Tag Archives: Economy

China and the European Union (EU) on Monday reaffirmed commitment to conclude a comprehensive bilateral investment agreement in 2020. The pledge came as Chinese Premier Li Keqiang held the 22nd China-EU leaders’ meeting with President of the European Council Charles Michel and President of the European Commission Ursula von der …

Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to …

Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy. Brent crude LCOc1 futures were up 37 cents at $41.08 a barrel at 0846 GMT. U.S. West Texas …

While the coronavirus pandemic may become the last nail in the coffin of the US dollar’s status as the primary reserve currency, the seeds of its inevitable decline were sown long ago, a former Morgan Stanley economist believes. The greenback is set to decline due to a shortfall in domestic …

Global stocks fell sharply Monday as the United States and China grapple with new coronavirus outbreaks, signaling that the pandemic isn’t done wreaking havoc on the global economy. Dow (INDU) futures were down more than 450 points, or 1.9%, ahead of the opening bell after plunging as much as 800 …

The latest data from the Treasury Department shows that the US gross national debt has exceeded $26 trillion for the first time, as the nation grapples with economic relief from the Covid-19 pandemic. The national debt is up from $23.5 trillion in March, with an increase of $1 trillion since …

Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. …

About 1.5 million laid-off workers applied for U.S. unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly recovering with more businesses partially reopening. The latest figure from the Labor Department marked the 10th straight weekly decline in applications …

The UK’s economy is likely to be the worst affected among developed countries due to coronavirus, a major think tank has warned. The Organisation for Economic Co-operation and Development (OECD) said Britain’s economy was likely to slump by 11.5% in 2020 – above the slumps expected for other developed nations …

The National Bureau of Economic Research said in a report that the United States officially fell into a recession in February when the country began to feel the effects of the measures imposed to fight the novel coronavirus outbreak, reported Sputnik news agency. “The (Business Cycle Dating) committee has determined …

Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. European markets were set to follow that lead with pan-European Euro Stoxx 50 futures …

America’s workers likely suffered another devastating blow in May, with millions more jobs lost to the viral pandemic and an unemployment rate near or even above 20% for the first time since the Great Depression. Economists have forecast that the government will report Friday that employers shed 8.5 million more …

The German economy has passed the trough of its coronavirus recession and is starting to grow again, the Bundesbank said, endorsing the government’s sweeping fiscal stimulus that should underpin the rebound. Yet the recovery is still muted as some restrictions to rein in the spread of the pandemic remain in …

Brent crude LCOc1 futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support …

Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic. Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of the outbreak. Economists expect data for …

Iraqi Prime Minister Mustafa Al-Kadhmi announced today, Tuesday, a decision to reduce the salaries of presidents, special grades, and senior positions, to suspend the double wage and delusional and rationalize government spending. “We will not allow the solutions to the financial crisis to be at the expense of the rights …

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns. Brent crude LCOc1 rose 2.7%, or $1.04, …

Oil prices climbed more than 2% on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but gains were capped by worries over the economic fallout from the coronavirus pandemic and weak refining margins. Brent crude futures LCoc1 were up 63 cents, or 1.8%, at $35.28 …

Iraqi Prime Minister Mustafa al-Kadhimi said Tuesday he has assumed power as the country’s treasury was almost empty. “When I assumed responsibility I found only an almost empty treasury and an unenviable situation after 17 years of change,” al-Kadhimi said in an article published by Baghdad Today newspaper. “Our sovereignty …

The global economy will take much longer to recover fully from the shock caused by the new coronavirus than initially expected, the head of the International Monetary Fund said, and she stressed the danger of protectionism. Managing Director Kristalina Georgieva said the Fund was likely to revise downward its forecast …