US jobs growth slows in July

Hiring in the US slowed sharply in July as the country struggled to control the coronavirus pandemic.   Employers added 1.8 million jobs last month, down from a record 4.8 million in June.   The unemployment rate fell to 10.2%, continuing to improve from the high of 14.7% seen in April.   The figures reignited […]

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BP halves dividend after record loss

BP has halved its shareholder dividend and posted a record $6.7bn quarterly loss after the coronavirus pandemic hit global demand for oil.   The dividend news is another blow for pension funds and private investors who have seen a string of firms cut or halt payouts.   The loss was largely due to BP writing […]

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Eurozone suffers deepest contraction on record

The Eurozone has recorded its largest contraction on record with Spain the country hardest hit.   Its economy shrank by 18.5% in the April-to-June period, having already fallen by 5.2% in the first three months of the year.   Spain was the worst performer in the Eurozone, which saw its overall GDP decline by a […]

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US economy sees sharpest contraction in decades

The US economy shrank at a 32.9% annual rate between April and June as the country grappled with lockdowns and spending cutbacks during the pandemic.   It was the deepest decline since the government began keeping records in 1947 and three times more severe than the prior record of 10% set in 1958.   Reduced […]

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EU outlines 800 EUR per tonne plastics tax

The European Union is to introduce a levy on plastic waste as part of the bloc’s €750 billion coronavirus recovery fund agreement. Proceeds from the tax will go directly to the EU.   From 1st January 2021, a levy of €0.80 per kilogram will be applied for products, “with a mechanism to avoid excessively regressive […]

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Republicans introduce $1tn pandemic recovery plan

US Senate Republicans have proposed spending an additional $1tn to address the economic damage caused by the coronavirus pandemic.   The plan includes $100bn for schools and issuing stimulus payments of up to $1,200 to most Americans.   Under the plan, the payment would replace a $600 boost to unemployment benefits during the pandemic.   […]

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EU leaders agree massive recovery package

EU leaders have struck a deal on a huge post-coronavirus recovery package following four nights of talks.   It involves €750bn ($859bn) in grants and loans to counter the impact of the pandemic in the 27-member bloc.   The talks saw a split between nations hardest hit by the virus and so-called “frugal” members concerned […]

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South Korea falls into recession

South Korea has fallen into recession as the country reels from the impact of the coronavirus pandemic.   Asia’s fourth-largest economy saw GDP fall by a worse-than-expected 2.9% in year-on-year terms, the steepest decline since 1998.   Exports, which account for nearly 40% of the economy, were the biggest drag as they fell by the […]

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