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by Brian KNOWLTON Agence France Presse WASHINGTON, United States (AFP) — Two top US economic advisers on Sunday defended the need for an expeditious reopening of the economy even as the coronavirus reached into the White House despite the extraordinary precautions taken there. The comments by Treasury Secretary Steven Mnuchin and economic adviser Larry Kudlow came just two days after the country recorded its steepest job losses in history, with 20.5 million jobs lost in […]
by Heather SCOTT Agence France Presse WASHINGTON, United States (AFP) — With shops and factories closed nationwide due to the coronavirus pandemic, nearly all of the jobs created in the US economy in the last decade were wiped out in a single month. An unprecedented 20.5 million jobs were destroyed in April in the world’s largest economy, the biggest amount ever recorded, the Labor Department said in a report released Friday, the first to capture […]
HONG KONG, China (AFP) — Asian markets dropped Thursday as the economic reality of the coronavirus crisis became even starker, and China-US relations soured, overshadowing recent optimism over the easing of lockdown measures. With countries from Asia-Pacific to Europe and US states reopening their shattered economies, global equities have enjoyed a strong revival after crashing in March, with oil also getting much-needed support from hopes for a pick-up in demand. But a slew of […]
by Maggy DONALDSON Agence France-Presse NEW YORK, United States (AFP) — Days before May 1 rent was due, building management knocked on Sean Reilly’s Brooklyn apartment door demanding payment for the previous month. But like thousands of others in New York the 25-year-old is participating in Friday’s strike demanding rent cancellation, as unemployment soars and much of the country remains homebound in shelter they now stand to lose due to the coronavirus pandemic. As Reilly […]
FRANKFURT AM MAIN, Germany (AFP) — The jobless total in Germany rose unusually sharply in April, official data showed Thursday, highlighting the coronavirus pandemic’s impact on Europe’s top economy. The jobless total soared to 2.6 million in April from 2.3 million in March, according to data compiled by the federal labor agency BA. And in seasonally adjusted terms, the unemployment rate jumped to 5.8 percent this month from 5.0 percent the previous month, the agency […]
by Joseph Schmid Agence France Presse PARIS, France (AFP) — The French economy officially fell into recession after contracting 5.8 percent in the first quarter, the national statistics office said Thursday, underscoring the massive toll of the country’s nationwide shutdown to curb the coronavirus outbreak. Even though the business closures and stay-at-home orders were imposed only the final two weeks of the quarter, the drop-off in activity was a hammer blow that has put more […]
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 […]
TOKYO, Japan (AFP) — The Bank of Japan on Monday ramped up its emergency monetary easing, lifting the cap on its buying of government bonds and increasing purchases of other assets while cutting its growth forecasts. After a meeting shortened from two days to one, the central bank said it would shift to unlimited government bond-buying and more than double its capacity to purchase corporate bonds and commercial papers — a move to support Japan […]
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 […]
by Michelle GUMEDE Agence France-Presse Johannesburg, South Africa (AFP) — South African President Cyril Ramaphosa on Tuesday announced a $26 billion relief package to support the economy and the vulnerable during the coronavirus pandemic. In a special address to the nation, Ramaphosa announced “a massive social and economic support package of 500 billion rand ($26.3 billion), which amounts to about 10 percent of our GDP.” “The impact of the coronavirus requires an extraordinary coronavirus budget…the scale […]
PARIS, France (AFP) — More than 10 million employees in France — one out of every two in the private sector — have been laid off during the coronavirus lockdown and are now benefiting from an extended indemnity programme to weather the crisis, the government said Wednesday. “Today in France there are 10.2 million employees whose salaries are being paid by the state,” Labour Minister Muriel Penicaud told BFM television. Around 820,000 employers, or […]
SYDNEY, Australia (AFP) — Australia said Wednesday it will take advantage of record low oil prices to develop a long-needed strategic oil reserve, which will be located in the United States. With global demand for oil slowing to a trickle owing to worldwide virus lockdowns, crude prices turning negative and storage facilities bursting at the seams, Energy Minister Angus Taylor said it was time to act. Australia has long had one of the lowest levels […]
