Stocks surge has Dow flirting with bear-market exit

US unemployment claims soar as coronavirus slams economy

Last week’s jobless claims hit a record-breaking 3.28 million. FOX Business’ Lauren Simonetti with more.

U.S. equity markets clambered higher Thursday as investors digested record jobless claims and waited for the House to vote on a $2 trillion relief package.

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First-time unemployment filings surged to a record 3.28 million last week, according to the Labor Department, as the COVID-19 pandemic caused businesses to temporarily close their doors and lay off employees. The previous record was 695,000, set in 1982.

The all-time high in claims came hours after the Senate voted 96-0, passing the $2 trillion relief package that would extend aid to individuals, small businesses and corporations hit hardest by the pandemic. The House of Representatives is scheduled to debate the bill on Friday.

The Dow Jones Industrial Average gained as many as 1,022 points, or 4.8 percent, while the S&P 500 and Nasdaq Composite climbed as much as 4.4 percent and 3.9 percent, respectively. A gain of 1,109.77 points or more would lift the Dow out of bear-market territory.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 22190.06 +989.51 +4.67%
SP500 S&P 500 2568.08 +92.52 +3.74%
I:COMP NASDAQ COMPOSITE INDEX 7615.449408 +231.15 +3.13%

Looking at stocks, hard-hit travel-related names are seeking direction as the status of the $2 trillion relief package remains in limbo.

Boeing shares continued to gain, adding to the 67 percent gain they’ve seen this week.

Ticker Security Last Change Change %
BA BOEING COMPANY 182.35 +23.62 +14.88%

Oil majors Exxon Mobil and Chevron were weaker as West Texas Intermediate crude oil plunged 3 percent to $23.76 a barrel. U.S. shale names Continental Resources and Pioneer Natural Resources also fell.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 38.66 +1.37 +3.67%
CVX CHEVRON CORP. 72.97 +3.70 +5.34%
CLR CONTINENTAL RESOURCES 10.43 +0.20 +1.96%

Banks gained even as buying across the Treasury complex flattened the yield curve. The yield on the 10-year note was down 5.8 basis points at 0.798 percent while the yield on the 3-month bill, which fell below zero on Wednesday, was little changed at -0.048 percent.

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 96.48 +4.75 +5.18%
BAC BANK OF AMERICA CORP. 22.25 +1.15 +5.43%
C CITIGROUP INC. 45.17 +3.31 +7.92%
WFC WELLS FARGO & COMPANY 30.01 +1.04 +3.59%

Ford said it’s aiming to restart production at some North American plants as early as April 6. The company’s credit rating was cut to junk at S&P.

On the earnings front, Micron Technology’s results exceeded expectations and gave a stronger-than-anticipated forecast as the company said it would receive a boost as more people worked from home.

Signet Jewelers reported better-than-expected quarterly results, but suspended its dividend and did not provide financial guidance due to uncertainty caused by the coronavirus.

Ticker Security Last Change Change %
F FORD MOTOR COMPANY 5.44 +0.05 +0.84%
MU MICRON TECHNOLOGY INC. 43.98 +1.48 +3.48%
SIG SIGNET JEWELERS LTD 10.30 +2.97 +40.54%

In Europe, Germany’s DAX paced the decline, down 1 percent, while France’s CAC and Britain’s FTSE were off 0.6 percent and 0.3 percent, respectively.

Asian markets were lower across the board with Japan’s Nikkei falling 4.5 percent, Hong Kong’s Hang Seng sliding 0.7 percent and China’s Shanghai Composite down 0.6 percent.

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Coronavirus has more than 1.5 billion people globally staying home

‘America will again and soon be open for business,’ Trump says

President Trump says businesses will receive monetary support from the federal government and commends Americans’ courage to stand united against the coronavirus pandemic.

