Economic news

American Airlines Group Inc. stated on Wednesday that it plans to cut 30% of its management and support staff or almost 5,000 jobs because of the coronavirus outbreak. American and other airlines are scrambling to cut costs because of the pandemic’s devastating effect on the aviation industry, which has pushed them to their first losses […]

On Wednesday, American computer manufacturer Micron Technology Inc (MU.O) raised its revenue forecast to a range of $5.2 billion to $5.4 billion from $4.6 billion to $5.2 billion for the third quarter. The company’s shares jumped to 3.7% in the afternoon trade. “We had strong demand from our customers – notably in the data center […]

Asian stocks were mixed earlier on Wednesday, weighed down by shares in the Greater China region after a second planned protest broke out in Hong Kong during the week. Hong Kong’s Legislative Council will discuss its controversial national anthem bill, which had provoked a new round of protests in the city. The protests first sparked […]

The U.S. Dollar rose earlier on Wednesday in Asia as tensions grew between the U.S. and China over Beijing’s decision to implement national security laws in Hong Kong and Macau. The U.S. Dollar Index gained 0.26% to 99.168 by 12:06 AM ET (5:06 AM GMT). U.S. President Donald Trump promised a strong Washington reaction by […]

Chinese industrial firms’ profits fell at a slower pace in April after higher sales in electronics and automobiles were reported. However, the country’s economy continues to struggle amid weak demand and activity. Profits fell 4.3% year-on-year to 478.1 billion yuan ($67 billion) in April.  China’s economy is slowly recovering from the virus, but the impact […]

Oil prices dropped on Wednesday as investors worried about fuel demand’s slow recovery, while U.S.-China tensions weighed in on the negative market mood. Brent crude futures lost 0.6%, or 21 cents, at $35.96 per barrel. U.S. West Texas Intermediate crude futures slid 0.9%, or 31 cents, at $34.04 per barrel. OPEC and its allies including […]

A budget draft showed that Japan will render a total of $1.1 trillion stimulus package. The fiscal stimulus will include large volumes of direct and emergency spending aimed at minimizing the economic disruptions brought by the novel coronavirus crisis. The stimulus package worth 117 trillion yen, which includes 33 trillion yen for direct spending and […]

The National Bank of Canada and Scotiabank reported acceptable second-quarter results on Tuesday. Both banks surpassed analysts’ estimates even though their respective profits suffered from loan-loss provisions due to the novel coronavirus crisis. The National Bank of Canada reported a 32% drop in profit in the three months ended April 30. The decline followed as […]

On Tuesday, American multinational investment bank Morgan Stanley (MS) raised its year-end Brent price forecast to $40 per barrel due to tighter oil markets. The financial services company expects balance in worldwide oil demand and supply as nations ease restrictions amid the coronavirus outbreak and major suppliers cut resources. “We expect demand to rebound to […]

The International Energy Agency (IEA) stated on Wednesday that the world’s investment in the energy sector is projected to plummet by a record-high 20% or $400 billion in 2020 due to the coronavirus pandemic. The Paris-based energy agency warned that the economic impact of public health crisis could have “serious” implications for energy security and […]