Economic reports
German Business Sentiment Falls on Coronavirus Angst
German business morale fell for the first time in six months in October, weighed down by companies’ concerns about rising coronavirus infection rates that are making them more cautious about the coming months, a survey showed on Monday. The Ifo institute said its business climate index fell
IMF cuts Asia’s growth forecast, warns of pandemic-driven risks
The International Monetary Fund (IMF) slashed this year’s economic forecast for Asia, reflecting a sharper-than-expected contraction in countries like India, a sign the coronavirus pandemic continues to take a heavy toll on the region.While the IMF upgraded next year’s growth forecast,
China’s economy accelerates as virus recovery gains strength
China’s shaky economic recovery from the coronavirus pandemic is gaining strength as consumers return to shopping malls and auto dealerships while the United States and Europe endure painful contractions. Growth in the world’s second-largest economy accelerated to 4.9 percent over a y
Sales of first big COVID-19 drug, remdesivir, may disappoint
Investors betting on big profits from COVID-19 treatments may get an unwelcome surprise when Gilead Sciences Inc. reports quarterly results this month. Its remdesivir,the first important coronavirus treatment, has not been used as much as first expected and faces complex insurance reimbursement is
Saudi Arabia Seeks to Increase Investment in Iraq to $2.6Bn
A joint coordination council has revealed Saudi Arabia’s aspiration to raise the value of investments in Iraq to SAR10 billion ($2.6 billion). It stressed the necessity to speed up the formation of the joint coordination council to facilitate the work of Saudi companies and private sector i
Lebanon on Edge as Time, Money Run Out
Fouad Khamasi fills his taxi every day with about 40,000 Lebanese pounds' worth of fuel. It could cost at least four times that much if subsidies come to an end. The Beirut cab driver, 53, can just about afford to buy fuel and feed his kids. He worries the price of subsidized foods and key import
US Blacklists All of Iran's Financial Sector
Washington has hit virtually all of Iran’s financial sector with sanctions, dealing another blow to an economy that is already reeling under US sanctions. Thursday's move hits 18 Iranian banks that had thus far escaped the bulk of re-imposed US sanctions and, more importantly, subjects fore
Airline industry to burn $77 billion cash in H2 of 2020, says IATA
Global airlines warned on Tuesday that the coronavirus-stricken industry was on course to burn through another $77 billion in cash in the second half of 2020, calling on governments to renew expiring wage support programmes.“The issue now is that aid, particularly the wage subsidies, is star
Australia to spend more on jobs in budget based on COVID-19 vaccine
: The Australian government said on Sunday it will earmark an additional A$1.2 billion ($859 million) in wage subsidies in the 2020/21 budget and that its frameworks assume that there will be a novel coronavirus vaccine next year.In the run up to the Oct. 6 budget, which is set to forecast a recor
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 Amazon.com 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
