Friday, Feb 26, 2021 - 05:15:46
268 results - (0.000 seconds)

economic crisis:

    As the number of COVID-19 cases continues to spike across the country, it is not just American lives that are threatened, the economic toll continues to rise. For example: Renters are nearing the end of their financial rope. People who rent have largely been able to survive the initial months of the pandemic helped by unemployment and federal relief checks. But the extra $600 in unemployment benefits ceases at the end of July and local eviction moratoriums are expiring… The COVID-19 Eviction Defense Project, a coalition of economic researchers and legal experts, estimates that 19 million to 23 million Americans are at risk for eviction by the end of September. Just as the situation becomes more dire, some of the relief measures passed to address the situation are set to expire at the end of this month. While the House passed a bill to extend them quite a...
    Jul 15 (.) – The United States has been unable to control the coronavirus and there is a high level of uncertainty about how much the pandemic will affect the economy, Philadelphia Federal Reserve Chairman Patrick Harker said on Wednesday. Based on average projections, Harker said that real GDP growth could fall by 20% in the first half of this year and then grow by 13% in the second half of the year. He stated that the economy could decline by around 6% in 2020. “That is a much sharper recession than we experienced during the financial crisis,” Harker said in remarks prepared for an online event, also noting that the projections are “constantly changing along with the direction the virus is taking.” Authorities are limited in terms of what they can do to support the economy, he said. However, Fed officials will support the functioning of the markets by...
    A study released Tuesday by the Oakland Institute details an “unprecedented wave of privatization of natural resources that is underway around the world”—one that is largely being driven by the United States and its allies. According to the progressive think tank’s report (pdf), “Driving Dispossession: The Global Push to Unlock the Economic Potential of Land,” governments around the world—particularly in developing countries—are often put under pressure by financial institutions and Western agencies to open up land for so-called “productive use” by miners, agribusiness interests, and other corporate entities intent on exploiting natural resources for profit. The U.S. in particular, the report says, is a “key player in an unfettered offensive to privatize land around the world.” With deforestation and fossil fuel extraction helping to fuel the climate crisis, governments are being pushed in a direction that’s “just the opposite of the drastic shift we need to win the struggle against climate change,” Frederic Mousseau, policy director of...
    Stuck at home and unemployed, some people are turning to multi-level marketing companies, or MLMs, to make cash. MLMs promise the opportunity to "work for yourself," but these companies often require people to shell out for products and training sessions upfront. Women and people of color are most likely to be swayed by the promise of an MLM, according to a survey from AARP. Visit Insider's homepage for more stories.   Emily Jones entered the world of MLMs as a customer. It was 2018, she was preparing for a vacation to Europe and looking for inexpensive jewelry to wear. A friend introduced her to Paparazzi Accessories. The jewelry was cute, she said, so when Christmas rolled around, she ordered additional pieces to give away as gifts. The friend who sold the jewelry to her suggested she sign up to become an "ambassador," an unpaid salesperson who could earn...
    New York (CNN Business)JPMorgan Chase, the nation's largest bank, reported a 51% plunge in second-quarter profits as provisions for credit losses spiked and the shape of the recovery became increasingly uncertain.Although JPMorgan's (JPM) Main Street business has stumbled during this recession, the bank's trading division thrived as markets have sharply recovered from the crisis. JPMorgan reported second-quarter profits of $4.7 billion, down from $9.7 billion a year ago. Yet per-share earnings only fell to $1.38, easily beating Wall Street's expectations. Revenue also topped estimates.Jamie Dimon, JPMorgan's CEO, struck a cautious note about the road ahead. Its going to be really ugly. Here come the big bank earnings"Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy," Dimon said in a statement. "However, we are prepared for all eventualities as our fortress balance sheet allows us to remain...
    WAGENINGEN, Netherlands (AP) — Suriname’s newly elected parliament chose a former police chief as the country’s president on Monday to replace Desiree “Desi” Bouterse, who faces a murder conviction at home and a drug smuggling sentence abroad. Chandrikapersad Santokhi, better known as “Chan,” will inherit a devastated economy in the South American nation of about 600,000 people upon his inauguration on Thursday. “We are on the brink of a financial abyss,” Santokhi said. “There is concern. The treasury is virtually empty. This crisis surpasses any worst-case scenario we’ve considered. We will have to face the crisis together. We have no time to lose.” The new ruling coalition has said it needs to determine what the country owes its creditors, and analysts say it may need to work out a debt rescheduling plan with the International Monetary Fund — something that could require a potentially unpopular phasing out of fuel, water...
