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Economy News

Drought drives Australia's sheep flock to record low

Sydney - Years of drought in Australia's east has caused the national sheep flock to shrink to the lowest levels since records began more than a century ago, agricultural figures revealed Thursday.Farmers sold-off or disposed of Aus$21 billion (US$13.

As Iraq lockdown chokes off imports, local businesses thrive

Basra - In Iraq, a national lockdown to halt the coronavirus pandemic has found some unexpected fans: local businesses who no longer have to compete with Turkish, Iranian or Chinese imports.

Montenegro woos tourists to Europe's 'corona-free' corner

Kotor - Less than two months after detecting its first infection, Montenegro is the first country in Europe to declare itself coronavirus-free, a success story the tiny country hopes will lure tourists to its dazzling Adriatic coast this summer.

Macau casino tycoon Stanley Ho dies aged 98

Fpo - Stanley Ho, the Hong Kong-born tycoon who made billions transforming neighbouring Macau from a sleepy Portuguese outpost into the world's biggest gambling hub, died on Tuesday at the age of 98, his family said.

World needs 'green recovery', health experts tell G20 leaders

Trillions of dollars, euros and yuan pouring into post-pandemic economies must build a "healthy and green recovery", 200 medical groups representing 40 million health professionals worldwide told G20 leaders Tuesday in an open letter.

Virus-hit Hertz declares bankruptcy in US and Canada

Washington - Global car rental company Hertz became the latest economic casualty of the coronavirus pandemic Friday, filing for bankruptcy in the US and Canada after more than a century in business.

Argentina in default but creditor negotiations continue

Buenos Aires - Argentina defaulted on Friday for the second time in less than 20 years after failing to pay $500 million of interest on its bond debt, but it continues to negotiate a restructure with creditors, Finance Minister Martin Guzman said.

Default looms for Argentina despite debt deadline extension

Buenos Aires - Argentina was teetering on the brink of a second default this century on Friday as the deadline for a $500 million bond interest repayment approached.

China draws Western rebuke over move to tighten grip on Hong Kong

Bejing - China drew Western condemnation on Friday over plans for a national security law to quash Hong Kong's pro-democracy movement as it opened an annual congress that also laid bare the "immense" economic challenges caused by the coronavirus.

No annual growth target for virus-hit China, a first in years

Bejing - China's communist rulers avoided setting an annual growth target for the first time in decades Friday, as they struggle to deal with the "immense" economic challenges caused by the coronavirus pandemic.

Russian economy to shrink 9.5% in Q2 in virus standstill: minister

Moscow - Russia's economy is forecast to shrink by 9.5 percent in the second quarter of 2020 compared to the same period last year, while yearly GDP will fall by five percent, economy minister Maksim Reshetnikov said on Thursday.

China's premier to address nation on pandemic, economy

Bejing - Chinese Premier Li Keqiang will address his nation on the coronavirus, economy and other high-stakes issues on Friday to kick off an annual legislative session in the shadow of the global pandemic.

Syrians turn to flea markets for frugal Eid al-Fitr

Damascus - In a Damascus flea market, Sham Alloush rummaged through a pile of clothes for something nice to wear for Eid al-Fitr that wasn't too expensive.

Lufthansa confirms in talks with Berlin on $10 bn rescue

Frankfurt Am Main - Lufthansa on Thursday confirmed it was in talks with the German government over a nine-billion-euro ($10 billion) rescue that will see Berlin take a massive stake in the coronavirus-stricken airline.

WTO to open nominations for next director on June 8

Geneva - Candidates to succeed Roberto Azevedo as head of the WTO will have one month from June 8 to submit their nominations, the global trade body said following the Brazilian's surprise resignation.

German govt agrees Lufthansa rescue offer: report

Frankfurt Am Main - German ministers on Wednesday agreed final details of a rescue deal they will offer coronavirus-stricken airline giant Lufthansa, business daily Handelsblatt reported.

Cuba seeks delay in debt repayment to 2022: diplomats

Havana - Cuba has asked the Paris Club of major creditors for a delay in repaying its debt until 2022, citing the impact of the coronavirus pandemic on its economy, diplomatic sources told AFP on Wednesday.

Kiwis eye shorter working week in post-lockdown economy

Wellington - Prime Minister Jacinda Ardern on Wednesday raised the prospect of Kiwis enjoying extra public holidays and a shorter working week to help kickstart New Zealand's post-lockdown economy.

Renewable energy should be at the heart of virus recovery plans: IEA

Paris - The International Energy Agency on Wednesday called on governments to put clean energy at the heart of their coronavirus economic recovery plans, as it forecast the first slowdown in new renewable power installations worldwide in two decades.

Ecuador to close embassies, state firms over virus crisis

Quito - Ecuador said Tuesday it is closing several embassies and state enterprises to save money amid an economic crisis provoked by the coronavirus pandemic."We will close ...

Climate change makes repeat 'Dust Bowl' twice as likely

Paris - Due to global warming, the United States is today more than twice as likely to endure a devastating "dust bowl" scenario than during the Great Depression, researchers said Monday.

