Japan’s record economic plunge wipes out Abe era gains

TOKYO: Japan was hit by its biggest economic slump on record in the second quarter as the coronavirus pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering the case for bolder policy action to prevent a deeper recession. The third straight quarter of decli

Japan's economy suffers record contraction because of Covid-19

Japan was hit by its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed consumption and exports, keeping policymakers under pressure for bolder action to prevent a deeper recession. The third straight quarter of declines knocked the size of real gross

US-China trade review delayed as Beijing lifts farm, oil spending

WASHINGTON: The US and China have delayed a review of their Phase 1 trade deal initially slated for Saturday, sources familiar with the plans told Reuters, citing scheduling conflicts and the need to allow time for more Chinese purchases of US exports. No new date for the initial six-month c

India to invest $1.46 trillion to lift virus-hit economy

India’s prime minister said Saturday his country has done well in containing the coronavirus pandemic and announced $1.46 trillion infrastructure projects to boost the sagging economy.The key lesson India learnt from the pandemic is to become self-reliant in manufacturing and developing itse

China Pakistan Economic Corridor is a game-changer

China Pakistan Economic Corridor is a game-changer Project will strengthen bond between two countries who share history of good strategic relations Syed Hamzah Saleem Gilani The China Pakistan Economic Corridor (CPEC), presently under construction at a cost of $46 billion, aims to improve

Wall St. edges up as Trump signs virus relief orders

Wall Street indexes opened a touch higher on Monday after President Donald Trump signed executive orders over the weekend to support the country’s economy through the coronavirus crisis until more concrete stimulus could be passed. The S&P 500 traded about a percent below a record high, w

UK suffers biggest job losses since 2009 as coronavirus takes toll

 The number of people in work in Britain fell by the most since 2009 in the three months through June as the coronavirus crisis took a heavy toll on the labor market, even with the government’s huge jobs protection scheme still in place.Led by a record plunge in self-employed workers, the

The Levant and North Africa: on the verge of economic malaise?

The spread of COVID-19 undoubtedly has had a catastrophic impact on the most vulnerable communities of the world. According to a recent World Bank report, the Middle East and North Africa (MENA) region is ranked as second-lowest among all regions in the overall Global Health Security Index, and it

Aramco profits fall in tough quarter, but sees partial recovery from COVID-19 impact

Saudi Aramco, the world’s biggest oil company, reported a net income of $6.57bn for the second quarter of 2020, the period which witnessed the most volatile oil market conditions for many decades. The result, announced to the Tadawul stock exchange in Riyadh where the shares are listed, compa

Economic meltdown threatens Europe’s war on plastic waste

 Giving a new life to plastic trash gets Carlos Bento out of bed every morning. But the coronavirus pandemic has seen revenues drop up to 40 percent at Micronipol, the large recycling facility he runs in central Portugal, and it faces an uncertain future. Micronipol produces recycled polyethyl

Turkish lira in freefall: What triggered the sharp decline?

On Thursday, two years after the historic currency crisis of August 2018, the Turkish lira hit a new record low against the US dollar and the euro despite the months-long failed interventions of state banks and Turkey’s Central Bank (CBRT) to prop up the currency and keep it pegged. While dol

US jobs growth slows in July as pandemic takes toll

Hiring in the US slowed sharply in July as the country struggled to control the coronavirus pandemic. Employers added 1.8 million jobs last month, down from a record 4.8 million in June. The unemployment rate fell to 10.2%, continuing to improve from the high of 14.7% seen in April. The figures

Lebanon’s $15bn blast repair bill adds to economic misery

Lebanon could face a repair bill of up to $15 billion in the aftermath of a cataclysmic chemical blast at Beirut port, according to a top government adviser. The explosion, which was felt as far away as Cyprus, killed at least 100 people, wounded thousands and left an additional 300,000 Beirut resi

Kuwaiti lessor Alafco reaches agreement with Boeing over 737 MAX dispute

 Kuwaiti aircraft leasing company Alafco will buy fewer aircraft from Boeing after reaching an agreement to end its legal claim over a canceled 737 MAX order, it said on Tuesday.Alafco was suing the US planemaker for $336 million over accusations it wrongly refused to return advance payments on

Amid pandemic, mopeds have a moment in car-loving US

Long associated with narrow, cobbled streets in Europe and congested Asian megacities, scooters are now becoming a common sight in car-loving America as commuters shun public transport because of the coronavirus pandemic.New Yorkers turned to the turquoise-blue rental mopeds of ride sharing company

Over half of furloughed UK staff back at work – think tank

More than half of the roughly 9 million British employees who were put on furlough during the coronavirus lockdown have already returned to work, the Resolution Foundation think tank estimated on Saturday.Britain’s finance ministry has said furlough payments totaling $42 billion so far have

Spain in recession as economy shrinks 18.5% in the second quarter

Spain plunged into recession in the second quarter after its gross domestic product tumbled by 18.5 percent due to the coronavirus pandemic, official figures showed on Friday.In the first quarter, growth had fallen by 5.2 percent, the Institute of National Statistics said (INE). A recession is commo

‘Air travel not expected to recover before 2024’

Global airlines cut their coronavirus recovery forecast on Tuesday, saying it would take until 2024 — a year longer than previously expected — for passenger traffic to return to pre-crisis levels. In an update on the pandemic’s crippling impact on air travel, the International A