Economic news

Tax revenues of Germany and of the 16 federal states sunk by 23.5% in April. It declined by a total of 39 billion euros ($43 billion) as the coronavirus pandemic ravages the country’s economy, the finance ministry’s monthly report showed on Friday. Europe’s biggest economy is receding further. This appeared to be the worst downturn […]

China axed its annual growth outlook for the first time on Friday. It pledged to render larger volumes of government spending as the coronavirus crisis drags the world’s second-largest economy, bringing a dull mood to this year’s parliament meeting. China’s economy had recorded a total of 6.8% contraction rate in the first quarter. The decline […]

The American department store chain Macy’s Inc (M.N) warned on Thursday that it could lose more than $1.11 billion in the first fiscal quarter and sees sales fall at least 45% after the coronavirus outbreak paralyzed its retail operations worldwide. Macy’s has acknowledged that it might emerge a smaller company from the pandemic as it […]

SoftBank Group Corp. (SFTBY) announced on Thursday morning that it plans to sell 5% of its stake in SoftBank Corp., a separately listed Japanese wireless mobile company. The move would raise 310.2 billion Yen ($2.9 billion) through securities companies as a part of the $41 billion asset sale program. After the announcement, SoftBank Corp.’s share […]

Hong Kong shares fell on Friday as Beijing readies to impose a new security law after the pro-democracy protests in 2019. The decision could bring about more civil unrest, further building tensions between the U.S. and China. Hong Kong’s Hang Seng index slid 3.7% to a 7-week low, lowering the MSCI’s broadest index of Asia-Pacific […]

The dollar bounced on Thursday as the market mood turned positive, but U.S.-China tensions and weak economic indicators weighed in. The euro, as well as the Australian and New Zealand dollars, lost half of its overnight gains. The pound also slipped as soft inflation hinted at negative rates. The Australian dollar stood at $0.6561 and […]

Oil prices gained on Thursday to their highest since early March as lower U.S. crude inventories and production cuts eased worries about oversupply. Brent crude futures for July contract rose 1.7%, or 62 cents, at $36.37 per barrel. U.S. West Texas Intermediate crude futures climbed 1.8%, or 61 cents, at $34.10 per barrel.  Both benchmarks […]

A spokesman for Prime Minister Boris Johnson stated on Wednesday that the UK government would be ready to support Rolls-Royce’s (RR.L) employees after the British multinational engineering company announced that it would slash at least 9,000 jobs from its global workforce of 52,000. Rolls-Royce said that it plans to reorganize the company to cope with […]

Clothing manufacturer Canada Goose Holdings Inc. (GOOS) announced on Wednesday that it would permanently terminate about 2.5% of its global workforce to address the impact of the virus outbreak leaving 125 people unemployed. The Toronto apparel maker said that it would continue supporting its laid-off workers, while Canada Goose’s staff will receive compensation packages and […]

Gold prices fell on Thursday morning in Asia, retreating from gains made in the previous session. Gold futures fell by 0.49% to $1,743.45 at 12:46 AM ET (5:46 AM GMT). Investors remained cautious as effects of the COVID-19 pandemic on the global economy continued to batter the yellow metal. Stocks, which move inversely to gold, […]