    Monday, during an appearance on MSNBC, Sen. Mazie Hirono (D-HI) described President Donald Trump’s supporters as “very anti-immigrant and white supremacists.” Host Chris Jansing said, “Let me ask you about Robert Mueller because you’re on the Judiciary Committee and your Chairman, Senator Lindsey Graham, now says he wants to see Mueller called in to testify. Do you support that?” Hirono said, “I think that this is coming a year too late. There are a number of us, Democrats, who called for Robert Mueller to come before our Senate Judiciary Committee very shortly after the report was released. But within that year’s time, we all know that Russia interfered with our elections. That is not even in dispute, but the president is totally obsessed about disputing that. And in that time, we now have three crises we’re having to deal with, and it’s a pandemic, an economic crisis, we have police brutality...
    Rep. Alexandria Ocasio-Cortez doubled down Monday on her claim that record unemployment and economic woes caused by the coronavirus pandemic are fueling an increase in violent crime in New York City — a theory the White House mocked as “preposterous.” “I do think that even when you talk about violent crime, I don’t think that poverty and economic desperation are separate from that either,” Ocasio-Cortez said during a campaign-sponsored food distribution event for the needy event outside Our Lady of Sorrows Church in Corona, Queens. “When people do not have opportunities, I can tell you from my personal experience and what I saw growing up. When families don’t have money, a lot of times young people and teens that feel like they need to support their mom, sometimes they’ll turn to selling drugs, which can then lead to an escalated level of trouble, to what police label as gang activity,”...
    TEL AVIV — An overwhelming majority of Israelis think the unity government forged between Prime Minister Benjamin Netanyahu and Alternate Prime Minister Benny Gantz has not performed well in handling the twin crises–economic and health-related–facing the country as a result of the pandemic, new polls show. Sixty-one percent of Israelis are unhappy with the government’s overall performance dealing with the coronavirus crisis, while 75 percent expressed disapproval at how the resulting economic crisis was being handled, a Camil Fuchs poll published by Channel 13 on Sunday evening said. Another 16 percent said the government had handled it well Only 15 percent said they were satisfied with Netanyahu. The poll marked a stark contrast with one taken during the peak of the pandemic in April, when 70 percent of respondents said they were satisfied with Netanyahu’s handling of the crisis. A separate poll released by the Kan public broadcaster showed around 85 percent of Israelis...
    BEIRUT (AP) — The International Monetary Fund on Monday urged Lebanese authorities to unite behind a government economic plan that has received a cool reception from the banking sector, saying the country needs a reform program to rescue an economy mired in crisis. Lebanon, one of the most indebted nations in the world, is passing through the worst economic and financial crisis in its modern history, with its currency having plunged to record lows against the dollar. In April, the government adopted a 53-page Financial Recovery Plan that acknowledged the economy is in “free fall” and said an international bailout was “urgently needed.” The government says the country’s losses stand at 241 trillion pounds, or about $69 billion. The Central Bank, banking sector and a parliamentary committee estimate much lower losses. The country has held 17 rounds of talks with the IMF over the past two months, but has been...
    In 2019, people working outside their homelands sent $554 billion of their earnings back to their native countries. Nearly all of this cash flowed from developed nations to less developed ones. The $554 billion in remittances eclipsed the total of all foreign investment in these receiving nations, and three times the amount these nations received in foreign aid. Then came the COVID-19 pandemic. The global health crisis touched off a global economic crisis, resulting in millions of lost jobs and restrictions on travel that make it difficult for foreign workers to get to a job in another country, even if one is available. For countries like the United States, the long-term impact of millions of foreign workers – legal and illegal – and the resulting loss of job opportunities and wages for native workers and the outflow of $150 billion each year is a problem. For the receiving countries, the 20 percent decline in remittances...
    Lauren Sara McKee July 13, 2020 2:13AM (UTC) This story originally appeared on Massive Science, an editorial partner site that publishes science stories by scientists. Subscribe to their newsletter to get even more science sent straight to you. A new report has issued an urgent warning on the spread of drug resistance (anti-microbial resistance, AMR) from animal to human pathogens. It identifies aquaculture as a major source worldwide. Aquaculture (fish farming) is an under-appreciated source of AMR, and as global citizens we can no longer neglect its ecological and human impacts. The challenge for the scientific and political community is to find a sustainable solution to the spread of AMR without compromising the economic security of fishing societies. : As with so many other health and environmental disasters, coastal communities in low- and middle-income countries in Africa and South Asia are facing the worst of this crisis. Rates of AMR in humans are skyrocketing in places that do not have the infrastructure or resources needed to...
