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Global Economy

7 July 05:30 PM Euro zone expected to see deeper recession than forecast
Mubasher: The euro zone economy will slide deeper into recession in 2020 and recover less in 2021 than previously expected
6 July 05:37 PM Big four auditors in UK to separate practices by mid-2024
The UK's Big Four accounting firms, comprising PwC, Deloitte, KPMG, and EY, will separate their audit practices by June 2024.
6 July 04:27 PM Uber acquires on-demand food delivery app Postmates for $2.65bn
Uber Technologies Inc. has acquired food-delivery service Postmates Inc. for about $2.65 billion in an all-stock transaction.
5 July 04:12 PM Fujifilm collaborates with GRA, Dr Reddy’s for potential coronavirus drug
Global Response Aid (GRA) and Dr. Reddy’s Laboratories signed an agreement with Japan’s FujiFilm Corporation for the production and distribution of Avigan.
2 July 04:44 PM US initial jobless claims surge 1.427m
The initial jobless claims in the US increased for the first time more than expected by 1.427 million in the week ending on 27 June.
1 July 05:41 PM Asia's economy likely to contract 1.6% in 2020
The IMF expected that Asia's economy will retreat by 1.6% for the first time in history during 2020.
1 July 04:21 PM EasyJet to slash jobs in Berlin, cancel German domestic flights
EasyJet said on Wednesday that it plans to cut jobs and the number of aircraft stationed in Berlin.
30 June 06:07 PM UK's economy slides to 40-year low in Q1-20
The UK’s economy witnessed the steepest drop since 1979 during the first quarter of 2020 as household spending collapsed to record levels.
29 June 05:15 PM UK aims to sell GBP 275bn of debt in 5M
The UK is looking to raise a record GBP 275 billion ($340 billion) of government debt from April until the end of August
29 June 05:02 PM BP to sell petrochem business to INEOS for $5bn
London-based BP has approved to sell its global petrochemicals business to INEOS, one of the world's largest chemical producers, at a total of $5 billion.
29 June 04:58 PM COVID-19 drug remdesivir priced at $2,340 per patient in US
Gilead Sciences Inc has set the price of its COVID-19 drug candidate remdesivir at $390 per vial for the US and other developed countries.
25 June 04:36 PM Global growth expected to slow down amid COVID-19 - IMF
The International Monetary Fund (IMF) expected that the global economy will grow at 4.9% in 2020, down 1.9% from its economic forecasts in April.
25 June 03:40 PM IATA projects airlines to lose $84bn in 2020
Air travel shrank by 98% year-on-year (YoY) in April 2020 as countries closed their borders in attempts to contain the coronavirus (COVID-19) pandemic.
25 June 02:27 PM Wirecard files for insolvency with $4bn owed to creditors
Mubasher: Wirecard will file for insolvency proceedings, owing its lenders nearly EUR 3.5 billion ($3.9 billion).
24 June 05:44 PM US mulls imposing $3.1 billion tariffs on EU exports
The US is considering imposing new tariffs worth $3.1 billion on exports from France, Germany, Spain, and the UK.
24 June 03:11 PM Wirecard’s former CEO freed on EUR 5m bail
The former CEO of Wirecard Markus Braun has been released from custody after being arrested on suspicion of falsifying the German payments firm’s accounts.
23 June 04:59 PM Eurozone's economic downturn sharply retreats in June
The eurozone's economic downturn was lowered for the second consecutive month in June as the lockdown and restrictions imposed amid coronavirus (COVID-19) are continuing to ease.
23 June 04:35 PM Uber launches new enhanced safety precautions amid COVID-19
Uber on Tuesday rolled out unprecedented safety measures to help everyone using its app to stay safe and sound.
23 June 04:33 PM Amazon launches $2bn clean energy venture capital fund
Mubasher: Amazon Inc announced the launch of The Climate Pledge Fund with an initial $2 billion in funding.
22 June 05:31 PM Lufthansa seeks to find solution over bailout terms
Lufthansa seeks to resolve the dispute over the terms of a EUR 9 billion bailout.
22 June 04:43 PM Wirecard’s missing EUR 1.9bn likely never existed
Wirecard said that EUR 1.9 billion ($2.1 billion) in missing cash from its accounts likely never existed.
22 June 04:35 PM Toyota plans 10% fewer vehicle output in July
Toyota Motor Corp will make 10% fewer vehicles in July than what was originally planned.
18 June 06:10 PM IEA sets $3trn green economic recovery plan
IEA has developed a $3 trillion green economic recovery plan to help governments to sustainably rebound their economies.
18 June 05:14 PM German payments firm Wirecard informed of missing EUR 1.9bn
Mubasher: The German payments group Wirecard announced that EUR 1.9 billion of cash was missing.
18 June 02:53 PM Ford plans to offer hands-free driving next year
Ford Motor will offer hands-free driving on several models in autumn 2021