German business morale slumped to a six-month low in January as a second wave of COVID-19 halted an economic recovery

German economy likely subdued in coming weeks

Britain’s coronavirus-ravaged economy slumped by 9.9% for the year, suffered its biggest crash in output in more than 300 years.

UK coronavirus-ravaged economy slumped by 9.9%

The British economy suffered its largest annual contraction since the Great Frost of 1709, as the coronavirus pandemic ravaged economic activity.

The Office for National Statistics said gross domestic product (GDP) fell by 9.9% in 2020 as no sector of the economy was left unscathed by lockdowns and plummeting demand during the pandemic. It was the biggest fall in annual GDP since the Great Frost of 1709, when the economy shrank by 13%.

That was when Europe's harshest winter in 500 years caused widespread death and destruction.

"This time it`s a pandemic to blame whereas back then, it was a Great Frost, which saw ice in the North Sea, and the War of Spanish Succession ... which was doing the damage," wrote Societe Generale strategist Kit Juckes in a research note on Friday as quoted by CNN.

According to the Office for National Statistics, there were some signs of improvement in the final months of 2020, with GDP estimated to have increased by 1 per cent in the fourth quarter, following record growth in the third quarter. But there were big swings in output between October and December, largely tracking the level of restrictions imposed to contain the coronavirus, CNN reported. The UK suffered one of "the worst recessions" among major economies last year. Germany, for example, held up better in the pandemic than it did during the global financial crisis.&nbsp;

Provisional estimates suggest Europe`s biggest economy contracted by 5 per cent last year. EU GDP, meanwhile, is expected to have shrunk 6.4 per cent, according to Eurostat. "Today`s figures show that the economy has experienced a serious shock as a result of the pandemic, which has been felt by countries around the world," UK Finance Minister Rishi Sunak said in a statement as quoted by CNN.

"While there are some positive signs of the economy`s resilience over the winter, we know that the current lockdown continues to have a significant impact on many people and businesses," it added. The new national lockdown, which was imposed on January 5 in the country, is expected to hit the economy hard in the first quarter of 2021, reversing the return to growth in the fourth quarter of 2020.

"It seems that a double dip [recession] was merely delayed rather than avoided outright," Sam Miley, an economist at the London-based Centre for Economics and Business Research said in a note on Friday. Disruption to EU-UK trade following the end of the Brexit transition period on December 31 is "also weighing on activity.

"CNN further reported that British exporters have struggled to get their products into Europe due to border delays and glitches in new customs systems. Companies selling fresh produce, such as live shellfish and meat, have in some cases had to discard their products as a result. Even once the dust settles, new trading arrangements are expected to add additional costs to UK companies, which rely on Europe for a large portion of their imports and exports.

According to a survey published on Thursday by the Financial Conduct Authority (FCA), the coronavirus pandemic has left more than a quarter of British adults financially vulnerable, with too much debt or not enough savings to cope with a "negative life event" such as redundancy, loss of working hours, or ill health. Citing the survey, the news outlet reported that nearly 40 per cent of British adults suffered financially as a consequence of the pandemic, with younger workers, Black people and the self-employed among the hardest hit.

According to Bank of England chief economist Andy Haldane, who pointed to high savings rates among UK households in an opinion piece published in a British media outlet on Thursday, said that half of adults in the FCA survey said the pandemic had not disturbed their finances, while some 15 per cent of adults were financially better off.&nbsp;

That could lay the foundation for a savings-led boost to demand."The rapid rollout of the vaccination programme across the UK means a decisive corner has been turned in the battle against Covid," he said as reported by CNN quoting The Daily Mail."A decisive corner is about to be turned for the economy too, with enormous amounts of pent-up financial energy waiting to be released, like a coiled spring," he added.

(With inputs from agencies)

The British economy suffered its largest annual contraction since the Great Frost of 1709, as the coronavirus pandemic ravaged economic activity. The Office for National Statistics said gross domestic product (GDP) fell by 9.

The British economy suffered its largest annual contraction since the Great Frost of 1709, as the coronavirus pandemic ravaged economic activity. The Office for National Statistics said gross domestic product (GDP) fell by 9.9% in 2020 as no sector of the economy was left unscathed by lockdowns and plummeting demand during the pandemic. It was the biggest fall in annual GDP since the Great Frost of 1709, when the economy shrank by 13%. That was when Europe's harshest winter in 500 years caused widespread death and destruction. "This time it`s a pandemic to blame whereas back then, it was a Great Frost, which saw ice in the North Sea, and the War of Spanish Succession ... which was doing the damage," wrote Societe Generale strategist Kit Juckes in a research note on Friday as quoted by CNN. According to the Office for National Statistics, there were some signs of improvement in the final months of 2020, with GDP estimated to have increased by 1 per cent in the fourth quarter, following record growth in the third quarter. But there were big swings in output between October and December, largely tracking the level of restrictions imposed to contain the coronavirus, CNN reported. The UK suffered one of "the worst recessions" among major economies last year. Germany, for example, held up better in the pandemic than it did during the global financial crisis. Provisional estimates suggest Europe`s biggest economy contracted by 5 per cent last year. EU GDP, meanwhile, is expected to have shrunk 6.4 per cent, according to Eurostat. "Today`s figures show that the economy has experienced a serious shock as a result of the pandemic, which has been felt by countries around the world," UK Finance Minister Rishi Sunak said in a statement as quoted by CNN. "While there are some positive signs of the economy`s resilience over the winter, we know that the current lockdown continues to have a significant impact on many people and businesses," it added. The new national lockdown, which was imposed on January 5 in the country, is expected to hit the economy hard in the first quarter of 2021, reversing the return to growth in the fourth quarter of 2020. "It seems that a double dip [recession] was merely delayed rather than avoided outright," Sam Miley, an economist at the London-based Centre for Economics and Business Research said in a note on Friday. Disruption to EU-UK trade following the end of the Brexit transition period on December 31 is "also weighing on activity. "CNN further reported that British exporters have struggled to get their products into Europe due to border delays and glitches in new customs systems. Companies selling fresh produce, such as live shellfish and meat, have in some cases had to discard their products as a result. Even once the dust settles, new trading arrangements are expected to add additional costs to UK companies, which rely on Europe for a large portion of their imports and exports. According to a survey published on Thursday by the Financial Conduct Authority (FCA), the coronavirus pandemic has left more than a quarter of British adults financially vulnerable, with too much debt or not enough savings to cope with a "negative life event" such as redundancy, loss of working hours, or ill health. Citing the survey, the news outlet reported that nearly 40 per cent of British adults suffered financially as a consequence of the pandemic, with younger workers, Black people and the self-employed among the hardest hit. According to Bank of England chief economist Andy Haldane, who pointed to high savings rates among UK households in an opinion piece published in a British media outlet on Thursday, said that half of adults in the FCA survey said the pandemic had not disturbed their finances, while some 15 per cent of adults were financially better off. That could lay the foundation for a savings-led boost to demand."The rapid rollout of the vaccination programme across the UK means a decisive corner has been turned in the battle against Covid," he said as reported by CNN quoting The Daily Mail."A decisive corner is about to be turned for the economy too, with enormous amounts of pent-up financial energy waiting to be released, like a coiled spring," he added. (With inputs from agencies)

