Economic news

On Tuesday, Ebay Inc. (EBAY.O) announced that it had reached a deal to sell off its classified ads business unit to Adevinta ASA (AD5B), a Norway-based classified ads publisher owned by Danish media company Schibsted (SBSTA.OL). The classified unit deal is valued at $9.2 billion that includes eBay getting $2.5 billion in cash and 540 […]

The euro steadied at four-month highs on the dollar after investors pinned hopes on the EU economic rescue fund as European leaders are expected to break a deadlock and agree on a deal. EU leaders had differing stands on the proposed 750 billion euro recovery fund to be raised on capital markets by the European […]

Oil prices fell on Monday on fears that a continued rise in coronavirus cases could stall fuel demand recovery.  Brent crude fell 0.2%, or 10 cents, at $43.04 per barrel. U.S. oil also lost 0.2%, or 6 cents, at $40.53 per barrel. The current tally of global coronavirus infections rose to 14 million with total […]

Glenmark Pharmaceuticals Ltd was given a notice by the Drug Controller General of India (DCGI) on overpricing and false claims of its generic version of favipiravir, FabiFlu, according to local media reports, sending the company’s shares down as much as 5.8% on Monday. The drug regulator said that “the cost proposed by Glenmark (for FabiFlu) is […]

The Bank of Thailand chief on Monday said that it could take several years for the country’s foreign tourism industry to recover as the economy continues to take a beating from the COVID-19 pandemic. The central bank expects foreign visitors to reach the 8 million visitors for 2020, compared to the usual 40 million the […]

On Monday, U.S. international banking giant Goldman Sachs (G.S.) said that it would resume negotiations with the Malaysian government this week to hammer out a multi-billion dollar financial settlement lost in a scandal at sovereign fund 1Malaysian Development Bhd (1MDB). Goldman Sachs’s top-level executives and members of its legal team arrived on Saturday (July 18) […]

Renault SA (RENA.PA) announced on Monday that its global car sales fell by 34.9% in the first half of the year due to the impact of the coronavirus pandemic. However, the company said that it had seen some signs of recovery in June. The French automaker sold 1.26 Million vehicles this year compared with its […]

Asian shares declined on Monday as oil and copper ran weakly. This followed after an upsurge in global coronavirus cases overshadowed markets, while investors waited for the European zone and the United States to implement fiscal stimulus to combat the virus crisis. MSCI’s broadest index of Asia-Pacific shares outside Japan declined 0.2%, erasing initial gains […]

June had seen Japan’s exports recording a double-digit decline for four consecutive months. This suggests that the novel coronavirus pandemic tipped the world’s third-largest economy into its sharpest postwar slump, highlighting the possibility of a long and sharp global contraction. The country’s exports dropped 26.2% in June from a year ago, data from the Ministry […]

On Thursday, United Airlines’ (UAL.O) and its pilots’ union said that they had reached an agreement on two different resolutions to reduce involuntary furloughs in August. The company said that it would keep pilots ready once the global travel demand starts to pick up. The Chicago-based airline warned its employees last week that it could […]