has been rising quickly in many European countries and while authorities don’t seem ready to return to the tough restrictions on public life that they imposed in the spring, the new wave of the pandemic threatens the economic outlook.

The FTSE 100 in London dropped 3.4%. Other European markets were similarly weak. The German DAX lost 4.4%, and the French CAC 40 fell 3.7%.

In Asia, Hong Kong’s Hang Seng dropped 2.1%, South Korea’s Kospi fell 1% and stocks in Shanghai lost 0.6%.

The yield on the 10-year Treasury fell to 0.66% from 0.69% late Friday.

September’s losses for markets are reversing months of remarkable gains. Beginning in late March, when the Federal Reserve and Congress pledged massive amounts of support for the economy, the S&P 500 erased its nearly 34% in losses caused by the pandemic. Signs of budding economic improvements accelerated the gains, but growth has slowed recently.

AP Business Writer Joe McDonald contributed.

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S&P 500 sinks more than 2% as markets tumble worldwide – CP24 Toronto's Breaking News

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Stan Choe, Damian J. Troise And Alex Veiga, The Associated Press


Published Monday, September 21, 2020 3:03PM EDT


Last Updated Monday, September 21, 2020 11:23PM EDT

NEW YORK – Wall Street slumped Monday as markets tumbled worldwide on worries about the pandemic’s economic pain, though the S&P 500 had pared its losses by the end of the day.

The drops began in Asia as soon as trading opened for the week, and they accelerated in Europe on worries about the possibility of tougher restrictions there to stem rising coronavirus counts. In the U.S., stocks and Treasury yields weakened, while prices sank for oil and other commodities that a healthy economy would demand.

The S&P 500 fell 38.41 points, or 1.2%, to 3,281.06. It extends the index’s losing streak to four days, its longest since stocks were selling off in February on recession worries. But a last-hour recovery helped the index more than halve its loss of 2.7% from earlier in the day.

The Dow Jones Industrial Average fell 509.72, or 1.8%, to 27,147.70 after coming back from an earlier 942 point slide. The Nasdaq composite slipped 14.48, or 0.1%, to 10,778.80 after recovering from a 2.5% drop.

Wall Street has been shaky this month, and the S&P 500 has dropped 8.4% since hitting a record Sept. 2 amid a long list of worries for investors. Chief among them is fear that stocks got too expensive when coronavirus counts are still worsening, Congress is unable to deliver more aid for the economy, U.S.-China tensions are rising and a contentious U.S. election is approaching.

Investors should expect the stock market to stay volatile, perhaps through the November elections, as they wait for these questions to shake out, said Jason Draho, head of asset allocation for the Americas at UBS Global Wealth Management.

Monday’s selling was exacerbated by worries about the possibility of more business restrictions in Europe, particularly as the United States heads into flu season, Draho said, and “some investors may be stepping aside.”

David Joy, chief market strategist at Ameriprise Financial, noted how Monday’s sharpest drops were concentrated in areas of the market most closely tied to the economy’s strength, such as energy companies and raw-material producers.

“It seems to be a broader expression of worry about the economy,” he said.

Bank stocks took sharp losses after a report alleged that several continue to profit from illicit dealings with criminal networks despite U.S. crackdowns on money laundering.

Shares of electric and hydrogen-powered truck startup Nikola plunged 19.3% after its founder resigned as executive chairman and left its board amid allegations of fraud. The company has called the allegations false and misleading.

General Motors, which recently signed a partnership deal where it would take an ownership stake in Nikola, fell 4.8%.

Investors are also worried about the diminishing prospects that Congress may soon deliver more aid to the economy. Many investors call such support crucial after extra weekly unemployment benefits and other stimulus expired. But partisan disagreements have held up any renewal of what’s known as the CARES Act.

“The stimulus money from the CARES Act, the impact of that, is running off and there doesn’t seem to be any urgency in Washington to get another package together,” said Joy of Ameriprise Financial..

Partisan rancour is only continuing to rise, deflating hopes further. The sudden vacancy on the Supreme Court following the death of Justice Ruth Bader Ginsburg is the latest flashpoint dividing the country.

Tensions between the world’s two largest economies are also weighing on markets. President Donald Trump has targeted Chinese tech companies in particular, and the Department of Commerce on Friday announced a list of prohibitions that could eventually cripple U.S. operations of Chinese-owned apps TikTok and WeChat. The government cited national security and data privacy concerns.

That raises the threat of Chinese retaliation against U.S. companies.

A U.S. judge over the weekend ordered a delay to the restrictions on WeChat, a communications app popular with Chinese-speaking Americans, on First Amendment grounds.

