London - Britain's economy shrank by a record 20.4% between April and June, when the coronavirus lockdown was tightest, the largest contraction reported by any major economy so far, according to official figures published on Wednesday. The data also showed the world's sixth-biggest economy entered a recession as it shrank for a second quarter in a row
Paris - The French government's economic recovery plan, which will be unveiled later this month, will entail three billion euros ($3.5 billion) in aid for small- and medium-sized enterprises (SMEs), the Sud Ouest reported citing Finance Minister Bruno Le Maire:"A lot of the SMEs were in good financial health before the crisis
Beijing - China hopes the United States will stop taking restrictive and discriminatory action against Chinese firms and create conditions for the implementation of a Phase 1 trade deal, Assistant Minister of Commerce Ren Hongbin said on Thursday. Senior U.S. and Chinese officials are due to review the deal during a video conference this weekend
Zurich - The Swiss federal government expects a deficit of $22.87 billion for 2020, it said on Wednesday, as the country's coffers are hurt by lower receipts and costly programmes to offset the new coronavirus's hit to the economy. The shortfall results from an ordinary budget deficit of 3.1 billion francs, as well as extraordinary spending to combat the COVID-19 pandemic projected at 17.8 billion francs
Beirut - Lebanon may be in line for $298 million in emergency aid after the Beirut port blast, but the more than $30 billion some estimate it may need to rebuild its shattered economy will not be forthcoming without reform
Manila - The Philippine economy fell into recession for the first time in 29 years with a record slump in the second quarter, as strict lockdown measures ravaged economic activity
La Paz - Bolivia's government said on Monday it had ordered police and military to protect key installations and the transport of medical oxygen after clashes broke out over protests and roadblocks by opposition supporters demanding a quick election. Tensions are brewing as the South American nation heads for a key presidential election on Oct. 18, which has been delayed due to COVID-19
Milan - Italian eyewear tycoon Leonardo Del Vecchio is planning to raise its stake in financial group Mediobanca to 13-14% after he receives an approval from the European Central Bank later this month, two Italian dailies reported on Tuesday. Del Vecchio, founder of Ray-Ban owner Luxottica, sought ECB clearance in June to spike his Mediobanca holding above 10% and up to 20%
Istanbul - Turkish central bank head Murat Uysal has stuck to the rate-cutting script since President Tayyip Erdogan hired him to lift Turkey out of a recession and currency crisis. A year later with the COVID-19 pandemic now crushing the lira, some traders and analysts say they think Uysal will instead hike rates to head off a deeper crisis
London - Euro zone manufacturing activity expanded modestly last month, its first growth since early 2019, and Asia's pain eased as the contraction slowed in export-reliant nations, adding to hopes the sector is emerging from the hit of the coronavirus pandemic. Just over 18 million people have been infected by the coronavirus and the hit from lockdowns and social distancing policies to contain its spread have had a devastating impact on global growth
Manila - Tens of millions of people in and around the Philippine capital will go back to a strict lockdown from Tuesday, threatening incomes and hopes for reviving a once dynamic economy as authorities take drastic measures to halt surging virus cases. Before the coronavirus pandemic, the Philippines was one of Asia's fastest growing economies
Baku - Azerbaijan has lowered its economic outlook, projecting its oil-driven economy will shrink by 5% this year from an earlier forecast of 3.8%, the finance ministry said on Saturday. Its updated budget will be discussed next week. The ministry also lowered its 2020 oil price forecast, which it uses to calculate its budget
Vienna - The Austrian economy shrank 10.7% in the second quarter, marking its biggest contraction since the data series began after World War Two, as the coronavirus pandemic hit both domestic and foreign demand
Madrid - Spain recorded a historic fall in GDP in the second quarter of the year, with the 18.5% drop wiping out all the post-financial crisis recovery of the last six years, data from National Statistics Institute showed on Friday
State conglomerate Dubai World, whose assets include global port operator DP World, said on Tuesday it had made a final payment of $8.2 billion to creditors
Teheran - Another Iranian oil tanker is en route to Venezuela, as the Islamic Republic of Iran continues to defy the sanctions put on both the nations (Iran and Venezuela) by the United States of America’s (USA). As per various reports received, the Iran-flagged "Golsan" is en route to Venezuela and is expected to dock soon
U.S. sanctions imposed on Iran’s shipping network took effect on Monday, months after they were announced in December following accusations of supporting proliferation of weapons of mass destruction.
London - Preliminary first -quarter GDP estimates for several euro zone member countries and for the currency area itself will make the coming week extremely busy. We expect the numbers to be awful. Whole swaths of the European economies were forced to shut down in March owing to the COVID -19 crisis
The Covid-19 pandemic is teaching western nations exactly what their crisis response capabilities actually are, while considerable benefit will be gained from this, unfortunately, not all of those analysing our performance are our friends.
The Norwegian classification society DNV GL has launched a venture fund to invest in industry 4.0
Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions
The Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region reports to China's State Council or Cabinet, and is the main platform for Beijing to project its influence in the city
The Black Sea Hazelnut and Products Exporters' Union reported that Turkey earned $1.09 billion from hazelnut exports during the first four months of the season, which starts in September and ends in August
The NordLb has received the hoped-for capital injection. The shareholders paid 2.8 billion euros into the share capital.
Warda said in a statement to the delegate of SANA that (SIAMCO) continues to produce cars within the framework of cooperation between Iran and Syria and in line with the absorptive capacity of the market
Non-oil trade between the UAE and Egypt, the most populous Arab country, last year reached Dh20.1 billion
Brussels - An adviser at the EU Court of Justice agreed with Croatia on Wednesday that settling the border between Slovenia and Croatia was not a matter on which EU courts should rule.
London - China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners.
London - British police shoot dead knife man. Police say this was a terrorist incident.
Rome - Rightist bloc storms to 20-point win over govt parties. Salvini’s League confirmed as most popular party.