British economy suffers worst annual slump since the Great Frost of 1709

Economy to values: Tokyo Olympics highlight stark difference from 1964 to 2021

In the wholesale market of Jamila, near Baghdad’s sprawling Sadr City neighborhood, a merchant, Hassan al-Mozani, was surrounded by towering piles of unsold 110-pound sacks of flour.

“Normally at a minimum I would sell 700 to 1,000 tons a month,” he said. “But since the crisis started we have only sold 170 to 200 tons.”

His troubles are a ground-level indicator of what economists say is the biggest financial threat to Iraq since Saddam Hussein’s time:Iraq is running out of money to pay its bills.

That has created a financial crisis with the potential to destabilize the government — which changed a year ago after mass protests over corruption and unemployment — touch off fighting among armed groups, and empower Iraq’s neighbor and longtime rival, Iran.

Iran in the past has taken the opportunity posed by a weak Iraqi central government to strengthen its political power and the role of its paramilitaries within Iraq.

With its economy hammered by the pandemic and plunging oil and gas prices, which account for 90% of government revenue, Iraq was unable to pay government workers for months at a time last year.

Last month, Iraq devalued its currency, the dinar, for the first time in decades, immediately raising prices on almost everything in a country that relies heavily on imports. And last week, Iran cut Iraq’s supply of electricity and natural gas, citing nonpayment, leaving large parts of the country in the dark for hours a day.

“I think it’s dire,” said Ahmed Tabaqchali, an investment banker and senior fellow at the Iraq-based Institute of Regional and International Studies. “Expenditures are way above Iraq’s income.”

Many Iraqis fear that despite Iraqi government denials there will be more devaluations to come.

“Everyone is afraid to buy or sell,” said Ahmed Khalaf, who turned to business when he couldn’t find a job with his degree in sociology.

Al-Mozani, 56, the merchant in the Jamila wholesale market, imports flour from Turkey in dollars, until recently selling it for about $22 per sack. In response to the currency devaluation, he raised the price to $30.

A restaurant manager who popped in to ask about the new price of flour, Karam Muhammad, said there was not much demand. Restaurants, he said, have been mostly empty because of the pandemic and the financial crisis.

In a stall off a narrow, winding alley of the Shorja market, one of Baghdad’s oldest, Khalaf sells the smallest luxuries: nail polish, plastic hair barrettes, colored pencils.

Even during the pandemic, by midmorning the stalls in Shorja market would normally be thronged with shoppers buying food staples and household goods. But last week the aisles were nearly empty.

“Our customers are mostly government employees, but as you can see, they’re not coming,” said Khalaf, 34.

While the currency devaluation took most Iraqis by surprise, the economic and financial crisis has been years in the making.

Public sector salaries and pensions cost the government about $5 billion a month, but its monthly oil revenue recently has reached only about $3.5 billion. Iraq has been making up the shortfall by burning through its reserves, which some economists say are already insufficient.

The International Monetary Fund concluded in December that the country’s economy was expected to have contracted by 11% in 2020. It urged Iraq to improve governance and reduce corruption.

For 18 years oil revenue has propped up a system in which the government wins support by awarding ministries to political factions, which are given almost free rein to create jobs. Iraq’s civil service has tripled in size since 2004. Economists estimate more than 40% of the workforce depends on government salaries and contracts.

The financial crisis could put the brakes on this corruption-riddled patronage system.

“Every government, they’ve managed to buy out more and more but that buying of loyalty, that buying of acquiescence is over,” Tabaqchali said by phone from London.

The high public payroll has left little spending on infrastructure. Iraq’s economy has also been hit by the coronavirus pandemic, with many workers in the already weak private sector losing their jobs.

Tabaqchali and other economists said the devaluation was a difficult but necessary step in helping Iraqi businesses. With the cost of imports rising, Iraqi goods such as farm produce can more easily compete.

Adding to the misery has been Iraq’s limited ability to pay Iran for electricity and natural gas. Iraq is not allowed to transfer cash to Iran, but instead it sends food and medicine in exchange for natural gas and electricity. Iran says it is owed the equivalent of more than $5 billion.

“Iraq can’t pay all the debt to Iran,” said Abdul Hussein al-Anbaki, an economic adviser to Prime Minister Mustafa al-Kadhimi. “Iran is also facing an economic crisis and we cannot buy gas without paying.”

