Tag Archives: Business

Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says in its latest forecast. The IMF said Tuesday that it expects the global economy to shrink 3% this year — far worse …

OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of …

The number of Americans seeking unemployment benefits has hit a staggering 15 million as the coronavirus pandemic has brought the United States to a halt. The country recorded 5.250 million claims for state unemployment benefits for the week ended April 4, according to a Reuters survey of economists. The data …

World stock markets jumped on Monday, encouraged by a slowdown in coronavirus-related deaths and new cases, though a delay in talks between Saudi Arabia and Russia to cut supply sent oil tumbling again. Equity investors were encouraged as the death toll from the virus slowed across major European nations including …

A record-long streak of U.S. job growth ended suddenly in March after nearly a decade as employers cut 701,000 jobs because of the viral outbreak that’s all but shut down the U.S. economy. The unemployment rate jumped to 4.4% from a 50-year low of 3.5%. Last month’s actual job loss …

European stock markets sank on Friday, erasing meager gains for the week, as more companies flagged a hit to business from the coronavirus pandemic while oil prices extended their previous day’s gains on hopes of a global supply cut. With virus-fighting lockdowns raising the risk of a prolonged global downturn, …

The number of Americans filing for unemployment has surged to a record high as the economy goes into lockdown due to the coronavirus pandemic. Nearly 3.3 million people registered to claim jobless benefits for the week ended 21 March, according to the Department of Labor data. That is nearly five …

Global stocks and US futures plunged again on Monday as governments worldwide lockdown their cities and the United States stalls on a massive stimulus package meant to help Americans handle the coronavirus pandemic. Dow (INDU) futures fell more than 900 points at one point, hitting a 5% decline that triggered …

The world’s richest nations poured unprecedented aid into the global economy on Thursday as coronavirus cases ballooned in the new epicenter Europe, with the number of deaths in Italy outstripping those in mainland China, where the virus originated. With over 242,000 infections and nearly 10,000 deaths, the epidemic has stunned …

World leaders raced to shore up panic-stricken global markets on Thursday, pouring liquidity into the financial system as investors everywhere dumped assets, switching to dollars in cash amid the escalating coronavirus pandemic. Policymakers in the United States, Europe, and Asia resorted to emergency action as the pandemic left their economies …

Coronavirus fears led to a historic drop in U.S. stocks, shut borders and disrupted daily life around the world, as governments took increasingly drastic measures to try to reduce the severity of the global outbreak. Financial markets had their worst day in 30 years despite emergency action by global central …

Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the …

Sixteen years after the SARS virus infected over 8,000 people and killed 77, a new respiratory virus from China is again sparking fears across the globe as the disease spreads with no vaccine in sight. The coronavirus, however, is likely to have a bigger economic impact than previous outbreaks thanks …

Gold prices continued higher on Thursday with the spread of coronavirus still capping risk appetite in the Asia Pacific region and across the world. The US Federal Reserve left its monetary policy settings on hold on Wednesday but acknowledged the disease as a new risk. Anything likely to deter the …

European shares reversed course and edged lower on Wednesday as US President Donald Trump threatened to impose high tariffs on imports of cars from the European Union, pushing automobile stocks to a three-month low. Speaking at the World Economic Forum in Davos, Switzerland, Trump warned of the tariffs if the …

The global economy has come under pressure from the threat of further trade sanctions by the US, social unrest and the climate emergency, limiting its recovery over the next two years, the International Monetary Fund has warned. In its half-yearly update, the Washington-based lender of last resort said the global …

The US and China are signing an agreement aimed at easing a trade war that has rattled markets and weighed on the global economy. Speaking in Washington, US President Donald Trump hailed the pact as a “really momentous breakthrough”. China has pledged to boost US imports by $200bn above 2017 …

U.S. stock indexes rose to a near all-time high on Monday on optimism about the imminent signing of a preliminary U.S.-China trade deal as well as the start of the fourth-quarter corporate earnings season. Apple Inc (AAPL.O), Facebook Inc (FB.O), Netflix Inc (NFLX.O) and Microsoft Corp (MSFT.O) were the top …

Wall Street’s current love for Tesla has lifted its shares to a level never before achieved by a US automaker. Tesla shares, which are up more than 160% since hitting a 52-week low last June, now have a market value of $86.5 billion. That gives the electric car-maker the distinction …

US employers downshifted their hiring in December, adding 145,000 jobs as consumer spending appeared to aid gains in the retail and hospitality sectors. The Labor Department said Friday that the unemployment rate held at 3.5% for the second straight month, prolonging a half-century low. Hiring slipped after robust gains of …