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BERLIN – The German economy shrank by a record 10.1 percent in the second quarter as coronavirus lockdowns took their toll, official data showed Thursday, but experts say a recovery is already underway. Federal statistics agency Destatis called the quarter-on-quarter decline in gross domestic product “historic” and far bigger than any slump seen during the […]
WASHINGTON, D.C. – The US economy shrank at a record-breaking 32.9% rate in the second quarter of this year as Americans sheltered at home during the coronavirus pandemic and slashed personal spending, the Commerce Department said Thursday. That figure shatters the previous record for a quarterly decrease in the nation’s gross domestic product, a 10% […]
RIYADH – Saudi Arabia posted a deficit of 109.2 billion riyals ($29.12bln) for the second quarter of this year as low oil prices hurt revenues, a finance ministry report published on Tuesday showed. The coronavirus lockdown has hurt the non-oil sectors of the world’s largest crude exporter this year, exacerbating the negative impact of historic […]
LONDON/BRUSSELS – The UK government and the EU will fail to sign a post-Brexit trade deal, with only a few days left before Prime Minister Boris Johnson’s July deadline, due to deadlock on a number of key issues, according to a report. Ministers are working on the assumption that there will not be a deal, […]
July 20, 2020 “Information Clearing House” – The US economy at mid-year 2020 is at a critical juncture. What happens in the next three months will likely determine whether the current Great Recession 2.0 continues to follow a W-shape trajectory—or drifts over an economic precipice into an economic depression. With prompt and sufficient fiscal stimulus […]
BERLIN – Germany’s Foreign Minister hinted his country is unlikely to kowtow to the sweeping US sanctions against the embattled gas pipeline project, which he called an affront to Europe’s right to choose energy suppliers on its own. The statement by Heiko Maas was released a day after US Secretary of State Mike Pompeo sent […]
Walking away from its long-term relationship that goes back to those pre-Internet, pre-everything days, the United States government has legislated to list Huawei Technologies Company and ZTE Corporation as “national security threats”. To the surprise of many in telecom circles, the US has also succeeded in pressuring other European countries to go down the same […]
MOSCOW – The US’ decision to remove sanctions exemption for the two pipelines under construction to deliver gas to Europe and Turkey is a textbook example of unfair competition through political means, Moscow announced. The move, which allows the further sanctioning of Russian natural gas projects, has clearly shown the weakness of the American system, […]
If Russia, America, China and other nations of the UN Security Council and BRICS were to apply their best minds to solving these problems rather than fall into a new arms race, then not only would either country benefit immensely, but so too would humanity more broadly.
BRUSSELS – The eurozone economy will plunge at least 8.7% in 2020 due to the COVID-19 lockdown, the European Commission said on Tuesday in more pessimistic forecasts that do not see a complete rebound next year. The new forecasts see the eurozone economy bouncing back by 6.1% in 2021, still leaving the region worse off […]