Economy

IMF warns on rising debt risks in virus-hit Middle East, Central Asia

The International Monetary Fund said countries in the Middle East and Central Asia need to curb their financing requirements, as a surge in government debt, exacerbated by the pandemic, threatens…

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Oil rebounds on robust economic data

Oil prices rose on Tuesday supported by strong economic data from China and the United States, recouping some of the losses from the previous session due to rising OPEC+ supply…

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Malta’s deficit shoots up to €1.5bn in 2020

Government has ended 2020 with a deficit of €1,467.9 million, the NSO revealed today, some €250 million more than forecasted by former Finance Minister Edward Scicluna in the budget announced…

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Euro set for biggest monthly drop since mid-2019 on economy fear

The euro languished below $1.18 on Monday as the prospect of tougher coronavirus curbs in France and Germany weighed on the short-term outlook for the European economy. The common currency is headed for…

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Central Bank review shows Maltese economy starts year in stuttering mode

Malta's economic performances continued to stutter in the first months of the year according to a review carried out by the Central Bank of Malta. While the Covid-19 pandemic continues…

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British inflation rises rapidly

British inflation is on course to rise rapidly this year, to well above its 2% target, throwing into sharper relief splits at the Bank of England about how vulnerable Britain…

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Germany boosts incentives for companies offering vocational training

BERLIN, March 17 (Reuters) - Germany will increase incentives for firms offering vocational training by 700 million euros ($830 million) as the COVID-19 pandemic undermines efforts to reduce shortages of…

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Pound erases loss as Europe medicine watchdog says AstraZeneca vaccine safe

LONDON, March 16 (Reuters) - Sterling edged higher against the euro on Tuesday and erased some of its earlier losses against the dollar after Europe's medicines watchdog said there was…

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Italy set to launch 40-bln euro fund for virus-hit companies – sources

ROME, March 11 (Reuters) - Italy plans to launch a fund worth up to 40 billion euros ($47.8 billion) this month to help its companies hit by the coronavirus crisis…

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Spain ups direct aid to SMEs to 7 bln euros in relief plan, source says

MADRID, March 11 (Reuters) - The Spanish government's direct aid to small and medium-sized companies, to be approved by the cabinet on Friday, will likely total 7 billion euros ($8.4…

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Tax rises to pay for 60% of UK deficit reduction

Finance minister Rishi Sunak aims to balance Britain's public finances by relying 60% on tax rises and 40% on spending cuts, a sharp reversal of the government's approach after the…

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Oil prices rise on expected economic recovery, likely drawdown in oil stocks

Oil prices rose on Tuesday on expectations of a recovery in the global economy after the U.S. Senate approved a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventories in…

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European Bishops call for protection of work-free Sunday

Vatican News - Synchronised free time should be a priority in the EU social-policy agenda, according to European Bishops and other organizations. In a joint statement published Wedneday, on the occasion of…

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Democrats advance Biden’s $1.9 trillion COVID-19 bill in marathon Senate session

WASHINGTON, March 6 (Reuters) - Democrats in the U.S. Senate forged ahead with President Joe Biden's $1.9 trillion coronavirus relief plan early on Saturday, turning back Republican attempts to modify…

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Italy’s poverty at highest level in 15 years – ISTAT

(ANSA) - ROME, MAR 4 - ISTAT said Thursday that the number of people in absolute poverty in Italy reached the highest level in 15 years in 2020, according to…

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UK’s Sunak will set out plans to raise income tax by 6 billion sterling – The Times

(Reuters) - British finance minister Rishi Sunak will set out plans to raise income tax by 6 billion pounds ($8.36 billion), The Times reported on Sunday. The chancellor will say…

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U.S. financial outlook mostly good, growth could outpace China: Federal Reserve

Financial conditions in the United States were "generally good" right now, with the potential for its economic growth to outpace China, St. Louis Fed president James Bullard said on Tuesday…

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EC sees a challenging winter, but light at the end of the tunnel

Europe remains in the grip of the coronavirus pandemic. The resurgence in the number of cases, together with the appearance of new, more contagious strains of the coronavirus, have forced…

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Turkish unemployment edged up near 13% in November

ISTANBUL, Feb 10 (Reuters) - Turkey's unemployment ticked up to 12.9% in the November period, from 12.7% the previous month, and participation slipped to mid-2020 levels as a second wave…

