Business

More than 1.43 million people filed for unemployment benefits for the first time last week, according to new weekly data from the Department of Labor. It’s the second-straight week that the number has risen. The extent of the economic damage wrought by the coronavirus pandemic was further revealed on Thursday, …

Germany’s economy, Europe’s largest, took a massive hit during the pandemic shutdowns, shrinking by 10.1% percent during the April-June period from the previous quarter as exports and business investment collapsed. It was the biggest drop since quarterly growth figures began being compiled in 1970, the official statistics agency said Thursday. …

The Ministry of Oil announced the signing of a contract with the Japanese company (GGC) to build an oil refinery with a capacity of 55 thousand barrels per day in Basra, in the south of the country. The ministry said in a statement that the National Iraqi News Agency (NINA) …

Oil prices fell on Tuesday as U.S. lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide. Brent crude futures fell 19 cents, or 0.4%, to settle at $43.22 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 56 …

Oil prices were steady on Tuesday, erasing gains earlier in the session, as rising coronavirus cases dampened the outlook for demand and countered optimism over more U.S. stimulus. Efforts to stimulate the U.S. economy’s recovery from the coronavirus crisis had raised hopes for stronger oil demand. However, a proposal on …

The prospects of the UK economy returning to its pre-pandemic size are in shambles. To underscore the crisis, unemployment has increased to 9 percent from 3.9 percent in barely a month. According to the EY Item Club, a leading economic forecast group, the British economy is at risk of shrinking …

Oil prices edged lower on Monday as rising coronavirus cases and tensions between the United States and China pushed investors towards safe-haven assets. Brent crude LCOc1 dipped 20 cents, or 0.5%, to $43.14 a barrel by 1000 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 dropped to $41.15 a …

After several weeks of trading in narrow ranges, bitcoin breached $10,000 on Sunday for the first time since early June. In addition to suffering pricing blows due to the economic fallout from the coronavirus outbreak, the virtual currency went through its third so-called halving on May 11, which cut the …

On July 2, the High Court of Justice in London ruled against Caracas in a battle for over $1.13 billion in gold stored in the Bank of England’s coffers, arguing that the British government’s recognition of opposition leader and self-proclaimed ‘interim president’ Juan Guaido gave him the right to dispose …

European prices for natural gas would drop by about one quarter if the Nord Stream 2 pipeline connecting Russia to Germany were completed, the consulting firm Wood Mackenzie said in a report on Friday. If Nord Stream 2 remains unfinished, European benchmark TTF gas is expected to average about $4 …

Global shares skidded further from five-month peaks on Friday as a bounce-back in European business activity did little to ease the jitters surrounding Sino-U.S. tensions, while gold approached a record high. The mood darkened after Beijing ordered the United States to close its consulate in Chengdu, in retaliation for being …

Considered a ‘safe haven’ during crises, the yellow metal is being stockpiled by central banks around the world, adding 650 tonnes to their reserves in the last year. In times of uncertainty, gold has long been touted as a ‘safe haven’ – and never more so than during times of …

South Korea slipped into a recession in the second quarter in its worst economic decline in over two decades as exports plunged due to the coronavirus pandemic. As social distancing curbs paralyzed factories in South Korea, the country’s economy shrank by a seasonally adjusted 3.3% in the June quarter from …

Brent crude contracts for September delivery rose today, Thursday, by 0.4 percent to trade at 44.5 dollars a barrel, thanks to the start of the “OPEC +” coalition countries to implement the agreement, which requires a historic reduction of 9.7 million barrels per day, immediately after sharp declines in oil …

Could an American takeover of TikTok save it from being locked out of the United States? US investors are reportedly considering buying the video-sharing app from Chinese parent company ByteDance in an effort to save TikTok’s sizeable foothold in America. A group of investors, including venture capital firms Sequoia and …

Oil prices fell on Wednesday as U.S. government data showed a surprise rise in U.S. crude inventories and as tensions escalated between the United States and China. Brent crude fell 55 cents, or 1.2%, to $43.77 a barrel by 10:56 EST (1456 GMT). U.S. West Texas Intermediate (WTI) crude dropped …

Oil prices rose on Tuesday, helped by positive news about vaccine trials and a European Union stimulus deal reaching levels last seen when an oil price war erupted in early March between Russia and Saudi Arabia. Benchmark Brent crude was up $1.17 cents at $44.45 by 0904 GMT, on track …

Oil prices dropped on Monday, amid concerns that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world. Brent crude LCOc1 was down 36 cents, or 0.8%, at $42.78 a barrel by 0653 GMT, after dropping slightly last week. U.S. …

The British government asked Japan to help build its 5G wireless networks without Huawei Technologies, the Nikkei said on Sunday, a further step in a global technology and security war between the United States and China. Britain named NEC Corp (6701.T) and Fujitsu Ltd (6702.T) as potential alternative suppliers to …

EU leaders have gathered for a third day of discussions over a massive post-coronavirus economic recovery plan. Some member states believe the proposed €750bn ($857bn; £680bn) package is too large and should come as loans, rather than grants. The unplanned third day of talks comes after a record one-day rise …