The head of the World Trade Organization has said he will step down a year earlier than planned, at a crucial moment for the global economy. Roberto Azevedo’s surprise departure comes as the WTO faces the impact of the coronavirus pandemic and criticism from US President Donald Trump. Global trade […]
Business
The coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn (£4.8tn-£7.2tn), according to Asian Development Bank (ADB). That’s more than double last month’s prediction and equates to 6.4%-9.7% of the world’s economic output. It comes as measures to slow the spread of Covid-19 continue to paralyse economic activity […]
BEIJING: China’s industrial output returned to growth for the first time this year in April, official data showed Friday (May 15), as the country continued its gradual recovery after the coronavirus brought activity to a near-halt. Industrial production grew a more-than-expected 3.9 per cent year-on-year last month in a sign […]
KUALA LUMPUR: Malaysian prosecutors on Thursday (May 14) dropped money laundering charges linked to the 1Malaysia Development Berhad (1MDB) scandal against one of the producers of Hollywood hit The Wolf of Wall Street after he agreed a settlement with the government. Malaysia’s anti-corruption commission said it will recover overseas assets […]
At about $5 a serving, tear gas ice cream has been a hit Tear gas is among the new flavors at a Hong Kong ice cream shop. The main ingredient is black peppercorns, a reminder of the pungent, peppery rounds fired by police on the streets of the semi-autonomous Chinese […]
The number of Americans seeking unemployment benefits jumped by almost 3 million last week as virus shutdowns continue to weigh on the US economy. The filings brought the total number of new jobless claims since the middle of March to more than 36 million. That amounts to nearly a quarter […]
A US pharmaceutical firm has signed agreements with drug makers in South Asia to expand supply of the drug remdesivir for treating Covid-19. The agreement between Gilead and five generic pharmaceutical companies in India and Pakistan will help make the medicine for 127 countries. Remdesivir cut the duration of symptoms […]
Honda has said it will restart production at its UK car plant next month. The company told employees and suppliers that work would resume in Swindon in the first week of June after stopping production due to the lockdown. Honda said it would implement “measures to mitigate risks and provide […]
Britain’s theatre industry is calling for more government support as one of the country’s most iconic theatres, The Old Vic, is facing financial collapse due to the COVID-19 pandemic. London’s Old Vic theatre has had to furlough most of its staff since the government shut down cultural institutions around the […]
Australian jobs plunged by the most on record in April as employers laid off hundreds of thousands of staff in response to the economy-wide shutdowns to curb the spread of the coronavirus. Australian jobs plunged by the most on record in April as employers laid off hundreds of thousands of […]