    Geneva (AFP) – Lebanon’s economic crisis is getting out of hand, the UN rights chief warned Friday, calling for urgent internal reforms coupled with international support to prevent further mayhem. Michelle Bachelet, the United Nations High Commissioner for Human Rights, said the social fabric of the country was at risk as vulnerable populations are threatened with extreme poverty. “This situation is fast spiralling out of control, with many already destitute and facing starvation as a direct result of this crisis,” she said in a statement. “The alarm has been sounded, and we must respond immediately before it is too late.” For months, the Mediterranean country has grappled with its worst economic crisis since the 1975-1990 civil war. Tens of thousands have lost their jobs or part of their salaries, while a crippling dollar shortage has sparked spiralling inflation. Bachelet said an unemployment crisis would propel poverty and indebtedness with “grave...
    CHICAGO (CBS) — From stepping up investment on the South and West sides and improving access to mental health resources to expanding the city’s transportation and logistics sector and luring more corporate development, the mayor’s COVID-19 Recovery Task Force has issued a sweeping report for how Chicago can bounce back from the pandemic. Comparing the road ahead to the city’s resurgence after the Great Chicago Fire, the 104-page report outlines a series of recommendations for how Chicago can restore itself in the wake of the economic toll the virus has taken. “We can’t move forward, unless we think holistically, about how we heal our region from top to bottom,” Lightfoot said Thursday morning as she and the task force unveiled the report. “This crisis truly does afford us a once-in-a-generation opportunity to really rethink and remake the landscape of Chicago.” Many of the challenges the city now faces existed before...
    Beirut, Lebanon (CNN)A young man with a swagger approaches a dumpster. An employee from a nearby restaurant has just dumped a trash bag inside. He scoops the bag up, rummaging through it to look for leftover hummus and beans. Finding a half-smoked cigarette, he lights it, and puts it to his lips. Then, wiping his hands on his black shirt, he pokes his head into the container one last time, to check there's nothing else he can use, before walking away.Two blocks away, on Beirut's bustling Hamra Street, a baby stroller lies atop a pile of garbage bags. "What do you think? Could we use this?" A veiled, middle-aged woman asks her young daughter. The woman holds up the contraption, examining its contorted pink rods. Across the country, elderly couples sift through refuse together, and young men scrounge for clothes and shoes to bring back to their families.Many of them...
    BEIRUT (AP) — Lebanese are buying candles in bulk, turning to traditional kerosene lamps and throwing away rotten food because of prolonged power cuts that plunged the country into darkness this week, adding to the gloom of a deepening economic crisis. The country’s electricity company and the powerful operators of generators had been rationing power since late June as fuel supplies dwindle amid uncertainty over the next shipment. “At home I can live with the candle, but in my clinic what can I do?” said Salim Abi Saleh, a gynecologist and the head of the physicians union in the northern city of Tripoli. Lebanon has been shaken by a severe economic and financial crisis, made worse in recent months by the coronavirus and lockdown restrictions. The financial crisis features a collapse of the local currency, which lost more than 80% of its value, and severe shortage of dollars — dramatically...
    NEW YORK, July 6, 2020 /PRNewswire/ — Amid the COVID-19 crisis and the looming economic recession, the Egg Powder market worldwide will grow by a projected US$205.7 Million, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 3%. Whole Egg Powder, one of the segments analyzed and sized in this study, is forecast to grow at over 3.2% and reach a market size of US$697.1 Million by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Whole Egg Powder market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions. ...
    NEW YORK, July 6, 2020 /PRNewswire/ — Amid the COVID-19 crisis and the looming economic recession, the Electric Guitars market worldwide will grow by a projected US$71.2 Million, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 2.2%. Electric Guitar, one of the segments analyzed and sized in this study, is forecast to grow at over 2.2% and reach a market size of US$514.3 Million by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Electric Guitar market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions. Read the...
    NEW YORK, July 6, 2020 /PRNewswire/ — Amid the COVID-19 crisis and the looming economic recession, the Electric Bicycle Motors market worldwide will grow by a projected US$2.4 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 5.1%. Pedal Assisted, one of the segments analyzed and sized in this study, is forecast to grow at over 4.9% and reach a market size of US$4.4 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Pedal Assisted market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions. Read...
