Economy

• Tuesday, May 26th 2020 - 07:55 UTC

  Street demonstrations in Ecuador to protests drastic economic measures

  

  Demonstrators defied coronavirus restrictions to march in cities across Ecuador on Monday in protest against President Lenin Moreno's drastic economic measures to tackle the crisis.

• Tuesday, May 26th 2020 - 07:44 UTC

  China central bank will further lower interest rates to help revive the economy

  

  China will strengthen its economic policy and continue efforts to lower interest rates on loans, central bank Governor Yi Gang said, reinforcing expectations of further support measures to revive an economy ravaged by the coronavirus pandemic.

• Tuesday, May 26th 2020 - 07:42 UTC

  German government rescues Lufthansa taking a 20% stake in the company

  

  The German government and the management of flagship carrier Lufthansa, which has been hit hard by the coronavirus pandemic, have reached a preliminary deal on a 9 billion euro (US$9.8 billion) bailout, two people close to the matter said.

• Tuesday, May 26th 2020 - 07:40 UTC

  Carmen Reinhart, appointed World Bank Chief Economist

  

  World Bank Group President David Malpass announced on Monday that Carmen Reinhart has been appointed as the new Vice President and Chief Economist of the World Bank Group. Reinhart’s appointment is effective on June 15, 2020.

• Monday, May 25th 2020 - 20:59 UTC

  Mexico anticipates the loss of a million jobs because of the Covid-19 pandemic

  

  Mexican President Andres Manuel Lopez Obrador said on Sunday that the novel coronavirus could cost as many as a million jobs in the country as many industries considered not essential remain shut.

• Monday, May 25th 2020 - 20:48 UTC

  British government ready to rescue companies considered strategically important

  

  British Finance Minister Rishi Sunak has authorized a bailout plan to rescue companies that are seen as strategically important, with the state expected to buy stakes in crucial businesses that are facing acute financial problems, the Financial Times newspaper reported.

• Monday, May 25th 2020 - 07:52 UTC

  Pierre Andurand, French 'wonder boy' who predicted the sub zero oil market collapse

  

  French oil trader Pierre Andurand was catapulted into the spotlight this year after correctly betting that the deadly novel coronavirus would spark a sub-zero oil market collapse. Andurand, the 43-year-old founder of London-based Andurand Capital who runs two multi-million-dollar funds, bet in February that the deadly COVID-19 outbreak could represent a rare “black swan” event that would send prices into reverse.

• Saturday, May 23rd 2020 - 10:50 UTC

  Argentina asks Ireland's support to exclude the Falklands from any post Brexit EU-UK accord

  

  The Argentine foreign minister Felipe Solá held a round of talks with his counterparts from Australia, Ireland and Armenia to address issues of special significance for an Argentine foreign policy such as the current Coronavirus pandemic, and its impact on the global economy, and the European Union position regarding the Falkland Islands in a post Brexit scenario.

• Saturday, May 23rd 2020 - 09:57 UTC

  Argentina in “technical default” while negotiations with sovereign bondholders continue

  

  Argentina “technically” defaulted on Friday for the second time this century after failing to pay US$505 million of interest on its bond debt, but it continues to negotiate a restructuring with creditors. “We're not paying but the negotiations are continuing,” a government official said.

• Saturday, May 23rd 2020 - 09:47 UTC

  Hertz Global files for bankruptcy protection as Covid-19 vanishes business

  

  The more than a century old car rental firm Hertz Global Holdings filed for bankruptcy protection on Friday after its business all but vanished during the coronavirus pandemic and talks with creditors failed to result in needed relief.