NEW YORK — With masks, ventilators and political goodwill in desperately short supply, more than one-fifth of the world’s population was ordered or urged to stay in their homes Monday at the start of what could be a pivotal week in the battle to contain the coronavirus in the U.S. and Europe.

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Partisan divisions stalled efforts to pass a colossal aid package in Congress, and stocks fell again on Wall Street even after the Federal Reserve said it will lend to small and large businesses and local governments to help them through the crisis. The Dow Jones Industrial Average lost over 580 points, or 3 percent.

Warning that the outbreak continues to accelerate, the head of the World Health Organization called on countries to take strong, coordinated action.

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“We are not helpless bystanders,” Tedros Adhanom Ghebreyesus said, noting that it took 67 days to reach 100,000 cases worldwide but just four days to go from 200,000 to 300,000. “We can change the trajectory of this pandemic.”

Britain joined other countries in ordering residents to restrict their movements, imposing its most draconian restrictions ever in peacetime.

The scramble to marshal public health and political resources intensified in New York, where a statewide lockdown took effect amid worries the city of 8.4 million is becoming one of the world's biggest hot spots. More than 12,000 people have tested positive in the city and almost 100 have died.

The governor announced plans to convert a mammoth New York City convention center into a hospital with 1,000 beds. Meanwhile, the mayor warned that the city's hospitals are just 10 days away from shortages in basic supplies needed to protect health care workers and patients alike.

A woman walks her dog under a “don’t panic” sign hanging on the entrance of a food market that was shut down in order to reduce the spread of the coronavirus, in Tel Aviv, Israel, Monday, March 23, 2020. (AP Photo/Oded Balilty)

“This is going to get much worse before it gets better. We are still in the relative calm before the storm,” Gov. Andrew Cuomo said at the Jacob K. Javits Convention Center.

In Italy, the hardest-hit country of all, declines in both new cases and deaths for a second consecutive day provided a faint glimmer of hope, though it is too soon to say whether the crisis is leveling off.

Italian officials said Monday that the virus had claimed just over 600 more lives, down from 793 two days earlier. All told, the outbreak has killed more than 6,000 Italians, the highest death toll of any country, and pushed the health system to the breaking point there and in Spain.

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The risk to doctors, nurses and others on the front lines has become plain: Italy has seen at least 18 doctors with coronavirus die. Spain reported that more than 3,900 health care workers have become infected, accounting for roughly 12% of the country's total cases.

British health workers pleaded for more gear, saying they felt like “cannon fodder.” In France, doctors scrounged masks from construction workers, factory floors, an architect.

“There's a wild race to get surgical masks,” François Blanchecott, a biologist on the front lines of testing, told France Inter radio. “We're asking mayors' offices, industries, any enterprises that might have a store of masks.”

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The way U.S. officials respond to the severe pressure on hospitals — and people's willingness to keep their distance from others — will prove critical in coming days, public health experts said.

“Actions taken right now will have a huge impact on the course of this epidemic in the U.S.,” said Josh Michaud, associate director of global health policy with the Kaiser Family Foundation in Washington. “It’s an important moment."

British Prime Minister Boris Johnson on Monday night directed residents to stay home, with a few exceptions, and ordered shops that don't sell essential goods to shut down. He called it a critical step to prevent the virus from spreading and warned that police would be authorized to break up public gatherings of more than two people.

New infections are increasing at an exponential rate, raising concern that the United Kingdom will be on a trajectory like Italy's in a week or two if containment efforts don't work.

The crisis kept easing in China. The city of Wuhan, where the outbreak first emerged late last year, said it is allowing residents limited movement as its lockdown is gradually relaxed. China is now sending planeloads of protective gear and doctors to Europe.

“The U.S. is completely wasting the precious time that China has won for the world,” said Geng Shuang, the Chinese Foreign Ministry spokesman.