    In Beirut, the country’s bankruptcy transpires on every street corner. Traffic lights that no longer work, sidewalks invaded by beggars, storefronts closed… The post Economic crisis in Lebanon: “The country is collapsing before our eyes” appeared first on Analogik.
    By BILAL HUSSEIN, Associated Press BAALBEK, Lebanon (AP) — Lebanon on Sunday hosted its annual music festival in the ancient northeastern city of Baalbek without an audience for the first time, a move organizers dubbed “an act of cultural resilience” to the coronavirus pandemic as well as the country's unprecedented economic meltdown. Held amid soaring Roman columns, the Baalbek International Festival was founded in 1956. This year, it's being broadcast on local and regional TV stations and livestreamed on social media in an effort to spread “unity and hope." “We could not have an audience, since it is impossible to bring 2,000-3,000 people to Baalbek amid the coronavirus precautions, so we decided to bring Baalbek into people’s homes,” Nayla de Freige, the festival's president, told the local LBC TV station. The concert with 150 musicians and choral singers opened with the national anthem followed by “O Fortuna” from the cantata...
    BAALBEK, Lebanon (AP) — For the first time ever, Lebanon on Sunday hosted its annual music festival in the ancient northeastern city of Baalbek without an audience, a move organizers dubbed “an act of cultural resilience” to the global coronavirus pandemic as well as the country’s unprecedented economic crisis. Held amid soaring Roman columns, the Baalbek International Festival was founded in 1956. This year, it’s being broadcast on local and regional TV stations and live-streamed on social media in an effort to spread “unity and hope.” “We could not have an audience, since it is impossible to bring 2,000-3,000 people to Baalbek amid the coronavirus precautions, so we decided to bring Baalbek into people’s homes,” Nayla de Freige, the festival’s president, told the local LBC TV station. The festival’s website said this year’s program, entitled “Sound of Resilience,” was “one of the first big cultural events and a premiere in...
    (Bloomberg) – European Central Bank President Christine Lagarde’s distinctive tool for fighting the crisis is becoming the focus of disagreement among policymakers in what could be her first major test of discipline. Governing Council members face a possible gap on how far their emergency bond buying program should lean toward weaker countries like Italy, according to multiple conversations with central bank officials. While the debate remains hypothetical for now, it could be clarified as the economy emerges from the coronavirus pandemic. The danger is that such friction undermines a program presented at the height of the crisis to reassure investors about the ECB’s determination to defend the integrity of the euro. Officials asked not to be identified due to the confidentiality of the internal discussions. A spokesman for the ECB declined to comment. The internal environment is reflected through different public comments from the directors of the central banks of...
    German Chancellor Angela Merkel called on Thursday for a “massive” economic response from the European Union (EU) to respond to the “most difficult” situation in the bloc’s history, and stressed that the heads of state and government should agree on the summer recovery plan. Merkel assured that “there must be an agreement for this summer, I cannot imagine another variant”, during a joint press conference with the president of the European Commission, Ursula von der Leyen, the Europa Press news agency reported. In two weeks, European leaders will meet again in Brussels in search of an agreement on the EU budget for the next seven years and the reconstruction fund to revive the economy of the community bloc after the impact of the coronavirus pandemic, after the failure of the last videoconference summit that was limited to an exchange of views. In line with the German chancellor,...
    The Chancellor of Germany, Angela Merkel, has claimed this Thursday a the EU’s “massive” economic response to respond to the “most difficult” situation in its history, while stressing that the heads of state and government should agree on the recovery plan during the summer. “Europe is facing the most difficult situation in its history (…) There has to be an agreement during the summer, I cannot imagine another result, “he said during a joint press conference with the President of the European Commission, Ursula von der Leyen, to give the starting gun to the rotating presidency of the EU that Germany has just assumed and will develop until the end of the year. Merkel has launched this message two weeks after European leaders meet again in Brussels with the objective, not guaranteed, of reaching an agreement on the EU budget for the next seven years and the reconstruction fund to...
    The President of the Spanish Government, Pedro Sánchez, defended today that Spain will have to carry out a tax reform to overcome the economic crisis caused by the coronavirus pandemic, beyond considering “fundamental” that the European reconstruction funds arrive as soon as possible. “A fiscal reform is inevitable,” said the socialist leader in his first television interview -with the La Sexta channel- since Spain left behind the state of alarm and the confinement decreed to control the local Covid-19 outbreak, which caused more 28,300 dead in the country and caused an economic collapse unprecedented in recent history. Sánchez explained that ESpaña cannot “have a public health system as extraordinary as the one it has or aspires to have, as the Nordic countries – which are the reference – with financing as countries with privatized health systems may have.” “We have public revenue seven points below the European average“argued the president....
