• Gold prices highest since 2012 as US dollar stumbles

    Gold prices highest since 2012 as US dollar stumbles

    Gold prices surged to their highest since October 2012 on Tuesday, driven by a weakness in the US dollar and widespread monetary stimulus packages by central banks as a jump in coronavirus cases dents the economic outlook. Spot gold climbed 0.7 percent, to $1,767 per ounce, in the early afternoon, having hit $1,768.96, its highest …
  • Second wave of coronavirus could cripple economic recovery, group warns

    Second wave of coronavirus could cripple economic recovery, group warns

    A second round of coronavirus infections could cripple the global economy’s recovery from the worst recession in nearly a century, the Organization for Economic Cooperation and Development said Wednesday. The influential international group released a new economic forecast warning of severe consequences if COVID-19 cases spike as countries ease lockdowns meant to control the deadly …
  • Europe to enter ‘recession of historic proportions’ amid coronavirus

    Europe to enter ‘recession of historic proportions’ amid coronavirus

    The coronavirus pandemic is plunging the European Union into a recession, the European Commission said Wednesday in its spring economic forecast. Predicting a “recession of historic proportions,” the commission warned that the Eurozone economy will contract by 7.5 percent in 2020 — a record number that surpasses the damage caused by the 2009 financial crisis. …
  • Trump has plan to remove US dependency on China supply chain

    Trump has plan to remove US dependency on China supply chain

    The Trump administration is “turbocharging” an initiative to remove the US from dependency on a China-based supply chain and weighing imposing new tariffs to punish the Communist Party in Beijing for its response to the coronavirus pandemic, according to a report on Monday. The economic damage and death toll from the COVID-19 outbreak has prompted …
  • Oil prices drop below zero for first time ever as COVID-19 kills demand

    Oil prices drop below zero for first time ever as COVID-19 kills demand

    Crude oil prices plunged below zero for the first time in history on Monday, with traders actually paying to get barrels of the stuff off their hands as the coronavirus kills demand. The May futures contract for West Texas Intermediate crude, which is set to expire Tuesday, settled at negative $37.63 per barrel, down $55.90 …
  • Coronavirus may lead to worst global recession since Great Depression: IMF

    Coronavirus may lead to worst global recession since Great Depression: IMF

    The coronavirus pandemic will plunge the global economy into its worst recession since the Great Depression, the International Monetary Fund predicted Tuesday. The fund expects the world economy to contract by 3 percent in 2020 as measures meant to stop the virus freeze economic activity around the world. That’s a much steeper drop than 2009, …
  • Global economy screeches to a halt as coronavirus job losses take toll

    Global economy screeches to a halt as coronavirus job losses take toll

    The shock of the coronavirus is hitting the economy like another Great Depression — and Americans aren’t alone in their misery. A tsunami of job losses and welfare claims in Britain, the European Union and Asia in the last two weeks parallel the 10 million unemployment claims in the US as businesses around the world …
  • Business owners, industry experts warn reopening by Easter won’t be easy

    Business owners, industry experts warn reopening by Easter won’t be easy

    President Trump wants the country open for business by mid-April, but some experts warn it’s not as easy as flipping a switch: Economies run on confidence, and that is likely to be in short supply for as long as coronavirus cases in the US are still rising. Trump this week said he wants businesses “opened …
  • Federal Reserve details new steps to stabilize economy amid Chinese virus pandemic

    Federal Reserve details new steps to stabilize economy amid Chinese virus pandemic

    The Federal Reserve announced a number of steps on Monday meant to shore up the US economy during the coronavirus crisis. The central bank said its Federal Open Market Committee will buy Treasury securities and mortgage-backed securities in “the amounts needed to support smooth market functioning” as part of a wide-ranging plan to blunt the …