Schlumberger is cutting more than 21,000 jobs as the global coronavirus pandemic quashes demand for energy and oil prices are routed. The company will pay more than $1 billion in severance benefits.
Safe haven gold pierced the $1,900 per ounce ceiling on Friday for the first time since 2011 as a worsening US-China row added to fears over the hit to a global economy already reeling from the coronavirus pandemic.
British retail sales jumped back almost to pre-coronavirus lockdown levels in June when non-essential stores in England reopened, giving a boost to beleaguered clothing stores.
Bilateral trade between the UAE and China will continue to surge in the coming years due to the strong trade relations and people-to-people synergies between the two countries as they transition to the digital economy.
Unconventional financial tools such as frequent liquidity injections may restore credit flows and facilitate recovery but run the risk of asset price overvaluation, said Dr. Patrick Lenain, Assistant Director at the OECD, France.
Profits in Russia’s banking sector rose to 70 billion roubles ($975 million) in June from just 500 million roubles in May, which included some weeks of lockdown due to the coronavirus pandemic, the central bank said in a report on Friday.
The UAE government has launched a pioneering project, the Fazaa centre for Business Incubators and Accelerators,that provides logistical support, training, qualification, studies and consultancies for Emirati entrepreneurs.
Acrimonious European Union talks over an unprecedented $2.1 trillion (1.85 trillion euro) EU budget and coronavirus recovery fund entered a third day on Sunday.
The Bank of Canada (BoC) Governor Tiff Macklem’s reassurance that interest rates will remain low for at least two years could unleash a wave of speculative demand in the country’s hottest housing markets, realtors and mortgage brokers warned.