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Economy News

Italy mafias eye virus-weak businesses

Milan - Italian entrepreneur Gabriele Menotti Lippolis can still hear the threat ringing in his ears: "Pay up, or we'll slit you from gullet to gizzard."He has had to fight off extortion attempts not once, but twice.

Saudis shun 'made in Turkey' as rivalry deepens

Apo - From pickled vine leaves to coffee and cheese, Saudi supermarkets are taking Turkish products off the shelves after calls for a boycott, as rivalry between Riyadh and Ankara heats up.

As oil prices dive, Iraqi Kurds seek to diversify economy

- Iraq's Kurdish region has for decades lived off its oil wealth, but plummeting energy prices amid the pandemic and financial mismanagement are forcing locals to return to long abandoned farms.

China's super rich got $1.5 trillion richer during pandemic: report

Bejing - China's super wealthy have earned a record $1.5 trillion in 2020, more than the past five years combined, as e-commerce and gaming boomed during pandemic lockdowns, an annual rich list said Tuesday.

Virus, what virus? India gets back to work

Sinnar - India is on course to top the world in coronavirus cases, but from Maharashtra's whirring factories to Kolkata's thronging markets, people are back at work -- and eager to forget the pandemic for festival season.

Damage from Trump's trade wars won't heal quickly: analysts

Paris - After four years in office, Donald Trump has failed to achieve his promise to eliminate the US trade deficit, and dealt a lasting blow to the multilateral economic system that global trade is based upon, analysts say.

Airlines face tough winter as hoped-for pick-up fails to materialise

Paris - Airlines face a long, hard winter after a much hoped for rebound from the coronavirus crisis failed to materialise, prompting savage cost cutting programmes and fresh calls for government support. "We are in a race against time.

Economic headache awaits victor in Bolivian election

La Paz - Bolivians go to the polls to elect a new president on Sunday in the midst of the South American country's biggest economic crisis for 40 years.But the ultimate victor faces an economic headache, with GDP set to shrink by 6.

IMF, World Bank marshall forces to push for aid for poorest

Washington - The world's two dominant emergency lenders opened their annual meetings on Wednesday with a renewed call for the wealthy to help the poorest deal with the ravages of the coronavirus pandemic, within national borders and globally.

World Bank approves $12 bln for Covid-19 vaccines

Washington - The World Bank said Tuesday that it approved $12 billion for developing countries to finance the purchase and distribution of Covid-19 vaccines, tests and treatment.

Saudi hosts G20 talks on virus recovery, debt relief

Apo - G20 finance ministers and central bankers are set to hold talks Wednesday aimed at spurring global recovery from a coronavirus-triggered recession while considering a proposal to extend debt relief for crisis-hit poor countries.

IMF warns of lasting damage, long climb out of recession

Washington - The global economic crisis will not be quite as grim as feared this year, but GDP will still contract 4.4 percent and the damage inflicted by the pandemic will be felt for years, the IMF said Tuesday.

Millions of Indians to get Diwali loans to boost battered economy

New Delhi - Millions of Indian public servants will be offered loans of around US$135 –- to be repaid over 10 months -- in a bid to boost spending and salvage the coronavirus-ravaged economy, the government said Monday.

Economics Prize wraps up unusual Nobel season

Stockholm - Work on inequality, economic psychology, auctions, health economics and labour markets are some of the favourites as Monday's economics prize closes an unusual Nobel season nearing the record of women laureates in one year.

'Ghost island' Phuket hunkers down in tourist-free Thailand

Phuket - Phuket's go-go dancers sit playing on their phones in empty bars lining deserted streets as the Thai tourist island reels from the ravages of the pandemic with little sign of any recovery soon.

Health chief plants cannabis as Thailand eyes medicinal market

Bangkok - Thailand's health minister helped plant cannabis seedlings Thursday as the government nurtures plans to harvest the multibillion-dollar potential of medical marijuana.

2021 Davos summit shifted to Lucerne in May

Geneva - The World Economic Forum announced Wednesday that its postponed 2021 Davos summit, themed as "The Great Reset" in the coronavirus crisis, will take place in Lucerne, Switzerland from May 18 to 21.

Trump calls off stimulus talks, Fed says recovery faster with aid

Washington - President Donald Trump on Tuesday called off talks on a new stimulus plan to boost the Covid-ravaged US economy until after the election, sending Wall Street plunging and upending recent progress made in the long-delayed negotiations.

Mexican economy needs years to recover from virus: IMF

Washington - Mexico faces a years-long struggle to return to pre-pandemic levels of employment, income and poverty after an expected economic contraction of 9.0 percent in 2020, the IMF warned Tuesday.

