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Spain’s economy shrank more than expected in Q2 2020 – Finances Herald

Spain’s economy shrank more than expected in Q2 2020 – Finances Herald

Spain’s economy shrank more than expected in the second quarter of the year, making the recovery even more complicated given the headwinds facing the tourism industry.The decline reached a record 18.5% – driven by declining consumer spending and investment and is the largest ever reported in Europe. The statistical office also warns that it has had difficulty reporting the real situation due to the economic blockade and that even deeper revisions may follow.Economists forecast a 16.6% drop in Spain’s GDP.The coronavirus crisis, which has blocked EU economies, has shrunk just over 10% of the...

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Jul 31
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German economy collapsed dramatically by 10.1% – Finances Herald

German economy collapsed dramatically by 10.1% – Finances Herald

The German economy collapsed in the second quarter due to the coronavirus crisis. From April to June, gross domestic product (GDP) fell by 10.1% from the previous quarter, according to the Federal Statistical Office.Meanwhile, the economists expected a 9% drop.This is the largest decline since the beginning of quarterly calculations for Germany in 1970. By comparison, even in the worst three months of the financial crisis in 2009, the economy shrank by less than 5%.Measures to control the pandemic paralyzed much of the economy: shops, hotels, and restaurants had to close, factories also...

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Jul 31
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The Rescue Package of the Republicans: financial aid primarily for entrepreneurs – Finances Herald

The Rescue Package of the Republicans: financial aid primarily for entrepreneurs – Finances Herald

In the end, they agreed. Republicans in the US Senate actually planned to finalize their plan for the next exit package last week, but President Donald Trump’s party failed to reach an agreement on Thursday due to internal strife. On Monday, Republican Majority Leader Mitch McConnell and his colleagues finally announced how they plan to take control of the country’s economic crisis in the coming weeks. However, the Republicans failed to achieve large-scale measures.At the heart of the problem in the negotiations so far are the increased unemployment benefits, the payment of which expires...

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Jul 29
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ECB: The danger to the Eurozone is not over yet – Finances Herald

ECB: The danger to the Eurozone is not over yet – Finances Herald

According to the director of the European Central Bank (ECB) Fabio Panetta, the danger of a coronavirus pandemic for the Еurozone is not over. “It’s too early to declare victory”, said Fabio Panetta in an interview.The latest data show an improvement in industrial production and retail sales, but according to the financier, this is not enough to make us happy.“Economic activity is still well below pre-crisis levels and based on our forecasts we will not see a return to these levels before the end of 2022. There is uncertainty about both the economic and job prospects. Finally, growth is...

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Jul 27
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The European economy will recover faster from the crisis than the US – Finances Herald

The European economy will recover faster from the crisis than the US – Finances Herald

The Eurozone economy is on the path to a faster recovery from the coronavirus crisis than the United States, due to the different response to the pandemic.America’s failure to control the pandemic is holding back recovery from Europe, where some of the virus’s “hot spots” have been able to resume economic activity without such a surge in new infections.The confidence that the virus is already under control is crucial for sustainable recovery. Europe can also be relatively successful in supporting consumers to spend and businesses to invest, further boosting demand and growth.The region has...

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Jul 27
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The return of inflation in developed countries is impossible without currency devaluation – Finances Herald

The return of inflation in developed countries is impossible without currency devaluation – Finances Herald

Here is an interesting question: What connects the following historical periods: Venezuela 2017-2020, Zimbabwe 2018-2020 and 2006-2008, Turkey 1994-1995 and 1980, Argentina, Brazil, and Latin America in the 1980s and Germany 1923-1924?If you guess that they all suffer annual inflation of over 100%, you will be right. However, there is something else that is common to this group of countries, which is usually overlooked in the ongoing debate over whether inflation will return to developed economies. In the three years preceding inflation of more than 100%, all of these countries experienced...

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Jul 27
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G20: Further action is needed to ensure global economic growth – Finances Herald

G20: Further action is needed to ensure global economic growth – Finances Herald

The top financial officials of the world’s 20 largest economies, known as the G20, pledged over the weekend to continue using “all available financial policy instruments” to fight the coronavirus pandemic and work together to strengthen the global economy while warning that global prospects remain very uncertain.In a statement issued after Saturday’s virtual meeting, finance ministers and G20 central bankers said the global economy would recover as individual economies gradually reopened, but further action was needed to guarantees growth.Finance ministers and central bank governors of the...

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Jul 20
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The coronavirus threatens the fight with world poverty – Finances Herald

The coronavirus threatens the fight with world poverty – Finances Herald

Productivity growth slowed globally before the coronavirus, but the pandemic, combined with the blockade imposed by governments to slow its spread, risks exacerbating the situation. Not only will additional uncertainty reduce the attractiveness of business investment and trade, but higher levels of public and private debt will also limit their effectiveness. Education was interrupted, as progressed in improving health care. A recent World Bank report warns that this could turn decades of global poverty reduction: the world cannot allow this to happen.On the other side of the collapse in...

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Jul 20
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Rising copper prices are an optimistic signal for the world economy – Finances Herald

Rising copper prices are an optimistic signal for the world economy – Finances Herald

Global investors are betting on copper prices, causing the fastest rally in industrial metal in years. This is a signal that many wealth management funds remain optimistic about the economic outlook despite the growing number of coronavirus cases in most of the United States.As investors focus their money on assets that have performed well recently, copper futures rose in 12 consecutive sessions until Monday, reaching 2.94 USD per pound, its highest level since April 2019. It dropped on Tuesday. The ascending series is the longest for the metal since the end of 2017 when the favorable...

