Economy

Funding shortfall hinders pandemic response - World Bank chief

World Bank President David Malpass said on Tuesday the global economy is facing "staggeringly large" losses and the recovery effort is hampered by a shortage of resources to make up for the damage caused by the coronavirus pandemic.

Russian finances strong but economic problems persist

In the past couple of years, Moscow reduced foriegn debt and saved money to fight any eventuality. But it will need much more to fight its economic woes.

Forty-one million people lose jobs since coronavirus hit US – report

The national jobless rate was 14.7 percent in April, the highest since the Great Depression, and many economists expect it will near 20 percent in May, a sign companies are still slashing jobs.

Britain's easyJet to axe up to 30 percent of its workforce

British no-frills airline EasyJet says it will also shrink its aircraft numbers to around 302 planes in a bid to cut costs as Covid-19 ravages global air travel.

European shares rise on recovery hopes, Bayer jumps

Investors focused on the positives despite growing US-China tensions stalling recovery for equities in May, amid signs that many European economies are coming back to life.

Japan eyes stimulus plan worth over $929B to battle pandemic - Nikkei

The government is expected to approve the budget, which will also include subsidies to help companies pay rent and wages as they close businesses, at a cabinet meeting.

Will the pandemic herald the end of Big Tech’s tax-free ride?

Cash-strapped governments are leaning toward a new regulatory regime in the wake of pandemic relief efforts.

Nearly 39 million lose jobs in US since virus took hold

Over 2.4 million people filed for unemployment last week in the latest wave of layoffs from the business shutdowns that have brought the economy to its knees.

UK unemployment skyrockets, jobless claims jump to highest since 1996

Data published on Tuesday showed the number of people claiming unemployment benefits rose by 856,500 –– the biggest ever month-on-month jump –– to 2.1 million, a 69 percent increase from March.

Huge virus recovery bill clears US House, heads to Senate

The bill, crafted by House Speaker Nancy Pelosi and her fellow Democrats, passed mostly along party lines in a 208-199 vote. But Republicans, who control the Senate, have promised it will be "dead on arrival" in their chamber.

Turkey’s relief package against virus hits $35B

Finance Minister Berat Albayrak said the amount provided under the relief package that was announced on March 18, is 5 percent of the country's gross domestic product

Oil falls as top US scientist warns of reopening risks

As US President Donald Trump's ramps efforts to reopen what's left of the virus-hit American economy, the country's top infectious disease expert warned that re-opening too soon could trigger fresh coronavirus outbreaks.