Tag Archives: Economy

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 …

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. …

EU leaders were making progress on Monday after three days of haggling over a plan to revive economies throttled by the COVID-19 pandemic, but Dutch Prime Minister Mark Rutte warned the discussions could still fall apart. EU summit chairman Charles Michel urged the 27 leaders of the European Union 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 …

Germany pledged 3 billion euros ($3.4 billion) at a meeting of G20 finance ministers to help the world’s poorest countries, the finance ministry said on Saturday. The funds will be made available as long-term loans for the International Monetary Fund’s Poverty Reduction and Growth Trust (PRGT). In April, IMF officials …

China has become the first major economy to show signs of recovery and avoid recession amid the coronavirus pandemic, with its gross domestic product (GDP) rising 3.2 percent in the second quarter. The positive economic growth, reported by China’s National Bureau of Statistics (NBS) on Thursday, came after a sharp …

The imf’s energy producers are expected to earn $270 billion less in oil revenue compared to last year as the region’s economic heavyweight, Saudi Arabia, sinks deeper into recession amid the coronavirus pandemic, according to the International Monetary Fund’s outlook released Monday. The international lender expects an overall economic contraction …

Oil prices dropped on Friday and were headed for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand. Brent crude was down by 95 cents, or 2.2%, at $41.40 a barrel by 0926 GMT, …

United Airlines will send layoff warnings to 36,000 employees – nearly half its U.S. staff – in the clearest signal yet of how deeply the virus outbreak is hurting the airline industry. The outlook for a recovery in air travel has dimmed in just the past two weeks, as infection …

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude LCOc1 futures declined by 24 cents, or 0.56%, to $42.86, by 1236 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell …

The eurozone economy will drop deeper into recession this year and rebound less steeply in 2021 than previously thought, the European Commission forecast on Tuesday, with France, Italy, and Spain struggling the most due to the COVID-19 pandemic. The downbeat assessment of Europe’s economy comes amid concern the U.S. recovery …

The gap between the U.S. unemployment rates for Blacks and whites widened further in June, to its largest in five years, underscoring the uneven nature of the nascent recovery from the historic job losses triggered by the coronavirus pandemic. Jobless rates for both groups fell in June, but the rate …

U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into bankruptcy, a report showed on Wednesday. Though the layoffs reported by global outplacement firm Challenger, Gray & Christmas were down 57% from May, they jumped 306% compared …

The downturn in eurozone manufacturing was not as bad as initially thought last month after more economies in the bloc eased restrictions imposed to quell the spread of the coronavirus, a survey showed. Over 10 million people have been infected by the virus globally and more than 500,000 have died, …

Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand. Brent crude LCOc1 dropped 83 cents, or 2%, to $40.19 a barrel by 0456 GMT, while U.S. …

Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new COVID-19 infections in the United States. They rose across the U.S. by at least 39,818 on Thursday, the largest one-day increase of the pandemic. The governor of Texas …

Oil prices slipped further on Thursday after tumbling more than 5% in the previous session, as a record build in U.S. crude inventories and a rapid resurgence in COVID-19 cases cast doubts on a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, …

The dollar paused on Wednesday after two straight days of losses, as money markets tempered hopes of a rapid global economic recovery from the coronavirus pandemic. The U.S. currency was broadly flat against a basket of currencies, after earlier gains of 0.3%, as risk sentiment soured in trading in Europe. …

White House economic adviser Kevin Hassett said on Monday he will be leaving U.S. President Donald Trump’s administration soon, ending a brief return to government to help respond to the coronavirus pandemic. Hassett, who served as chairman of the White House Council of Economic Advisers in the first two years …