Part of Iraq’s debt was created by its inability to pay, but the lion’s share, about $3 billion, remains frozen in an Iraqi bank, while Iraq struggles to comply with U.S. sanctions against Iran, Iraqi officials said.

The sanctions, aimed at forcing Iran to accept stronger restrictions on its nuclear program and to curb its support for foreign militias, have blacklisted its banking system.

“For the Iraqis, it is difficult because the mechanism to pay them is almost nonexistent because obviously the Americans are monitoring the situation very closely,” said Farhad Alaaldin, chair of the Iraq Advisory Council, a policy research institute.

Alaaldin and others said the financial crisis could lead to renewed protests and struggles between armed groups to control Iraq’s increasingly limited resources.

That Iraq, one of the world’s largest oil producers, cannot reliably supply electricity to its citizens and has to import electricity is symptomatic of the dysfunction that brought down the previous government.

Iraq’s energy infrastructure has suffered from three devastating wars since the 1980s, destroying refineries and power plants. But since the U.S.-led invasion of Iraq overthrew Hussein in 2003, corruption and incompetence have prevented Iraq’s government from fully restoring electricity.

In addition, although Iraq is awash in oil, most of its electricity plants run on natural gas. Iraq has vast natural gas reserves but has not invested heavily in developing its gas industry. And until the Trump administration levied additional sanctions on Iran, importing electricity and gas from Iran was the easiest solution.

For the millions of Iraqis who cannot afford electricity from private generators, the power cuts and rising prices have been a double blow.

Haifa Jadu, 55, who had come to shop at the Shorja market, said she and her husband, a retiree who is blind, had simply done without electricity for large parts of the day.

“We used to pay money to a generator owner, but we haven’t bought power for four months because he increased the price,” she said. She said the walnuts she bought a month ago for about $3.50 a pound were now almost $5 and out of reach.

The government has proposed sweeping measures to try to bolster the economy, including tax increases, in a plan now before Parliament. But many politicians are counting on the prospect of increased oil prices this year to delay passing what economists say are urgently needed reforms.

Until that happens, unemployment is expected to grow as about 700,000 young people enter the job market each year. With few jobs to go around, they are likely to join what has become a permanent underclass.

Near Shorja market, Amar Musa, wearing a black mask and a military-style olive green coat, had set up artificial Christmas trees and tinsel garlands to sell on the busy main street to his Orthodox Christian customers, who celebrate the holiday in January.

Musa, 45, graduated from a technical college with a mechanic’s diploma but says he has never been able to find a job in his field. Standing next to a white Christmas tree with a deflated mylar Santa impaled on its metal branches, he explained he had a shop that went out of business and now drives a taxi.

Like many Iraqis, he also writes poetry. Asked to recite one of his poems, he pulled a cigarette out of a package, broke it in half and threw it on the ground.

“I am like a cigarette,” he said. “I burn and like a butt I would be thrown away. Do not talk to me about the homeland. We are poor and our homeland is the grave.”

In the wholesale market of Jamila, near Baghdad’s sprawling Sadr City neighborhood, a merchant, Hassan al-Mozani, was surrounded by towering piles of unsold 110-pound sacks of flour.

