Qantas reports £1bn annual loss

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Qantas has reported an annual loss of almost A$2bn (£1bn) as it deals with the impact of the coronavirus pandemic. The Australian flag carrier's boss says trading conditions are the worst in the airline's 100-year history. The firm also…

UK goes into record recession after economy shrinks by 20%

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The United Kingdom officially went into a recession after the economy contracted by a record 20.4% in the second quarter with the country in lockdown over the coronavirus pandemic, official data showed. "It is clear that the UK is in the…

Gold price drops after historical rise

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Gold prices dropped significantly, as it fell by more than 4% below the level of $ 2000 per ounce. In Bahrain, the price of 24 karats dropped to (23.62 dinars) when it was more than 25 dinars four days ago, 22 karats at 21.65 dinars (four…

Apple boss Tim Cook joins the billionaires club

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Apple chief executive Tim Cook has moved into the billionaire club as the tech firm's share price continues to soar. Apple's market value has been on the rise following strong results and the upbeat outlook for tech giants. Mr Cook owns…

Twitter looking at a possible TikTok tie-up

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Twitter has approached TikTok's Chinese owner ByteDance to express an interest in buying its US operations, according to reports. Video-sharing platform TikTok has been at the centre of fierce debate in recent weeks and takeover talk. Last…

Dubai launches economic program for post COVID-19 recovery

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Dubai launched an economic program as part of its efforts to reshape the emirate’s economy for a “sustainable” and “resilient” future post the coronavirus pandemic, the government said. The Dubai government partnered with the Mohammed…

Nokia claims to return to profit despite drop in sales

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Finnish telecommunications equipment provider Nokia said it had returned to profit in the second quarter and hiked its 2020 forecasts, despite a drop in sales due to the coronavirus pandemic. Net profit came in at 94 million euros ($112 million)…

Huawei takes top spot in global phone shipments

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Huawei has become the biggest vendor of smartphones in the world for the first time, according to analysts' estimates. It took the top spot by shipping 55.8 million devices in the last quarter, overtaking Samsung's 53.7 million. The report…

Global airlines less hopeful on COVID-19 recovery

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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…

McDonald's global sales suffer

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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…

Gold hits record

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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…

Intel's next-generation chips delayed until 2022

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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…

US signs $2 billion vaccine deal with Pfizer and BioNTech

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The United States signed a $1.95 billion agreement with US pharma giant Pfizer and Germany's BioNTech for 100 million doses of their experimental COVID-19 vaccine, part of an aggressive push to start immunizing Americans early next year. It…

Netflix warns of slowdown after subscriber surge

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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…