Asian stocks higher…Atlantic Coast Pipeline canceled
BEIJING (AP) – Asian stock markets rose today as investors shrugged off rising coronavirus cases in the United States and some other countries. Benchmarks in Shanghai, Tokyo, Hong Kong and Southeast Asia advanced. Markets rose last week after unexpectedly strong U.S. jobs data despite some American states reporting record new coronavirus infections.
RICHMOND, Virginia (AP) – The developers of the Atlantic Coast Pipeline say they’re canceling the multi-state natural gas project due to delays and “increasing cost uncertainty.” Despite a recent victory before the U.S. Supreme Court over a critical permit, Dominion Energy and Duke Energy said in a statement Sunday that “recent developments have created an unacceptable layer of uncertainty” for the $8 billion, 600-mile project designed to cross parts of West Virginia, Virginia and North Carolina. The project has drawn fierce opposition from a coalition of landowners, activists and environmental advocates.
NEW YORK (AP) – The coronavirus pandemic is pummeling the global economy and U.S. unemployment is reaching heights not seen since the Great Depression. That has left gig workers clamoring for jobs that often pay less while facing stiff competition from a crush of newly unemployed workers who are also trying to patch together a livelihood until the economy recovers. Upwork, a website that connects skilled freelance workers with jobs, has seen a 50% increase in signups by both workers and employers since the pandemic began. But reliance on contracted and temporary workers could have negative implications on job quality and security because it shifts risk onto the worker.
BERLIN (AP) – German factory orders recovered some ground in May. They rose 10.4% compared with the previous month after huge drops in March and April. The figure reported today by the Economy Ministry follows declines of 15% in March and 26.2% in April. The ministry says it suggests that the recession in industry is past its worst, but “the still-low level of orders also shows that the catching-up process is far from concluded.”
HONG KONG (AP) – Hong Kong low-cost airline HK Express, part of the Cathay Pacific Group, says it will gradually resume flights on Aug. 2 as Asian governments ease coronavirus-related travel restrictions. HK Express suspended all flights in March as governments tightened border controls. The carrier .normally flies 25 routes throughout Asia.