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Gulf faces recession as oil deluge meets Covid-19
Middle East oil exporters are bracing for recession and the lowest growth rates since the 1990s, with economists warning that the “twin shocks” of Covid-19 and plummeting oil prices will have a knock-on effect across the region.
“Quarantines, disruption in supply chains, the crash in oil prices in light of the breakdown of OPEC+, travel restrictions, and business closings point to a recession in…
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Shutdown to hit India’s small businesses hard
The ongoing 21-day lockdown in India to contain the spread of Covid-19 is expected to leave many small businesses in danger of shutting down. The country is home to 69 million micro, small and medium enterprises and employs close to 110 million people.
A study by the All India Manufacturers’ Association indicated that if the lockdown continues for four weeks, 19% of jobs will be lost and if it…
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Covid-19: ILO paints grim picture of India
The Indian government’s 21-day lockdown to contain the spread of Covid-19 has led to the widespread disruption of economic activity due to stoppages of public transport, train services and flights and the closure of most factories.
The International Labour Organization expects these measures will affect the country’s informal economy hard and push nearly 400 million informal sector workers deep…
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Small investors in Indian markets hit hard
The ongoing bear grip over the Indian stock markets, due to the coronavirus-related economic slowdown and weak global cues, has been taking a heavy toll on retail investors. In this calendar year, they have reportedly lost about 3 trillion rupees (US$39.5 billion), according to a report.
Data from Capitaline at the end of December 31, 2019, said retail investors – those who have invested up to…
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Samsung Electronics expects profit to rise
Samsung Electronics expects higher first-quarter profits, it said Tuesday, as millions of people working from home in coronavirus lockdowns turn to cloud data services, pushing up demand for its chips.
The pandemic is wreaking havoc across the global economy – Samsung itself had operations suspended at 11 overseas assembly lines as of Tuesday – and is widely expected to cause a recession.
But…
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Automobile sales fall 37% in Jan-Feb due to virus
The number of automobiles sold in mainland China in January and February declined 37% from the same period last year due to the Covid-19 outbreak.
Automobile sales had been declining since 2018 and were heavily hit by the coronavirus epidemic earlier this year, said Wang Bin, an official at China’s Ministry of Commerce.
China launched a series of supportive measures to stabilize the automobile…
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India’s Yes Bank rescue plan approved
A central bank-backed proposal to rescue embattled Yes Bank has been approved and withdrawal limits will be lifted, officials said, as India’s fourth-largest private lender posted a big quarterly loss.
Yes Bank was struggling with bad loans and on the brink of collapse when the Reserve Bank of India seized control of the lender on March 5 and imposed withdrawal limits for customers.
Eight banks –…
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