economy - updates

Rappler's latest stories on economy


IMF warns cutting spending too soon could derail recovery

Jul 10, 2020 - 11:40 PM

The 'massive fiscal response' to the coronavirus pandemic leads to 'global public debt reaching its highest level in recorded history.' But the International Monetary Fund says the spending shouldn't be stopped too soon.

REFUGEES. Two boys play with a kite near the refugee camp of Moria in the island of Lesbos, Greece, on June 21, 2020. Photo by Aris Messinis/AFP

Virus-hit Afghanistan gets $200-million World Bank grant

Jul 10, 2020 - 11:25 PM

World Bank funds will be used to help mitigate the impact of the coronavirus pandemic on Afghanistan's war-ravaged economy

A street vendor selling facemasks wait for customers in Kabul June 18, 2020. - Early optimism that South Asia might have dodged the worst ravages of the coronavirus pandemic has disappeared as soaring infection rates turn the densely populated region into a global hot spot. After several months trailing the US and western Europe, cases of COVID-19 are surging across South Asia -- home to almost a quarter of the world's population -- where the virus is wreaking havoc on fragile medical systems and underfunded health agencies are pushed to breaking point. (Photo by WAKIL KOHSAR / AFP)

South African manufacturing drops by half as lockdown bites

Jul 10, 2020 - 12:05 PM

Manufacturing production in South Africa decreases by 49.4% in April 2020 compared with April 2019

LABOR. A worker makes bricks on the side of the road at the Mamelodi township in Pretoria, South Africa, on June 1, 2020. Photo by Phill Magakoe/AFP

Challenging Trump on economy, Biden unveils $700 billion recovery plan

Jul 10, 2020 - 10:26 AM

Biden presents the sweeping 'Build Back Better' proposal, a contrast to Trump's 'America First' agenda, during a speech at a metal works plant in Pennsylvania

(FILES) In this file photo taken on March 10, 2020, Democratic presidential hopeful Joe Biden leaves after speaking at the National Constitution Center in Philadelphia, Pennsylvania. - Biden on Mat 1, 2020, emphatically denied sexually assaulting a former staffer, saying the incident she claims occurred in 1993 "never happened." "They aren't true. This never happened," Biden said of the accusations made by Tara Reade, a former staffer in his US Senate office. (Photo by Mandel NGAN / AFP)

Another 1.3 million workers file for U.S. jobless benefits

Jul 10, 2020 - 7:15 AM

The pace of layoffs in the United States continues to slow down, but the level remains far higher than any pre-pandemic week

FRANKFORT, KY - JUNE 19: Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims on June 19, 2020 in Frankfort, Kentucky. John Sommers II/Getty Images/AFP

German exports rise in May 2020 as lockdowns ease

Jul 09, 2020 - 10:45 PM

German exports climb 9% to 80.3 billion euros ($91 billion) in May 2020, a month after suffering their biggest plunge since records began

This aerial view shows containers at the harbour of Duisburg, western Germany, on May 8, 2020. (Photo by Ina FASSBENDER / AFP)

Sri Lanka slashes key interest rates to aid virus-hit economy

Jul 09, 2020 - 6:20 PM

(UPDATED) The Central Bank of Sri Lanka says it wants to 'aggressively enhance lending to productive sectors of the economy,' which would boost support for businesses hit by the coronavirus

A fruit vendor carries pineapples on his head at the Galle Face Green park along the coast in Colombo on June 26, 2020. (Photo by Ishara S. KODIKARA / AFP)

China's factory gate deflation eases as economy recovers

Jul 09, 2020 - 5:30 PM

China is working to bounce back from a historic economic contraction in the 1st quarter of 2020, but it faces a threat from weakening global demand

MANUFACTURING. Employees work on a battery production line at a factory in Huaibei in China's eastern Anhui province on March 30, 2020. Photo by AFP

