Economic News
US jobless claims hit 6.6m as Covid-19 takes its toll
The number of Americans filing for unemployment benefits last week was much higher than expected as the coronavirus pandemic continues to take its toll, according to figures released by the Labor Department on Thursday.
Federal Reserve to purchase higher-rated junk bonds through new facility
America's central bank stepped up to the plate yet again with plans to provide as much as $2. 3trn in financing for the private sector, especially for small and medium-sized companies, alongside local and state governments.
US consumer confidence sees largest one-month drop ever in April
US consumer confidence registered its largest monthly drop ever in April, although a key gauge of Americans' expectations for the future help up relatively well all things considered.
UK economy could contract by up to 25% in Q2, says NIESR
The UK economy could contract by between 15% and 25% in the second quarter if the lockdown continues, the National Institute of Economic and Social Research (NIESR) said on Thursday.
Government expected to extend Covid-19 lockdown
The government is expected to extend its Covid-19 lockdown beyond next week but the announcement is likely to be put on hold until after the long Easter weekend, raising concerns that warm weather could tempt people to defy restrictions.
Italy's Conte warns Covid-19 debt row could split EU
Italian Prime Minister Guiseppe Conte warned the European Union could fracture over tensions on how to deal with the coronavirus crisis as he said the current lockdown could be eased by the end of the month.
Living standards to fall in worst slump since Great Depression - IMF chief
Living standards will fall in more than 170 countries in 2020 as the Covid-19 crisis causes the worst economic downturn since the Great Depression, the head of the International Monetary Fund warned.
BoE to fund government spending using overdraft account
The Bank of England has agreed to directly finance extra spending imposed on the government by the Covid-19 crisis, allowing the Treasury to raise short-term funds outside the bond market.
UK economy shrank in February before Covid-19 crisis hit
The UK economy shrank in February even before the full effects of the Covid-19 pandemic began to hit businesses and consumers, official figures showed.
RICS calls for stamp duty holiday as housing market collapses
RICS called for a stamp duty holiday to restart the UK housing market as its monthly survey showed confidence and activity plunging as a result of the Covid-19 crisis.
Airlines call for amendment of carbon deal due to coronavirus crisis
Airlines are lobbying to amend the recently agreed carbon scheme designed to bring down the aviation sector's emissions as the Covid-19 coronavirus crisis makes it harder for carriers to meet their agreed targets.
UK government launches inquiry into potential Chinese interference in UK hi-tech
The Commons have opened an inquiry into potential asset-stripping of UK high-tech firms on Wednesday.
Covid shock could spark global Depression-era slump: WTO
Global trade could plummet by up to 32%, a level similar to the Great Depression of the 1930s, in the aftermath of the coronavirus pandemic, the World Trade Organisation said.
Aviva pulls final dividend due to Covid-19 after BoE pressure
Insurance group Aviva bowed to central bank pressure on Wednesday and pulled its final dividend as it braced for the financial impact of the coronavirus pandemic.
Trump lashes out at WHO and threatens to withdraw funding
US President Donald Trump lashed out at the World Health Organization late on Tuesday over it’s handling of the coronavirus pandemic and threatened to withhold US funding.
UK company earnings in recession before Covid-19 crisis - survey
UK company earnings were in a prolonged earnings recession even before the Covid-19 crisis erupted, a survey showed.
UK's Johnson does not have pneumonia - spokesman
UK Prime Minister Boris Johnson did not have pneumonia and was breathing without the assistance of a ventilator, a Downing Street spokesman confirmed on Tuesday.
Fastjet warns on future as FedAir sheds jobs, cuts wages
African budget airline Fastjet warned that its future was under threat unless it raised fresh capital or sold its Zimbabwe operations as jobs and salaries were cut in response to the coronavirus.
Millions of jobs at risk as airlines running out of cash - IATA
At least 25 million jobs could be at risk around the world from the slump in passenger traffic caused by the coronavirus pandemic, the airline industry body warned on Tuesday.
Wellcome Trust calls on firms to donate $8bn for coronavirus research
The Wellcome Trust London-based charity is calling on big businesses to donate $8bn for research to attempt to develop tests, therapies and vaccines to fight the ongoing coronavirus pandemic.