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Spain to strengthen support for company solvency soon

The Spanish government expects to prepare additional measures to support companies' solvency soon, Economy Minister Nadia Calvino said on Tuesday. "We can go one step further to support solvent companies,…

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Extension of Irish COVID-19 jobless scheme likely- minister

Weekly payments to Irish employees temporarily out of work will likely be extended until the summer, Social Protection Minister Heather Humphreys said on Monday, as the number on the scheme…

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Congressional Democrats set to back more than $50 billion for transportation sector

Democrats in the U.S. Congress are to release a sweeping plan to provide more than $50 billion in additional assistance to U.S. airlines, transit systems, airports and passenger railroad Amtrak…

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Chinese demand helps German manufacturers weather COVID-19 pandemic

BERLIN, Feb 8 (Reuters) - Germany's industrial sector avoided a contraction in December despite coronavirus lockdowns at home and abroad as strong demand from China helped export-oriented manufacturers in Europe's…

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U.S. Treasury Secretary Yellen: Too soon to say if changes needed to address market volatility

WASHINGTON (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday that it is too soon to say whether new policies or regulations are needed to deal with recent market…

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Euro zone recovery delayed, to gather pace from mid-year – Lagarde

FRANKFURT, Feb 7 (Reuters) - Europe's recovery from a recession induced by the COVID-19 pandemic has been somewhat delayed but should pick up pace from mid-year, European Central Bank President…

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UK plans to tax firms that profited from pandemic: Sunday Times

LONDON, Feb 6 (Reuters) - Britain plans to tax retailers and tech companies whose profits have soared during the COVID-19 pandemic, the Sunday Times reported, citing leaked emails. The government…

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GDP down by 0.7% in the euro area and by 0.5% in the EU

In the fourth quarter 2020, seasonally adjusted GDP decreased by 0.7% in the euro area and by 0.5% in the EU, compared with the previous quarter, according to a preliminary…

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France economy slumps less than expected in fourth quarter despite lockdown

The French economy contracted much less than expected at the end of last year, official data released on Friday showed, as the growing prospect of a new lockdown wipes out hopes for…

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Britain starts work on post-Brexit asset management sector

LONDON, Jan 26 (Reuters) - Britain set out options on Tuesday for increasing the global attractiveness of its 9.9 trillion pound ($13.59 trillion) asset management sector after Brexit put European…

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Vaccine delays push European stocks to two-week low

European shares closed at two-week lows on Monday as a slump in German business morale underscored the damage from tighter COVID-19 restrictions, while investors feared a slow vaccine rollout could further…

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Turkey’s economy to grow by 6% in 2021 – IMF

WASHINGTON, Jan 25 (Reuters) - Turkey's economy will grow by about 6% in 2021, before settling back to a growth rate of about 3.5% annually from 2022, International Monetary Fund staff…

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Inflation stable but food prices rising – NSO

In December 2020, the annual rate of inflation in Malta as measured by the Harmonised Index of Consumer Prices (HICP), remained at a constant rate of 0.2 per cent the…

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Epidemics lead world’s biggest short-term risks: World Economic Forum

Infectious diseases and livelihood crises led the rankings of risks expected to pose a critical threat to the world in the next two years, according to a survey of more than 650 World Economic Forum (WEF) members from…

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Greek companies incur losses of almost 35bn euros due to pandemic

eKhatimerni - All Greek companies, and not just those that were forced to close during the lockdown, suffered losses in revenue reaching almost 35 billion euros in the period from January…

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UK’s Sunak warns economy will get worse before it gets better

LONDON, Jan 11 (Reuters) - Finance minister Rishi Sunak warned on Monday that Britain's economy would get worse before it got better, with the country now in its third national…

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European shares mark best close in 10 months on Brexit, vaccine cheer

Dec 28 (Reuters) - European shares marked their strongest close in 10 months on Monday, with German shares hitting a record high as relief over long-awaited U.S. coronavirus relief, a…

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China to leapfrog US as world’s biggest economy by 2028 – think tank

LONDON, Dec 26 (Reuters) - China will overtake the United States to become the world's biggest economy in 2028, five years earlier than previously estimated due to the contrasting recoveries…

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Central Bank forecasts gloomier outlook for Malta’s economy