Virus crisis sends Canada deficit soaring to all-time high

Jul 09, 2020 - 4:20 PM

The Canadian government's debt is seen to surge from $765 billion in March 2020 to $1.236 trillion by March 2021

DESERTED. A street in the town of Niagara Falls, Canada, is seen during the coronavirus pandemic on April 27, 2020. Photo by Emma McIntyre/Getty Images/AFP

Venezuela's year-on-year inflation down to 3,500%

Jul 09, 2020 - 12:40 PM

An opposition legislator says Venezuela's economic crisis could worsen with the depreciation of the bolivar

DEVALUED. Venezuela devalues the bolivar as it deals with an economic crisis. File photo by Federico Parra/AFP

Merkel calls for swift agreement on EU virus package

Jul 09, 2020 - 12:10 PM

'Our common objective is to find a quick agreement as time is running out due to the economic crisis. We must not waste time. The poorest are paying the price,' says German Chancellor Angela Merkel

(L-R) European Council President Charles Michel, German Chancellor Angela Merkel, President of the European Commission Ursula von der Leyen and European Parliament President David Sassoli pose for a photo ahead of a meeting at the European Commission in Brussels, on July 8, 2020, upon the presentation of the German programme for EU presidency. (Photo by STEPHANIE LECOCQ / POOL / AFP)

Britain focuses on youth in $37-billion virus package

Jul 09, 2020 - 9:25 AM

The UK government pledges £1,000 for firms to take on trainees, and £2 billion to subsidize placements for 16- to 24-year-olds from lower-income families

Pedestrians, one wearing PPE (personal protective equipment), including a face mask as a precautionary measure against COVID-19, walk past clothing stalls at Petticoat Lane Market in London on June 7, 2020, as lockdown measures are partially eased during the COVID-19 pandemic. - Outdoor markets swung open their gates on June 1, and car showrooms tried to lure back customers and recoup losses suffered since Britain effectively shut down for business on March 23, to ward off a disease that has now officially claimed more than 40,000 lives in the country. Britain's Health Ministry said 40,261 people who tested positive for COVID-19 had died as of 0800 GMT on Friday June 5. (Photo by JUSTIN TALLIS / AFP)

Quick economic rebound possible for France – stats office

Jul 08, 2020 - 7:15 PM

France's statistics office INSEE issues a more optimistic forecast for the country's economy in 2020

SAFER. People ride their bicycles on Champs Elysees Avenue in Paris, France on May 11, 2020. Photo by Bertrand Guay/AFP

Argentina formalizes new debt offer to creditors

Jul 08, 2020 - 1:00 AM

Creditors have until an August 4 deadline set by Argentina to agree to the restructure plan – an exchange offer to bondholders under foreign law

ARGENTINA. View of 9 de Julio Avenue backgrounded by the Obelisk during the lockdown imposed by the government against the spread of the new coronavirus, in Buenos Aires, on May 22, 2020. Photo by Juan Mabromata/AFP

EU sees eurozone economy crashing 8.7% in 2020

Jul 07, 2020 - 10:50 PM

'The economic impact of the lockdown is more severe than we initially expected,' says European Commission Vice President Valdis Dombrovskis

A waitress walks past empty chairs and tables in a restraurant in the city of Rheda-Wiedenbrueck, western Germany on June 23, 2020. - After a coronavirus outbreak at a slaughterhouse in the town of Rheda-Wiedenbrueck that has infected more than 1,500 workers out of a total of nearly 7,000 German authorities ordered a new lockdown for an entire district -- the first since easing coronavirus restrictions and a major setback for hopes of a swift return to normality. (Photo by Ina FASSBENDER / AFP)

German industrial output shows modest recovery in May 2020

Jul 07, 2020 - 10:10 PM

Despite the 7.8% increase in Germany's industrial output, the figure falls short of the 10% rise predicted by analysts