In the wholesale market of Jamila, near Baghdad’s sprawling Sadr City neighborhood, a merchant, Hassan al-Mozani, was surrounded by towering piles of unsold 110-pound sacks of flour. “Normally at a minimum I would sell 700 to 1,000 tons a month,” he said. “But since the crisis started we have only sold 170 to 200 tons.” His troubles are a ground-level indicator of what economists say is the biggest financial threat to Iraq since Saddam Hussein’s time:Iraq is running out of money to pay its bills. That has created a financial crisis with the potential to destabilize the government — which changed a year ago after mass protests over corruption and unemployment — touch off fighting among armed groups, and empower Iraq’s neighbor and longtime rival, Iran. Iran in the past has taken the opportunity posed by a weak Iraqi central government to strengthen its political power and the role of its paramilitaries within Iraq. With its economy hammered by the pandemic and plunging oil and gas prices, which account for 90% of government revenue, Iraq was unable to pay government workers for months at a time last year. Last month, Iraq devalued its currency, the dinar, for the first time in decades, immediately raising prices on almost everything in a country that relies heavily on imports. And last week, Iran cut Iraq’s supply of electricity and natural gas, citing nonpayment, leaving large parts of the country in the dark for hours a day. “I think it’s dire,” said Ahmed Tabaqchali, an investment banker and senior fellow at the Iraq-based Institute of Regional and International Studies. “Expenditures are way above Iraq’s income.” Many Iraqis fear that despite Iraqi government denials there will be more devaluations to come. “Everyone is afraid to buy or sell,” said Ahmed Khalaf, who turned to business when he couldn’t find a job with his degree in sociology. Al-Mozani, 56, the merchant in the Jamila wholesale market, imports flour from Turkey in dollars, until recently selling it for about $22 per sack. In response to the currency devaluation, he raised the price to $30. A restaurant manager who popped in to ask about the new price of flour, Karam Muhammad, said there was not much demand. Restaurants, he said, have been mostly empty because of the pandemic and the financial crisis. In a stall off a narrow, winding alley of the Shorja market, one of Baghdad’s oldest, Khalaf sells the smallest luxuries: nail polish, plastic hair barrettes, colored pencils. Even during the pandemic, by midmorning the stalls in Shorja market would normally be thronged with shoppers buying food staples and household goods. But last week the aisles were nearly empty. “Our customers are mostly government employees, but as you can see, they’re not coming,” said Khalaf, 34. While the currency devaluation took most Iraqis by surprise, the economic and financial crisis has been years in the making. Public sector salaries and pensions cost the government about $5 billion a month, but its monthly oil revenue recently has reached only about $3.5 billion. Iraq has been making up the shortfall by burning through its reserves, which some economists say are already insufficient. The International Monetary Fund concluded in December that the country’s economy was expected to have contracted by 11% in 2020. It urged Iraq to improve governance and reduce corruption. For 18 years oil revenue has propped up a system in which the government wins support by awarding ministries to political factions, which are given almost free rein to create jobs. Iraq’s civil service has tripled in size since 2004. Economists estimate more than 40% of the workforce depends on government salaries and contracts. The financial crisis could put the brakes on this corruption-riddled patronage system. “Every government, they’ve managed to buy out more and more but that buying of loyalty, that buying of acquiescence is over,” Tabaqchali said by phone from London. The high public payroll has left little spending on infrastructure. Iraq’s economy has also been hit by the coronavirus pandemic, with many workers in the already weak private sector losing their jobs. Tabaqchali and other economists said the devaluation was a difficult but necessary step in helping Iraqi businesses. With the cost of imports rising, Iraqi goods such as farm produce can more easily compete. Adding to the misery has been Iraq’s limited ability to pay Iran for electricity and natural gas. Iraq is not allowed to transfer cash to Iran, but instead it sends food and medicine in exchange for natural gas and electricity. Iran says it is owed the equivalent of more than $5 billion. “Iraq can’t pay all the debt to Iran,” said Abdul Hussein al-Anbaki, an economic adviser to Prime Minister Mustafa al-Kadhimi. “Iran is also facing an economic crisis and we cannot buy gas without paying.” Part of Iraq’s debt was created by its inability to pay, but the lion’s share, about $3 billion, remains frozen in an Iraqi bank, while Iraq struggles to comply with U.S. sanctions against Iran, Iraqi officials said. The sanctions, aimed at forcing Iran to accept stronger restrictions on its nuclear program and to curb its support for foreign militias, have blacklisted its banking system. “For the Iraqis, it is difficult because the mechanism to pay them is almost nonexistent because obviously the Americans are monitoring the situation very closely,” said Farhad Alaaldin, chair of the Iraq Advisory Council, a policy research institute. Alaaldin and others said the financial crisis could lead to renewed protests and struggles between armed groups to control Iraq’s increasingly limited resources. That Iraq, one of the world’s largest oil producers, cannot reliably supply electricity to its citizens and has to import electricity is symptomatic of the dysfunction that brought down the previous government. Iraq’s energy infrastructure has suffered from three devastating wars since the 1980s, destroying refineries and power plants. But since the U.S.-led invasion of Iraq overthrew Hussein in 2003, corruption and incompetence have prevented Iraq’s government from fully restoring electricity. In addition, although Iraq is awash in oil, most of its electricity plants run on natural gas. Iraq has vast natural gas reserves but has not invested heavily in developing its gas industry. And until the Trump administration levied additional sanctions on Iran, importing electricity and gas from Iran was the easiest solution. For the millions of Iraqis who cannot afford electricity from private generators, the power cuts and rising prices have been a double blow. Haifa Jadu, 55, who had come to shop at the Shorja market, said she and her husband, a retiree who is blind, had simply done without electricity for large parts of the day. “We used to pay money to a generator owner, but we haven’t bought power for four months because he increased the price,” she said. She said the walnuts she bought a month ago for about $3.50 a pound were now almost $5 and out of reach. The government has proposed sweeping measures to try to bolster the economy, including tax increases, in a plan now before Parliament. But many politicians are counting on the prospect of increased oil prices this year to delay passing what economists say are urgently needed reforms. Until that happens, unemployment is expected to grow as about 700,000 young people enter the job market each year. With few jobs to go around, they are likely to join what has become a permanent underclass. Near Shorja market, Amar Musa, wearing a black mask and a military-style olive green coat, had set up artificial Christmas trees and tinsel garlands to sell on the busy main street to his Orthodox Christian customers, who celebrate the holiday in January. Musa, 45, graduated from a technical college with a mechanic’s diploma but says he has never been able to find a job in his field. Standing next to a white Christmas tree with a deflated mylar Santa impaled on its metal branches, he explained he had a shop that went out of business and now drives a taxi. Like many Iraqis, he also writes poetry. Asked to recite one of his poems, he pulled a cigarette out of a package, broke it in half and threw it on the ground. “I am like a cigarette,” he said. “I burn and like a butt I would be thrown away. Do not talk to me about the homeland. We are poor and our homeland is the grave.”

Iraq, struggling to pay debts and salaries, plunges into economic crisis

Coronavirus pandemic has shatters economies, However China in particular seems to have recover rather well according to the think tank. So much so that it will expected to overtake the United States and become the world’s biggest economy in 2028, five years earlier than previously estimated.

China to become the world's biggest economy by 2028

American airlines furloughed nearly 19,000 employees after a first federal payroll support package for airlines expired in October.

American Airlines begins recalling 19,000 furloughed workers

The grounding came after more evidence emerged indicating that the aircraft's key flight control software played a part in the two deadly crashes.

Boeing 737 Max resumes flights in US after 20-months

Australia's economy rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged, though the country's top central banker signalled monetary policy will stay accommodative for a while.

World Business Watch: Australia's economy rebounds sharply in Q3, growth beats forecast

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor.

Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, issued the decree, which replaces the Commercial Companies Law No. 2, passed in 2015.

Until now, companies in the UAE had needed a certain shareholding to be held by Emirati nationals, or an Emirati agent, depending on what type of company it was.

“The amendments allow foreign entrepreneurs and investors to fully establish (own 100 per cent) and own companies without any nationality requirements,” state news agency WAM said.

“The condition requiring a foreign company wishing to open a branch in the country to have an agent from among the country’s citizens has also been cancelled,” it added.

