Economic news

The dollar held on to overnight gains on Thursday as investors lowered bets against the U.S. currency and sold the euro. Meanwhile, the European Central Bank expressed concern on the single currency’s rise. The dollar index bounced nearly 1% above the 28-month low it hit on Tuesday. Several analysts expect the greenback to rise but […]

Oil prices rose on Thursday but stayed near multi-week lows hit overnight after U.S. gasoline demand fell and economic recovery from the COVID-19 crisis lagged. U.S. West Texas Intermediate crude futures rose 0.22%, or 9 cents, at $41.60 per barrel. Brent crude climbed 0.05%, or 2 cents, at $44.45 per barrel.  Both benchmarks fell over […]

Amazon (AMZN.O) said on Thursday that it would create 7,000 permanent jobs in 2020 to boost United Kingdom’s troubled labor market. The multinational technology company added that it plans to have a total of 10,000 new hires this year. The Seattle-based e-commerce company said that the 7,000 new roles would be for warehouse workers, engineers, […]

On Thursday, Big Hit Entertainment announced that the members of hugely popular South Korean K-Pop band BTS were expected to become multimillionaire shareholders after receiving shares in their label. The South Korean entertainment company said that it started preparing for its initial public offering (IPO) that could raise to 962.6 billion Won ($811 Million). Big […]

August had seen China’s services sector expanding for four consecutive months, an industry survey showed on Thursday. This followed after companies started hiring more people for the first time since January. The Caixin/Markit services Purchasing Managers’ Index placed at 54.0 in August, just below the 54.1 record in July. The drop came to be the […]

Asian share markets recorded a strong session on Thursday. This followed after a maintained rebound in China’s services sector and the prospect of additional stimulus from the United States supported investors’ risk appetite. Meanwhile, the dollar erased earnings. MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% gain. The index tallied its third […]

Iraq is looking to be exempted from an OPEC+ deal which plans to curb oil production for the first quarter of 2021. However, the country will adhere to the cuts for the next three months, according to Oil Minister Ihsan Abdul Jabbar on Wednesday. Abdul Jabbar said on August that Iraq had agreed to cut […]

Gold prices traded lower earlier on Wednesday in Asia after the Dollar was unexpectedly bolstered by optimistic U.S. data. Gold futures fell by 0.35%, trading at $1,972 by 12:25 PM ET (05:25 GMT), while the U.S. Dollar index gained 0.03% to 92.365. Gold prices slumped below the $1,980 benchmark after it traded slightly higher on […]

On Wednesday, Flipkart announced that it would launch an online wholesale service for Kirana stores and other small businesses in India. The Walmart-owned company (WMT) said that it plans to compete with Amazon (AMZN) and other retail giants in the e-commerce market. Flipkart said that the “Flipkart Wholesale” smartphone app would be available in the […]

On Wednesday, Exxon Mobil Corp (XOM.N) said that it would assess possible worldwide job cuts after the company announced that it had started a voluntary redundancy program for its Australian employees. The program was offered to all employees located in Melbourne, Gippsland, Sydney, Adelaide, and Perth. “We have evaluations underway on a country-by-country basis to […]