    BEIRUT (AP) — Major retailers in Lebanon announced on Thursday they will temporarily shut down in the face of an increasingly volatile currency market and their inability to set prices while the Lebanese pound plunges against the dollar. Later in the day, owners of the businesses rallied in central Beirut to denounce the government’s inability to handle a deepening economic and financial crisis, and urging others to join them. “The company is losing and … (the customers) think we are robbing them,” Samir Saliba, owner of sportswear retailer Mike Sport, told The Associated Press. “We want a clear economic policy to know how to move forward and not buy our dollars from the black market and be humiliated with the brokers and money changers.” The protesters called on the government to resign and urged other stores to join their protest shutdown. The Lebanese pound recorded a new...
    The coronavirus pandemic could still plunge the US into a financial crisis even though the economy has started to get back on track, a Federal Reserve honcho warns. With infections spiking in several states, St. Louis Fed President James Bullard fears the virus could spark a damaging wave of bankruptcies without “more granular risk management on the part of the health policy.” “Even though we got past the initial wave of the March-April timeframe the disease is still quite capable of surprising us,” Bullard told the Financial Times in a Wednesday interview. “In any crisis, I think we need to keep in mind that there can be twists and turns, there can be another shoe to drop, and that could happen here,” he added. Bullard’s comments came amid fears about a resurgence in COVID-19 cases threatening the nation’s economic recovery from the pandemic. Fed officials have expressed concerns that...
    NEW YORK, July 1, 2020 /PRNewswire/ — Amid the COVID-19 crisis and the looming economic recession, the Force Sensors market worldwide will grow by a projected US$911.7 Million, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 4.8%. Capacitive, one of the segments analyzed and sized in this study, is forecast to grow at over 5.7% and reach a market size of US$1.1 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Capacitive market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions. Read the full report:...
    CHICAGO (CBS) —While Chicago’s coronavirus cases have been declining, some neighborhoods are hit harder than others. On Wednesday, city health officials held a virtual meeting with economic leaders to discuss the city’s recovery efforts from COVID-19 and helping individual communities. “So if there’s a zip code, where we see even a slight increase in cases or positivity, we’re working very fast to make sure we’re driving resources,” said Dr. Allison Arwady, Commissioner of the Chicago Department Of Public Health. “That we’re working with community leaders to not let any one part of Chicago start to have new problems with COVID-19.” Here’s a look at the latest Illinois coronavirus numbers: 724 new cases reported Tuesday along with 23 more related deaths. The highest number in Cook County: 11. Kane County had three.
    Women and those under 35 years of age are the most affected by the coronavirus crisis in Spain, as they are overrepresented in the economic sectors most affected by the restrictions imposed to control the spread of the disease, according to a report published today by the Bank of Spain. Spain was one of the countries most affected in Europe and the world by the coronavirus pandemic -with more than 28,000 deaths-, which led the government to impose for more than two months a very restrictive confinement on the population, which on an economic level Unleashed a historical decline that the financial body figures at between 9% and 11.6% of GDP. In its annual report, which closes with figures from the beginning of June 2020, the Bank of Spain already confirmed a drop in the first quarter of this year of 5.2%, the largest contraction in history to date. However,...
    By Lindsay Dunsmuir and Howard Schneider WASHINGTON, June 30 (.) – US Treasury Secretary Steven Mnuchin said Tuesday that up to $ 140 billion in possible small business loans could be redirected to support restaurants, hotels and other industries most affected by the pandemic of coronavirus. The remaining funds authorized under the $ 660 billion Check Protection Program (PPP) are due Tuesday, when the Small Business Administration stops accepting forgivable loan applications. But Mnuchin said there seemed to be support among Democrats and Republicans to “reuse” the money, perhaps tailoring it to the small businesses most affected by the social distancing measures taken to combat the spread of the virus. Mnuchin spoke in an audience with Federal Reserve Chairman Jerome Powell about the country’s fiscal and monetary response to the coronavirus crisis, including the nearly $ 3 trillion allocated by Congress to help businesses and individuals. That response is coming...