The UAE approved a new foreign investment law in 2018 that would allow foreigners to own up to 100% of some businesses and foreigners could already own up to 100% of those registered in designated business parks known as "free zones".

As an oil and gas producer, the UAE economy has been hit by the coronavirus pandemic and low oil prices, prompting the International Monetary Fund to forecast in October that the Gulf`s second-largest economy could shrink by 6.6% this year.

(With inputs from agencies)

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor.

In a major shake-up of foreign ownership laws aimed at attracting investment into an economy reeling from the coronavirus and a decline in oil prices, the government of the United Arab Emirates announced by decree today that foreign investors can fully own local companies without the need for an Emirati sponsor. Sheikh Khalifa bin Zayed Al Nahyan, president of the UAE, issued the decree, which replaces the Commercial Companies Law No. 2, passed in 2015. Until now, companies in the UAE had needed a certain shareholding to be held by Emirati nationals, or an Emirati agent, depending on what type of company it was. “The amendments allow foreign entrepreneurs and investors to fully establish (own 100 per cent) and own companies without any nationality requirements,” state news agency WAM said. “The condition requiring a foreign company wishing to open a branch in the country to have an agent from among the country’s citizens has also been cancelled,” it added. The UAE approved a new foreign investment law in 2018 that would allow foreigners to own up to 100% of some businesses and foreigners could already own up to 100% of those registered in designated business parks known as "free zones". As an oil and gas producer, the UAE economy has been hit by the coronavirus pandemic and low oil prices, prompting the International Monetary Fund to forecast in October that the Gulf`s second-largest economy could shrink by 6.6% this year. (With inputs from agencies)

UAE opens up the economy, allows 100% foreign ownership of firms: Report

In the academic year of 2019-2020, Indian students contributed $7.6 billion to the United States economy. Even though the year witnessed a 4.4 per cent drop in the number of Indian students in the US, their contribution remained large.

India remains the second-largest source of international students in the US, after China.

For the same academic year, China continued its streak of the most international students in the country for the 16th year in a row!

Also read:&nbsp;<a href="http://13.235.153.162/technology/apple-puts-taiwanese-supplier-pegatron-on-probation-for-exploitation-of-students-342003" hreflang="en">Apple puts Taiwanese supplier Pegatron on probation for exploitation of students</a>

According to a report titled “Opens Doors 2020”, over 372,000 Chinese students were in the US in the academic year of 2019-2020.

The number of Indian students in the country during the academic year were 193,124, despite a drop of 4.4 per cent.

The report was released by the US Department of State’s Bureau of Educational and Cultural Affairs and the Institute of International Education.

For the fifth year in a row, the US hosted more than 1 million international students - 1,075,496 to be exact.

A slight decline of 1.8 per cent was witnessed in the number of students coming in.

Also read:&nbsp;<a href="http://13.235.153.162/south-asia/beacon-of-hope-bangladesh-opens-first-school-for-transgender-students-341155" hreflang="en">'Beacon of hope': Bangladesh opens first school for transgender students</a>

Based on data from the US Department of Commerce, international students contributed $44 billion to the economy in 2019, including $7.69 billion from Indian students.

Many countries have seen an increase in their students travelling to the US for higher education. Bangladesh saw an increase of 7 per cent, Brazil of 4 per cent, and Nigeria of 3 per cent.

In the academic year of 2019-2020, Indian students contributed $7.6 billion to the United States economy. Even though the year witnessed a 4.4 per cent drop in the number of Indian students in the US, their contribution remained large.

In the academic year of 2019-2020, Indian students contributed $7.6 billion to the United States economy. Even though the year witnessed a 4.4 per cent drop in the number of Indian students in the US, their contribution remained large. India remains the second-largest source of international students in the US, after China. For the same academic year, China continued its streak of the most international students in the country for the 16th year in a row! Also read: Apple puts Taiwanese supplier Pegatron on probation for exploitation of students According to a report titled “Opens Doors 2020”, over 372,000 Chinese students were in the US in the academic year of 2019-2020. The number of Indian students in the country during the academic year were 193,124, despite a drop of 4.4 per cent. The report was released by the US Department of State’s Bureau of Educational and Cultural Affairs and the Institute of International Education. For the fifth year in a row, the US hosted more than 1 million international students - 1,075,496 to be exact. A slight decline of 1.8 per cent was witnessed in the number of students coming in. Also read: 'Beacon of hope': Bangladesh opens first school for transgender students Based on data from the US Department of Commerce, international students contributed $44 billion to the economy in 2019, including $7.69 billion from Indian students. Many countries have seen an increase in their students travelling to the US for higher education. Bangladesh saw an increase of 7 per cent, Brazil of 4 per cent, and Nigeria of 3 per cent.

Indian students contributed over $7 billion to US economy in 2019-20

India is planning to announce a fresh round of stimulus totalling about $20 billion this week to help pull the economy out of its historic contraction, government officials said on Wednesday.

India planning around $20 billion of new stimulus

Traffic came to a standstill in Buenos Aires on Sunday (November 9) as large crowds turned out on foot and in their cars to protest against the government of President Alberto Fernandez.

Drone video shows massive protest in Buenos Aires against Fernandez's government

Reforms which take effect in March 2021 will allow foreign workers the right to change jobs by transferring sponsorship to new employers.

Saudi Arabia reforms its Kafala system for foreign workers

Businesses that rely on personal interactions with customers have particularly suffered from Britain's coronavirus safety restrictions that have been in place for much of 2020.

Barely back on their feet, UK small businesses face crushing new lockdown

The COVID-19 (coronavirus pandemic) has an adverse effect on the world’s Economy and Trade. According to the reports, global economic growth is expected to see a contraction of over 3 percent in 2020.

Aviation industry is struggling globally | Is the worst over for aviation industry?