MANUFACTURING. An industrial robot mounts the dashboard on the assembly line during the production of the Volkswagen electric car, the ID.3 model, in Zwickau, Germany, on February 25, 2020. Photo by Ronny Hartmann/AFP

Malaysia slashes rates to record low to fight virus impact

Jul 07, 2020 - 9:55 PM

Bank Negara Malaysia cuts its key rate by 25 basis points to 1.75%, its 4th straight reduction

Fishing boats sit idle at the seafront in Penang on May 21, 2020, as Malaysia relaxes its partial lockdown that was set up to contain the spread of the COVID-19 coronavirus. (Photo by GOH CHAI HIN / AFP)

Dubai reopens doors to tourists after long shutdown

Jul 07, 2020 - 9:30 PM

(UPDATED) The Gulf emirate of Dubai again welcomes foreign visitors, as it seeks to boost its ailing economy

A man sunbathes along the Marina beach near the Ain Dubai Ferris wheel in the Gulf emirate of Dubai on July 7, 2020. (Photo by Giuseppe CACACE / AFP)

Finns turn to berry-picking as coronavirus job losses bite

Jul 07, 2020 - 6:20 PM

Seasonal workers handling Finland's berry harvests usually come from abroad, but the coronavirus pandemic prompts farmers to seek help from locals

A young Finnish worker checks the strawberries before weighing them in Lahti, Finland, on July 2, 2020. - Thousands of Finns have answered a desperate call from farmers to save the summer's berry harvest, after coronavirus restrictions have kept many of the usual foreign pickers away. (Photo by Alessandro RAMPAZZO / AFP)

In Duterte's 4th year, COVID-19 causes highest unemployment on record

Jul 07, 2020 - 3:00 PM

The last quarter of 2019 saw the lowest unemployment and underemployment rates in 14 years. But the pandemic brought unemployment to unprecedented levels.

Relaxed coronavirus rules push inflation up to 2.5% in June 2020

Jul 07, 2020 - 9:05 AM

(UPDATED) As the economy reopens with limited transportation options and physical distancing rules in place, tricycle fares soar in June

U.S. services sector returned to growth in June 2020 – survey

Jul 06, 2020 - 11:55 PM

The Institute for Supply Management's non-manufacturing index rises to 57.1% in June, well above expectations

(FILES) In this file photo women wearing facemasks exit a shopping mall where a sign is posted at an entrance reminding people of the mask requirement Westfield Santa Anita shopping mall on June 12, 2020 in Arcadia, California, as Phase 3 in Los Angeles County's battle with the coronavirus pandemic is underway with businesses reopening. - US retail sales posted a surprise spike of 17.7 percent in May, the Commerce Department said on June 16, 2020, in a sign the economy may be recovering from coronavirus shutdowns. The reading was nearly double what analysts had forecast and more than reversed the 14.7 percent plunge in April when businesses nationwide closed their doors to stop the virus from spreading. (Photo by Frederic J. BROWN / AFP)

PCC raises alarm over proposed state-backed ARISE Inc

Jul 06, 2020 - 5:55 PM

ARISE Inc would save distressed businesses by infusing them with equity and exempting them from procurement and competition laws. But this may lead to abuses, warns the Philippine Competition Commission.

A general view of the skyline in Manila taken around 11:00 am shows clear skies on May 15, 2020, as Typhoon Vongfong is expected to brush past the capital city. - Typhoon Vongfong flattened flimsy coastal homes when it roared ashore on central Samar island on May 14, but then weakened into a severe tropical storm on its path north to the capital Manila. (Photo by Ted ALJIBE / AFP)

Spain to create 10-billion-euro fund for firms in trouble

Jul 03, 2020 - 11:45 PM

Companies benefiting will be those seen as of strategic importance working in sectors such as security, health, infrastructure, and communications

FREE. People walk on a road turned into a pedestrian street on weekends in Barcelona on May 24, 2020 as the country slowly loosens a strict coronavirus lockdown. Photo by Josep Lago/AFP

