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HONG KONG, China (AFP) — US futures sank with most Asian and European equities Friday after US President Donald Trump announced he and his wife had tested positive for coronavirus, throwing fresh uncertainty into the presidential election. The news compounded the downbeat mood on trading floors, where investors were already feeling pessimistic over US lawmakers’ failure to pass a new stimulus bill. “Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our […]
WASHINGTON, United States (AFP) — New jobless claim filings in the United States fell to 837,000 last week seasonally adjusted, the Labor Department said Thursday, resuming their downward trajectory after increasing slightly earlier in the month. Initial claims fell by 36,000 over the previous week’s level, however the number of people filing under Pandemic Unemployment Assistance (PUA) program for workers who aren’t normally eligible rose by more than 34,000 to 650,120. The data is also […]
NEW YORK, United States (AFP) — Disney announced Tuesday it will cut 28,000 jobs from its US parks and experiences division, pointing to depressed demand caused by the coronavirus and uncertainty on when it will recover. The cuts were needed in light of social distancing requirements, exacerbated by tough restrictions imposed by the California state government, the company said in a press release. About two-thirds of the affected employees are part-time staff. “Over the past […]
WASHINGTON, United States (AFP) — The US economy will only recover from the coronavirus downturn when people feel safe to resume their normal activities, Federal Reserve Chair Jerome Powell said in remarks released Monday ahead of congressional testimony. The central bank chief is set for three days of testimony before House and Senate committees starting Tuesday on the response to the coronavirus downturn, which has caused tens of millions of job losses and a […]
(Eagle News) — President Rodrigo Duterte has urged leaders of Congress to craft legislation that will address red tape and corruption to help boost business confidence in the country amid the pandemic, his spokesperson said. Presidential Spokesperson Harry Roque said that President Duterte had a meeting with the leaders of both the Senate and the Lower House on Wednesday night, Sept. 16, where they talked about the concerns of businessmen and investors regarding doing […]
SYDNEY, Australia (AFP) — Australia’s unemployment rate fell slightly to 6.8 percent in August, spurring hopes that the worst of a coronavirus-fuelled recession may have passed. The country’s statistical agency said Thursday that unemployment had fallen 0.7 points from the 7.5-percent rate posted in July, with the economy adding 111,000 more jobs. Australia is experiencing its first recession in almost 30 years, prompting the government and central bank to embark on a vast stimulus spending […]
by Neil SANDS WELLINGTON, New Zealand (AFP) — New Zealand’s economy plunged into recession for the first time in a decade on Thursday, posting a record contraction in the June quarter due to the coronavirus pandemic, as Prime Minister Jacinda Ardern heads into next month’s general election. “The 12.2-percent fall in quarterly GDP is by far the largest on record in New Zealand,” the national statistics agency said. The reporting period covers April to June, […]
LONDON, United Kingdom (AFP) — Coronavirus could potentially cost one million jobs in Britain this year, with most losses anticipated during the current third quarter, according to a study published on Monday. Job losses could hit 450,000 between July and September, the Institute for Employment Studies forecast in a report, warning this could worsen to 690,000 positions under a worst-case scenario. Another 200,000 cuts could follow in the fourth quarter, or three months to December, […]
DAR ES SALAAM, Tanzania (AFP) — Tanzania and Uganda signed an agreement Sunday to commence construction on a 1,445-kilometre (900 mile) oil pipeline through East Africa that conservation groups say threatens livelihoods and fragile ecosytems. The project focuses on oilfields in landlocked Uganda discovered in 2006 and proposes pumping the crude to the coast via a pipeline across Tanzania at an estimated cost of $3.5 billion. The multi-national plan is led by French petroleum giant […]
TOKYO, Japan (AFP) — Japan’s economy shrank slightly more than initially thought in the April-June quarter, official data released Tuesday showed, deepening a contraction that was already the worst in the nation’s modern history. The world’s third-largest economy shrank 7.9 percent in the second quarter of this year from the previous quarter, more than the initial 7.8 percent in the preliminary data, the Cabinet Office said. The downward revision comes with corporate investment weaker […]
TOKYO, Japan (AFP) — Japan’s economy shrank slightly more than initially thought in the April-June quarter, official data released Tuesday showed, deepening a contraction that was already the worst in the nation’s modern history. The world’s third-largest economy shrank 7.9 percent in the second quarter of this year from the previous quarter, more than the initial 7.8 percent in the preliminary data, the Cabinet Office said. The downward revision comes with corporate investment weaker than […]
(Eagle News) — The headline inflation in the Philippines eased to 2.4 percent in August, from 2.7 percent in the previous month, bringing the year-to-date inflation for 2020 at 2.5 percent, according to the Philippine Statistics Authority (PSA). Inflation in August last year was lower at 1.7 percent. Malacanang immediately issued a statement saying that the easing of the inflation last month was a “positive development.” -Gradual re-opening of economy leads to decrease in food […]