Commuters pass through Grand Central Terminal during the morning rush hour, Monday, March 23, 2020, in New York. Gov. Andrew Cuomo has ordered most New Yorkers to stay home from work to slow the coronavirus pandemic. (AP Photo/Mark Lennihan)

Dr. Anthony Fauci, the U.S. government's top infectious-disease expert, promised that medical supplies are about to start pouring in and will be “clearly directed to those hot spots that need it most.”

On Capitol Hill, a nearly $2 trillion plan that would prop up businesses and send checks to American households has stalled. Democrats argued it was tilted toward corporations rather than workers and health care providers.

On his Twitter feed, President Donald Trump suggested that the remedies to fight the epidemic might be more harmful than the outbreak itself and vowed to reassess government restrictions after the U.S. shutdown reaches the 15-day mark.

Democratic presidential candidate Joe Biden criticized Trump for not using the full force of federal authority to combat the virus.

“Trump keeps saying he’s a wartime president,” Biden said in an online address. “Well, start acting like one.”

Worldwide, more than 374,000 people have been infected and over 16,000 have died from the virus, according to a running tally kept by Johns Hopkins University. More than 1.5 billion people around the globe have been instructed to stay in their homes.

After just a few weeks, the U.S. has more than 42,800 cases and more than 500 deaths. Indiana, Michigan and West Virginia joined states including California, Illinois and New York in asking or ordering their residents to stay home and keep businesses closed — directives that now cover more than one-third of the U.S. population.

Industries big and small continued to shut down. Boeing announced it is suspending production in the Seattle area, where it has two mammoth aircraft plants employing about 42,000 people.

U.N. Secretary-General Antonio Guterres called for an immediate cease-fire in conflicts around the world to tackle the pandemic.

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“It is time to put armed conflict on lockdown and focus together on the true fight of our lives,” he said.

Former Hollywood studio boss Harvey Weinstein tested positive at the prison in New York where he is serving a 23-year sentence for rape and sexual assault, the head of the guards union said. German Chancellor Angela Merkel tested negative after putting herself in quarantine, according to a spokesman. Minnesota Sen. Amy Klobuchar, the former presidential candidate, disclosed that her husband has been hospitalized with the virus.

For most people, the coronavirus causes only mild or moderate symptoms, such as fever or coughing. But for some older adults and people with existing health problems, it can cause more severe illness, including pneumonia. Over 100,000 people have recovered, mostly in China.

Authorities kept up their push to get people to stay home, but some were clearly not listening.

In New York, Cuomo fumed over gatherings of young people in violation of his order that everyone stay 6 feet (2 meters) apart, saying, "It’s reckless and it's violative of your civic spirit and duty as a citizen, as far as I’m concerned.”

In a city where many people live in buildings with small elevators, a 21-story high-rise in the Chelsea neighborhood posted a notice in the lobby warning that there should be just one person per elevator, and those going to the laundry room shouldn't use a washing machine next to another one in use.

“People are really only going to get food and going back. That’s what we need,” said Matt Comet, making a brief dash into the nearly empty streets of his Manhattan neighborhood to pick up a carryout meal.

“I’m OK to have a book and watch TV for a bit, but if it continues for another month, another two months, it’ll be pretty crazy,” he said.

India took the extraordinary step of shutting down the nation's vast rail system, the lifeblood of the country of 1.3 billion people.

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Coronavirus has not closed these businesses: Banks, telecom providers stay open

Amazon hiring 100K workers

Amazon is hiring 100,000 more workers to manage online shopping demands and delivery while other retailers are shutting down. FOX Business’ Susan Li with more.

The coronavirus pandemic that has caused many businesses to temporarily close has not taken a complete toll on animal hospitals, banks and other establishments.

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In order to stem the tide of the virus, dine-in restaurants and many retail establishments have shuttered, but other businesses are making changes and carrying on.

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For example, mobile carrier AT&T announced Sunday that it is waiving domestic wireless plan overage charges for the next 60 days after closing many, but not all, of its locations.

