Aramco to miss profit targets for its first year as a publicly listed company
Amid the global economic fallout from the coronavirus pandemic, Saudi state-owned oil company Aramco, currently the most valuable company in the world, has announced that it will miss its first profit targets as a publicly listed company. CEO Amin Nasser also stated that the company will restrict its capital spending in 2020 due to Saudi Arabia's ongoing oil price war with Russia.
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China’s exports jumped 7.2% against an estimated 0.2% fall
Dollar-denominated exports in China jumped 7.2% year-on-year, economists at Reuters predicted a fall of 0.2%. In July, China posted a trade surplus of $62.33 billion, beating the $42 billion economists had expected. China’s trade surplus was $46.42 billion in June. Despite the coronavirus pandemic hitting global demand, exports from China have held up as exports in medical supplies jumped in the first half of the year
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California Pizza Kitchen Files for Bankruptcy Because of Coronavirus
Los Angeles-based casual restaurant chain California Pizza Kitchen, better known simply as CPK, is now officially in chapter 11 bankruptcy as a result of the ongoing economic downturn fueled by the global coronavirus pandemic. While today’s announcement, made at Wall Street Journal, Nation’s Restaurant News, and elsewhere, does not mean that the company is closing its more than 250 locations permanently, though it does put the popular chain in direstraights.
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US posted the worst-ever GDP plunge
US posted the worst-ever GDP plunge
US GDP dropped 32.9% in the second quarter, the worst ever posted in the Q2. Economists surveyed by Dow Jones had been looking for a drop of 34.7% but still, it was the worst drop ever, with the closest previously coming in mid-1921. The report comes amid a recession that began in February and pulled first-quarter growth down 5%. On a quarterly basis, the Q2 decline was 1.8%
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China tries to find a new economic partner in South Korea
According to the latest media reports, South Korea and China are set to hold bilateral talks on the economy later this week. The talks will be held on Saturday in Qingdao, eastern China, where deputy ministers of the two sides will hold annual economic cooperation talks, South Korea’s Yonhap news agency said. The meeting comes amid escalating China-US trade and security tensions
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