Economic reports
African trade deal could lift millions out of poverty
A pandemic-delayed African free trade deal, if fully implemented, could boost incomes across the continent, pull millions out of poverty and cushion against the negative fallout from COVID-19, the World Bank wrote in a report on Monday. The African Continental Free Trade Area (AfCFTA) was due
TUI cancels all holidays to mainland Spain to Aug. 9
TUI, Europe’s biggest holiday company, said it would cancel all holidays to mainland Spain up to Aug. 9, while maintaining flights to the Balearic and Canary islands. Spain has seen COVID-19 cases rise in the last few weeks, prompting most regions to impose rules for masks to be worn everywhe
Turkish economy to shrink in 2020 for first time in decade
Turkey’s economy is expected to contract this year for the first time in more than a decade as the coronavirus pandemic and related restrictions hit demand, but will bounce back next year, according to a Reuters poll published on Friday.The median forecast in a July 21-23 survey of 42 economis
China’s tech titans fight for cloud control
For Chinese cloud services companies, the coronavirus outbreak has become a rainmaker, bringing in new business far and wide as firms shift work online, and authorities develop apps and systems to help contain outbreaks and manage social restrictions. For Tencent Holdings, in particular, it has als
US-China tensions and a stalling recovery are a harsh mix for investors
Investors are waking up to the big risks posed to markets as US-China tensions ratchet up and America's economic recovery appears to have stalled. What's happening: Beijing ordered Washington to shut down its consulate in the city of Chengdu after US authorities forced the Chinese consulate in Ho
Virus sends jobless claims up for first time since March
The viral pandemic’s resurgence caused the number of Americans seeking unemployment benefits to rise last week for the first time in nearly four months, evidence of the deepening economic pain the outbreak is causing. The increase in weekly jobless claims to 1.4 million served to underscore t
Coronavirus: Over half of US businesses closures amid COVID-19 are permanent: Report
More than half of the business closures that were temporary when the Covid-19 outbreak began are now considered permanent, according to Yelp Inc. Of the 132,580 closures listed on its website as of July 10, 55 percent are permanent, up 14 percentage points from the end of June, according to the Y
Here’s Why Saudi Arabia’s Mohammad Al-Tuwaijri is a Frontrunner to Become WTO Director-General
Saudi Arabia has nominated Mohammad al-Tuwaijri to become director-general of the World Trade Organization (WTO) and he is considered a frontrunner for the job. Al-Tuwaijri will be up against candidates from several countries, including Britain's former International Trade Secretary and Brexit pro
Phase one of SPARK 60% complete
The King Salman Energy Park (SPARK) has completed 60 percent of its first phase, which consists of infrastructure, roads, utilities, and real estate assets established across 14 square kilometers, in addition to a dedicated 3-square-kilometer logistics zone and dry port. A total of SR6 billion ($1.
Brazil boosts oil exports to Asia as global rivals make record cuts
Brazil increased crude exports to Asia in the first half of the year, stealing a slice of a coveted developing market from global rivals who made record cuts to shipments to match the unprecedented fall in demand caused by the coronavirus pandemic.The rise reflects Brazil’s growing clout among
Oman ends tourism investment deal with Damac for Sultan Qaboos port development
Omran, the investment arm of Oman’s tourism ministry, will end a partnership with Port Investment Ltd. owned by Damac International. Omran will buy the 70 percent stake it doesn’t already own in Muttrah Tourism Development Co., established to redevelop Sultan Qaboos port for $1 billio
Oil giant among US firms awarding bumper bonuses before bankruptcy
NEW YORK- Nearly a third of more than 40 large companies seeking US bankruptcy protection during the coronavirus pandemic awarded bonuses to executives within a month of filing their cases, according to a Reuters analysis of securities filings and court records. Under a 2005 bankruptcy law, compani
Currency Crisis Impoverishes Iranians
Desperate to afford her daughter’s overseas university fees, 58-year-old retired Iranian teacher Maryam Hosseini withdrew all her savings from the bank to buy US dollars. It was not enough. With three years of study still to do, her daughter is heading back home, her future now on hold. Hoss
Businesses fear prolonged world recession
Global business leaders are overwhelmingly worried about the possibility of a prolonged recession because of the coronavirus disease (COVID-19), according to the World Economic Forum (WEF). In a survey of corporate and business decision-makers, the WEF found that nearly 70 percent thought that a pr
Turkey seeks to expand oil and gas drilling through influence on Tripoli government
In a new illustration of the economic objectives it is pursuing in Libya, Turkey has announced its intent to begin oil and gas exploration in an unspecified area off the North African country’s coast. State-run oil firm Turkish Petroleum has submitted an application to the Tripoli government
UK furlough scheme extended by four months
The UK scheme to pay wages of workers on leave because of coronavirus will be extended to October, Chancellor Rishi Sunak has said. Mr Sunak confirmed that employees will continue to receive 80% of their monthly wages up to £2,500. But he said the government will ask companies to "start shar
Qatar Airways admits 'new reality', readies to dismiss 'substantial' number of staff
After weeks of trying to highlight the resilience of the airline in front of the global aviation crisis caused by the coronavirus pandemic, Qatar Airways has admitted it must now accept "a new reality" and is preparing to lay off a large number of its employees. A memo from the company's CEO Akbar
India Offers Land Twice Luxembourg’s Size to Firms Leaving China
India is developing a land pool nearly double the size of Luxembourg to lure businesses moving out of China, according to people with the knowledge of the matter. A total area of 461,589 hectares has been identified across the country for the purpose, the people said, asking not to be identified be