Sacramento City Utilities worker Henry Escudero, wash down a street after repairs were made to a water line in Sacramento, Calif., Friday. (AP Photo/Rich Pedroncelli)

Telecommunications

AT&T's waiver will apply to residential or small business wireless customers who incur overages because of economic hardship related to the coronavirus pandemic.

Another company keeping people connected, internet and television provider Charter Communications/Spectrum, says it won't terminate service for individuals and small businesses facing hardship because of the pandemic. Spectrum is encouraging customers to stay away from its stores if they have any flu-like symptoms.

Banks

National and local banks are adapting to the coronavirus pandemic by asking patrons to make appointments, going drive-through only and even closing down locations as they continue to operate.

iStock

California and Illinois are currently under shelter-in-place orders calling for residents to stay indoors barring a specific, justifiable reason during extenuating circumstances. Shelter-in-place orders vary from place to place, and in California trips to the bank are not barred but are discouraged.

Laundromats

You might not be able to blame smelly clothes on the coronavirus pandemic as many states have deemed laundromats essential (meaning they'll be asked to stay open) while other establishments must close.

Marijuana dispensaries

Marijuana dispensaries, still illegal in some areas, have been deemed "essential" in Los Angeles County and other municipalities where it's sold as a health care product.

California Gov. Gavin Newsom's "Safer at Home" order, imposed Thursday, allows such businesses to keep operating and as a result, many dispensaries are experiencing a boom.

Animal hospitals

Some veterinary hospitals also are remaining open. Many are taking extreme measures recommended by the American Veterinary Medical Association to help stop the spread of the novel coronavirus, such as curbside service, postponing elective surgeries and preserving medical supplies.

For curbside service, pet owners remain inside their vehicles in the hospital parking lot while pets are brought inside by hospital staff. Communication is typically done by phone or through a cracked vehicle window. Some doctors, like Dr. Sara Starkey of Toledo's Shoreland Animal Hospital told ABC 13 that they will even do the exam in a pet owner's car.

Veterinarians are postponing elective animal surgeries because of the coronavirus crisis. (Stock)

"We always do car exams if there's something contagious the pet has like a kennel cough or the doggie flu, but now we are extending that out to people that don't even want to come in the building. We will do them in the parking lot, we'll take medication out to the parking lot, mainly so people aren't cross contaminating," Starkey said.

Food banks

Food banks across the country are also open for business as the need for food assistance continues to grow and many are being laid off from their jobs. Many are adding mobile or drive-through options wherever possible and are even considering teaming up with the National Guard to pack and deliver food to those who can’t leave their homes.

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In addition, food banks are working with meal programs to minimize the risk of spreading the disease by scheduling appointments and suggesting that only one member of the household visit the pantry or distribution site in order to decrease the number of people congregating in one place.

Nonprofit Feeding America has also launched a national food and fund-raising effort using the COVID-19 Response Fund to support people facing hunger and the food banks who help them. This includes building an inventory of emergency food boxes and distributing them to member food banks across the country, as well as working to get incremental funding to support other anticipated costs.

Food banks need donations now more than ever.

"Our first priority is the millions of individuals, families and seniors who rely on food banks for help," said Feeding America CEO Claire Babineaux-Fontenot. "Our member food banks are always there to help throughout the year and in times of disaster. This fund will advance their ability to respond efficiently and effectively in their communities so that food is not added to the list of worries for families during this pandemic."

"We cannot do it alone," Babineaux-Fontenot added.

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If you or someone you know has any leftover food or is interested in volunteering, you can donate to the fund or go on your local food bank's website.

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Tesla has cash to weather coronavirus storm: Analyst

GM, Ford looking into ventilator production

GM and Ford are looking into using car plants to produce medical ventilators. FOX Business’ Ashley Webster with more.

Tesla has the financial strength to withstand the storm caused by the COVID-19 pandemic, according to Morgan Stanley.