North Korea's Kim orders 80-day 'battle' to boost economy

Seoul - North Korean leader Kim Jong Un has ordered a nationwide drive to boost the ailing economy ahead of a key party congress in January, state media reported Tuesday.

Brazil GDP decline set for less than feared at 5.8 percent: IMF

Washington - Brazil's economy is set to shrink by 5.8 percent in 2020, the International Monetary Fund said Monday, revising up an earlier forecast but warning the country faced "excpetionally high" risks."The economy is projected to shrink by 5.

Mexico unveils $14 bn investment plan to boost economy

Mexico - Mexico announced Monday a $14 billion investment plan in cooperation with the private sector to boost the pandemic-stricken economy through infrastructure projects.

Europe is set to drive the global economic recovery Special

With some 300 days of the pandemic behind us, the 2021 economy is starting to look extremely different according and Bill Koefoed, CFO of OneStream Software. Of great interest is the European dimension, he tells Digital Journal.

Exiles return to rebuild post-Bashir Sudan

Khartoum - After 33 years in exile, El Sadig Mohamed gave up the easy life in Canada to return to help rebuild Sudan as it emerges from three decades of autocratic rule."After the revolution... I thought it's the right time to come back...

Momentum drains from West African common currency plans

Abidjan - Hopes raised by West African leaders of finally launching this year their "Eco" common currency, in the pipeline for three decades, have faded as the coronavirus crisis and squabbling over severing the remaining monetary ties to former colonial ruler F...

'Disorder, debacle, rebellion': backers turn on Britain's PM

London - Boris Johnson, called dejected and dogmatic even by his partisans, is enduring a torrid time in his tumultuous premiership, and worse may lie ahead.The coronavirus pandemic is testing all world leaders.

IMF raises Colombia's credit line to $17.2 bn

Washington - The International Monetary Fund on Friday announced it had raised by $6.5 billion a credit line offered to Colombia to about $17.2 billion, aiming to help the country cope with the economic effects of Covid-19.

Farmers block rails and roads in India to protest new bills

New Delhi - Angry farmers took to the streets and blocked roads and railways across India on Friday, intensifying protests over major new farming legislation they say will benefit only big corporates.

Bottled water billionaire pips Jack Ma to become China's richest

Bejing - A businessman who spun his wealth from bottled water and vaccines has usurped tech tycoon Jack Ma as China's richest man, the Bloomberg Billionaires Index showed Thursday.Nongfu Spring founder Zhong Shanshan's net worth has hit $58.

Swiss vote threatens free movement in heart of Europe

Geneva - A Swiss vote Sunday on limiting EU immigration is not expected to pass, but fears abound that a shock "yes" could deal a fatal blow to relations with the bloc.
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Russian President Vladimir Putin has forecast the economy will bounce back 1.4 percent in 2017
Russian President Vladimir Putin has forecast the economy will bounce back 1.4 percent in 2017
Igor Ageyenko, AFP
The economic divide in Cabbagetown.
The economic divide in Cabbagetown.
 We are the Champions : Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundhei...
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UK: HM Treasury entrance
HM Treasury
Occupy London: The piazza of St Paul’s Cathedral
Occupy London: The piazza of St Paul’s Cathedral
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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
Comparison of debt in countries with the Euro as currency
Comparison of debt in countries with the Euro as currency
The French Stock Market (La Bourse) in Paris
The French Stock Market (La Bourse) in Paris
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 We are the Champions : Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundhei...
"We are the Champions": Zukunftskongress Gesundheitswirtschaft des Bundesministeriums für Gesundheit in Berlin
Oil prices are sitting around two-decade lows  hit by the virus and a Saudi-Russia battle for market...
Oil prices are sitting around two-decade lows, hit by the virus and a Saudi-Russia battle for market share
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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
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"Assembly." Detroit Publishing Company, 1923 May 7. Touring Turn-of-the-Century America: Photographs from the Detroit Publishing Company, 1880-1920.
Library of Congress
Reinhart  Schoenholtz  Coronado at the Economic Outlook Forum at NYU Stern on September 3  2014
Reinhart, Schoenholtz, Coronado at the Economic Outlook Forum at NYU Stern on September 3, 2014
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BC Council of Forest Industries
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UK - London: Occupy London, 2012
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Fred Olsen Windcarrier s Brave Term  jack-up vessel was used in the construction of the Block Island...
Fred Olsen Windcarrier's Brave Term jack-up vessel was used in the construction of the Block Island Wind Farm.
Fred Olsen Windcarrier
Untitled
Donald J. Trump
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
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Shoppers entering a Loblaws store.
Digital Journal
Geithner to leave in consideration of family.
Geithner to leave in consideration of family.

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