Economic news

Oil prices rose on Thursday, but an unexpected build in U.S. crude oil reserves capped gains as the coronavirus pandemic curbed fuel consumption. U.S. crude and distillate stocks rose while fuel demand fell in the past week as a continuous surge of coronavirus cases hit U.S. consumption. Brent crude grew 0.1%, or 2 cents, to […]

On Wednesday, Tesla Inc. (TSLA.O) posted its second-quarter profit worth $104 Million from April to June despite shutting down its electric vehicle factory in Fremont, California for roughly seven weeks due to the coronavirus pandemic. Tesla Inc.’s shares rose by 4.4% in after-hours trading that could lead to the electric car maker’s inclusion in the […]

Flipkart Ltd announced on Thursday that it acquired a 100% stake in Walmart India Pvt Ltd that operates local cash-and-carry business. The electronics retail company had also launched its new digital marketplace called Flipkart Wholesale. “With the launch of Flipkart Wholesale, we will now extend our capabilities across technology, logistics, and finance to small businesses […]

The second quarter had seen South Korea slipping into recession. This came to be the country’s sharpest economic downturn in more than two decades as the novel coronavirus crisis weighed on exports and social distancing measures halted factory activities. Asia’s fourth-biggest economy declined a seasonally adjusted 3.3% last quarter from three months earlier, the Bank […]

Backed by record-low mortgage rates, U.S. home sales reached its strongest record in June. However, the outlook for the housing market remained murky as low inventory and high unemployment rate pressed amid the virus crisis. Existing home sales advanced 20.7% to a seasonally adjusted annual rate of 4.72 million units in June. This came to […]

On Tuesday, Snap Inc.’s (SNAP.N) stock price declined by more than 11% in after-hours trading as investors digested the company’s user and revenue growth after its second-quarter earnings report. The social media company reported 238 Million daily active users that represent 17% growth and a slight miss from Wall Street’s consensus of 238.5 Million. “The […]

The self-driving car company Waymo LLC and Fiat Chrysler Automobiles NV (FCHA.MI) signed a partnership deal on Wednesday to fully develop self-driving cars, pickups, and SUVs. Waymo, an Alphabet Inc. (GOOGL.O) unit, and Fiat Chrysler said that they would work together to focus on developing robotic Ram ProMaster light commercial vehicles. They also stated that […]

Japan’s industrial output is expected to recover in June from a double-digit decline in May amid hopes that factory activity may have reached its lowest due to the coronavirus pandemic, according to a Reuters’ poll of 13 economists. While the significantly small uptick in factory data may not necessarily indicate a full economic recovery ahead, […]

South Korea on Wednesday announced that it would scale back its plans to impose capital gains taxes on stock investments after numerous complaints from retail investors. However, taxes will, instead increase for top earners as part of changes in its annual tax code revision. The decision came after retail investors called out the tax policy […]

After a record decline seen last quarter, Britain’s economy is expected to grow at its most rapid pace in decades. The recovery is likely as large portions of the economy resumed operations after coronavirus-related lockdowns were lifted. Despite near-term optimism, only six participants believed that the British economy recovered. Almost 85% of participants, 32 of […]