Tag: Economy

TripAdvisor to slash workforce by 25% as Coronavirus continues the Spread

TripAdvisor Inc. said that it would lay off a quarter of its workforce in a bid to shrink costs as the global coronavirus pandemic decimates travel. Needham, Massachusetts-based…

Amazon extends closure of French warehouses to May 5

US online retail giant Amazon said Monday it will keep its French warehouses closed until May 5, after an appeals court confirmed a ruling restricting its deliveries during…

Jordan eases coronavirus curfew and reopens more businesses

Jordan on Monday eased restrictions on movement aimed at containing the spread of the coronavirus and allowed more businesses to reopen to help jump-start the cash-strapped economy, officials…

Iraq to get 30-day waiver for Iranian gas imports

Washington on Sunday granted Iraq a 30-day extension to a waiver allowing it to import Iranian gas for its dilapidated power grids despite American sanctions, an Iraqi official…

World Bank slashes outlook for oil, metals as coronavirus crushes demand

The World Bank slashed its outlook for oil and metals prices on Thursday due to the economic fallout of the coronavirus pandemic and said the commodity market shock…

US Senate approves new $500b COVID-19 bailout

  The US Senate on Tuesday unanimously approved $484 billion (Dh1.8 trillion) in additional coronavirus relief for the US economy and hospitals treating people sickened by the pandemic,…

Global migrant worker remittances to fall 20% amid coronavirus scare

Developing countries are losing a key source of revenue as the coronavirus pandemic causes worldwide shutdowns, sharply reducing payments from workers living abroad, the World Bank said Wednesday….

Pakistan: IMF approves $1.39b in emergency coronavirus aid

The International Monetary Fund on Thursday said its executive board had approved $1.386 billion in emergency financing to Pakistan to meet balance of payments needed stemming from the…

Chinese economy shrinks 6.8% in first quarter

China’s economy contracted for the first time in nearly three decades last quarter as drastic measures to contain the coronavirus pandemic brought activity to a standstill, official data…

9 practical steps to prepare for and navigate the financial crisis due to coronavirus

The palms are worn out from cleaning and scrubbing. Hand cream was not on the shopping list. Clothes have to be folded; cooking never seems to end; and…

Coronavirus: IMF to provide debt relief to 25 countries

Kristalina Georgieva, Managing Director of the International Monetary Fund. The International Monetary Fund on Monday said it would provide immediate debt service relief to 25 member countries under…

Cheaper valuation of stocks in coronavirus-hit market may be an illusion

Bargain hunters should not rush into buy just because valuations are contracting as share prices fall. While valuations as indicated by metrics like price-to-earnings and dividend yield have…

More than 90 countries plead for financial lifelines as coronavirus wreaks economic havoc across the globe

Global financial leaders are facing calls to speed emergency help to roughly one-half of the countries on the planet, as the coronavirus pandemic threatens to wreck the health…

Indian & Chinese gold jewelry demand falling off a cliff

Investment demand will continue to drive gold prices even as physical sales in critical global markets have fallen off a cliff so far this year, according to one…

COVID-19 Spike increases Chyawanprash Sale!

As COVID 19 cases keeps increasing, Chyawanprash, a Rs 700-crore market, has seen an average 30-40% surge in demand over the last one week, industry sources said. Patanjali…

Banana Leaves replace Plates at Anand Mahindra’s Factory Canteens

Industrialist Anand Mahindra has opted for a sustainable way to feed workers at his factories during the nationwide lockdown. Instead of plates, food is now being served on…

TikTok pledges $250m for COVID-19 relief

TikTok, the fast-growing mobile video app, pledged Thursday to contribute $250 million (Dh918 million) to coronavirus relief efforts around the world. TikTok, which US officials and lawmakers have…

India jobless rate soars above 23% amid coronavirus lockdown

After a nationwide lockdown took effect in the last week of March, India’s unemployment rate could have climbed to more than 20% as the economy lost jobs according…

US consumers fear for jobs, debt payments, according to survey

The economic toll of the coronavirus pandemic hit home for Americans last month, as consumers braced for job losses, anticipated spending cuts and grew more pessimistic about their…