Spain’s economy contracted 5.2% in first quarter
The Spanish economy contracted by 5.2% in the first quarter of the year, mainly due to a sharp decline in March, when coronavirus infections prompted a nationwide state of emergency and lockdown. This is the largest GDP drop Spain has seen in recent history, significantly...
Europe sees worst drop in economic activity on record amid pandemic
The European Union economy shrank 3.5% in the first quarter of 2020, feeling the impact of the coronavirus outbreak. EU on course for recession: This is the worst quarterly drop since the EU started collecting the data in 1995, according to Eurostat, the EU’s statistic...
China’s largest travel platform predicts tourism recovery milestone over May Day holiday
China’s largest online travel platform, Trip.com Group, said it expects the country’s travel figures during the May Day holiday to possibly double the 43 million trips made during April’s Qingming festival. The company’s 2020 May Day Tourism Trends Report, released on April 23, states the...
Italy falls into recession
Italy, one of the worst hit countries by the coronavirus pandemic, has fallen into recession after its economy slumped 4.7% in the first quarter of 2020, according to the preliminary estimate by the Italian National Institute of Statistics (ISTAT). This is the second consecutive negative...
Coping with Covid 19 : how cargo companies and big brands are adapting to the coronavirus
Business Line explores how some of the giants in the cargo industry are dealing with the Covid 19 health crisis. The team also looks at how the world’s biggest brands have adapted their advertising during the pandemic. As the covid 19 pandemic presents humanity with...
Global energy demand ‘to plunge by record amount’
From the effect on wildlife to pollution levels and air quality, a fair amount has been heard about the environmental impact this pandemic is having. And now it appears that the global demand for energy is set to plummet by record amounts due to the...
Shell cuts dividend for first time since WW2
Royal Dutch Shell has cut its dividend for the first time since World War Two following the collapse in global oil demand due to the coronavirus pandemic. The energy giant also suspended the next tranche of its share buyback programme. The move came as it...
Nigeria to reopen government offices and banks
The Nigerian government has announced the reopening of government offices and banks starting on Monday. The presidential task force for coronavirus said the reopening is part of the phased easing of lockdown in the capital, Abuja, the commercial city of Lagos and Ogun state. The...
Switzerland to further ease restrictions May 11
The Swiss government will further loosen coronavirus-related restrictions as of May 11. Shops, cultural and sports institutions, and restaurants will be allowed to open at that date, Switzerland’s Federal President Simonetta Sommaruga said at a press conference in Bern. Primary and secondary schools can also...
Volkswagen takes $3 billion coronavirus hit but still expects to make profit this year
Volkswagen still expects to post an operating profit this year despite the “unprecedented crisis” triggered by the coronavirus pandemic, which slammed sales and earnings in the first quarter. The world’s largest carmaker said Wednesday that first-quarter operating profit plummeted to €904 million ($978 million) from...
What will happen to Europe’s tourism industry?
While those employed in aviation and tourism face particularly worrying times, many would-be holidaymakers are wondering whether they will able to go on their planned trips this year. Countries reliant on sun-seeking visitors are hoping they will be able to welcome them. Tourism ministers from...
Ukrainian seasonal workers stopped flying to the UK
Ukraine’s national airline has cancelled a special flight taking seasonal contract workers to the UK, where they can earn four times as much as at home. The Ukraine International Airlines (UIA) flight was scheduled to leave Kiev for London today. But with very short notice,...
Germany’s new Berlin airport set for take off, nine years late
There may be no passengers on the horizon because of the coronavirus pandemic, but Berlin’s long-awaited new airport has finally been given clearance for take off on 31 October. Berlin-Brandenburg was due to open in March 2011 but delays and scandals put it on hold...
BP reports two-thirds fall in earnings
Oil giant BP has reported that its earnings fell by 66% in the first three months of this year, as the industry grapples with coronavirus’s impact on energy markets. Underlying cost replacement profits – the company’s definition of income – came to $800m, down from...
New record for Russian infections
Officially the total of new coronavirus infections in Russia has overtaken the totals for China and Iran. On Tuesday the Russian government reported a record daily rise in new cases – 6,411 – bringing the total to 93,558. Moscow has the most cases, compared with...
Coronavirus: ‘One billion’ could become infected worldwide – report
One billion people could become infected with the coronavirus worldwide unless vulnerable countries are given urgent help, an aid group has warned. The International Rescue Committee (IRC) said financial and humanitarian aid were needed to help slow the global spread of the virus. It said...
