US trade gap surges to $44.4bn as virus slams commerce
WASHINGTON: The US trade deficit rose in March as the coronavirus outbreak battered America’s trade with the world.
The Commerce Department reported Tuesday...
Banks lending firepower in pandemic may need reinforcing: BIS
LONDON: Banks might not have enough capital to keep credit flowing if the COVID-19 pandemic leads to an economic downturn on the...
Stocks rally as nations begin to slowly reopen
Equities and crude rallied Tuesday as investors cheered a further easing of lockdowns in some countries, which offset a brewing row between...
World leaders pledge billions for virus vaccine research
BRUSSELS: World leaders, organizations and banks on Monday pledged 7.4 billion euros ($8 billion) for research to find a vaccine against the...
Oil starts week on back foot as rally loses steam
Oil prices fell on Monday after strong gains last week, with continued concerns about oversupply and storage capacity due to a coronavirus-triggered...
Years needed to restore demand, say UAE airlines
DUBAI: Top executives of Emirates and Etihad, two of the Middle East’s biggest airlines, have said passenger demand may not return to...
GM and SAIC’s China sales rebound in April as market recovers
BEIJING: General Motors' sales in China saw double-digit year-on-year growth in April, its two local ventures said on Sunday, as the world's...
Oil-hungry Asian nations pounce on low prices to build stockpiles
Some oil-hungry Asian nations are taking advantage of the collapse in prices caused by the coronavirus pandemic to build up their crude...
China faces wave of calls for debt relief on ‘Belt and Road’ projects
China has received a wave of applications for debt relief from crisis-hit countries included in the “Belt and Road Initiative” as the...
Buffett’s Berkshire posts nearly $50bn loss on coronavirus
Warren Buffett’s Berkshire Hathaway Inc on Saturday posted a record net loss of nearly $50 billion as the coronavirus pandemic pummeled its...
Irish airline Ryanair cuts up to 3,000 jobs over virus
LONDON: Irish low-cost carrier Ryanair said on Friday that it planned to axe 3,000 pilot and cabin crew jobs, or 15 percent...
US grants emergency approval to Gilead’s COVID-19 drug remdesivir
WASHINGTON: Gilead Science Inc's antiviral drug remdesivir was granted emergency use authorisation by the US Food and Drug Administration for COVID-19 on...
US manufacturing activity plunges to 11-year low as orders sink
WASHINGTON: US manufacturing activity plunged to an 11-year low in April as the novel coronavirus wreaked havoc on supply chains, suggesting the...
Trump threatens new tariffs on China in retaliation for coronavirus
WASHINGTON: US President Donald Trump said on Thursday his hard-fought trade deal with China was now of secondary importance to the coronavirus...
McDonald’s profit misses estimates as restaurants limit services
McDonald's Corp missed Wall Street estimates for quarterly profit on Thursday as most of its restaurants limited their services to delivery, drive-thru...