Economy

Workers globally lost trillions in wages due to pandemic: UN

The decline of working hours by the mid-year point is equivalent to nearly 500 million full-time jobs.

CBO report: US needs $900B annually for 25 years to restore pre-Covid debt

If the US wants to restore the nation’s debt to pre-coronavirus levels, it will require spending cuts and revenue increases totaling around $900 billion annually for 25 years, the Congressional Budget Office (CBO) said in a report released Monday.

UK retail rebounds as online demand sees rise

Britain suffered the biggest economic hit of any G7 economy between April and June, when output fell by more than 20 amid coronavirus pandemic.

French Covid-19 testers strike over work conditions as infections soar

The walkout comes as the government demands more and faster testing to fight a surge in new coronavirus cases that soared to 10,593 in a new daily record.

New Zealand economy sees record recession amid virus pandemic

New Zealand's economy plunged into recession for the first time in a decade, posting a record contraction in the June quarter due to the coronavirus pandemic.

Australia enters its first recession in 30 years

Australian Treasurer announced the country's robust economy has taken a serious battering by the coronavirus pandemic.

Turkey hosted a million tourists in July despite the ongoing pandemic

Keeping the daily coronavirus infections under tractable margins, Turkey is close to normalising tourism with strict social distancing measures in place.

North Korea to unveil economic plans in rare summit

Leader Kim Jong-un to announce new five-year plan to develop country's dismal economy marred by US-led sanctions and coronavirus pandemic, state media report.

Apple reaches $2 trillion market value as tech fortunes soar

The iPhone maker reached the $2 trillion milestone in Wednesday's early stock market trading when its shares surpassed $467.77. It came just two years after Apple became the first US company with a $1 trillion market value.

Global goods trade hits record low as Covid-19 takes its toll

Data released by the World Trade Organization suggests merchandise trade registered a historic second-quarter fall.

UK sees record recession over coronavirus pandemic

While many of the lockdown restrictions have been eased, Britain still faces a tough time in coming months, with unemployment likely to spike as the government phases out a support program that has kept nearly 10 million workers on company payrolls.

Eurozone economy sees deepest contraction on record amid Covid-19 lockdowns

The decline compares with a 9.5 percent quarter-on-quarter drop in the US, which, unlike Europe, has not yet been able to get its contagion numbers firmly down and whose economic recovery is in doubt.