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Shares of the Palo Alto, California-based electric automaker soared Thursday after the company received two upgrades from Wall Street banks.

“We are confident in Tesla’s liquidity and cash-flow profile through a likely turbulent road ahead,” wrote Adam Jonas, an analyst at Morgan Stanley, while upgrading Tesla to “equal weight” and lowering his price target to $460 from $480.

Ticker Security Last Change Change %
TSLA TESLA INC. 436.28 +75.06 +20.78%

He said that “in a draconian scenario, where demand falls 90 percent," Tesla would burn $750 million per month. The company, however, has about $8 billion of cash on its balance sheet currently.

Jonas thinks the stock is “in a place where investors can potentially begin to add exposure” with shares having fallen 60 percent from their Feb. 19 peak of $917.42 through Wednesday.

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Bank of America analyst John Murphy agrees with Jonas that Tesla shares are attractive at current levels. He raised his rating to “neutral” and price target to $500, “based solely on valuation.”

However, he added that “investor optimism around the company and its business/financial future remains overhyped and a litany of risks remain under-appreciated.”

Meanwhile, Wedbush analyst Dan Ives maintained his “neutral” rating but lowered his price target to $425 from $720, because the COVID-19 pandemic has “dramatically” changed the global demand environment.

While it's not a long-term trend, the “vastly changing near-term economic conditions make Tesla's ability to hit its original 500,000-plus delivery targets for 2020 a virtual impossibility," he noted.

Ives now sees Tesla delivering 400,000 to 415,000 vehicles in fiscal year 2020 as the company “battles through a myriad of production, demand, and delivery challenges” over the coming months.

As for Tesla’s cash position, Ives agreed with Jonas that although the company’s cash burn will be “heightened” in the near-term, the “longer-term trends remain very healthy.”

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Tesla shares were down 13.7 percent this year through Wednesday, outperforming the benchmark S&P 500’s 25.8 percent decline.

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Walmart has plans to compete with Amazon Prime

Walmart expanding grocery delivery program nationwide

Walmart plans to roll out their new grocery subscription service to more than half of the country by the end of 2019.

Walmart has been quietly working on developing its own paid membership program to go up against Amazon Prime,

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The program would reportedly have perks that Amazon can't match and could be launched as soon as next month called Walmart+.

The work has been going on for the last 18 months, according to Recode.

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The program is seen as rebranding of Walmart's existing Delivery Unlimited service which charges $98 a year for unlimited, same-day delivery of fresh groceries from the Walmart stores where the program is available.

Among the possible perks in the new service could be discounts at Walmart pharmacies or fuel at walmart gas stations.

Ticker Security Last Change Change %
WMT WALMART INC. 106.77 -3.63 -3.29%
AMZN AMAZON.COM INC. 1,839.77 -44.53 -2.36%

A Walmart spokesperson confirmed to Recode the membership program and Walmart+ name were in development, but declined to provide any further details.

WALMART ROLLS OUT UNLIMITED GROCERY DELIVERY SUBSCRIPTION

Amazon's Prime service has more than 150 million members worldwide, costing $119 per year. Amazon accounts for nearly 40 percent of all online sales in the U.S., according to eMarketer,

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The goal for Walmart's program is to save customers time and money and keep them loyal to the Walmart brand either online or at brick-and-mortar locations.

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WA miner Lynas has ‘no regrets’ in Wesfarmers takeover fight

The head of the world's biggest rare earths producer outside of China has "no regrets" defending her company against an unsolicited takeover bid by corporate giant Wesfarmers in 2019, despite the efforts eroding its profits.

Wesfarmers made a highly conditional $1.5 billion offer for WA miner Lynas Corporation in March 2019, while the company was in the middle of a crisis over the renewal of its licence to operate its Malaysian processing facility.

Lynas’ Mount Weld mine in Western Australia, the richest known rare earths deposit in the world.Credit:Bloomberg

The offer was swiftly rejected by Lynas who felt the valuation was underdone and the company fought it. Wesfarmers eventually scrapped the offer in August.