US facing severe crisis, but not a depression: Fed's Powell

Washington - The US is facing a severe economic downturn amid the global pandemic, but will not suffer another Great Depression and will see a recovery begin later this year, Federal Reserve Chair Jerome Powell said Sunday.

Japan slides into recession -- with forecasts of worse to come

Apo - Japan dived into its first recession since 2015, according to official data Monday, with the world's third-largest economy shrinking by 0.9 percent in the first quarter as it wrestles with the fallout from the coronavirus.

Japan's economy slips into recession

Apo - Japan dived into its first recession since 2015, according to official data Monday, with the world's third-largest economy contracting by 0.9 percent in the first quarter as it wrestles with the fallout from the coronavirus.

US GDP could 'easily' contract 20-30% Q2: Fed's Powell

Washington - The business shutdowns caused by the coronavirus pandemic could "easily" cause the US economy to collapse by 20 to 30 percent this quarter, Federal Reserve Chair Jerome Powell said Sunday.

Long queues as Thai malls reopen after virus shutdown

Bangkok - Shoppers flocked to Thailand's top-end malls on Sunday, eager for retail therapy as shopping centres reopened in a gradual easing of restrictions to revive the virus-ravaged economy.

Huge virus recovery bill clears US House, fate uncertain in Senate

Washington - House Democrats on Friday narrowly pushed through the largest-ever US economic rescue package, but the coronavirus measure faces headwinds in the White House and Senate where Republicans bemoan its $3 trillion price tag.

LATAM Airlines says cutting 1,400 jobs in South America

Santiago - LATAM Airlines said Friday it would lay off 1,400 employees in South America, blaming a drastic slump in business due to the coronavirus pandemic.

Amazon seeking to resume French operations from May 19

Paris - Online retailing giant Amazon is seeking to resume operations from Tuesday at its six warehouses in France that were temporarily closed in a labour dispute over working conditions during the coronavirus pandemic, it said on Friday.

Lebanon says ready to float pound only after aid secured

Beirut - Lebanon is ready to terminate a 23-year-old dollar peg and float the pound, but only after it secures billions in aid, Finance Minister Ghazi Wazni said Friday.
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An automated teller machine (ATM).
An automated teller machine (ATM).
Digital Journal
 We are the Champions : Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundhei...
"We are the Champions": Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundheit in Berlin
The economic divide in Cabbagetown.
The economic divide in Cabbagetown.
Untitled
Donald J. Trump
Along with the closeout merchandise and surplus merchandise markets  the returned merchandise and li...
Along with the closeout merchandise and surplus merchandise markets, the returned merchandise and liquidation industry generates over $100 billion dollars in revenue annually.
Pudong  China s financial and commercial hub  situated in Shanghai.
Pudong, China's financial and commercial hub, situated in Shanghai.
Wikipedia
Geithner to leave in consideration of family.
Geithner to leave in consideration of family.
UK - London: Occupy London  2012
UK - London: Occupy London, 2012
xpgomes9
Coronado  Schoenholtz  Reinhart  and Backus at the Economic Outlook Forum at NYU Stern on September ...
Coronado, Schoenholtz, Reinhart, and Backus at the Economic Outlook Forum at NYU Stern on September 3, 2014
The French Stock Market (La Bourse) in Paris
The French Stock Market (La Bourse) in Paris
Sebche on Flick'r
Polus-Tec Pre-cut plant  on the outskirts of Tokyo imports wood from all over the world and is fully...
Polus-Tec Pre-cut plant, on the outskirts of Tokyo imports wood from all over the world and is fully automated in delivering "pre-cut" beams in Japan's post and beam housing sector. It represents a potential growth opportunity to use hemlock from B.C.'s coast. The plant was visited by delegates on the 2018 Forestry Asia Trade Mission. Japan is B.C.'s third largest market for B.C. wood products.
BC Council of Forest Industries
For sale sign
For sale sign
Diana Parkhouse (CC BY 2.0)
Canberra: Bus Depot Markets.
Canberra: Bus Depot Markets.
Stephan Ridgway
Schoenholtz  Coronado  Reinhart  and Backus at the Economic Outlook Forum at NYU Stern on September ...
Schoenholtz, Coronado, Reinhart, and Backus at the Economic Outlook Forum at NYU Stern on September 3, 2014
Obama addresses Congress - State of the Union Address 2013
Obama addresses Congress - State of the Union Address 2013
Chuck Kennedy / White House
Canberra: Bus Depot Markets.
Canberra: Bus Depot Markets.
Stephan Ridgway
Occupy London Stock Exchange
Occupy London Stock Exchange
Eman Jueid / Aslan Media
 We are the Champions : Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundhei...
"We are the Champions": Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundheit in Berlin
President Obama delivers his State of the Union address at the U.S. Capitol  D.C.
President Obama delivers his State of the Union address at the U.S. Capitol, D.C.
Lawrence Jackson / White House
 Assembly.  Detroit Publishing Company  1923 May 7. Touring Turn-of-the-Century America: Photographs...
"Assembly." Detroit Publishing Company, 1923 May 7. Touring Turn-of-the-Century America: Photographs from the Detroit Publishing Company, 1880-1920.
Library of Congress

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