    We already know the first blow to the economy by coronavirus pandemic and the lockdown: Spanish GDP registered a -5.2% drop at first quarter of 2020 compared to the previous quarter in terms of volume. The contribution of national demand to the year-on-year change in GDP is -3.7 points, 5.0 points lower than that of the fourth quarter. For its part, external demand presents a contribution of −0.4 points, nine tenths less than in the previous quarter And that until March only 2 weeks of alarm and confinement are registered, although already the forecasts and uncertainties hit the demand. The rate for the first quarter is 5.6 points lower than that registered in the fourth quarter and similar to that advanced on April 30. The worst data is expected to be for the second quarter, which ends this June. According to recent IMF forecasts, the fall in Spanish GDP...
    Eoin Higgins June 30, 2020 10:17AM (UTC) This article originally appeared at Common Dreams. It is licensed under a Creative Commons Attribution-Share Alike 3.0 License. Feel free to republish and share widely. Comedian John Oliver on his HBO show Sunday night drew attention to a looming eviction crisis facing the U.S. as federal, state, and local aid programs aimed at offsetting the economic disaster brought about by the coronavirus pandemic dry up.  "Experts are predicting horrific outcomes," said Oliver. "If evictions continue as normal, this public health crisis could soon turn into a full-blown homelessness crisis." : Watch: Government programs in the wake of the outbreak and economic shutdown that followed, including economic stimulus checks, unemployment bonuses, and evictions moratoriums, have for the most part kept homelessness around the country to a minimum. But those protections are expiring despite the continuing pandemic.  As the Boston Globe reported Monday: : A lack of affordable...
    The Governor of the Bank of Spain, Pablo Hernández de Cos, has presented the conclusions of the 2019 annual report with an eye to the economic crisis derived from the covid-19 health emergency and its future effects. Among its main conclusions, it stands out that the economic level prior to the coronavirus is not expected to be reached until the end of 2022. “Economic activity has been gradually recovering in recent weeks, but this will not prevent a very sharp drop in GDP in the whole of 2020. In recent weeks, the progress that has occurred in the context of the de-escalation process arranged by the The Government has allowed a certain recovery in activity and employment, which is expected to continue and accelerate in the coming quarters, however, the magnitude of the drop in activity registered in the first half of the year will imply a very sharp...
    Breaking News — Madrid, Jun 30 . .- The health crisis is leaving behind an economy decimated by the loss of activity and employment and by a skyrocketing debt due to the unprecedented increase in spending to face the ravages of the pandemic. With the aim of channeling that debt, the Bank of Spain has asked the government on Tuesday for a medium-term fiscal plan with a rise in taxes, adjustment measures and a pension reform. The demands of the supervisory body have coincided with the certification by the National Statistics Institute (INE) of the historical decline in Spanish GDP of 5.2% in the first quarter of the year, in which there were only two weeks of restrictions by the state alarm, which lasted for 98 days. With the active foci of covid-19 under surveillance and control in thirteen communities, Health today reported 99 new infections in the last...
    NEW YORK, June 30, 2020 /PRNewswire/ — Amid the COVID-19 crisis and the looming economic recession, the Geographic Information Systems (GIS)  market worldwide will grow by a projected US$8.7 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 8.7%. Hardware, one of the segments analyzed and sized in this study, is forecast to grow at over 7.8% and reach a market size of US$3.2 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Hardware market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions. Read the full...
    BRUSSELS (AP) — Donors from around 60 countries and international agencies are meeting Tuesday to drum up financial aid for Syria as the coronavirus and economic chaos wreak even more havoc in a country shattered by a conflict now in its 10th year. The war has killed more than 400,000 people and sparked a refugee exodus that has destabilized Syria’s neighbors and impacted Europe. Around 11 million people are in need of humanitarian assistance, and some 9 million don’t have enough to eat. More than half of the population have no jobs. The coronavirus has sparked “a multitude of new and complex challenges including the restriction of movement and goods, the delay of certain field activities, the closure of borders and a critical insufficiency of protective equipment for staff and volunteers,” International Federation of the Red Cross and Red Crescent societies President Francesco Rocca said Tuesday. Perhaps wary of the...
    BRUSSELS (AP) — Donors from around 60 countries and international agencies are meeting Tuesday to drum up financial aid for Syria as the coronavirus and economic chaos wreak even more havoc in a country shattered by a conflict now in its 10th year. The war has killed more than 400,000 people and sparked a refugee exodus that has destabilized Syria’s neighbors and impacted Europe. Around 11 million people are in need of humanitarian assistance, and some 9 million don’t have enough to eat. More than half of the population have no jobs. The coronavirus has sparked “a multitude of new and complex challenges including the restriction of movement and goods, the delay of certain field activities, the closure of borders and a critical insufficiency of protective equipment for staff and volunteers,” International Federation of the Red Cross and Red Crescent societies President Francesco Rocca said Tuesday. Perhaps wary of the...