Lynas reported a marginal half-year revenue increase to $180.1 million but a profit plunge of nearly 80 per cent from $19 million in 2018 to $3.9 million.

Lynas chief executive and managing director Amanda Lacaze placed some of the blame on the Wesfarmers defence.

She did not disclose how much was spent but described the saga as frustrating and with the company forced to pay for company valuations, advisors, media and legal fees.

"I've reflected on how can you find a different way to do this but when somebody else makes an unsolicited offer to buy a company there are a series of expenses generated as a result of that in the defence of the company," she said.

"It is very frustrating when you're the target because you end up spending this money and you're not adding any value in the business but it is the way public markets work.

"I've thought about this and I just can't see any way around it."

Ms Lacaze said the Wesfarmers offer was "found wanting" and fighting it was the right thing to do.

"For us, we certainly have no regrets," she said.

"We run the business to create shareholder value and whilst everyone in the market is facing some challenges right now, our assessment and the conversation we had with our shareholders is that best value creation comes from having the business as a pure play"

Other impacts on Lynas profits included weaker market conditions and a $11.6 million security bond payment to Malaysian regulators and ongoing costs associated with defending the company against environmental activists that oppose the Malaysian plant.

Lynas shares soared 19 cents to $2.09 on Thursday after news the Malaysian government approved a new three-year licence for its plant that allowed the company to continue processing rare earths.

Those gains were lost on Friday after the results hit the market, which was already in a tailspin thanks to Coronavirus fears.

Lynas said the production of Neodymium and Praseodymium, used in magnets, fell more than 10 per cent for the half-year to 2512 tonnes, while rare earth oxide production dropped 22 per cent to 7518 tonnes.

with Reuters

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Texas company says it has coronavirus vaccine

Amazon removes ‘coronavirus kill’ products; Twitter considers new ways to fight misinformation

Morning Business Outlook: Amazon says it’s removing items from its marketplace claiming to cure, treat or prevent the coronavirus; Twitter considering colored labels to flag misinformation from political or public figures.

A Texas-based genetic engineering company is claiming to have a vaccine for the new coronavirus.

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Greffex Inc. CEO told the Houston Business Journal that his company completed the vaccine this week, and it will now move on to animal testing as required by the U.S. government.

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"The trick in making a vaccine is: Can you scale the vaccine that you’ve made to be able to make a certain number of doses? Can you test that vaccine quickly and efficiently? And then can you get it into patients?" Price told Houston's KHOU 11. "And that’s where we have an edge as well on the other companies that are out there."

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If the vaccine is approved by the government, Greffex will distribute the vaccine to other countries for free, Price added.

Price said Greffex did not use a living or dead version of the actual virus that originated in Wuhan, China, to create the vaccine – a popular method used by some scientists to create an immunity to a virus, like the flu vaccine. Instead, Greffex uses adenovirus-based vector vaccines, meaning they are genetically engineered.

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The vaccine was developed as the result of an $18.9 million contract that the National Institute of Health’s National Institute for Allergy and Infectious Diseases gave to Greffex in September 2019 in an effort to fight infectious diseases, the Business Journal reported.

So far, 26 countries outside China have reported more than 1,000 coronavirus cases to the World Health Organization (WHO) as of Friday. China has reported more than 2,100 deaths and 74,675 total cases to WHO.

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What state has the lowest minimum wage?

Minimum wage increases unworkable from economic standpoint: Ed Rensi

Former McDonald’s USA CEO Ed Rensi argues the 2020 Democratic candidates’ proposed minimum wage increases would be damaging to small businesses and will result in higher prices for consumers. He also discusses decreasing SNAP participation and plant-based fast food trends.

Since the bill was passed on June 25, 1938, under President Franklin D.Roosevelt, the minimum wage, coming under the Fair Labour Standards Act, has been a regular bone of contention for politicians, unions and the general population alike.