China claims to be the first country to grow its economy after the Wuhan Coronavirus outbreak. But, is China cherry-picking data to claim that its economy has bounced back? WION's Palki Sharma brings you an assessment

Gravitas: China: The only country profiting in the pandemic

The Wuhan Coronavirus is: Leaving cured patients with lasting symptoms. Crippling families with debt. Causing global economic losses worth trillions. WION's Palki Sharma tells you how you are paying for China's cover-up.

Gravitas: Wuhan Coronavirus pandemic: How you are paying for China's cover up?

India on Monday announced steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season and more capital spending as it tries to bolster the pandemic-hit economy.

India announces economic stimulus to boost demand by $10 billion

The European Union on Tuesday won the right to impose tariffs on $4 billion of US&nbsp;goods in retaliation against subsidies for planemaker Boeing, deepening a record trade spat that has already prompted Washington to slap duties on EU imports.

The World Trade Organization (WTO) tariff award, which confirms a decision first reported by Reuters on Sept 30, threatens to intensify transatlantic trade tensions just three weeks ahead of the US&nbsp;presidential election.

However, negotiators on both sides say it could also lead at last to discussions to resolve a 16-year legal battle over subsidies to aircraft manufacturers Boeing and Airbus.

Both the United States and the EU have signalled interest in settling the dispute over planemaker subsidies, while accusing the other of refusing to talk seriously.

Also read:&nbsp;<a href="http://13.235.153.162/world/eu-unity-on-getting-a-fair-brexit-deal-strong-says-chief-negotiator-barnier-334978" hreflang="en">EU unity on getting a fair Brexit deal strong, says chief negotiator Barnier</a>

Tuesday's decision, delayed by the COVID-19 pandemic, follows a WTO ruling last year allowing Washington to impose tariffs on $7.5 billion in EU goods over state support for Airbus, which has sites in Britain, France, Germany and Spain.

Combined, the two cases represent the world's largest ever corporate trade dispute.

Consuming thousands of pages of testimony and an estimated $100 million in costs since 2004, the aircraft spat has tested the resolve of the WTO, which is busy selecting a new leader.

The state of Washington has since repealed an aerospace tax break that benefited Boeing, while Airbus has announced it will increase loan repayments for the A350 plane to France and Spain in bids to settle the matter.

Boeing shares fell 2%.

The U.S. government said there was no legal basis for the European Union to impose tariffs since the contested measure had been eliminated, a view echoed by Boeing, which said it had already complied with WTO findings.

The EU says the same is true of U.S. tariffs imposed against subsidies to the A380 plane which is being taken out of production.

U.S. Trade Representative Robert Lighthizer said any move by the EU to slap tariffs on $4 billion of U.S. airplanes and other goods would be "plainly contrary to WTO principles and will force a U.S. response."

Airbus, which also says it has obeyed WTO rulings, said global trade judges had "spoken" and that the EU could therefore impose tariffs, while calling for an agreed solution.

The European Commission said it would pull back from imposing duties if Washington withdrew its tariffs on European goods such as wine and whisky. The two sides could then work together to find common ground.

The spirits industry on both sides of Atlantic urged restraint and an end to tariffs. EU producers have already been hit and U.S. makers are in EU cross hairs.

RYANAIR LEVERAGE

The Commission has drawn up a list of U.S. products it could target including planes, wine, spirits, suitcases, tractors, frozen fish, and produce from dried onions to cherries.

The earliest it could act is after a WTO meeting on Oct 26, but few analysts expect it to do so before the U.S. election.

The $4 billion tariff window means European airlines that import Boeing jets could have to pay tariffs expected to match U.S. border taxes on Europe-built Airbus jets, currently 15%.

But Boeing's top European customer Ryanair has called on Boeing to pay the tariffs and is expected to use this as leverage in negotiations to buy more of its grounded 737 MAX.

On top of Tuesday's $4 billion, European sources have said the EU could also use dormant tariffs on a further $4 billion of U.S. products left over from an earlier case, giving it firepower similar to that which Washington is able to use.

Dismissing this, U.S. sources say the previous award, allowing the EU to retaliate against former perks for U.S. exporters, is no longer valid and that the balance of awards demonstrates Airbus is more to blame for distorting trade.

The European Union on Tuesday won the right to impose tariffs on $4 billion of US goods in retaliation against subsidies for planemaker Boeing, deepening a record trade spat that has already prompted Washington to slap duties on EU imports.