Virus hands Japan pension fund worst loss since 2008 crisis

Jul 03, 2020 - 10:55 PM

Japan's Government Pension Investment Fund records losses amounting to 8.28 trillion yen ($77 billion) for the fiscal year that ended in March 2020

BUSINESS IN JAPAN. A face mask-clad vendor stands in Tokyo's Tsukiji area on March 13, 2020. Photo by Charly Triballeau/AFP

Trump cheers U.S. jobs surge in June 2020 despite rising virus count

Jul 02, 2020 - 11:50 PM

(UPDATED) The United States' unemployment rate drops to 11.1% in June 2020, but economists fear the spike in coronavirus cases could hurt recovery

People walk on a street near Herald Square on June 25, 2020 in New York City. - New York businesses opened their doors to returning waves of workers June 22 as the city that was once the epicenter of the global pandemic marked an important milestone in its return to normalcy, even as other US states were seeing an alarming rise in COVID-19 cases. (Photo by Angela Weiss / AFP)

Top Lebanon retailers on strike as currency plummets

Jul 02, 2020 - 11:40 PM

Some popular stores in Lebanon temporarily halt sales as the Lebanese pound reaches more than 9,000 to the dollar on the black market

People exchange Lebanese pound and US dollar notes on the black market in Lebanon's capital Beirut on June 18, 2020. (Photo by JOSEPH EID / AFP)

Canada trade deficit shrinks as exports rebound

Jul 02, 2020 - 11:10 PM

Exports jump 6.7% to $34.6 billion, as 8 of Canada's 11 export sectors bounce back in May 2020

TRADE. A container terminal in Vancouver, Canada. Photo from Shutterstock

U.S. trade deficit widens as virus hits exports

Jul 02, 2020 - 10:45 PM

United States exports are down 4.4% to $144.5 billion, while imports fall 0.9% to $199.1 billion in May 2020

U.S. TRADE. Chinese shipping containers are stored beside a US flag after they were unloaded at the Port of Los Angeles in Long Beach, California, on May 14, 2019. File photo by Mark Ralston/AFP

India opens vast railway network to private players

Jul 02, 2020 - 9:30 PM

The Indian government invites firms to bid as it plans to allow them to run trains along 109 routes

ALL ABOARD. Migrant workers and families wave from the windows of a special train from Amritsar to Barauni of Bihar state as they go back to their hometowns after the government eased a nationwide lockdown. Photo by Nardiner Nanu/AFP

[ANALYSIS] Return to a bleak, not better normal

Jul 02, 2020 - 10:57 AM

'Alas, with the Rappler cases and ABS-CBN shutdown, made emphatic with the passage of a draconian anti-terror law amid still rising COVID-19 cases, the Duterte administration’s bait for investors is laced with poison'

Nasdaq ends at fresh records as European bourses retreat

Jul 02, 2020 - 9:00 AM

The Nasdaq rises 1% on Wednesday, July 1, even as the United States confronts a worsening coronavirus outbreak in much of the country

A view of the New York Stock Exchange (NYSE) is seen at Wall Street on June 29, 2020 in New York City. - Stock markets on both sides of the Atlantic struggled Monday to rebound from last week's losses as optimism over easing lockdowns was torpedoed by fear over surging coronavirus infections. (Photo by Angela Weiss / AFP)

U.S. private hiring, manufacturing recover in June 2020 after virus plunge

Jul 02, 2020 - 8:45 AM

Data from payroll services firm ADP show private firms in the United States hired 2.4 million workers, while the Institute for Supply Management's manufacturing index jumps to 52.6%

JOBS. A man wearing a face mask walks past a 'Now Hiring' sign in front of a store amid the coronavirus pandemic in Arlington, Virginia, on May 14, 2020. Photo by Olivier Douliery/AFP

Iraq oil exports sink to comply with OPEC cuts

Jul 01, 2020 - 11:30 PM

Iraq drops its oil exports to 84 million barrels in June 2020, its lowest monthly sales in several years

