Economic news

Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, there has yet to be a vaccine to be approved for treating COVID-19 patients. However, Sanofi […]

Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister said. The program will offer working capital loans amounting between 10 billion to 1 trillion Rupiah for a period of […]

The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last quarter, the consumer price index (CPI) recorded a 1.9% drop. This decline sent annual prices down […]

The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed.   According to the July 20-28 survey of 60 economists, the Indian economy will contract this quarter and on the […]

On Monday, Remington Arms Co. filed for bankruptcy protection for the second time since 2018 as the U.S. firearms manufacturer faced financial difficulties due to gun sales restrictions. According to the court filing, the company filed for bankruptcy protection at the U.S. Bankruptcy Court in Northern District of Alabama. Remington Arms Co. declared its assets […]

Intel Corp. (INTC.O) announced on Monday that Chief Engineering Officer Murthy Renduchintala would leave the company on August 3. The semiconductor manufacturing company said that it would reorganize its technology, systems architecture, and client groups. However, Intel’s new leaders would report directly to Chief Executive Officer Bob Swan. “I look forward to working directly with […]

The dollar fell again on Tuesday as the U.S. economy drops into stagnation, while investors await the latest outlook from the Federal Reserve and the passage of the U.S. coronavirus fiscal stimulus. The dollar’s decline lifted gold prices and the yen to its four-month high, while the euro stood below its 22-month peak and the […]

Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic.  Prices were also buoyed by a weakening dollar, making it easier for global investors to purchase crude at a cheaper amount. Brent crude futures […]

Spain’s unemployment rose to 15.33% for the second quarter of 2020, according to Tuesday’s data from the National Statistics Institute amid the worsening COVID-19 situation in the country. The unemployment rate surged past the first quarter’s 14.41%, the highest since 2018. According to a Reuters’ poll, economists forecast Spain’s unemployment rate may reach as high […]

European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher by 0.3% at 03:19 AM ET (0719 GMT), while the German DAX index rose by 0.5%. In the U.K., the […]