The European Union on Tuesday won the right to impose tariffs on $4 billion of US goods in retaliation against subsidies for planemaker Boeing, deepening a record trade spat that has already prompted Washington to slap duties on EU imports. The World Trade Organization (WTO) tariff award, which confirms a decision first reported by Reuters on Sept 30, threatens to intensify transatlantic trade tensions just three weeks ahead of the US presidential election. However, negotiators on both sides say it could also lead at last to discussions to resolve a 16-year legal battle over subsidies to aircraft manufacturers Boeing and Airbus. Both the United States and the EU have signalled interest in settling the dispute over planemaker subsidies, while accusing the other of refusing to talk seriously. Also read: EU unity on getting a fair Brexit deal strong, says chief negotiator Barnier Tuesday's decision, delayed by the COVID-19 pandemic, follows a WTO ruling last year allowing Washington to impose tariffs on $7.5 billion in EU goods over state support for Airbus, which has sites in Britain, France, Germany and Spain. Combined, the two cases represent the world's largest ever corporate trade dispute. Consuming thousands of pages of testimony and an estimated $100 million in costs since 2004, the aircraft spat has tested the resolve of the WTO, which is busy selecting a new leader. The state of Washington has since repealed an aerospace tax break that benefited Boeing, while Airbus has announced it will increase loan repayments for the A350 plane to France and Spain in bids to settle the matter. Boeing shares fell 2%. The U.S. government said there was no legal basis for the European Union to impose tariffs since the contested measure had been eliminated, a view echoed by Boeing, which said it had already complied with WTO findings. The EU says the same is true of U.S. tariffs imposed against subsidies to the A380 plane which is being taken out of production. U.S. Trade Representative Robert Lighthizer said any move by the EU to slap tariffs on $4 billion of U.S. airplanes and other goods would be "plainly contrary to WTO principles and will force a U.S. response." Airbus, which also says it has obeyed WTO rulings, said global trade judges had "spoken" and that the EU could therefore impose tariffs, while calling for an agreed solution. The European Commission said it would pull back from imposing duties if Washington withdrew its tariffs on European goods such as wine and whisky. The two sides could then work together to find common ground. The spirits industry on both sides of Atlantic urged restraint and an end to tariffs. EU producers have already been hit and U.S. makers are in EU cross hairs. RYANAIR LEVERAGE The Commission has drawn up a list of U.S. products it could target including planes, wine, spirits, suitcases, tractors, frozen fish, and produce from dried onions to cherries. The earliest it could act is after a WTO meeting on Oct 26, but few analysts expect it to do so before the U.S. election. The $4 billion tariff window means European airlines that import Boeing jets could have to pay tariffs expected to match U.S. border taxes on Europe-built Airbus jets, currently 15%. But Boeing's top European customer Ryanair has called on Boeing to pay the tariffs and is expected to use this as leverage in negotiations to buy more of its grounded 737 MAX. On top of Tuesday's $4 billion, European sources have said the EU could also use dormant tariffs on a further $4 billion of U.S. products left over from an earlier case, giving it firepower similar to that which Washington is able to use. Dismissing this, U.S. sources say the previous award, allowing the EU to retaliate against former perks for U.S. exporters, is no longer valid and that the balance of awards demonstrates Airbus is more to blame for distorting trade.

EU wins tariff clearance on $4 billion of US imports in Boeing case

Boeing cut its rolling 20-year forecast for airplane demand on Tuesday, sending its shares lower as the COVID-19 pandemic lays waste to deliveries over the next few years.

Boeing cuts jet demand forecast on pandemic crisis

Britain’s financial watchdog said on Tuesday it would ban the sale to retail investors of products tracking the price of cryptoassets like Bitcoin, arguing that most people lost money on them.

UK watchdog bans Bitcoin-based products for retail investors

Georgieva told an online London School of Economics event that the IMF will make a small upward revision to its global economic output forecasts next week

'Economic fallout of pandemic not as bad as feared', says IMF Chief Kristalina Georgieva

Russian is ruble likely to recover despite current volatility. It is emerging as an attractive currency in the post-pandemic world. watch this video to know more.

Russian ruble likely to recover despite current volatility

According to Fitch Arm, India’s economy is projected to contract 11.8% on the year in the current fiscal year beginning from April.

Indian economy projected to contract 11.8% in FY 21: Fitch Arm

The Australian economy used to run tirelessly. It even set a record with 28 consecutive years of growth. That great run has now officially come to an end. 
&nbsp; 
The cause, a once-in-a-lifetime pandemic. The effect, a Wuhan virus-induced recession.

Australian Prime Minister Scott Morrison said: "Australians know, Mr. Speaker, that many, many months ago that this day would come, and this day has come. And, Mr. Speaker, as the pandemic continues to have its impact, not just here, Mr. Speaker, but all around the world, there will be further difficult days ahead."

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-australia-sinks-into-recession-324846/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Even before the pandemic, the Australian economy was stuttering. Bushfires raged over 12 million hectares--- crashing tourism and hurting businesses.

As the government was trying to put out the fire, the pandemic struck. Australia, like the rest of the world, went into lockdown.

In the January to March period, the GDP contracted by 0.3 per cent.

In the April to June period ----- it contracted by 7 per cent.

The two consecutive quarters of negative growth have pushed Australia into a recession.

It's first since 1991. Even the global financial crisis in 2008 could not hurt Australia. It was the only major economy to avoid a recession.

But, the pandemic has dealt the lethal blow. Australia has lost its famous tag of 'the lucky country'.

Nearly one million Australians have lost their jobs. The government has pumped close to 150 billion dollars as an economic stimulus.

Australia has done better than most of the major economies in controlling the virus outbreak.

But, the second wave of infections in the state of Victoria is likely to delay economic recovery.

Australian treasurer said: "It's important to recognize that this fall in the june quarter does not include the economic impact from the stage four restrictions imposed by the Victorian government in early August. This is something that will weigh heavily on the september quarter numbers."

Australia has fared better than most advanced economies. But the road ahead will be full of hurdles. 
ustralia relies excessively on its largest trading partner, China. Steady exports of coal, iron and other natural resources to China, contribute to Australia's consistent growth.

But now China has slapped tariffs. After Australia called for a probe into the origins of the Wuhan virus.

Australia's problems are both external and internal. The time is right for a hard reset ----- both economically and politically.

The Australian economy used to run tirelessly. It even set a record with 28 consecutive years of growth. That great run has now officially come to an end. The cause, a once-in-a-lifetime pandemic.