Coronavirus turns Chile's middle classes into new poor

Jul 01, 2020 - 9:35 PM

With high levels of debt and no state support, a significant number of the middle class in Chile are left in a vulnerable situation

Chilean engineer Pablo Martinez delivers a personalised gift as part of a new enterprise he started with his wife after being dismissed from his job due to the new coronavirus pandemic in Santiago on June 20, 2020. - After the October social uprising many people were left staggering, but the pandemic and the extense quarantine knocked down a large part of the Chilean middle class, which permanent fragility has become evident. (Photo by PABLO COZZAGLIO / AFP)

Japan business confidence worst since 2009 crisis

Jul 01, 2020 - 9:05 PM

The Bank of Japan's Tankan survey in June 2020 shows a reading of -34 among big manufacturers, the lowest since June 2009

COMMERCIAL DISTRICT. This picture, taken on January 25, 2020, shows a general view of skyscrapers in Tokyo's Shinjuku area. Photo by Kazuhiro Nogi/AFP

German unemployment inches up in June 2020

Jul 01, 2020 - 7:20 PM

Germany's labor market 'remains under pressure due to the coronavirus pandemic' but the government's shorter hours scheme 'stabilized' employment

MASKS. A woman checks out face covers on display outside a clothing store in Berlin on April 28, 2020 amid the COVID-19 pandemic. Photo by John Macdougall/AFP

Officials cheer signs of U.S. rebound; ponder more aid

Jul 01, 2020 - 4:10 PM

'We have entered an important new phase and have done so sooner than expected,' says US Federal Reserve Chair Jerome Powell, but he adds the economy cannot fully recover unless COVID-19 is kept in check

RETAIL SALES. A pedestrian walks by a retail store that has reopened in San Francisco, California, on June 16, 2020. Photo by Justin Sullivan/Getty Images/AFP

Goldman Sachs: Requiring masks could save U.S. economic recovery

Jul 01, 2020 - 3:25 PM

Goldman Sachs says a national mask mandate could 'partially substitute' for renewed lockdowns that would otherwise subtract nearly 5% from US growth

MASKS. N95 face masks produced by 3M. Photo from Shutterstock

Saudi triples VAT in unpopular virus-led austerity push

Jul 01, 2020 - 2:00 PM

Retailers in Saudi Arabia report a sharp uptick in sales this week of everything from gold and electronics to cars and building materials, as shoppers sought to stock up before VAT is raised to 15%

Saudis shop at a jewellery shop in the Taiba gold market in the capital Riyadh on June 29, 2020, after authorities announced a 10% increase in the VAT rate, to reach 15%, starting from first of July. (Photo by FAYEZ NURELDINE / AFP)

South Africa economy contracts 2% in Q1 2020

Jun 30, 2020 - 9:00 PM

Mining and manufacturing are the biggest drags on South Africa's overall economic activity in the 1st quarter of 2020

KEY INDUSTRY. This aerial view shows the Sibanye-Stillwater platinum mine in Marikana, near Rustenburg, South Africa, on May 15, 2020. Photo by Michele Spatari/AFP

Japan pandemic jobless data mask woe for millions – experts

Jun 30, 2020 - 8:00 PM

Analysts point out Japan's low unemployment rate does not account for millions who gave up their job during the pandemic and are not counted as jobseekers

People wearing facemasks walk along a street at Kabukicho district of Tokyo on June 24, 2020. (Photo by Philip FONG / AFP)

UK economy suffers worst quarterly slump since 1979

Jun 30, 2020 - 6:55 PM

The British government revises the gross domestic product contraction in the 1st quarter of 2020 to 2.2%, from the initial 2%

