Tag Archives: Business

U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into bankruptcy, a report showed on Wednesday. Though the layoffs reported by global outplacement firm Challenger, Gray & Christmas were down 57% from May, they jumped 306% compared …

The downturn in eurozone manufacturing was not as bad as initially thought last month after more economies in the bloc eased restrictions imposed to quell the spread of the coronavirus, a survey showed. Over 10 million people have been infected by the virus globally and more than 500,000 have died, …

Gilead Sciences Inc has priced its COVID-19 drug candidate remdesivir at $390 per vial for the United States and governments of other developed countries, it said on Monday, setting the price of a five-day course at $2,340 per patient. The price for U.S. private insurance companies will be $520 per …

Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new COVID-19 infections in the United States. They rose across the U.S. by at least 39,818 on Thursday, the largest one-day increase of the pandemic. The governor of Texas …

The dollar paused on Wednesday after two straight days of losses, as money markets tempered hopes of a rapid global economic recovery from the coronavirus pandemic. The U.S. currency was broadly flat against a basket of currencies, after earlier gains of 0.3%, as risk sentiment soured in trading in Europe. …

China and the European Union (EU) on Monday reaffirmed commitment to conclude a comprehensive bilateral investment agreement in 2020. The pledge came as Chinese Premier Li Keqiang held the 22nd China-EU leaders’ meeting with President of the European Council Charles Michel and President of the European Commission Ursula von der …

Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to …

Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy. Brent crude LCOc1 futures were up 37 cents at $41.08 a barrel at 0846 GMT. U.S. West Texas …

While the coronavirus pandemic may become the last nail in the coffin of the US dollar’s status as the primary reserve currency, the seeds of its inevitable decline were sown long ago, a former Morgan Stanley economist believes. The greenback is set to decline due to a shortfall in domestic …

Global stocks fell sharply Monday as the United States and China grapple with new coronavirus outbreaks, signaling that the pandemic isn’t done wreaking havoc on the global economy. Dow (INDU) futures were down more than 450 points, or 1.9%, ahead of the opening bell after plunging as much as 800 …

About 1.5 million laid-off workers applied for U.S. unemployment benefits last week, evidence that many Americans are still losing their jobs even as the economy appears to be slowly recovering with more businesses partially reopening. The latest figure from the Labor Department marked the 10th straight weekly decline in applications …

The UK’s economy is likely to be the worst affected among developed countries due to coronavirus, a major think tank has warned. The Organisation for Economic Co-operation and Development (OECD) said Britain’s economy was likely to slump by 11.5% in 2020 – above the slumps expected for other developed nations …

The National Bureau of Economic Research said in a report that the United States officially fell into a recession in February when the country began to feel the effects of the measures imposed to fight the novel coronavirus outbreak, reported Sputnik news agency. “The (Business Cycle Dating) committee has determined …

Asian stocks extended their winning streak for the ninth consecutive session on Tuesday and oil prices rose as the lifting of coronavirus lockdowns in many countries fed investor hopes of a relatively quick global economic recovery. European markets were set to follow that lead with pan-European Euro Stoxx 50 futures …

Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude LCOc1 was up 89 cents, or 2.1%, at $43.19 per barrel, by 0500 GMT, while U.S. …

The German economy has passed the trough of its coronavirus recession and is starting to grow again, the Bundesbank said, endorsing the government’s sweeping fiscal stimulus that should underpin the rebound. Yet the recovery is still muted as some restrictions to rein in the spread of the pandemic remain in …

Brent crude LCOc1 futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support …

Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic. Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of the outbreak. Economists expect data for …

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns. Brent crude LCOc1 rose 2.7%, or $1.04, …

The world’s largest cryptocurrency rallied above $10,000 once again amid optimism digital assets will continue to benefit in the wake of unprecedented global fiscal and monetary stimulus. Bitcoin rose about 5% on Tuesday to trade around $10,168 as of 10:05 a.m. in New York. The rally catapulted the coin to …