World Bank warns 60m at risk of 'extreme poverty'

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Up to 60m people will be pushed into "extreme poverty" by the coronavirus warns the president of the World Bank. David Malpass said the bank expects global economic growth to shrink by 5% this year as nations deal with the pandemic. This…

Coronavirus 'could cost global economy $8.8tn'

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The coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn (£4.7tn-£7.1tn), according to Asian Development Bank (ADB). That's more than double last month's prediction and equates to 6.4%-9.7% of the world's economic…

WTO head steps down a year early as downturn looms

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The head of the World Trade Organization has said he will step down a year earlier than planned, at a crucial moment for the global economy. Roberto Azevedo's surprise departure comes as the WTO faces the impact of the coronavirus pandemic…

Amazon to make face shields and sell at cost

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Amazon says it will produce hundreds of thousands of face shields for medics and sell them at cost price in the US. The internet giant said engineers from its drone and hardware divisions had been tasked with developing the product. At…

Coronavirus pandemic could threaten global food supply, UN

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As the novel coronavirus pandemic shuts down businesses globally and sends countries into lockdown, the disruptions are threatening to cut off supply chains and increase food insecurity. "Supermarket shelves remain stocked for now," the Food…

Emirates to raise debt as travel recover expected after 18 months

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(Dubai) - Emirates, one of the world’s biggest long-haul airlines, will raise debt to help it through the coronavirus pandemic that has shattered global travel demand, warning that a recovery in travel demand was at least 18 months away. The…

UK Economy Heads for Biggest Recession in 300 Years

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The British economy is set to plummet into its worst recession for 300 years because of the coronavirus crisis, the Bank of England warned. In a bleak assessment, the Bank said economic output will shrink by 14 percent this year in the worst…

Dubai Expo Officially Postponed to October 2021

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The General Assembly of the Bureau International des Expositions (BIE) has approved the request of the UAE government and its Executive Committee to postpone Dubai Expo 2020 to next year. Member States voted remotely on the BIE Executive…

Apple boosted by streaming services despite lockdown

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Apple saw growth for the first three months of the year, as falling device sales in China were offset by demand for its streaming services due to the coronavirus lockdown. Sales climbed to $58.3bn (£46.2bn), up from $58bn in the same period…

US economy shrinks at fastest rate since 2008

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The US economy suffered its most severe contraction in more than a decade in the first quarter of the year, as the country introduced lockdowns to slow the spread of coronavirus. The world's largest economy sank at an annual rate of 4.8%,…

Amazon's £250,000 for bookshops fund stuns trade

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Online retailer Amazon, long accused of killing off bricks-and-mortar book sales, has stunned the industry by donating £250,000 to a fund in aid of bookshops hit by coronavirus. The tech giant initially made the donation on a "low-key" basis,…

Merkel warns coronavirus crisis 'still just the beginning'

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German Chancellor Angela Merkel has said her country must remain "clever and cautious" in handling the coronavirus crisis, as it is "not the end phase but still just the beginning". "We'll have to live with this virus for a long time," Ms…

US unemployment claims hit 26.4 million amid virus

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A further 4.4 million Americans sought unemployment benefits last week as the economic toll from the coronavirus pandemic continued to mount. The new applications brought the total number of jobless claims since mid-March to 26.4 million. That…

US oil prices turn negative as demand dries up

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The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried…