IMF warns Asia’s economy to see 0% growth in 2020
TOKYO: Asia’s economy is expected to stall at zero percent this year, the worst growth performance in almost 60 years, said the International Monetary Fund (IMF) on Wednesday. “This is…
EU focuses antitrust probe on Facebook’s online classifieds service
BRUSSELS: The EU is focusing the next stage of its competition probe into Facebook on whether the social media network is distorting the classified advertising market by promoting its free…
China to Start Buying Oil for State Reserves After Price Crash
BEIJING: China is moving forward with plans to buy up oil for its emergency reserves after an epic price crash, according to people with knowledge of the matter. The world’s…
FBR collects Rs3.06tr in taxes, misses target
ISLAMABAD: The month of March proved catastrophic for the Federal Board of Revenue (FBR) that missed its collection target by a record Rs263 billion despite releasing Rs12 billion fewer tax…
US gasoline prices are below $2 per gallon on average for first time in four years
NEW YORK: As the coronavirus outbreak wreaks havoc on global markets, U.S. consumers are catching a break in one area: at the pump. For the first time in four years,…
Toyota suspends vehicle production in Vietnam due to COVID-19 epidemic
HANOI: Toyota Motor Vietnam (TMV) has temporarily suspended vehicle production in order to prevent the COVID-19 outbreak from spreading, Vietnam News Agency reported. The outbreak has impacted all aspects of…
China’s manufacturing activity expanded in March, defying expectations of a contraction
BEIJING: China on Tuesday said the official Purchasing Manager’s Index for March was 52.0, beating expectations for an economy hit by the coronavirus outbreak. Analysts polled by Reuters had expected…
Putin Orders Measures to Support Small, Medium Enterprises Amid COVID-19 Pandemic by Monday
MOSCOW (Sputnik) – Russian President Vladimir Putin on Sunday instructed the government to take a set of urgent measures to support small and medium enterprises in Russia amid the COVID-19…
National Survey Shows Dire Shortages of PPE, Hand Sanitizer Across the U.S.
ARLINGTON–(BUSINESS WIRE)–Nearly half (48%) of U.S. healthcare facilities surveyed are already out of, or almost out of respirators to use in caring for a patient with COVID-19, according to a…
UK Credit Rating Cut Due to Coronavirus Pandemic, Uncertainty Over Post-Brexit Trade Deal With EU
LONDON: The move comes shortly after UK Prime Minister Boris Johnson confirmed on Friday that he tested positive for the coronavirus, and despite mild symptoms, will self-quarantine in Downing Street.…
Trump signs historic $2 trillion stimulus after Congress passes it Friday
Washington (CNN) President Donald Trump signed into law Friday afternoon a historic $2 trillion stimulus package as the American public and the US economy fight the devastating spread of Covid-19.…
Crocs donating its shoes to healthcare workers
New York (CNN Business) Go into most US emergency rooms, and you’ll find staff wear Crocs. Now their manufacturer has announced a program to donate 10,000 a day to healthcare…
Retailers launch big hiring sprees as coronavirus spurs demand
LONDON: Grocers and online retailers are hiring hundreds of thousands of workers to cope with a surge in demand as the industry booms during the coronavirus pandemic while many others…
Norway Hits the Bottle Amid Coronavirus-Induced Booze Boom
OSLO: As nightlife, bars, and cultural institutions all went dormant following social distancing measures, the coronavirus has turned Norway’s state monopoly on alcoholic beverages into a honey pot. Vinmonopolet, Norway’s…
Honda, BMW close plants in U.S. and Europe due to the coronavirus outbreak
FRANKFURT: Honda North America and BMW are closing plants throughout the U.S. and Europe this week due to an anticipated decline in demand for cars related to the global coronavirus…
Fund announced for Saudi filmmakers
RIYADH: Private-sector businesses in Saudi Arabia on Wednesday were ordered to introduce enforced remote working for all employees for 15 days in an attempt to prevent the spread of the…
No grocery store or pharmacy to be closed in any circumstances, says CM Murad Ali Shah
KARACHI: In view of the coronavirus emergency, Sindh’s chief minister on Monday said his government will not order the closure of groceries, general stores or pharmacies in the province in…
IMF relaxes budget deficit ceiling
ISLAMABAD: The International Monetary Fund (IMF) has agreed to relax budget deficit ceiling aimed at allowing Pakistan to meet emergency fiscal needs to fight deadly coronavirus contagion that has started…
Gold falls below $1,500 as it is dragged into the global market rout
Gold has been swept up in the broad market sell-off to fall below $1,500 on Monday, down $200 from its peak early last week. The precious metal hit a low…
Hong Kong’s Cathay Pacific to sell six Boeing aircrafts to BOC Aviation
Hong Kong’s Cathay Pacific Airways on Monday said it would sell six Boeing 777-300ER aircrafts and its associated equipment for $703.8 million to BOC Aviation Ltd. The sale will enable…