Economy plunges 31.4% in spring but big rebound expected in Q3

The US economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the US economy will likely shrink this year, the first time that has happened since the Great Recession.The gross domestic product, the economy’s total output

UAE stocks drop despite deals with Israel

The UAE has incurred losses of about 20.5 billion dirhams ($5.6 billion) during last week’s stock transactions, despite the deals signed with Israel. Major shares declined due to the negative impact of selling operations conducted by investors, while the overall Dubai Financial Market Gener

Cineworld may need more money if doors close again

Cineworld said on Thursday it might need to raise more money if it is required to shut its theaters again following fresh pandemic curbs, as the world’s second-biggest cinema operator swung to a first-half loss, sending its shares down 17 percent. The British company, for which the US is th

Lebanon Faces Medicine Shortages, Stocks Won’t Last More than a Month

Since March, the Lebanese have been suffering from the shortage of a number of medicines, especially those for chronic diseases, for intermittent periods that used to reach 15 days. Today, obtaining some medications requires a tour of a number of pharmacies and promises to secure them after perio

Bangladesh economy shows early signs of pandemic recovery

rebound in garment orders after demand crashed during spring shutdowns is helping to revive the Bangladesh economy.Apparel makers, the country’s main export industry, say they are looking ahead to Christmas orders from the US and other major markets.Remittances from Bangladeshi workers emplo

Tech sell-off hits Wall Street as jobless claims remain elevated

Wall Street's main indexes fell on Thursday after data showed high levels of weekly jobless claims, while technology-related stocks resumed their slide with Apple Inc AAPL.O and Inc AMZN.O among the biggest drags on the Nasdaq.  Nine out of the 11 major S&P

U.S. budget deficit tops $3 trillion with one month left in fiscal 2020

 The coronavirus pandemic has pushed the U.S. federal budget deficit above $3 trillion for the first 11 months of fiscal 2020, more than doubling the previous full-year record, the U.S. Treasury said on Friday. The budget deficit for August was $200 billion, matching the deficit in August 20

Wall Street posts second straight weekly drop on tech slide

The Nasdaq slid and the S&P 500 closed little changed on Friday as early gains in technology and growth names faded, with each of the three major Wall Street averages posting their second straight weekly decline.  After hitting a record high of $61.86, shares of Oracle Corp ORCL.N&n

Global economy is seeing signs of recovery but risk remains for developing nations

The global economy is seeing greens shoots of recovery, with some economies doing better than expected, but, the risk remains for developing and emerging countries that still require support and debt assistance, according to the International Monetary Fund's managing director. The economic recove

China's new yuan loans set to rise in Aug, keep economy on recovery path: Reuters poll

China’s new bank loans are expected to have risen in August from the previous month, as the central bank sought to keep liquidity flush to support embattled smaller companies and backstop an economy recovering from the coronavirus shock Chinese banks are estimated to have issued 1.22 tr

‘Made in Hong Kong’ brand suffers as trade tensions deepen

At the Koon Chun Sauce Factory workers are scrambling to cover hundreds of thousands of bottles with new “Made in China” labels as the popular Hong Kong brand falls victim to spiraling diplomatic tensions. Founded nearly a century ago, the family-owned factory has survived a world war

World food price index rises for the third month running

World food prices rose for a third month running in August, led by coarse grains, vegetable oils and sugar, the UN food agency said on Thursday. The Food and Agriculture Organization’s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat a

U.S. recovery, slow and uneven, is hampered by 'uncertainty': Fed survey

U.S. business activity and employment ticked up through late August, the Federal Reserve said on Wednesday, but economic growth was generally sluggish as COVID-19 hotspots hampered reopening efforts that fueled an early-summer rebound. The Fed, in its “Beige Book” report, highlighted

India's GDP shrinks 24% in second quarter

India's economy shrank by nearly a quarter between April and June, much more than forecast and pointing to a longer than previously expected recovery with analysts calling for further stimulus. Consumer spending, private investments and exports all collapsed during the world's strictest lockdown

Saudi economy and COVID-19: ‘Good can come of evil’

The COVID-19 pandemic has dealt the global economy a harsh blow and the Saudi Arabian economy has been no exception, despite its strength. However, the pandemic has created a prudent spending culture in Saudi society in which the national economy is the long-term beneficiary, according to one expe

Coronavirus treatment hopes lifts global stocks

 Equity markets gained for a second straight session on Monday as hopes for a coronavirus treatment boosted risk assets and markets geared up for the US Federal Reserve’s annual Jackson Hole meeting later in the week. Europe’s pan-regional STOXX 600 rose 1.3 percent and the globa

Algeria chafes against EU trade deal as deadline looms

 Days ahead of a final deadline, activation of a long-planned Algeria-EU trade deal risks unraveling as political and business leaders in the North African country warn it will undermine economic sovereignty. The deal is meant to come into effect on Sept. 1, a decade and a half after the two

Turkey’s Black Sea gas find may transform its energy landscape

Turkey’s natural gas discovery of 320 billion cubic metres in the Black Sea on Friday "would be transformational" for a country that has traditionally relied on costly imports to meet its energy needs, according to analysts. “Even if the official 320 billion cubic metre figure given b