Business

Qatar Airways is in talks with banks for loans worth billions of dollars, three sources familiar with the matter said, as the state-owned airline readies to begin rebuilding its network that has been crushed by the coronavirus pandemic. The talks with banks are happening on a bilateral basis, the sources …

The UK economy is heading for its worst crash in more than 300 years because of the coronavirus pandemic, according to a new forecast from the Bank of England. The central bank said Thursday that the British economy could shrink by 14% this year. That would be the biggest annual …

Another 3.2 million people have filed for unemployment benefits in the US as the coronavirus pandemic triggered one of the most expansive job losses in history, with 33 million people seeking aid since the outbreak began. The country has slipped into one of its worst economic downturns since the Great …

Turkey’s lira briefly fell to a record low against the U.S. dollar on Thursday as investors fretted about depleted currency reserves and the need for foreign financing as the coronavirus pandemic drains the economy. Thursday’s fall to near 7.27 pushed it beyond the record low hit during a 2018 currency …

The European Union faces a deep and uneven recession, according to a new forecast from the EU’s Commission. The bloc’s executive arm predicts a recovery in 2021 but warns that the uncertainty is exceptionally high. The Commission predicts a decline in economic activity this year of 7.5% and slightly more …

Chinese e-commerce giant Alibaba Group Holding Ltd (BABA.N) has launched a new luxury platform targeting younger consumers that also aims to help high-end brands shed excess inventory built up during the global coronavirus lockdown. Chinese shoppers account for more than a third of global luxury goods spending and China was …

Western Union Co (WU. N), the world’s largest money transfer firm, expects the second quarter to be its weakest in 2020 in terms of revenue and profit margins and is confident of improvement as COVID-19-related lockdowns ease, its chief financial officer said on Tuesday. The firm generated revenue of $1.2 …

Economy Minister Roberto Gualtieri said on Tuesday he was confident the new European Recovery Fund will make available at least 100 billion euros ($109 billion) for Italy to help its economy bounce back from the coronavirus crisis. European leaders are negotiating over the creation of a fund worth at least …

Wall Street’s main stock indexes opened higher on Tuesday as oil prices staged a recovery and a slew of countries eased coronavirus-led restrictions in an attempt to revive economic activity. The Dow Jones Industrial Average .DJI rose 209.12 points, or 0.88%, at the open to 23,958.88. The S&P 500 .SPX …

The Iranian Parliament on Monday voted for the details of a government monetary reform bill which will change the country’s currency name and drop four zeros from banknotes. Under the new law, which will come into effect after the final approval of the Guardian Council, the national currency unit will …

Oil prices fell on Monday on worries that a global oil glut may persist even as coronavirus pandemic lockdowns start to ease and amid a fresh spat between the United States and China over the origin of the virus. Brent crude LCOc1 was down 7 cents, or 0.3%, at $26.37 …

Jordan’s cash-strapped economy is expected to contract around 3% in 2020 due to the impact of the coronavirus, the finance minister said on Sunday. The International Monetary Fund (IMF), which last March approved a four-year $1.3 billion programme with the kingdom, had expected Jordan’s economy to grow around 2.1% in …

The COVID-19 pandemic has exacerbated economic inequality in the United States, even despite the fact that billionaires’ taxes have surged during this period. US billionaires have increased their wealth by $282 billion during the novel coronavirus pandemic, as estimated by the Institute for Policy Studies. “Between 18 March and 10 …

Iraq’s total oil exports for April averaged 3.438 million barrels per day (bpd) and oil revenue more than halved to $1.42 billion, a statement from the oil ministry said on Friday. The average price per barrel of oil in April was $13.8. Iraq’s revenue from oil, its main source of …

U.S. stocks fell at open on Friday after President Donald Trump threatened to slap new tariffs on China over the coronavirus crisis, while Apple and Amazon became the latest companies to warn of more pain in the future. The Dow Jones Industrial Average .DJI fell 224.94 points, or 0.92%, at …

Oil rose further above $26 a barrel on Friday as OPEC and its allies embarked on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market. The global oil benchmark, Brent crude, has fallen almost 60% percent in 2020 and …

Oil prices jumped on Thursday, as signs the U.S. crude glut was not growing as quickly as many had feared brought an upbeat close to one of the most volatile months for oil trading in history. Fuel demand worldwide slumped about 30% in April. Even after major oil producers led …

The eurozone economy shrank at the sharpest pace on record in the first quarter as the Covid-19 pandemic forced countries into lockdown. The first estimate of GDP between January and March showed a contraction of 3.8%, worse than during the financial crisis. Separate figures revealed a steep fall in economic …

The Lebanese governments endorsed an economic reform plan on Thursday aimed at dealing with the nation’s deepening financial crisis, President Michel Aoun said. “Today is a historic day because for the first time an economic and financial plan has been endorsed after a lack of planning and prospects almost brought …

France experienced the most severe economic contraction since the Second World War in the first quarter of this year, in light of the Corona crisis, official data showed Thursday. The French statistics agency said that France’s gross domestic product contracted by 5.8% in the first quarter of 2020 compared to …