In view of current developments related to the coronavirus pandemic, the Central Bank of Malta has revised its growth projections for Malta downwards. In a study published today, the Bank…

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Consumer spending, exports drive euro zone growth to record high

The euro zone economy posted its highest ever quarterly rise in the summer, rebounding from a record contraction caused by the COVID-19 pandemic as consumer spending and exports increased sharply,…

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Biden names top economic team to focus on recovery from pandemic

U.S. President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for…

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Malta- Business, consumer confidence remain dim – CBM Report

Economic growth prospects remain dim according to the latest Sentiment Indicator surveyed by the European Commission and published by the Central Bank of Malta, possibly reflecting the rise in COVID-19…

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Euro zone banks curtail credit access amid fresh pandemic worries

Euro zone banks are tightening access to corporate credit amid a resurgence of the coronavirus pandemic, fresh data showed on Tuesday, adding to already numerous arguments for the European Central…

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Oil prices recover some of lost ground

Oil prices registerd small gains on Tuesday after recent sharp losses, but sentiment remained subdued as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.…

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Domestic tourism recovers faster than foreign tourism – Eurostat

During the early part of 2020, the tourism industry suffered as a result of travel restrictions implemented in response to the Covid-19 pandemic. Tourist numbers dropped sharply during March and…

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Euro zone economic activity risks double-dip recession

Euro zone economic activity slipped back into decline this month as a second wave of the coronavirus sweeps across the continent, heightening expectations for a double-dip recession, surveys showed on…

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Greek central bank chief warns of 9.4% economic slump if pandemic worsens

Greece's recession-hit economy could shrink at a rate closer to its central bank's worst-case scenario if the coronavirus pandemic deepens, the head of the Bank of Greece said on Saturday.…

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Covid-19 second wave can derail Euro zone recovery – ECB’s Panetta

The risk that the second wave of the coronavirus pandemic could derail the euro zone’s recovery from deep recession makes ultra-easy monetary policy all the more necessary, European Central Bank…

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Rating Agency Moody’s cuts UK’s credit rating

Ratings agency Moody's cut the United Kingdom's debt rating on Friday over the huge economic hit from the coronavirus crisis, Brexit and the lack of clear budget plans from Prime…

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Climate change is a serious threat to global growth – IMF

Climate change poses a serious threat to global growth, the head of the International Monetary Fund said on Monday, urging the world's top emitters to agree on a floor for…

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Third of Tunisia’s business threatened with bankruptcy

The coronavirus pandemic has plunged Tunisia into an economic crisis that has cost tens of thousands of jobs and collapsed the country's important tourism industry. Despite initially containing the spread of Covid-19 during…

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Expats working in Saudi declined by 19,000 after lockdown measures

Saudi Arabia’s General Authority for Statistics (GaStat) said the number of expats in the labour market declined by 19,000 on a net basis in Q2 as lockdowns forced many out of work, local…

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UK workers in businesses forced to shutdown to get two-thirds of salaries paid by government

Workers at businesses forced to shut due to stricter lockdown measures will have two-thirds of their salaries paid by the government. Chancellor Rishi Sunak unveiled the expansion of the Job…

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IKEA gets sales boost from shoppers’ new stay-at-home focus

IKEA sees sales returning to growth this year after the coronavirus crisis boosted shoppers' interest in spending more on their homes, a trend the world's biggest furniture retailer believes is…

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Gig ‘delivery’ platforms treated workers ‘unfairly’ during pandemic – study

Gig economy platforms like Uber, Deliveroo, Bolt and Glovo failed to compensate workers enough for lost income during the coronavirus pandemic and many companies still don't offer sick pay despite…

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Portuguese workers demand higher salaries

Thousands of workers gathered in cities and towns across Portugal on Saturday demanding higher wages and more government action to protect jobs threatened by the coronavirus pandemic. During the peaceful…

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Hungary’s economy hinges on vaccine discovery

Hungary's economy will struggle to grow next year if a coronavirus vaccine is not found, finance minister Mihaly Varga said in an interview published Saturday, as the government prepares to…

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UK jobless rate rises for first time since COVID-19 lockdown

Britain's unemployment rate rose for the first time since the coronavirus lockdown began in March but official data published on Tuesday also showed a less severe fall in employment than…

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