    NEW YORK, June 29, 2020 /PRNewswire/ — Amid the COVID-19 crisis and the looming economic recession, the Hydraulic Fluids market worldwide will grow by a projected US$1.9 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 1.4%. Mineral Oil, one of the segments analyzed and sized in this study, is forecast to grow at over 1.1% and reach a market size of US$8 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Mineral Oil market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions. Read the full...
    An impressive array of more than 500 prominent world leaders, academics, and Nobel Laureates have written “A Call to Defend Democracy” in the face of a worldwide rise in government authoritarianism during the Wuhan coronavirus pandemic. The June 25 text declares that beyond health concerns the COVID-19 pandemic is “a political crisis that threatens the future of liberal democracy.” “The COVID-19 crisis is an alarming wake-up call, an urgent warning that the freedoms we cherish are at risk and that we must not take them for granted,” the document asserts. “Authoritarian regimes, not surprisingly, are using the crisis to silence critics and tighten their political grip,” the authors note. “But even some democratically elected governments are fighting the pandemic by amassing emergency powers that restrict human rights and enhance state surveillance without regard to legal constraints, parliamentary oversight, or timeframes for the restoration of constitutional order.” “Parliaments are being sidelined,...
    Berlin (AFP) – The international community pledged $1.8 billion at a conference to drum up support for Sudan on Thursday, in an effort to help the northeast African country battle economic woes after the ousting of long-time dictator Omar al-Bashir. “This conference opened a new chapter in the cooperation between Sudan and the international community to rebuild the country,” German Foreign Minister Heiko Maas said at the video conference co-organised by Germany with Sudan, the European Union and the United Nations. Some 50 countries and international organisations pledged a total of more than $1.8 billion, while the World Bank Group offered a grant of $400 million. “This conference marks the start of a process, which will be followed by subsequent engagement by the international community to take stock of the progress made by Sudan in implementing reforms and to allow its partners to adapt their support accordingly,” the conference’s concluding...
    The country’s top border official expects a dramatic rise in the number of migrants who flee home countries in Mexico and Central America and head to the U.S. in the coming months due to economic peril. “What we are seeing right now is that while our economy is struggling, it is by far worse in Mexico, Northern Triangle countries, really in the Western Hemisphere really,” Mark Morgan, who is performing the duties of acting commissioner of Customs and Border Protection, testified Thursday before the Senate Homeland Security panel. “What I’m concerned is we’re going to see the same pull factors that we have historically, but it’s going to be magnified because what we like to say - the accelerant of COVID,” said Morgan. “Their economic conditions are going to be far worse than ours. We anticipate that we’re going to see an increase, another surge of migration due to...
    Italian-American economist Mariana Mazzucato asked “to put aside ideological reservations” about the state’s participation in the economy, asserted that the coronavirus pandemic “showed the benefits of having a strong and competent state apparatus” and argued that the spread disease can be an opportunity for a “more inclusive, greener and smarter” form of capitalism. “This crisis is undoubtedly a window of opportunity to rethink our ideas of value creation by the public sector. Before the crisis, we saw decades of little will to evaluate and use the benefits of state action,” said the economist. in an interview with .. Mazzucato, about whom Pope Francis publicly maintained that “it helps to think about the future” after the pandemic, asserted that “Covid-19 broke this impasse and showed the benefits of having a strong and competent state apparatus, with a vision for the leadership of society and the economy: more inclusive, more sustainable and...
    Coronavirus — By infecting millions of people and causing governments to confine their populations, the new coronavirus left economies around the world in the intensive care ward. In a recent report, the world Bank He warned that the Covid-19 pandemic will cause the world’s biggest economic crisis since at least 1870 and threatens to cause a drastic rise in poverty levels worldwide. But for 30 countries this year will be one of growth, although less than expected, with rare exceptions (see list at end of this article). One of those exceptions is Guyana, a neighboring country of Brazil, which is expected to show growth of more than 50% this year, the largest in the world, due to the start of oil exploitation, although the price of crude oil fell to one of the lowest levels of history. BBC The discovery of huge oil reserves in Guyana could change the...
