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…

China's virus-hit economy shrinks for first time in decades

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China's economy shrank for the first time in decades in the first quarter of the year, as the virus forced factories and businesses to close. The world's second biggest economy contracted 6.8% according to official data released on Friday. The…

Asian economies won't grow this year, warns IMF

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Economies in Asia will see zero growth this year for the first time in 60 years, the International Monetary Fund (IMF) has said. Its bleak outlook for the region comes as it warns the global economy will face the "worst recession since the…

Coronavirus hits decade of US jobs growth

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Another 5.2 million Americans registered for unemployment benefits last week as businesses remain shut amid the coronavirus lockdown. The new Department of Labor filings bring the number of jobless claims over the last four weeks to more…

Amazon boss Jeff Bezos adds $24bn to fortune

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The founder and boss of Amazon has seen his wealth swell by $24bn (£19bn) after soaring demand for online shopping sent the firm's share price to a new high. Jeff Bezos now has a fortune of $138bn, according to the Bloomberg Billionaires…

US shares see their biggest weekly gain in 46 years

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US stocks have just recorded their biggest weekly gain since 1974 despite the bleak economic outlook. Wall Street's S&P 500 shares index has risen 12% this week, as the US central bank announced more stimulus measures to support the economy. Financial…

Amazon builds its own testing lab for staff

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Retail giant Amazon says it will build its own coronavirus testing lab to monitor the health of its staff. Cases of Covid-19 have been reported at more than 50 Amazon facilities across the US. Some have involved multiple infected workers. The…