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by Chris Stein and Heather Scott WASHINGTON, United States (AFP) — Despite a drop in weekly jobless claims, the US economy is far from healed after a year in which tens of millions of people lost their jobs due to the coronavirus pandemic, many of whom remain out of work. New filings for unemployment benefits last week dropped below 800,000 for the first time in a month, the Labor Department reported Thursday, but experts say […]
WASHINGTON, United States (AFP) — Jobless Americans who risked not receiving unemployment aid this week due to President Donald Trump’s delay in signing off on it will indeed receive the money, the Labor Department said on Tuesday. Congress in March expanded the US unemployment safety net as the coronavirus pandemic struck, creating the Pandemic Unemployment Assistance (PUA) for freelancers and Pandemic Emergency Unemployment Compensation (PEUC) for the long-term unemployed but only funding them until […]
by Heather SCOTT WASHINGTON, United States (AFP) — US lawmakers on Monday approved a $900 billion relief package for the world’s biggest economy that will provide a long-sought boost for millions of Americans and businesses battered by the coronavirus pandemic. Overwhelming approval in the Senate and House of Representatives cleared the way for the legislation to be sent to President Donald Trump to be signed into law. Trump signed a stopgap measure early Tuesday to […]
by Alice Philipson and Tran Thi Minh Ha HANOI, Vietnam (AFP) — A strong response to the coronavirus pandemic, surging exports and healthy public spending have helped Vietnam buck a global recession in 2020 and fast-track its recovery, with analysts predicting it will likely enjoy one of the highest growth rates in the world. But the pain is not over for some sectors with containment measures and border disruptions hammering the country’s tourism industry, and […]
TOKYO, Japan (AFP) — Confidence among major Japanese manufacturers has recovered further after plunging on pandemic woes to its worst level since the global financial crisis, a key survey showed Monday. The Bank of Japan’s December Tankan business survey — a quarterly poll of about 10,000 companies — showed a reading of minus 10 among big manufacturers, after recording minus 27 in the previous survey and minus 34 in the June survey. The latest figure […]
by Heather SCOTT WASHINGTON, United States (AFP) — New applications for US unemployment benefits surged last week by 137,000, according to government data released Thursday, underscoring the need for more economic stimulus as Covid-19 cases hit new peaks. The gain was far higher than economists had been expecting and ramps up pressure on US lawmakers to break the impasse on a new federal relief package to help families and businesses hit by the pandemic. With […]
NEW YORK, United States (AFP) — America’s billionaires have seen their wealth rise by more than $1 trillion since the start of the coronavirus pandemic, according to a study Wednesday, fueling a debate about higher taxes on the rich. The collective wealth of the 651 billionaires in the United States soared from $2.95 trillion on March 18 to $4.01 billion on Monday, said the Institute for Policy Studies and Americans for Tax Fairness (ATF). […]
KUALA LUMPUR, Malaysia (AFP) — China will consider joining a free trade pact once championed by the US but abandoned by Donald Trump, President Xi Jinping said Friday, as Beijing increasingly seeks to influence the global rules of commerce. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is an updated version of a giant deal originally backed by former US president Barack Obama as an effort to counter China’s rising might in Asia. Trump […]
SYDNEY, Australia (AFP) — Australia has exited its first recession in almost 30 years, after official figures on Wednesday showed the economy grew 3.3 percent in July-September compared with the coronavirus-hit previous quarter. With local transmission of Covid-19 largely under control, official data showed businesses have begun to rebound and consumer spending has surged. The Australian Bureau of Statistics said household spending largely drove the economic bounce, rising 7.9 percent compared with the previous quarter. […]
by Chandan KHANNA with Heather SCOTT in Washington WILMINGTON, United States (AFP) — President-elect Joe Biden presented his economic team on Tuesday and pledged they will lead the charge on a plan to provide more relief for the faltering US economy, which his future Treasury secretary called an “American tragedy.” The diverse group, with women and minorities in key roles, is set to inherit the fallout from millions of job losses including an ongoing wave […]
WASHINGTON, United States (AFP) — New applications for jobless aid in the United States saw their second back-to-back weekly increase, according to government data released Wednesday, raising concerns that a renewed economic downturn is beginning. The Labor Department said 778,000 seasonally adjusted initial claims were filed in the week ended November 21, more than analysts had forecasted and an increase of 30,000 from the previous week’s upwardly revised figure. The increase was the first consecutive […]
by Anuj Chopra RIYADH, Saudi Arabia (AFP) — Saudi Arabia hosts the G20 summit Saturday in a first for an Arab nation, but the scaled-down virtual format could limit debate on a resurgent coronavirus pandemic and crippling economic crisis. The two-day meeting of the world’s wealthiest nations follows a bitter US election the results of which remain disputed by President Donald Trump and comes amid criticism of what campaigners call the group’s inadequate response to […]
