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PARIS, France (AFP) — France is facing its deepest recession since the end of World War II because of the widespread lockdown to stem the coronavirus crisis, Finance Minister Bruno Le Maire warned Monday. “The worst growth figure in France since 1945 was -2.2 percent in 2009, after the financial crisis of 2008. We will probably be very far beyond -2.2 percent” this year, Le Maire told a Senate panel. That figure was subsequently […]
ADDIS ABABA, Ethiopia (AFP) — Millions of lost jobs, mounting debt woes and plunging remittances are among the economic hardships African countries can expect because of the COVID-19 pandemic, the African Union said in a study published Monday. “Nearly 20 million jobs, both in the formal and informal sectors, are threatened with destruction on the continent if the situation continues,” said the study, which noted that countries relying heavily on tourism and oil production […]
by Paavan MATHEMA Pictures by PRAKASH MATHEMA Agence France-Presse KHUMJUNG, Nepal (AFP) — The Himalayan hilltown of Khumjung should be bustling ahead of Everest’s climbing season, but the coronavirus has forced the shut down of the world’s tallest mountain and threatened the livelihood of the famed local Sherpas. While there are no reported cases in the town — home to many of the ethnic Sherpas who dominate the industry helping climbers — the Himalayas have been closed by […]
WASHINGTON, United States (AFP) — Another 6.65 million US workers filed for unemployment benefits last week, the most ever recorded, as the coronavirus forces businesses to shut down nationwide, the Labor Department reported Thursday. The number of first-time applications for jobless benefits for the week ended March 28 was double the number registered in the previous week, which was revised up by 24,000 to 3.3 million — the previous record, according to the data. “Nearly […]
by Luc OLINGA and Juliette MICHEL NEW YORK, United States (AFP) — The coronavirus pandemic took Brittany Brook’s job on March 16, two days after it took her husband Matthew Whitfield’s, leaving the New York couple scrambling as end-of-the-month bills come due. On April 1, Brook, an artist who until recently taught music at a preschool school, and Whitfield, a now-former waiter and actor, have to pay the rent and other bills, as do millions […]
MONTREAL, Canada (AFP) — Air Canada announced Monday it would temporarily lay off nearly half of its employees and reduce activity by up to 90 percent in the second quarter due to the coronavirus. The measures would affect 15,200 employees and about 1,300 managers from April 3, the airline said in a press release. Last week, Air Canada — the first Canadian airline to be hit hard by the pandemic — announced the temporary layoff […]
SINGAPORE (AFP) — Singapore’s central bank eased monetary policy Monday as the city-state, seen as a bellwether for the health of global trade, heads for a deep recession due to the coronavirus pandemic. The easing echoes moves made by other countries and comes after data last week showed the city-state suffered its sharpest contraction in the first quarter since the global financial crisis. The Monetary Authority of Singapore said it had flattened the slope of […]
SINGAPORE (AFP) — Oil prices extended losses in Asian trade Monday and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war. US benchmark West Texas Intermediate fell 5.3 percent to trade at $20 a barrel, while international benchmark Brent crude was off 6.5 percent at $23. The falls came after the death toll from the pandemic surged past 30,000 at the […]
BRUSSELS, Belgium (AFP) — The European Commission will propose a new stimulus package to help the bloc recover from the economic damage caused by the coronavirus pandemic, Commission chief Ursula von der Leyen said Saturday. “To ensure recovery the Commission will propose changes in the MFF proposal that will allow to address the fallout of the coronavirus crisis,” von der Leyen said in a statement. The MFF is the multi-annual financial framework (MFF), the […]
WASHINGTON, United States (AFP) — The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. “It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. With the worldwide economic “sudden stop,” Georgieva said the fund’s estimate “for the overall financial needs […]
WASHINGTON, United States (AFP) — The economic shutdown caused by the coronavirus pandemic sparked an explosion of Americans filing for unemployment benefits, surging to 3.3 million last week — the highest number ever recorded, the Labor Department reported Thursday. The normally routine report is at the frontlines of the economic crisis caused by the outbreak, which has forced widespread closures of restaurants, shops and hotels and brought airline travel to a virtual halt, prompting the […]
SINGAPORE, Singapore (AFP) — Singapore’s economy, a bellwether for trade-reliant Asian countries, suffered its worst contraction since the global financial crisis in the first quarter as the coronavirus pandemic escalated, official data showed Thursday. The trading hub’s GDP shrank 2.2 percent year-on-year in the first quarter, according to advance estimates by the trade ministry. Compared with the previous quarter, GDP fell by 10.6 percent. Lockdowns and other measures to contain the spread of the virus […]