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Jul 18
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China will not be able to help to take the global economy out of the recession – Finances Herald

China will not be able to help to take the global economy out of the recession – Finances Herald

The revival of the world economy this year will not be easy. But it will be even more difficult if China, the locomotive that pulled the economy out of the latest major crisis, does not provide additional support.During the financial crisis of 2008-2009, China’s growing demand for raw materials and other commodities boosted global growth, supporting recovery in places such as Brazil and Germany. Some countries, such as Australia, have avoided the recession almost entirely thanks to trade with China.This time, however, the Asian super economy is not ready to help to such an extent. Despite...

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Jul 18
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Chinese economy is shaking despite reported growth – Finances Herald

Chinese economy is shaking despite reported growth – Finances Herald

China’s economic data released on Thursday showed 3.2% growth in the second quarter, a strong recovery from the first three months of the year, when the country saw its first contraction in GDP since the end of the Cultural Revolution in the mid-1970s.Thus, the overall decline in the first half of the year is only 1.6% – an enviable performance compared to most major economies still struggling with the pandemic that began in the central Chinese city of Wuhan.“China’s growth foundation has not changed and will not change”, said President Xi Jinping.But therein lies the problem. The serious...

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Jul 18
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Divination about the form of the economic recovery obscures the view – Finances Herald

Divination about the form of the economic recovery obscures the view – Finances Herald

All the time spent trying to identify good V-, bad U-, and unfortunate L-shaped recovery, letters may not be the clearest way to understand the rebound after a coronavirus pandemic. Perhaps a better analogy is a scribble that depicts the vicissitudes of economic life in and out of the blockages due to the disease.This is nowhere more obvious than in Asia, where the data are contradictory. A recent quarterly Tankan survey by the Bank of Japan found that economic confidence among the largest producers has shrunk to levels not seen since the global financial crisis. If you dig deeper into the...

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Jul 13
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Anthony Fauci: We hurried to open the economy – Finances Herald

Anthony Fauci: We hurried to open the economy – Finances Herald

According to US immunologist Anthony Fauci, current outbreaks of coronavirus in many parts of the United States are due to the premature opening and abandonment of measures in some states. “In some states, governors and mayors have essentially skipped directions and checkpoints and opened a little earlier”, said Anthony Fauci during a podcast.The expert and government adviser cites Florida as an example that ignored some guidelines. At the moment, the United States is performing poorly compared to other countries.Anthony Fauci attributes the fact that the United States is currently...

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Jul 10
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The Fed’s repo operations hit zero for the first time since September – Finances Herald

The Fed’s repo operations hit zero for the first time since September – Finances Herald

The amount of bonds and other assets held by the US Federal Reserve shrank for the fourth consecutive week, falling below 7 trillion USD, and the use of one of the key liquidity measures fell to zero. This is another sign that the financial risks of the coronavirus pandemic are diminishing.The Fed’s total balance sheet has shrunk by about 88 billion USD to 6.97 trillion USD as of July 8 compared to 7.06 trillion USD a week earlier, shows the data from the central bank, published on Thursday.This is the largest weekly decline in more than 11 years, and the main driver is the balance of...

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Jul 10
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Employees around the world want a hybrid model of office work – Finances Herald

Employees around the world want a hybrid model of office work – Finances Herald

After the Covid-19 pandemic, employees want a hybrid model of work – from the office and remote work.The survey was conducted in May among 8,000 people – employees and managers, aged 18-60, who work in an office. The data show that almost three-quarters of respondents (74%) want a hybrid model of office work and telecommuting. According to them, the most optimal model of work is to spend half of the time in the office (51%), and the other half – in a remote workplace (49%).Top managers in companies also agree with this model, with almost eight out of ten (77%) saying that their companies...

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Jul 9
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Britain will save the economy with a new plan worth 30 billion GBP – Finances Herald

Britain will save the economy with a new plan worth 30 billion GBP – Finances Herald

UK Finance Minister Rishi Sunak has unveiled a 30 billion GBP (37.6 billion USD) radical plan that includes tax cuts on housing and food and a new bonus for employers who don’t lay off employees to save workers places and bring the country’s economy back to life.“We are facing deep economic challenges”, said the finance minister to the House of Commons on Wednesday as he announced his stimulus package. “In just two months, our economy has shrunk by 25%, or the same share it has grown in the previous eighteen years”, added he.He promised to stand by companies that keep their employees and do...

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Jul 9
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French economy could grow by 19% in the third quarter – Finances Herald

French economy could grow by 19% in the third quarter – Finances Herald

The French economy is set to recover sharply in the second half of the year after an unprecedented downturn in the first two quarters due to a blockade against the spread of the coronavirus, the state statistics agency INSEE said.The Eurozone’s second-largest economy is likely to shrink by 17% in the second quarter after falling 5.3% in the first quarter, according to INSEE.The economy is expected to recover by 19% in the third quarter and another 3% in the fourth, with activity to be 1% to 6% lower than pre-crisis levels by December, the agency added.INSEE estimates that the economy will...

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Jul 9
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Fed Boston: The SME program is ready for action – Finances Herald

Fed Boston: The SME program is ready for action – Finances Herald

The US Federal Reserve branch in Boston said on Monday that the so-called Main Street Lending Program is now fully operational and ready to purchase eligible loans.The 600 billion USD program, which opened to creditors in mid-June, aims to provide easy credit to small and medium-sized businesses that can’t get it elsewhere.Main Street is one of nine Fed emergency lending programs already in place or under construction to mitigate the economic impact of the virus.The Fed has encouraged registered lenders to start providing qualified loans. The US Federal Reserve also announced that it...

financesherald.com
Jul 9
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