BENGALURU: The outlook for a global economic recovery over the past month has worsened or at best stayed about the same, according to a firm majority of economists in Reuters polls, with the ongoing recession expected to be deeper than predicted only last month. World stocks fell to their lowest […]
Business
BERLIN: The dramatic collapse of payments provider Wirecard is an “unparallelled scandal”, Germany’s finance minister said Thursday (Jun 25), after the group filed for insolvency as it admitted that 1.9 billion euros (US$2.1 billion) missing from its accounts likely did not exist. Finance Minister Olaf Scholz said the debacle “must […]
FRANKFURT AM MAIN: Lufthansa shareholders on Thursday (Jun 25) overwhelmingly backed a nine billion euro (US$10 billion) bailout by the German government, saving Europe’s largest airline group from bankruptcy after the coronavirus crushed travel demand. Over 98 per cent of shareholders accounting for 39 per cent of Lufthansa stock voted […]
Days after a border clash with China this month in which 20 Indian soldiers were killed, New Delhi told firms to find ways to cut imports from China. But two big industries, automobiles and pharmaceuticals, say this is easier said than done. NEW DELHI: Days after a border clash with […]
SYDNEY: Australia’s Qantas is axing at least 20 per cent of its workforce and grounding 100 planes for at least a year in a US$10 billion cost-cutting blitz in response to the COVID crisis, the airline announced Thursday (Jun 25). CEO Alan Joyce said the three-year plan to save Australia’s […]
FRANKFURT AM MAIN: Lufthansa’s top shareholder on Wednesday (Jun 24) said he would back a nine billion euro government rescue package, removing the threat of a last-minute veto that could have plunged the German airline into bankruptcy. “I will vote for the agreement,” German billionaire Heinz Hermann Thiele told the […]
The economics profession widely overlooked the importance of social and institutional pre-conditions, says former World Bank chief economist Kaushik Basu. ITHACA, NEW YORK: The COVID-19 pandemic has caused massive disruptions to markets, supply chains, and world trade. This has forced a reckoning with many traditional policies and should be treated […]
NEW YORK: Wall Street stocks tumbled on Wednesday (Jun 24) on increasing signs that higher coronavirus cases in the United States will slow the recovery in the world’s biggest economy. The Dow Jones Industrial Average slumped 710.16 points, or 2.72 per cent, to 25,445.94. The broad-based S&P 500 slid 2.59 […]
WASHINGTON, DC: The US National Highway Traffic Safety Administration (NHTSA) said on Wednesday it has opened two investigations into reports of headlight failures in 392,000 Kia Sorento sport utility vehicles and steering issues in 781,000 General Motors vehicles. NHTSA said it had received 74 reports of sudden, unexpected loss of […]
SINGAPORE: Millions of dollars of oil stored in tanks and ships in Asia and Europe has become caught in a web of lawsuits related to trade and financing deals by Singapore’s Hin Leong Trading, according to court documents and shipping data. A report filed this week in Singapore’s High Court […]