Historic recession haunting European economy
The coronavirus pandemic is rapidly driving the European Union into a "deep and uneven recession," with national economies contracting because of widespread disruptions in work, daily life and the movement of goods, the European Commission said Wednesday. "The EU economy will experience a recession of historic proportions this year," the commission said in its new economic forecast as the European economy suffers shutdowns and high unemployment numbers
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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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CNBC
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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CNBC
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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