People enjoy the warm weather and sunshine on the southern bank of the River Thames in London on June 25, 2020. - Just days after lockdown ended and European travel restrictions were lifted, many were staying home in the cool as a heatwave hit the continent with temperatures touching 40 degrees Celcius. Britain was bracing for a flood of visitors to its beaches with the heatwave expected to last until Friday and temperatures set to climb into the mid-30s in the south and centre of the country. (Photo by Niklas HALLE'N / AFP)

China factory activity picks up in June 2020 despite global headwinds

Jun 30, 2020 - 4:45 PM

While factory activity in China improves, economists caution that momentum may weaken in the 2nd half of 2020

MANUFACTURING. Workers produce baby carriages at a factory in Handan in China's northern Hebei province on April 29, 2020. Photo by AFP

Japan jobless rate up, available jobs in worst plunge since 1974

Jun 30, 2020 - 4:00 PM

The unemployment rate in Japan climbs to 2.9% in May 2020, suggesting the country's first recession since 2015 is beginning to have an impact on the labor market

JAPANESE ECONOMY. People walk across Shibuya crossing in Tokyo on June 8, 2020. Photo by Charly Triballeau/AFP

IMF warns pandemic set to undo decade of progress in Africa

Jun 30, 2020 - 12:05 PM

The International Monetary Fund sees the economy of sub-Saharan Africa contracting by 3.2% in 2020

Sparse visitors walk on a warm winter day at the marina of the V&A Waterfront in Cape Town, on June 15, 2020. - Usually busy throughout the year and bustling with patrons and tourists both local and international, the eateries and restaurants of this prime shopping centre have been hit hard by the lockdown and are currently closed. (Photo by MARCO LONGARI / AFP)

Argentina economy tanks in April 2020 as virus bites

Jun 30, 2020 - 10:00 AM

Argentina's gross domestic product falls by over 26% in April 2020, with construction the worst-hit industry

A woman walks past a closed pizza restaurant which facade remains covered with papers of claims from the former employees, in Buenos Aires, on June 17, 2020, amid the new coronavirus pandemic. - After two years of economic recession and three months of compulsory confinement due to the COVID-19 pandemic, several stores and restaurants in Buenos Aires are auctioning their furniture and implements, convinced they will not be able to reopen. (Photo by RONALDO SCHEMIDT / AFP)

Lebanon banks increase exchange rate for dollar deposits

Jun 29, 2020 - 11:25 PM

The Lebanese currency officially remains pegged at around 1,507 pounds to the dollar, but the black market rate on Monday morning, June 29, reportedly reaches a new record of 8,000

A picture taken on June 29, 2020 shows the black market rate, as calculated by specialised websites, of 100 USD in Lebanese Liras by the end of April, 2020. - The Lebanese currency officially remains pegged at around 1,507 pounds to the dollar, but the black market rate on Monday morning reached a new record of 8,000, according to several specialised websites. The cap on dollar withdrawals has led those in need of the foreign currency to resort to changers on the black market instead, sending the exchange rate there soaring. The authorities have struggled to stem the collapse, with the central bank the previous week launching an online platform in an apparent move to oversee money changing operations at an official rate. (Photo by JOSEPH EID / AFP)

Vietnam economy unexpectedly expands, bucking global plunge

Jun 29, 2020 - 9:35 PM

Vietnam's gross domestic product rises by 0.36% in the 2nd quarter of 2020, the lowest growth since 1991 but still better than expected

(FILES) In this file photo taken on June 18, 2020 a vegetable vendor sorts limes while waiting for customers at her shop in Hanoi. - Vietnam's economy unexpectedly expanded in the second quarter, shrugging off a coronavirus pandemic-caused global downturn, but was still the country's slowest growth in nearly three decades. (Photo by Manan VATSYAYANA / AFP)

Coronavirus drives Philippines toward recession as Duterte's 4th year ends

Jun 29, 2020 - 5:30 PM

The Philippines misses its full-year growth rate target for 2019 despite performing well in the 2nd half. Then the coronavirus causes a deep plunge.