Economic news

Wall Street slipped into bear market on Thursday, along with decline in European stocks, Bitcoin, and precious metals, as investors sell assets in return for cash. Bitcoin fell 26%, its biggest drop in seven years. Precious metals like platinum and palladium suffered their steepest declines since the 1980s, with 20.4% and 11.1% declines, respectively. The […]

The dollar recovered on Friday as investors turned to the most liquid currency amid intensified global concerns over the pandemic virus. The euro eased losses after the European Central Bank (ECB) refrained from slashing interest rates. The dollar gained the most against other currencies after swap spreads indicated that there was a shortage in dollars […]

SoftBank Group Corp said on Friday it would buy back up to 500 billion Yen ($4.8 billion) of its own shares after activist investor Elliot Management pressured the company to buy back $20 billion in stock. A SoftBank spokesperson said that the company’s  buyback move was of its own discretion after it had considered risks […]

Japan pledged to take “bold and unprecedented” measures in order to combat the economic impact of the coronavirus, according to its economy minister. The statement has led many to believe the Japanese government would unveil a large-scale stimulus package in the future as a move to fight off a recession. Any fiscal package would gain […]

TOKYO- Oil declined for three consecutive days on Friday. Such inactivity was brought by investors’ anxiety over slump in oil demand mainly from coronavirus contagion. In line, the Brent and US crude are both on track for their sharpest weekly decline.                 Brent crude LCOc1 shed 47 cents, equivalent to 1.4%, and was quoted at […]

SINGAPORE- Global shares declined the sharpest on Friday, putting an end to years-long upbeat performance as novel coronavirus contagion disrupted trading activities and left investors uncovered. An estimated five-hundred billion dollars in liquidity from the US Federal Reserve and an assurance of giving more were inadequate to ease the tension that has erased $14 trillion […]

Bombardier Inc. (BBD.B), Canada’s multinational manufacturer of business jets, announced that Chief Executive Officer Alain M. Bellemare has been ousted and will be replaced by the former Hydro-Quebec CEO Eric Martel. In 2015, Bellemare was appointed as CEO and president. He directed the company through its biggest trials and criticisms. This includes the bankruptcy issue […]

AUSTRALIA – Rio Tinto Ltd agreed to disburse former CEO Sam Walsh’s pay as a part of his deferred bonus after finding a resolution to their dispute on Thursday. Rio Tinto’s board and Walsh settled to delay incentive payments in 2017 while investigations were being made in the United Kingdom. This is because of the […]

Global markets plummeted immediately after U.S. President Donald Trump said that the United States have suspended all travels from Europe, excluding Britain, in an attempt to limit the spread of the virus. S&P 500 futures dropped by 3% with Japan’s Nikkei and Australia’s S&P/ASX 200 going lower than 4%. The report of the virus spreading […]

The U.S. ban on citizens travelling into the country from Europe has piled on the pressure on airlines that have already been affected by the impact of the coronavirus. The 30-day restrictions are comparable to those implemented in China early February and was announced after the virus had spread across the world including the European […]