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Each state has interpreted what a minimum wage is differently. This can be driven by politics as well as and the cost of living, but not necessarily by inflation.

In this July 18, 2019, file photo speaker of the House Nancy Pelosi, D-Calif., joins fellow Democrats and activists seeking better pay as the House approved legislation to raise the federal minimum wage for the first time in a decade. As of Jan. 1, 2

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According to the U.S. Department of Labor, the federal minimum wage for covered nonexempt employees is $7.25 per hour.

This sum has remained the same since the last increase on July 24, 2009, when it rose from $6.55 to $7.25, the last step of a three-step increase approved by Congress in 2007.

Previous to this, the minimum wage had stalled at $5.15 per hour for 10 years.

Many states also have minimum wage laws in place. In situations where both the state and federal minimum wage laws apply, the employee is entitled to the higher of the two minimum wages.

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The state currently with the lowest minimum wage requirements as stated in data from the DOL is Georgia. Paying just $5.15 per hour, Georgia has a minimum wage of more than $2.00 below the federal mark of $7.25.

The state with the second-lowest wage is Wyoming with a minimum hourly pay rate of $5.17. And at the other end of the spectrum, the state with the highest minimum hourly wage is California at $12.

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Your iPhone has a map that quietly logs EVERYWHERE you go – how to find it

YOUR iPhone keeps a log of your real-world movements – and you probably had no idea it existed.

The list is buried deep inside your iPhone settings, and let's you see a map of your exact location over the past few months.

What is iPhone Significant Locations?

Your iPhone has a feature called Location Services, which uses your location to improve various features on the device.

This includes Significant Locations, a rolling log of your real-world movements, which are then used to offer other services.

For instance, if your iPhone knows about your daily commute, it can provide tailored timing information about your journey.

"Allow your iPhone to learn places significant to you in order to provide useful location-related information in Maps, Calendar, Photos and more," Apple explains.

Is iPhone Significant Locations safe?

You might be panicking that Apple is keeping a log of your every move, but that's not quite the case.

"Significant Locations are encrypted and cannot be read by Apple," according to Apple.

That means that the location info is stored on your iPhone, and is encrypted and dissociated from you if it needs to leave the device.

No outsiders can see your Significant Locations, and they're not accessible through iCloud either.

And even if a pal is using your iPhone, they can't get into Significant Locations without getting past a Face ID or Touch ID lock first.

However, if you're really worried that a spouse might sneak their way onto your iPhone and catch you at the pub when you were supposed to be at work, it might be worth deactivating the system – or clearing your history at the very least. We'll explain how to do that below.

It's also worth mentioning that Significant Locations is opt-in, although you probably never knew that.

It turns on when you activate Location Services during iPhone set-up, but it's buried beneath several layers of Settings, so most people have no idea it exists.

The location data tracks back around a year.

How to find your iPhone Location Map

First, launch the Settings app on your iPhone, then tap on the Privacy section.

Then click on Location Services and scroll to the very bottom of the page, where you'll need to tap on System Services.

Go to the Significant Locations tab, at which point you'll be asked to log in with Face ID, Touch ID or your passcode.

You should see a long list of cities, which you can tap into to find various locations you've previously been at.

All of these locations are time-stamped, and are included on a map at the top of the screen.

It may even highlights your 'Home' and 'Work', which should be your most-visited destinations.

How to delete iPhone Significant Locations

There are a few ways to clean up your Significant Locations on the iPhone.

The first is to simply toggle Significant Locations off when you're in the correct menu.

You can also hit the Clear History button inside Significant Locations, which deletes your locations collected so far.

Alternatively, you can toggle Location Services off entirely, although this means you'll lose out on some really useful mapping features.

We've asked Apple how frequently the tracker updates with your location, and how it works out where your home and work addresses are.