Trump also said on Saturday he gave his blessing to a proposed deal between TikTok, Oracle and Walmart to create a new company that would likely be based in Texas.

Layered on top of all those concerns for the market is the continuing coronavirus pandemic and its effect on the global economy.

On Sunday, the British government reported 4,422 new coronavirus infections, its biggest daily rise since early May. An official estimate shows new cases and hospital admissions are doubling every week.

Prime Minister Boris Johnson later this week is expected to announce a slate of short-term restrictions that will act as a “circuit breaker” to slow the spread of the disease. The number of cases has been rising quickly in many European countries and while authorities don’t seem ready to return to the tough restrictions on public life that they imposed in the spring, the new wave of the pandemic threatens the economic outlook.

The FTSE 100 in London dropped 3.4%. Other European markets were similarly weak. The German DAX lost 4.4%, and the French CAC 40 fell 3.7%.

In Asia, Hong Kong’s Hang Seng dropped 2.1%, South Korea’s Kospi fell 1% and stocks in Shanghai lost 0.6%.

The yield on the 10-year Treasury fell to 0.66% from 0.69% late Friday.

September’s losses for markets are reversing months of remarkable gains. Beginning in late March, when the Federal Reserve and Congress pledged massive amounts of support for the economy, the S&P 500 erased its nearly 34% in losses caused by the pandemic. Signs of budding economic improvements accelerated the gains, but growth has slowed recently.

AP Business Writer Joe McDonald contributed.

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Tesla's "battery day" Could Be Bad News For Cobalt Miners – OilPrice.com

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Tesla currently uses the nickel-cobalt-aluminum cathode chemistry, which has a low cobalt content of about 5%, for their cars produced outside China.

The company also embraces the Responsible Minerals Initiative (RMI) to identify red flags such as child labour in their cobalt sourcing.

A reportedly signed deal between Tesla and Glencore (LON: GLEN) in June has cast doubts on the company’s statement that it’s close to eliminating cobalt from its batteries altogether.

The contract would involve supplies of 6,000 tonnes of cobalt from the Democratic Republic of Congo for Tesla’s new Shanghai factory.  

There are rumours about a wider cell design, which would bring down the cost of making batteries. That would be a critical development, given that they are the main cause of EVs’ hefty price tag.

Musk, 49, said earlier this year that the event would “blow your mind” and has been adding to the hype over the weekend by tweeting the upcoming announcement “it’s big” and “insane”, with “many exciting things to be unveiled.”

Analysts at Citigroup said that with Tesla having roughly 30% of the pure battery electric vehicle (BEV) market this year, its innovations in battery performance and chemistry have “significant implications for EV metal demand” and so Battery Day “could impact sentiment towards battery metals demand.”

Related: What’s Next For Gold?

Goldman Sachs believes the focus on Tuesday will be on “production capacity expansion, battery cost and new technology trends.”

Even if Tesla is not ready to transition to an entirely new type of battery, updates in the chemistry of its existing cells could also offer extra longevity, with high hopes the coveted “million-mile battery” will be unveiled.

Volkswagen’s own battery day earlier this month predicted 300 gigawatt-hours of batteries will be needed in 2025.

Over the last three years, Tesla has mass-manufactured batteries for its cars and energy storage products at its Gigafactory in Nevada with its partner Panasonic.

It has also begun sourcing cells from Contemporary Amperex Technology Co Ltd (CATL) and LG, and making battery packs for the made-in-China (MIC) version of its Model 3 sedans. 

Not so near-future news

Most of Tesla’s announcements have related to finding ways drive down production costs, increase the lifetime and charging speed of their batteries, and make sure the metals used in the making of its EVs are ethically sourced.

The carmaker events often cause short-term stock volatility, but what Musk shows at these presentations doesn’t always result in a working product within the announced timeline. 

In October 2016, the South African-born billionaire showed off different styles of roof tiles with solar cells that weren’t actually functional. The event helped Tesla score shareholder approval for a $2.6 billion acquisition of debt-saddled SolarCity.

So far, the carmaker has not produced or installed solar glass roof tiles in a significant volume.

A year later, Tesla unveiled its new Roadster vehicle prototype, “the fastest production car ever made”, which should have been available this year. Last May, however, Musk listed several other tasks Tesla would need to achieve first, suggesting it may not arrive until after next year.

Tesla’s “Autonomy Day”, held in April 2019, was all about self-driving cars or “robotaxis” being available in the second quarter of 2020. They have yet to pass all safety tests needed before beginning mass production. “All the things I said we would do them, we did it,” Musk said at the event. “Only criticism— and it’s a fair one — is sometimes I’m not on time. But I get it done and the Tesla team gets it done.”

By Mining.com

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