China’s economic recovery takes a hop as GDP jumps record 18.3%

China’s economic recovery quickened sharply in the first quarter to record growth of 18.3% from last year’s deep coronavirus slump, propelled by stronger demand at home and abroad and continued government support for smaller firms.But the brisk expansion, heavily skewed by the plunge i

World stocks extend rally, rouble buckles under sanctions stress

World stocks were on course to extend a five-day run of record highs on Thursday, while bitcoin took a breather after its latest surge and Russia’s markets tumbled at the prospect of the harshest US sanctions in years.For traders, it was hard keeping up. Europe’s STOXX 600 set a new al

Unemployment in Moscow is the lowest among the world's largest capitals

In 2020, Moscow recorded one of the lowest unemployment rates among the 10 largest capitals in the world, after Beijing came in the ranking of the lowest unemployment rates for the largest capitals, according to the authorities of the Russian capital. According to the authorities, unemployment in

Egypt’s Suez Canal Authority says shipping traffic jam over

All ships stranded by the grounding of the giant container ship the Ever Given in the Suez Canal in March passed through the canal by Saturday, ending the backlog that built up during the blockage, the canal authority said. The last 61 ships, out of 422 ships that were queuing when the vessel was

Suez Canal blockade hits global exports, traders seek solution

Global trade has been hit hard after a container ship got stuck in the Suez Canal, the waterway that connects Europe and Asia. The 400 metre (430 yard) long Ever Given became wedged diagonally across a southern section of the canal amid high winds early on Tuesday, blocking one of the world’

Global equities, oil prices gain as Suez Canal shutdown continues

Global equity benchmarks and oil prices rose on Friday while safe havens such as the dollar and US Treasuries dipped as hopes for a global economic recovery overshadowed the continued blockage of one of the world’s most vital shipping lanes.More than 30 oil tankers are waiting to traverse th

China’s industrial strength drives economic rebound in March

China’s economic rebound continued in March, as factory activities accelerated amid strong global orders and recovering domestic demand, leading to a surge in producer prices. That is the outlook of an aggregate index combining eight early indicators tracked by Bloomberg, which remained unc

Economic output in G20 area slowed to 2.1% in fourth quarter of 2020

Economic output in the Group of 20 area slowed to 2.1 per cent in the fourth quarter of last year, as the effects of Covid-19 restriction measures hampered growth, according to the Organisation for Economic Development Growth in gross domestic product in the final three months of the year was sig

Global food prices continue to rise with poorest countries hit hardest

World food prices spiked for the ninth consecutive month to hit a six year-high in February, led by sugar and vegetable oils, according to data from the Food and Agriculture Organization (FAO) of the United Nations. The agency said that its food price index jumped by 2.4 percent month-on-month

China’s factory activity grows at slightly slower rate in February

China’s factory activity grew at a slightly slower rate in February as factories closed for the Lunar New Year holiday, a Reuters poll showed, although growth is expected to remain firm, buoyed by an early resumption of production.The official manufacturing Purchasing Manager’s Index (

German exports down 9.3% last year, biggest fall since 2009

Germany’s exports plunged by 9.3 percent last year as the coronavirus pandemic dragged down demand, the biggest drop since the financial crisis in 2009, official data showed Tuesday.Imports dropped 7.1 percent, the Federal Statistical Office said. That also was the steepest decline since 200

China economy grows in 2020 as rebound from coronavirus gains

BEIJING: China eked out 2.3 percent economic growth in 2020, likely becoming the only major economy to expand as shops and factories reopened relatively early from a shutdown to fight the coronavirus while the United States, Japan and Europe struggled with rising infections.Growth in the three mon

German economy shrank 5% in pandemic year 2020

FRANKFURT: The German economy, Europe’s largest, shrank by 5 percent in the pandemic year 2020, ending a decade of growth as lockdowns wiped out much business and consumer activity. As dreary as they were, the numbers suggest consumers could be ready to unleash a strong recovery when the lid

Business owners struggle with the plastic ban in Mexico City

Mexico City’s ban on single-use plastic has affected businesses as they struggle to stay afloat during the pandemic. According to data, the city with about nine million inhabitants churns out 13,000 tons of solid waste daily. The new rule bans the use of disposable plastic items like cutle

US loses 140,000 jobs, first monthly loss since spring

WASHINGTON: US employers shed jobs last month for the first time since April, cutting 140,000 positions, clear evidence that the economy is faltering as the viral pandemic tightens its grip on consumers and businesses.At the same time, the unemployment rate stayed at 6.7 percent, the first time it

Economic recovery in the Middle East in 2021 will be modest, says World Bank

The World Bank has forecast that economic activity in the Middle East and North Africa will recover modestly to 2.1 percent this year, but it predicted that any recovery is dependent on the containment of the pandemic, no further escalation in geopolitical tensions and stabilization of oil prices.

NYSE withdraws plans to delist 3 Chinese phone carriers

BEIJING: The New York Stock Exchange has withdrawn plans to remove shares of three Chinese state-owned phone carriers under an order by President Donald Trump that Beijing warned might lead to retaliation.The exchange cited “further consultation” with regulators but its announcement la

UK economy set to grow 8% in 2021 in largest jump since 1941

The UK economy could grow by 8 per cent in 2021 – the highest jump since the Second World War - as the country recovers from the pandemic-induced fall in output during 2020. The recovery, the largest since 1941, will partly be driven by a spending boost from UK consumers who have built up &