Bank of England brings interest rates to 0.1% to fight coronavirus
Only a week after the Bank of England cut interest rates down to 0.25 percent, the lowest point in the bank's 325-year history, interest rates have once again been lowered to 0.1 percent, the new lowest point in the institution's history. The move comes as Treasurer Rishi Sunak met with UK's finance leadership to announce further stimulus packages to combat the rising economic panic caused by the COVID-19 outbreak.
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Shell Gas Station security guard attacked by three men asked to wear a mask
LOUIS – A security guard at a Shell Gas Station was attacked by three men who were asked to leave for not wearing masks. Police said the victim then grabbed his gun from his holster and fired at the suspects causing them to flee the scene. The suspect was listed in critical/stable condition.
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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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Bank of England holds interest rate at 0.1%
In an important announcement on Thursday, the Bank of England held interest rates steady and maintained its existing level of asset purchases, as investors watched for signs that it is anticipating a slower economic recovery. The main lending rate was kept at 0.1%, as the central bank cut rates twice from 0.75% since the beginning of the coronavirus pandemic
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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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