In other news, a recent Apple Maps update adds more detail and gives "faster and more accurate" navigation.

Never lose your car at the shops again – how to save a parking spot on Google Maps.

And Google Maps now highlights where speed cameras are.

What new features would you like to see added to your iPhone? Let us know in the comments!

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Home ownership has become a devouring monster

Like all the advanced economies, ours has stopped working the way we’re used to. Our obsession with home ownership is a fair part of the problem.

Let’s be clear: I’m a believer in the Great Australian Dream of owning your own home.

But right now, it’s adding to the economic troubles of many countries. I doubt if the preference for home ownership is causing those countries bigger problems than it’s causing us. We have one of the highest rates of household debt to household disposable income (although ours is made to look worse than the others because of our unusual tax breaks for negatively geared property investments).



Like a lot of people who care about the state of the world we’re leaving to our children and grandchildren (my four-year-old grandson is “helping” me as I write this), I was pleased to see the period of spiralling house prices come to an end a few years back and prices start falling.

But, for Sydney and Melbourne, this sorely needed correction came to an end last year, after three interest-rate cuts and a change in prudential lending rules, prices resumed their upward climb.

If we can’t cut interest rates a little without an upsurge in borrowing causing us to resume bidding up house prices, we’ve got a problem. Our household debt is at near-record levels, but let’s add to it.

Meanwhile, when you add falling house prices to the economy’s deeper problem of protracted weak wage growth, many home buyers worry and slash their consumer spending to try to reduce their debt.

That huge household debt will be a drag on our economy for years, keeping growth low. Another issue that isn’t helping is our “new normal” of exceptionally low price and wage inflation.

Until recent years, first-home buyers (or any other borrowers for owner-occupied housing) used to be able to load themselves up to the gunnels in debt and monthly payment obligation, secure in the knowledge that, after a few years of high growth in nominal wages, those repayments (little changed in nominal terms) would be reduced to a much more manageable share of their income.

When such “norms” get stuck in people’s heads, it can take years for people to realise they can no longer be relied on. And for those couples for whom the memo arrived too late, they’ll be struggling to keep up their huge mortgage payments for many more years than they bargained for.

So, on one hand we’ve got the economy being held back by households’ huge level of debt and mortgage payments while, on the other, home ownership is becoming unattainable for an increasing proportion of the population. Those who do eventually manage to attain it have to scrimp on other aspects of their living standards, and often get there so much later in their working lives that their ability to save for retirement is diminished.

The devouring monster we’ve allowed home ownership to become is now eroding what’s long been the fourth leg of retirement income policy. More people are retiring without owning a home, whereas the level of the age pension is kept low under the assumption that almost everyone owns their home outright.

Get it? We’re suffering the wider economic disadvantages of huge household debt without the commensurate advantage of a higher rate of home ownership. The rate of home ownership is actually falling slowly as the oldies with high rates of home ownership are dying and being replaced by newly formed, young households, very few of which can afford a mortgage.

But Reserve Bank governor Dr Philip Lowe has injected a note of hope. When measured against the ruler of household income, America’s house prices are much lower than ours. Why? Because of differing policies towards housing. The Yanks have kept land prices lower by allowing more suburban sprawl.

For our part, we’ve had various tax and pension policies seemingly intended to help would-be first-home buyers that, in reality, work to benefit existing home owners. We’ve made housing – whether owner-occupied or rental properties – a tax-preferred investment, not just a means to security of tenure. In the process, we’ve made it too hard for young first-home buyers to afford.

When parents respond to this by recycling to their offspring some of the capital gain they’ve enjoyed on their own property investment (as I have), they’re solving their own children’s affordability problem in a way that keeps house prices high, at the expense of those many young people whose parents aren’t able to help out.

No, if we want to make home ownership more affordable for more young people seeking security of tenure for their home, the answer is to make home ownership less attractive as a form of investment.

Ross Gittins is the Herald’s economics editor.

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