Economic news

Despite having a strong financial condition with low debt obligations, the Kingdom of Saudi is still struggling from the current worldwide crisis according to its Finance Minister Mohammed Al-Jadaan on Friday. Al-Jadaan said the priorities of the Saudi government are aimed at establishing precautionary steps to secure the safety and well-being of its citizens and […]

India extends its disapproval for the International Monetary Fund’s allocation of the new Special Drawing Rights as it may possibly be incapable of driving out its country under economic pressure amid the virus outbreak on Thursday. According to India’s Minister of Finance Nirmala Sithraman, IMF’s SDRs could cause a huge impact if the budget will […]

The Federal Reserve’s balance sheet rose to a record $6.42 trillion as the central bank soaked up on assets to prevent an economic collapse. Since March, the Fed has cut interest rates, released stimulus programs, and resumed bond purchases to keep credit flowing and support businesses and households. The central bank’s balance sheet rose $300 […]

Oil prices gained on Friday with Brent rising almost 3% after President Donald Trump revealed the guidelines on reviving the U.S. economy. Brent rose 2.7%, or 75 cents, at $28.57 per barrel. U.S. crude for May delivery was up by 0.1%, or 1 cent, at $19.88 per barrel, while the June contract gained 4.3%, or […]

Asian stocks recorded a well-ended session on Friday. The upbeat performance was mainly from President Donald Trump’s decision of reopening the U.S. economy, completely supporting the frail gross domestic product of China. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced with a 2.6% gain. This followed after the index hit a five-week high record. […]

Shares of Netflix and Amazon.com had supported the world stock market on Thursday. Hefty gains were monitored as investors anticipated large earnings posed by the stay-at-home setup. However, yields faltered as negative U.S. jobs data indicated a surge in unemployment. Amazon (AMZN.O) and Netflix (NFLX.) greatly advanced as the current home quarantine mandate increased the […]

The dollar rose against other currencies as investors turned to safety after data revealed a worsening economic activity. The dollar index showed a 0.2% gain, at 99.831. The euro fell 0.25%, at $1.0881 and the pound dropped 0.2%, at $1.2482. The dollar gained 0.4%, at $107.86 against the Japanese yen. U.S. retail sales fell 8.7% […]

Oil gained on Thursday and U.S. crude recovered from nearing 20-year-lows on hopes that inventories will build up. This could leave oil producers no option but to further production cuts as demand weakened amid the crisis. Brent crude rose 2.5%, or 69 cents, at $28.38 per barrel. U.S. West Texas Intermediate was up 2.8%, or […]

J.C. Penney Co Inc will skip a $12 Million interest payment on Wednesday, putting the struggling retailer towards a potential default. It was reported that the department store chain was close to filing bankruptcy protection to save money and to evaluate financial alternatives. The Chapter 11 bankruptcy protection could help J.C. Penney recapitalize its nearly […]

The highest U.S. retail banks will make some adjustments on Thursday to supply aid to its customers with negative balances on their checking accounts. These banks want to make sure that stimulus payments from the government will be received by its customers. Each citizen must receive funds of as much as $1,200 as a part […]