Economic news

In a memo to pilots seen by Reuters, Virgin Atlantic Airways Ltd. revealed plans on Friday to slash 3,150 jobs this year.The company is taking “self-help” measures to receive financial aid from either the British government or a private sector investor. Earlier this week, Virgin Atlantic Airways announced that it will lay off a third […]

The United States luxury department store chain Neiman Marcus Group (NMG.A) applied for bankruptcy protection in a federal court in Houston on Thursday. In Chapter 11 of the filed document, the retailer company signed an agreement with major creditors for a restructuring deal. The deal is worth $675 Million of debtor-in-possession financing. The company will […]

Japan’s Nintendo Co Ltd (7974.T) advanced with a 200% increase brought by surging demand in Switch games console. More so, Animal Crossing: New Horizons sold a record of 13.4 million units in its first six weeks, on track as the company’s fastest-selling game.   The Kyoto-based gaming company showed its operating profit soaring to 89.4 […]

Japan’s household spending declined by 6.0% in March from a year earlier, according to the government data released on Friday, highlighting the deepening impact of the pandemic on the world’s third-biggest economy. The frail reading is expected to prompt policymakers in providing larger volumes of fiscal stimulus to salvage an economy in the brink of […]

Liberty Global Plc (LBTYA.O) and Telefonica SA (TEF.MC) made a deal on Thursday to combine their British businesses at $38 billion including debt. The joint venture will heighten the challenge for British Telecom pioneers in mobile and broadband. According to Telefonica’s Chief Executive Officer Jose Maria Alvarez-Pallete, the deal is an opportunity to signal investors […]

The flag carrier Norwegian Air (NWC.OL) has guaranteed essential funding from investors on Thursday. The company is fighting for its survival after the decline of travelers hit a 98.7% volume amid the virus outbreak. More than 95% of its shareholders voted in favor of the conversion of nearly $1 billion debt-for-equity swaps in Oslo on […]

The safe-haven dollar will remain to dominate currency markets for three more months amid economic risks brought by the coronavirus pandemic. As the global economy nears a standstill, traders refrained from investing in risky currencies. While most majors suffered losses, the dollar has risen 3.5% this year.  However, the dollar could lose its dominant position […]

Oil prices steadied on Thursday as China’s crude imports bounced, but analysts expect prices to be capped due to oversupply and weak demand. Brent crude climbed 0.1%, or 3 cents, at $29.75 per barrel. U.S. West Texas Intermediate gained 0.2%, or 4 cents, at $24.03 per barrel.  Both contracts were in rocky trade early morning […]

China saw an unexpected rise in April exports despite the effects of the COVID-19 pandemic. However, the nation’s imports still saw a decline. China’s General Administration of Customs (GAC) reported a 3.5% rise in exports year-on-year compared to a -6.6% decline in March. Analysts from Investing.com had forecasted a -15.7% drop. Meanwhile, imports plunged by […]

The British Pound Sterling recovered from a two-week low after the Bank of England (BOE) announced that it had decided to maintain the size of its bond-buying program. The UK central bank had previously slashed its benchmark interest rates to a record low of 0.1% and had pledged to buy a debt of £200 billion […]