The Australian economy used to run tirelessly. It even set a record with 28 consecutive years of growth. That great run has now officially come to an end. The cause, a once-in-a-lifetime pandemic. The effect, a Wuhan virus-induced recession. Australian Prime Minister Scott Morrison said: "Australians know, Mr. Speaker, that many, many months ago that this day would come, and this day has come. And, Mr. Speaker, as the pandemic continues to have its impact, not just here, Mr. Speaker, but all around the world, there will be further difficult days ahead." Even before the pandemic, the Australian economy was stuttering. Bushfires raged over 12 million hectares--- crashing tourism and hurting businesses. As the government was trying to put out the fire, the pandemic struck. Australia, like the rest of the world, went into lockdown. In the January to March period, the GDP contracted by 0.3 per cent. In the April to June period ----- it contracted by 7 per cent. The two consecutive quarters of negative growth have pushed Australia into a recession. It's first since 1991. Even the global financial crisis in 2008 could not hurt Australia. It was the only major economy to avoid a recession. But, the pandemic has dealt the lethal blow. Australia has lost its famous tag of 'the lucky country'. Nearly one million Australians have lost their jobs. The government has pumped close to 150 billion dollars as an economic stimulus. Australia has done better than most of the major economies in controlling the virus outbreak. But, the second wave of infections in the state of Victoria is likely to delay economic recovery. Australian treasurer said: "It's important to recognize that this fall in the june quarter does not include the economic impact from the stage four restrictions imposed by the Victorian government in early August. This is something that will weigh heavily on the september quarter numbers." Australia has fared better than most advanced economies. But the road ahead will be full of hurdles. ustralia relies excessively on its largest trading partner, China. Steady exports of coal, iron and other natural resources to China, contribute to Australia's consistent growth. But now China has slapped tariffs. After Australia called for a probe into the origins of the Wuhan virus. Australia's problems are both external and internal. The time is right for a hard reset ----- both economically and politically.

'Further difficult days ahead': Virus-hit Australia goes into recession

Dubai has started a program that makes foreigners over the age of 55 eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office. The business hub of the Middle East has started the program to attract wealthy retirees as the city a flight of expatriates amid an economic downfall.

The initial phase of the program will focus on UAE residents working in Dubai.

The candidates will be eligible only if they meet one of the following requirements like Monthly income of 20,000 dirhams ($5,445), Savings of 1 million dirhams, Own property in Dubai worth 2 million dirhams.&nbsp;

In 2018, expatriates to stay beyond retirement age. People of foreign nationalities constitute 90 per cent of the city's population, but the residency is tied to employment, discouraging many from setting roots, and in turn investments, in the city.

Dubai has started a program that makes foreigners over the age of 55 eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office.

Dubai has started a program that makes foreigners over the age of 55 eligible for a five-year renewable visa if they meet certain criteria, according to the Dubai Media Office. The business hub of the Middle East has started the program to attract wealthy retirees as the city a flight of expatriates amid an economic downfall. The initial phase of the program will focus on UAE residents working in Dubai. The candidates will be eligible only if they meet one of the following requirements like Monthly income of 20,000 dirhams ($5,445), Savings of 1 million dirhams, Own property in Dubai worth 2 million dirhams. In 2018, expatriates to stay beyond retirement age. People of foreign nationalities constitute 90 per cent of the city's population, but the residency is tied to employment, discouraging many from setting roots, and in turn investments, in the city.

Dubai starts program to attract wealthy retirees as economy shrinks

As per the data released by the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) for the April-June quarter (Q1) slipped by a sharp 23.9 per cent.

First GDP numbers during COVID times

For the first time in 40 years the GDP of India registered a negative growth. India’s economic growth slips to -23.9% in the first quarter (April-June) of 2020-21.

The first economic contraction since 1980, and maiden quarterly GDP fall on record, follows limited activity during the June quarter amid lockdowns to control the spread of the coronavirus pandemic.

The first quarter saw an unprecedented closure of shops, markets, and industries, which forced the wheels of the economy to a standstill. 
 
Except for agriculture, almost all the corners of the economy were severely hit. Though the government had announced a series of reforms and schemes to provide a fillip to the economy, lockdown restrictions and increasing cases of coronavirus kept the economic activity grounded in the first quarter. 
 
The gross domestic product (GDP) had expanded by 5.2 per cent in the corresponding April-June period of 2019-20, according to data released by the National Statistical Office (NSO). 
 
The government had imposed a nationwide lockdown on March 25 to curb the spread of coronavirus infections. 
 
The Centre began easing the lockdown for certain economic activities from April 20 onwards. 
 
Most rating agencies had projected contraction in India's GDP for the first quarter of 2020-21. 
 
China's economy grew by 3.2 per cent in April-June after recording a decline of 6.8 per cent in January-March 2020.

(With inputs from Reuters)

For the first time in 40 years the GDP of India registered a negative growth. India’s economic growth slips to -23.9% in the first quarter (April-June) of 2020-21.

For the first time in 40 years the GDP of India registered a negative growth. India’s economic growth slips to -23.9% in the first quarter (April-June) of 2020-21. The first economic contraction since 1980, and maiden quarterly GDP fall on record, follows limited activity during the June quarter amid lockdowns to control the spread of the coronavirus pandemic. The first quarter saw an unprecedented closure of shops, markets, and industries, which forced the wheels of the economy to a standstill. Except for agriculture, almost all the corners of the economy were severely hit. Though the government had announced a series of reforms and schemes to provide a fillip to the economy, lockdown restrictions and increasing cases of coronavirus kept the economic activity grounded in the first quarter. The gross domestic product (GDP) had expanded by 5.2 per cent in the corresponding April-June period of 2019-20, according to data released by the National Statistical Office (NSO). The government had imposed a nationwide lockdown on March 25 to curb the spread of coronavirus infections. The Centre began easing the lockdown for certain economic activities from April 20 onwards. Most rating agencies had projected contraction in India's GDP for the first quarter of 2020-21. China's economy grew by 3.2 per cent in April-June after recording a decline of 6.8 per cent in January-March 2020. (With inputs from Reuters)

GDP Q1 Data: India’s economic growth slips to -23.9%, first contraction in 40 years

The scientists said that the spill has caused the massive poisonous shock to the system for the Mauritius where tourism and fishing are the main stage of the economy where the damage will have a lasting impact.

Mauritius Oil Spill: An Ecological Catastrophe

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