Dubai faces off 5.5% recession this year as $10 billion debt repayments loom: BofA

31-05-2020
On Sunday, a Bank of America research had revealed that the economy of Dubai would likely to face off a disdainful 2020 with a likely 5.5% recession alongside a $10 billion worth of bond maturities this year

Saudi Sovereign Wealth Fund seizes $40bn from FX reserves to fund oversees investment

31-05-2020
Saudi Finance Minister Mohammed al-Jaadan said in a statement on Friday that the oil-dependent country's Central Bank had allotted $40 billion to the nation's public investment fund (PIF)

Pandemic pummels US consumer spending to new record lows as savings hit all-time high

30-05-2020
US Commerce Department data on consumer spending released on Friday had revealed an unfathomable pressure on US economy with consumers slashing down expenses at a record pace

Crude oil skyrockets as higher US refinery rates offset surprise inventory build

29-05-2020
Both US and UK crude futures due to be expired on July reported a robust gain on Thursday despite a surprising US crude inventory build

US Initial jobless claims hold above 2 million as second layoff wave splashes

28-05-2020
US Labour Department data released earlier on Thursday had revealed that the US initial jobless claims were holding above a significantly staggering figure of 2 million since a record peak reached on March 28th

New York Stock Exchange partially reopens trading floor after pandemic-led closure

27-05-2020
Earlier on Tuesday, the New York Stock Exchange partially reopens its trading floor which had been shuttered down since the 23rd of March due to the pandemic outbreak

US consumer confidence stabilizes in May as economy reopens, pandemic wave wanes

26-05-2020
The New York city-based Conference Board said that the US consumer confidence had nudged up on May, eventually lifting up the NYSE

Argentina defaults on sovereign debt payments as bondholders talks extended

24-05-2020
The Argentine Government had faced off its ninth sovereign bond default following a $500 million pay out miss on three separate foreign debts worth of $65 billion

Oil woes on US-China tension, energy demand doubts

24-05-2020
Both US and UK crude futures' prices fell by as much as 2% on Friday, but the futures had logged their fourth consecutive weekly gains

Brazil sells $3.2 billion short-term bond as revised 2020 debt, deficit to hit record

23-05-2020
Brazil’s Treasury Secretary Almeida said on Friday that the Government of President Jair Bolsonaro sold $3.2 billion in short-term debts to finance emergency measures

US labour market bleeds, as jobless claims spread despite businesses reopening

22-05-2020
On Thursday, the 21st of May 2020, US weekly employment data released by the Labour Department had orchestrated another histrionic downturn for an already recessed US economy with millions of more American citizens filing for unemployment benefits

Crude oil climbs to two-month peak after plunge in US inventories

21-05-2020
On Thursday, both US and UK crude oil futures’ prices rose to their highest level since mid-March, as a sweeping drawdown in crude inventories alongside production cuts by a majority of crude exporting nations, offset pressures of an intense supply glut

New Zealand PM Jacinda Ardern announces moves to revive economy

21-05-2020
Tourism has suffered in New Zealand and the prime minister has set out measures to help the country recover

Lufthansa announces talks with German government for rescue package

21-05-2020
The German airliner is looking to continue its operations in the long term despite turbulence due to the ongoing global volatility

Pandemic plunders US homebuilding, permits tumble

20-05-2020
On Tuesday, the 19th of May 2020, US economic data released by the Commerce Department had added to further holocaust on a sharply recessing US economy, as US homebuilding had plunged by the most on record in April

US Crude jumps nearly 20% in third consecutive week of gains as lockdown eases

18-05-2020
On Friday, both US and UK crude futures’ prices due to be expired on June had witnessed a wave of bullish wing with US WTI crude climbing more than 7 per cent and Brent adding 4.4 per cent, marking up the US crude futures’ prices highest level since Ma

US House passes $3 trillion pandemic aid bill opposed by Trump

17-05-2020
On Friday, the 15th of May 2020, the Democrat-controlled US House of Representatives voted to approve a $3 trillion stimulus package by the narrowest of margins aimed at proffering further cushions to the $20.58 trillion US economy

Saudi sovereign fund shores up stakes in US holdings as pandemic belabours

17-05-2020
On Friday, a US SEC regulatory filing had revealed that the Kingdom of Saudi Arabia’s sovereign wealth fund, widely dubbed as the Saudi PIF or Public Investment Fund, had been purchasing minority stakes in a gauge of major American companies

US retail sales slumped to new record-low, industrial production plummets

16-05-2020
On Friday, the 15th of May 2020, a basket of baleful economic data released by the US Commerce Department had reflected a deepening recession in the United States as the US retail sales had nosedived to a record low of 16.4 per cent in April

US weekly jobless claims rise more than anticipated as second layoff waves splash

15-05-2020
On Thursday, the 14th of May 2020, weekly unemployment report released by the US Labour Department had reflected a likely sign of shrine for an almost halted US economy despite an ease of lockdown across many US states

US consumer prices post biggest decline since Great Depression, says Washington

12-05-2020
Earlier on Tuesday, the 12th of May 2020, US Labour Department had released the US CPI (Consumer Price Index) data which had witnessed its steepest fall last month since the era of Great Financial Depression

South Africa cancels use of Land Bank debts as collateral after default

12-05-2020
On Saturday, the South African Reserve Bank (Central Bank of South Africa) momentarily suspended any usage of debts issued by the Land Bank as collateral after the state-backed agricultural lender had missed a $2.7 billion in loan repayments

Brazil to flood economy with money in case of depression as rate cut shows response

10-05-2020
On Saturday, the 9th of May 2020, Paulo Guedes, the Economy Minister of Brazil, said in a statement that the free-market economy of Brazil would be showered with fresh fiscal stimulus in case of a depression due to the pandemic outbreak

US to purchase $3 billion worth of farm goods from local growers next week

10-05-2020
On Saturday, the 9th of May 2020, the US President Donald Trump said in a tweet that the United States would start off a purchase of $3 billion worth of diary, meat and other food ingredients from local growers as early as by next week.

New York’s S&P confirms Qatar’s credit rating at ‘AA- ‘, outlook stable

10-05-2020
On Friday, the 8th of May 2020, the NY-based American credit rating agency, S&P Global Ratings, often contemplated as one of the big three sovereign credit rating agencies alongside Moody’s and Fitch, had affirmed Qatar’s credit rating at ‘AA-’