Coronavirus pandemic drives broadest economic collapse in 150 years: World Bank
The coronavirus pandemic inflicted a “swift and massive shock” that has caused the broadest collapse of the global economy since 1870 despite unprecedented government support, the World Bank said Monday. The world economy is expected to contract by 5.2 percent this year — the worst recession in 80 years — but the sheer number of […]
Coronavirus pandemic, dire economy, unrest upend US presidential race
Three concurrent crises scarring the United States — a deadly health pandemic, economic despair and widespread social unrest — have reframed this year’s presidential contest and prompted national reflection over racial inequality in America. Is the country on the cusp of a transformation, or will systemic inequalities exacerbated by the coronavirus crisis persist, allowing alienation […]
Brazil threatens to quit WHO, Donad Trump says US beating coronavirus pandemic
Brazilian President Jair Bolsonaro has threatened to pull out of the WHO over “ideological bias,” as his counterpart Donald Trump said the US economy was recovering from the coronavirus pandemic while Europe slowly reopens its borders. From Africa to Europe to Asia, governments are focused on reviving economies ravaged by weeks of restrictions to contain […]
US shows surprising employment recovery in May despite coronavirus pandemic
The US economy regained 2.5 million jobs in May and the unemployment rate dropped as coronavirus pandemic shutdowns began to ease, which President Donald Trump said Friday was a sign the recovery from the crisis is underway. New Labor Department data showed the largest increase in jobs on record, which pushed the unemployment rate down […]
Donald Trump says US economy ‘largely’ over coronavirus pandemic, as EU eyes border openings
President Donald Trump said Friday the US economy had largely made it through the coronavirus pandemic, as a top expert in France said the worst was over there and the EU looked to open its borders again. The United States is by far the worst hit by the deadly disease, which has killed over 390,000 […]
Coronavirus pandemic could cost Australian universities $11 billion
Australian universities could lose up to US$11 billion dollars as an indefinite coronavirus border closure locks out the foreign students who keep the sector afloat, the industry said Wednesday. Lobby group Universities Australia said the revenue shortfall would have a lasting impact on not only higher education staffing and facilities but also undermine the sector’s […]
Wahan plans to test all 11 million of its people for coronavirus
BEIJING: Authorities in Wuhan, the Chinese city where the coronavirus pandemic first broke out, are planning to test all 11 million residents in the next 10 days, Chinese media reported. No official announcement has been made, but district officials confirmed receiving marching orders from the city’s coronavirus task force, the reports said. It remained unclear […]
Hyundai Motor sales down 57% amid coronavirus pandemic
NEW DELHI:SEOUL: South Korea’s Hyundai Motor (005380.KS) said on Wednesday its provisional April sales fell 57% on year to 159,079 vehicles globally, as the coronavirus pandemic and efforts to curb its spread sharply contracted auto demand and dealership traffic. Hyundai Motor said last month it expects only a modest recovery in Chinese auto demand and […]
Flat or negative growth for IT sector in 2020 due to Covid-19: Infosys CFO
NEW DELHI: India’s information technology sector is expected to post either flat or negative growth in 2020 due to the impact of the Coronavirus pandemic globally, an IT industry veteran said on Saturday. “Look at the economic activity (globally). Worse than what you have seen in 2008 (global financial crisis). So, clients (of Indian IT […]
Finance Ministry releases Rs 17,287 crore to states to fight coronavirus pandemic
NEW DELHI: The Finance Ministry on Friday released Rs 17,287 crore to states to enhance their financial resources during the COVID-19 crisis. Of this amount, Rs 11,092 crore is towards State Disaster Response Mitigation Fund (SDRMF) to all states. An amount of Rs 6,195 crore has been released as ‘Post Devolution Revenue Deficit Grant’ to […]