Business
US manufacturing activity near 1-1/2-year high: ISM
WASHINGTON (Reuters): US manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, which is raising fears about the sustainability of a budding economic recovery. The Institute for Supply Management (ISM) said on Monday its index of national factory activity raced to…
Read MoreProfits of UK’s biggest bank HSBC plunge 65 percent in COVID-19 fallout
Monitoring Desk LONDON: The bank previously announced it would cut at least 35,000 of its 235,000 staff as part of a major restructuring, but the plan was put on hold amid the pandemic. At least 1,000 of those redundancies were planned for the UK. The British bank HSBC published its pre-tax profits on Monday, showing…
Read MoreHong Kong’s mom-and-pop investors squeeze funds as IPOs sizzle
Monitoring Desk HONG KONG: As Hong Kong’s stock market prepares for billions of dollars in sales of new shares, global fund managers have a big challenge — competing with the city’s army of mom-and-pop investors for a slice of the pie. Record participation by retail investors in a recent Hong Kong initial public offering and…
Read MoreRussian oil output rises in July, misses OPEC+ target — Ifx
Monitoring Desk MOSCOW: Russian oil and gas condensate production increased to 9.37 million barrels per day (bpd) in July, Interfax news agency reported on Sunday, citing energy ministry data, indicating it missed its output target under a global deal. Production was up from 9.32 million bpd in June. From August, the output cuts — agreed…
Read MoreAmid pandemic, mopeds have a moment in car-loving US
Monitoring Desk NEW YORK: Long associated with narrow, cobbled streets in Europe and congested Asian megacities, scooters are now becoming a common sight in car-loving America as commuters shun public transport because of the coronavirus pandemic. New Yorkers turned to the turquoise-blue rental mopeds of ride sharing company Revel in huge numbers in recent weeks,…
Read MoreIbiza: Between economic distress and unprecedented calm
Monitoring Desk IBIZA TOWN, SPAIN: On the largely empty beach at Figueretas on Ibiza, social distancing isn’t hard to do. Here, bar terraces are sparsely populated and the shutters of apartments overlooking them are mostly closed. With Spanish health authorities struggling to contain rising coronavirus infections, this island fears its tourist season may have been…
Read MorePhilippine economy fears as coronavirus curbs reintroduced
Monitoring Desk MANILA: The Philippines stock market tumbled on Monday after the government reimposed coronavirus lockdown measures in and around Manila in response to fresh outbreaks, dashing hopes of a swifter economic recovery. The restrictions, due to take effect from Tuesday, are being reinstated after a group of doctors and nurses warned that the health…
Read MoreResurgent coronavirus causes record economic slump in Europe
Monitoring Desk PARIS: Devastating economic data poured in Friday as nations counted the cost of efforts to contain the coronavirus pandemic, even as fresh spikes forced countries including Britain to put the brakes on a return to normalcy. Six months after the World Health Organisation (WHO) declared a global emergency, the novel coronavirus has infected…
Read MoreAmazon to invest $10 bn in space-based internet system
WASHINGTON (AFP/APP): Amazon says it will invest $10 billion for its planned space-based internet delivery system after winning US regulatory approval to deploy more than 3,000 low-orbit satellites. The US tech giant said on Thursday it is moving forward with its Project Kuiper, one of several systems planned to bring internet to customers without land-based…
Read MorePakistan, China’s Fujian province hold online trade conference
ISLAMABAD (INP): Pakistan and China should focus on promoting direct business linkages between their entrepreneurs to further enhance bilateral trade and explore JVs in potential areas of mutual interest between the two countries. This was stated by Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce & Industry while delivering his message to China. Gwadar Pro…
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