    (CBS Baltimore) — The current employment landscape is far from welcoming. Recent graduates finished their high school and college careers through distance learning. They’ve since entered a job market that is flooded with recently laid-off workers and largely devoid of companies that are hiring. The unemployment rate stood at 13.3 percent in May, surprisingly down from an April high of 14.7 percent. The welcome drop meant some temporarily unemployed workers returned to jobs that were waiting for them. However many of the still temporarily unemployed won’t be so lucky when their jobs disappear. Permanent job losses rose by close to 300,000 in May, and another 1.5 million people filed for jobless aid for the first time for the most recent week available. The current unemployment rate remains higher than any monthly rate since the Great Depression, outside of April 2020. The situation for job seekers is daunting — the country...
    BEIRUT (AP) — Lebanese protesters took to the streets in Beirut and other cities Saturday in mostly peaceful protests against the government, calling for its resignation as the small country sinks deeper into economic distress. The protests come after two days of rallies spurred by a dramatic collapse of the local currency against the dollar. Those rallies degenerated into violence, including attacks on private banks and shops. The local currency, pegged to the dollar for nearly 30 years, has been on a downward trajectory for weeks, losing over 60% of its value. But the dramatic collapse this week deepened public despair over the already troubled economy. Lebanon is heavily dependent on imports and the dollar and local currency have been used interchangeably for years. The unrivaled economic and financial crises are proving a major challenge to the government of Prime Minister Hassan Diab, who took office earlier this...
    BUENOS AIRES, Argentina (AP) — As they wait out quarantine in a cramped, windowless room, Natividad Benítez brings her six children all of their meals from the soup kitchen where she earns $133 a month, barely enough to cover her rent and a few extra monthly costs. Since the new coronavirus came to Argentina, the priest who employs her, the Rev. Juan Isasmendi, has gone from serving 350 meals a day to 7,000, feeding residents of a poor Buenos Aires neighborhood where economic activity has all but stopped due to strict anti-virus measures. “Without his help I don’t know what would become of me,’’ she said. “It’s impossible to go looking for work in this situation of isolation.’’ The percentage of Argentines in poverty is expected to reach as high as 45% this year as the COVID-19 pandemic worsens an already grave economic crisis. The twin crises...
    DAMASCUS, Syria (AP) — Syrian President Bashar Assad has fired his prime minister a month ahead of elections as the economic crisis worsens and public anger rises in the territory under his control. Assad on Thursday also appointed the current water resources minister to replace Imad Khamis, who has been the premier since 2016. The Syrian president asked Hussein Arnous to replace Khamis until parliament elections are held next month and a new government comes in. The surprise move comes amid a deepening economic crisis that Assad’s government has been facing. Syria’s national currency is tumbling to the dollar, reaching unprecedented lows while food prices have skyrocketed. Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    DAMASCUS, Syria (AP) — Syrian President Bashar Assad fires his prime minister a month ahead of elections as country’s economic crisis worsens. Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    BEIRUT (AP) — Hundreds of Lebanese demonstrators gathered in central Beirut on Saturday, hoping to reboot nationwide anti-government protests that began late last year amid an unprecedented economic and financial crisis. Scattered groups of protesters arrived in the capital’s downtown area, only some of them wearing masks and face shields to protect against the spread of the coronavirus, in response to calls for a centralized protest to press for demands. But tensions and divisions among protesters were clear. Lebanese rose up against their political leaders in nationwide mass protests on Oct. 17 amid a spiraling economic crisis, blaming them for decades of corruption and mismanagement. The protests, which further deepened the slump, eventually lost some momentum and later were put on hold after the outbreak of the pandemic. The unprecedented economic crisis, nationwide protests and pandemic pose the biggest threat to stability since the end of the country’s...
    SAN FRANCISCO (KGO) -- Many have been impacted by the novel coronavirus pandemic, especially those living without a paycheck.The line outside a popup food pantry from the San Francisco Marin Food Bank at its peak stretched for four blocks.Jaime Martinez says this is only the second time he has reached out to the Food Bank for help in his 70 years."Everything is so expensive," Martinez says. "Everything is going up and up and up and I'm sick and tired."Martinez hasn't worked at his job as a security guard at the Chase Center since it closed due the pandemic in early March.RELATED: California EDD reopening applications to unemployed workers who previously exhausted benefits"I applied for the EDD, the unemployment. I don't receive anything. Not even nothing. I waiting for the support for the $1,200 dollars. Nothing," he says.Tina Marchetti, executive director of the Bay Area Financial Education Foundation, can't imagine what...
123