Entries by Diplomat Editor

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Global airlines less hopeful on COVID-19 recovery

Global airlines cut their coronavirus recovery forecast on Tuesday, saying it would take until 2024 – a year longer than previously expected – for passenger traffic to return to pre-crisis levels. In an update on the pandemic’s crippling impact on air travel, the International Air Transport Association (IATA) cited slow virus containment in the United […]

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McDonald’s global sales suffer

McDonald’s Corp on Tuesday reported a broad drop in global same-store sales and missed profit expectations, as its restaurants were shut due to the COVID-19 pandemic, limiting operations to only drive-thru and delivery. Shares of the Chicago-based burger chain sank more than 2.5%. Global same-store sales fell 23.9% in the second quarter, dragged down by […]

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Gold hits record

Global equity benchmarks edged higher and gold soared to an all-time high on Monday as investors weighed expectations for another U.S. stimulus package against concerns that rising tensions between the United States and China will the slow the global economy’s recovery from the coronavirus pandemic. Gold jumped 2% to surpass its 2011 highs, and put […]

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Tunisia president designates new PM

Tunisian President Kais Saied designated the interior minister as the new prime minister to succeed Elyes Fakhfakh, who resigned over allegations of a conflict of interest. New premier Hichem Mechichi, 46, an independent, now has a month to form a government capable of winning a confidence vote in parliament by a simple majority, or the […]

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Trump acts to cut prescription drug prices in US

President Donald Trump has signed four executive orders aimed at cutting prescription drug prices in the US. “The four orders I’m signing today will completely restructure the prescription drug market,” said Mr Trump, who has long criticised “astronomical” prices. The measures would allow discounts and import of cheaper drugs from abroad. Mr Trump will meet […]

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Intel’s next-generation chips delayed until 2022

Intel says the production of its next-generation chips will be set back until 2022, following years of delays getting its current-generation chips on sale. The company said it was exploring “contingency plans” such as having third-party manufacturers produce some of its products. In June, Apple said it would transition its Mac computers away from Intel […]

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Netflix warns of slowdown after subscriber surge

Netflix has seen a surge in sign-ups due to the coronavirus lockdown, but has warned investors that subscriber growth will slow. The streaming giant added more than 10 million subscribers in the three months to July, bringing the total of new subscribers to 26 million in 2020. In contrast, Netflix saw 28 million new subscribers […]

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Australia extends jobs support

Australia will spend A$16.8 billion ($11.8 billion) to extend its wage subsidies for businesses hit by the coronavirus pandemic, as a surge in new infections in the country’s southeast threatens to keep the economy in recession. The six-month extension of the programme allays fears a hard end to the current A$70 billion scheme, originally scheduled […]

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Oman to impose curfew, travel bans for Eid holiday

Oman will ban travel between all its governorates from July 25 to Aug. 8, a period that includes a Muslim holiday, to prevent the spread of the new coronavirus, state news agency ONA said on Tuesday. A statement from the Health Ministry described the measure as a “total lockdown” of all governorates. The Gulf state […]

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Pompeo says talked 5G, trade with British PM Johnson

U.S. Secretary of State Mike Pompeo said he discussed 5G telecommunications and a potential U.S.-UK trade deal with British Prime Minister Boris Johnson, during a trip to London. “Constructive visit with @BorisJohnson today,” Pompeo tweeted. “Our two countries’ long-standing, strong bilateral relationship has laid the foundation for today’s candid discussion on issues ranging from 5G […]