Coronavirus: HSBC puts 35,000 job cuts on hold
HSBC has paused plans to cut 35,000 jobs, saying it does not want to leave staff unable to find work elsewhere during the coronavirus outbreak. The bank announced the cuts in February as part of a massive cost-cutting programme. But boss Noel Quinn said the...
Volkswagen restarts Europe’s largest car factory after coronavirus shutdown
Volkswagen — the world’s largest carmaker by sales — restarted work at its biggest factory, in northern Germany, on Monday. In a statement, VW said 8,000 employees in the city of Wolfsburg began building cars again on Monday, under tight hygiene restrictions to curb the...
Bank of Japan warns economy could contract by as much as 5% this year
The Bank of Japan expects the country’s economy to contract by 3% to 5% this year — a sharp departure from its forecast at the start of the year, which predicted slight growth. The economy “is likely to remain in a severe situation for the...
Ford Recalls Small Number of Workers to Prep for Factory Reopenings
six weeks after Ford Motor Company closed all manufacturing sites in North America, the international automaker has reportedly taken steps toward reopening factories at several undisclosed locations. According to the Detroit Free Press, Ford confirmed it had reached out to employees in hopes they will...
Oakland small businesses awarded grants to help during COVID-19 pandemic
SettingsToggle Fullscreen EMBED MORE VIDEOS $500,000 in grant money was distributed among 90 Oakland businesses forced to close during the coronavirus pandemic OAKLAND, Calif. (KGO) — Dozens of small businesses in Oakland have been awarded grants as they struggle through the coronavirus pandemic. $500,000, all...
Cuomo offers broad reopening outline, says some upstate businesses may reopen around May 15
New York’s daily coronavirus death toll dropped Sunday to below 400, less than half of the deaths recorded at the height of the coronavirus crisis in the state’s hospitals. Gov. Andrew Cuomo said the 367 deaths from the coronavirus that he reported Sunday were “horrific,”...
White House economic advisers share contradictory tones on coronavirus impact
White House economic adviser Kevin Hassett painted a dire economic picture Sunday for the coming months because of the impact of coronavirus on businesses around the country. Hassett predicted a very negative report on the economic output of the country. “I think GDP (gross domestic...
Branson’s Virgin Atlantic in virus bailout talks
Virgin Atlantic says it is still in talks with the UK government about a coronavirus-related bailout. It follows reports in the Sunday Telegraph that billionaire Virgin Group boss Sir Richard Branson is seeking a buyer for the airline. Virgin Atlantic said talks were “ongoing and...
Lifting lockdowns safely relies on effective testing. Germany surges ahead, but US states are flying blind
People in the US state of Georgia can now get their nails done, their hair cut — even get a tattoo or a massage — after just three weeks of a state-wide stay-at-home order. That’s an awful lot of touching, considering a highly contagious and...
Wizz Air plans 1 May return for some European flights
Low-cost airline Wizz Air will resume flying on routes out of Vienna from the start of next month, its chief executive has told local news agency APA. Its UK arm said it will also restart flights from London Luton Airport. The phased return to operations...
European Union aims to raise $8 billion for coronavirus response
The European Union plans to raise 7.5 billion Euro — or about $8.1 billion USD — from a global pledging effort to respond to the coronavirus pandemic. President of the European Commission Ursula von der Leyen said the campaign will begin on May 4. She...
France won’t consider a date to reopen restaurants before end of May
France says it will not make a decision on when to lift Covid-19 restrictions on restaurants and cafés until the end of May. “Nothing would be worse than a hasted reopening that would entail new closure later. We prefer to take the time to plan...
Europe is preparing a trillion-euro fund to rebuild its economy
EU leaders have agreed to create a fund that could raise at least 1 trillion euros ($1.1 trillion) to rebuild regional economies ravaged by the coronavirus pandemic. “This fund shall be of a sufficient magnitude, targeted towards the sectors and geographical parts of Europe most...
Wuhan weathered Covid-19. But can it survive what comes next?
It was just three months ago that Mr Wang was paying the workers at his Wuhan restaurant their Chinese New Year bonuses and celebrating his third year in business. Now, after 76 days under lockdown in the epicenter of the coronavirus outbreak, he has been...
