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WELLINGTON, New Zealand (AFP) — New Zealand’s economy shrank at a record rate of 2.9 percent in 2020 due to the impact of the Covid-19 pandemic, official data released Thursday showed. Statistics New Zealand said the economy contracted just one percent in the final quarter of 2020 but a coronavirus-induced recession earlier in the year meant the annual fall was the highest on record. “The decline in annual gross domestic product is largely due to […]
WASHINGTON, United States (AFP) — US businessman Warren Buffett on Wednesday joined the small circle of executives worth more than $100 billion, which also includes Jeff Bezos, Elon Musk, Bernard Arnault and Bill Gates, Forbes magazine reported. The share price of his company Berkshire Hathaway reached a record level Wednesday, pushing his fortune to $100.3 billion — the first time that his net worth has crossed the $100 billion threshold. Buffett, 90, known as the […]
by Jerome TAYLOR HONG KONG, China (AFP) — Hong Kong carrier Cathay Pacific said Wednesday it suffered a record $2.8 billion loss last year as the coronavirus pandemic wiped out demand for travel — and the airline warned of a long road to recovery ahead. Chairman Patrick Healy described 2020 as the “most challenging” in the airline’s 70-year history and said much will now depend on how effective and widespread global vaccination programmes are. “It […]
HONG KONG, China (AFP) — Markets fluctuated in Asia on Tuesday as traders struggle to reconcile growing optimism about the global recovery and worries that the expected surge in economic activity will fan inflation and force central banks to hike interest rates sooner than expected. A rally inequities across the world over the past year has started to run out of steam in recent weeks, despite the prospect of a sharp rebound in growth as […]
SYDNEY, Australia (AFP) — Australia’s economy contracted 1.1 percent in 2020 as the coronavirus pandemic took hold, but saw a remarkable recovery late in the year as outbreaks were brought under control and restrictions lifted. Official figures released Wednesday showed the economy grew 3.1 percent in the October-December quarter following a 3.4 percent increase in the previous quarter. The Australian Bureau of Statistics said it was the first time since records began 60 years ago […]
SAN FRANCISCO, United States (AFP) — The Zoom video conferencing platform on Monday reported a strong finish to its fiscal year as revenue and use soared due to the pandemic. The quarterly earnings report came with a forecast by the company that it will grow some 40 percent in the current year despite the likelihood that vaccines will make remote work and school less of a necessity. Zoom video conferences have become a centerpiece of […]
by Andrew BEATTY Agence France Presse SYDNEY, Australia (AFP) — Facebook and Google will be forced to pay for Australian news under legislation passed Thursday that is being closely watched globally for precedents in the battle between Big Tech and media companies. The world-first law passed easily after the Australian government agreed to water down elements most fiercely opposed by the tech giants, in return for both agreeing to negotiate paid deals with local […]
by Roland JACKSON LONDON, United Kingdom (AFP) — Britain’s economy shrank by a record 9.9 percent last year on the fallout from the coronavirus pandemic despite managing strong growth in the second half, official data showed Friday. Finance minister Rishi Sunak said the economy had suffered a “serious shock” from the Covid-19 global health crisis. The data came one week after the Bank of England forecast economic recovery on the back of Britain’s successful ongoing […]
MONTREAL, Canada (AFP) — Air Canada announced Tuesday the suspension of 17 US and international routes until the end of April and layoffs of 1,500 workers, citing a drop in demand for travel after a tightening of public health restrictions to slow the spread of new Covid-19 variants. The cancellations to be phased in over the coming days will affect flights between Montreal, Toronto, Vancouver, Boston, New York, Seattle and Washington as well as […]
Businesses have suffered great losses and struggled to stay afloat as the COVID-19 pandemic continues. Those without a digital presence were doubly challenged to operate in a market overrun by competitors with an already established audience. Given these challenges, Globe myBusiness is helping businesses power through this next normal. Globe offers tried-and-tested digital solutions, an impressive, reliable network, and empowering learning events—all of which are aimed at helping build stronger and better businesses this 2021. […]
JAKARTA, Indonesia (AFP) — Indonesia on Friday logged its first annual contraction since the 1998 Asian financial crisis, as the coronavirus pandemic slammed Southeast Asia’s biggest economy. The country’s gross domestic product fell 2.07 percent in 2020 from a year earlier, the statistics agency said, with transportation and tourism among the hardest-hit sectors. Friday’s data marked the first time Indonesia’s economy contracted on a full-year basis since it was in the depths of the regional […]
STOCKHOLM, Sweden (AFP) — Swedish music streaming giant Spotify on Wednesday reported a tripled net loss in 2020, citing increased operating expenses, even as the number of paying subscribers continued to increase. At the end of 2020, the number of monthly active users was 345 million, a 27-percent increase compared with a year earlier. Paying subscribers, the main source of revenue for the streaming service, stood at 155 million, a 24-percent increase. Spotify, which is […]
