Tag: business

Virus-hit Singapore plunges into recession as economy shrinks 41%

SINGAPORE, Singapore (AFP) — Singapore plunged into recession in the second quarter as growth fell 41.2 percent quarter-on-quarter with the trade-dependent economy hammered by the coronavirus, preliminary data showed Tuesday. Year-on-year, the economy shrank 12.6 percent between April and June, according to the data from the trade ministry, as strict curbs were imposed to fight the virus. It marks the second consecutive quarter of contraction, meaning that the city state — which has one of the […]

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Shares in Latin America’s biggest airline plunge after bankruptcy filing

by Miguel SANCHEZ SANTIAGO, Chile (AFP) — Shares in Latin America’s largest airline plunged on the New York and Santiago stock exchanges on Tuesday after LATAM filed for bankruptcy in the US. LATAM has suffered a drastic slump in business due to the coronavirus pandemic, which has hit travel and tourism all over the world. Last month the airline scaled back operations by 95 percent. “LATAM entered this crisis as a healthy and profitable group […]

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US firms see worst outlook since financial crisis: survey

  WASHINGTON, United States (AFP) — US businesses hit by the coronavirus are reporting declines in sales and investment for the first time since the 2008 global financial crisis, according to a survey released Monday. And it is uncertain when conditions will improve, with about 30 percent of respondents saying it will take as long as three to six months, while others expected improvement in five to eight weeks, the National Association for Business Economics […]

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Is Nevada ready to reopen?

Eagle News — “When will we reopen our economy?” — is the biggest question that hangs over business owners and politicians. Time lost, is money lost. The Las Vegas strip,  is an economic powerhouse. Not only for the city of Las Vegas but for the entire state of Nevada. The impacts of visitor (tourism/conventions) spending in 2018, Southern Nevada’s tourism industry contributed $57.6 billion in total output. It’s no wonder that Mayor Carolyn Goodman, wants […]

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Global stock markets and oil prices slide as virus impact mounts

NEW YORK, United States (AFP) — Global stocks sank Wednesday as COVID-19 infects the global economic outlook, while oil prices slumped as OPEC-led output cuts were deemed insufficient to soak up a supply glut. Sentiment turned sour Wednesday on grim warnings over the economic impact of the coronavirus, which emerged in China and has so far killed more than 131,000 people and infected more than two million globally. The International Energy Agency said 2020 was […]

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African economies hard hit by coronavirus pandemic

By David ESNAULT avec les bureaux africains de l’AFP Agence France-Presse ABIDJAN, Ivory Coast (AFP) — Sub-Saharan Africa has not been as badly hit by the coronavirus pandemic as some other parts of the world, but the economy is being pummeled. Here’s a look at the main issues. – Perfect storm recession – For the first time in 25 years sub-Saharan Africa is about to go into recession, according to World Bank estimates. Following 2.4 […]

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New EBC shows coming to YouTube

Eagle News — Quarantine got you running out of things to watch on Netflix? Or tired of watching the same thing on Netflix? Well you’re in luck! As EBC strives to create wholesome content for every member of the family, eight brand new shows will be streaming LIVE on Eagle News via YouTube starting Monday, April 13. For the HipHop/R&B enthusiast in your family, check out The Vocal Chamber—an E25 Records original series, independent artists […]

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Wall Street opens higher on global recovery signs

NEW YORK, United states (AFP) — Wall Street opened higher on Monday as traders took heart from news of falling coronavirus death rates in hard-hit countries even as US cases were poised to spike. The IMF noted early signs of a recovery in the world’s second-largest economy China, including rising pollution levels, but news that a meeting of top oil producers had been delayed sent oil prices slumping. The Dow Jones Industrial Average was up […]

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Stocks surge on hopes for easing virus crisis

LONDON, United Kingdom (AFP) — Global equity markets strongly rebounded Monday as some of the world’s worst-hit countries reported falling coronavirus death rates, while oil prices sank after a meeting of top producers was delayed. “Global equities are soaring higher as early signs suggest curve flattening is happening in Europe and that US could be a couple weeks behind them,” said Edward Moya, an analyst at OANDA. Key eurozone markets were five percent or more […]

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Markets slide on fears of virus spread

  NEW YORK, United States (AFP) — More cases of the new coronavirus outside China along with warnings by major companies that their earnings could be hurt caused most stock markets to pull back on Friday. “Coronavirus was back at the top of the agenda on Friday, with a rising number of new cases in China and South Korea putting the fear in investors,” remarked Spreadex analyst Connor Campbell. More than 2,200 people have died […]

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Dell sells RSA cyber-security unit for $2 bn

NW YORK, United States (AFP) — Dell Technologies on Tuesday announced a $2.08 billion cash deal to sell cyber-security unit RSA to a consortium led by Symphony Technology Group. RSA specializes in defending computer systems and runs eponymous cyber-security conferences. The deal was expected to close by the end of this year. The consortium includes a teachers’ pension plan board and Alpinvest Partners. “As one of the world’s elite security brands, RSA represents a great […]

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Asian markets rebound on hopes for limited virus impact

HONG KONG, China (AFP) — Asian markets rebounded Wednesday as hopes the deadly new coronavirus will have only a short-term impact on corporate earnings and economic growth prevailed. Falls on US and European markets — after Apple’s warning that it would miss its quarterly revenue forecast due to the epidemic — did not carry over to Asia. The illness, which has killed more than 2,000 people and infected over 74,000, has disputed supply chains and […]

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