WASHINGTON — Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says in its latest forecast. The IMF said Tuesday that it expects the global economy to shrink 3% this year —...
US Weighs ‘War Bonds’; Facebook Launches Virus Survey
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Monday related to the global economy, the work place and the spread of the virus. Central Banks and Government The White House is considering coronavirus “war bonds” to fund the federal...
Macy's Stops Paying Employees as Job Cuts Pile Up
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Monday related to the global economy, the work place and the spread of the virus. Air Care Britain’s health service is asking airline cabin crew who have been laid off...
Business Fallout: Nike Cites Jump in Online Sales in China
The rapid spread of the coronavirus since it was first reported in China has dealt an unprecedented shock to the global economy. Here's a look at developments from Tuesday as central banks, businesses and workers attempt to navigate a global outbreak that has brought economic activity to a standstill. The...
Virus Closes Sites Around the World; Stocks, Oil Prices Sink
SOAVE, Italy — Fear over the new coronavirus epidemic sent global stock markets and oil prices plunging Monday, touched off prison riots in Italy and caused a cascading shutdown of sites and events ranging from Saudi schools to a Holocaust march. While many of Beijing's white-collar workers returned to work...
China's Economic Slowdown Deepens, Weighing on Global Growth
BEIJING — China's economic growth sank to a new multi-decade low in the latest quarter as a trade war with the U.S. deepened a slump that is weighing on the global economy. Growth in the world's second-largest economy slipped to 6% in the three months ending in September, down from...
Fed Chairman Signals That Rate Cut Could Happen Soon
WASHINGTON — Chairman Jerome Powell signaled Wednesday that the Federal Reserve is likely to cut interest rates late this month for the first time in a decade in light of a weakening global economy and rising trade tensions. Delivering the central bank's semiannual report to Congress, Powell said that since...
Leading Finance Officials Acknowledge Global Slowdown
WASHINGTON — Finance officials from the world's major powers acknowledged Friday that the global economy is in a slowdown, but they forecast that growth will pick up by the second half of this year, thanks to interest-rate policies from the Federal Reserve and other central banks. Officials of the Group...
China Announces $60B of US Goods for Tariff Retaliation
BEIJING — China on Friday announced a $60 billion list of U.S. goods including coffee, honey and industrial chemicals for retaliation if Washington goes ahead with its latest tariff threat. The Finance Ministry accused the Trump administration of damaging the global economy after it proposed increasing duties on $200 billion...