The UK service sector registered its steepest downturn in more than two decades in March due to business shutdowns and order cancellation in response to the coronavirus, or covid-19, pandemic. The services Purchasing Managers' Index fell to 34.5 in March from 53.2 in February, survey data from IHS Markit and Chartered Institute of Procurement & Supply showed Friday.
A claim by BodySphere Inc. that its 2-minute Testing Kit To Diagnose Covid-19 received the Emergency Use Authorization or EUA by the U.S. Food and Drug Administration appears to be false. As per the agency's April 2 Covid-19 update, 25 companies have received EUA for testing kits to detect the coronavirus from early February till now, but not BodySphere.
Miami Mayor Francis Suarez has requested U.S. President Donald Trump to immediately suspend flights from COVID-19 hotspots, both international and domestic, to Miami International Airport, to stop the spread of the virus among Miami residents. The mayor asked Trump to direct various government agencies to carry out his request as soon as possible, including the Federal Aviation Administration.
Eurozone retail sales grew at a faster pace in February before the coronavirus containment measures began in member countries, data from Eurostat showed Friday.
The retail trade volume grew 0.9 percent on a monthly basis, faster than the 0.7 percent increase seen in January. Economists had forecast...
The euro area private sector logged its biggest monthly fall on record in March as the coronavirus disease, or covid-19, pandemic impacted heavily on economic activity, final data from IHS Markit showed Friday. The final composite output index fell sharply to 29.7 in March from 51.6 in February. This was also weaker than the flash estimate of 31.4.
China's services activity contracted in March as the sector continued to face challenging conditions due to the ongoing impact of the coronavirus, or covid-19 outbreak, survey data from IHS Markit showed Friday. The Caixin services Purchasing Managers' Index rose to 43.0 in March from a record low 26.5 in February. However, a score below 50 indicates contraction.
The Asian Development Bank cut its growth projection for developing Asia due to the effects of the novel coronavirus, or covid-19 pandemic. In the Asian Development Outlook, released Friday, the ADB said regional economic growth will decline sharply this year before recovering in 2021. The lender forecast developing Asia to grow 2.2 percent in 2020.
Ireland's service sector deteriorated at the fastest pace in eleven years in March, as new work and new business declined amid coronavirus outbreak, survey data from IHS Markit showed Friday.
The services Purchasing Managers' Index fell to 32.5 in March from a 26-month high of 59.9 in February. This...
Asian stock markets are mixed on Friday, with some of the markets paring early gains, as lingering worries about the coronavirus pandemic more than offset the positive sentiment generated by the overnight gains on Wall Street amid the surge in crude oil prices. The total number of global coronavirus cases has crossed one million, while the death toll reached more than 52,000.
Boston Scientific Corp. said Thursday that to lessen the impact of the coronavirus pandemic on its business, it will significantly reduce the salaries of its chief executive officer, directors and executive committee members. The company also intends to temporarily reduce work week schedules for employees, where appropriate. The medical device maker said these measures are to reduce costs.
With the number of COVID-19 deaths and infections soaring in the West, the head of the World Health Organization has warned that global infections will cross a million and deaths will reach 50,000 within days. Confirmed coronavirus cases worldwide reached 940,515 and deaths rose to 47,514 on Thursday, according to a Johns Hopkins University data. "Over the past five weeks, we have witnessed a ne
The death toll from the coronavirus pandemic in the United States crossed 5,000 on Wednesday, with 884 more deaths reporting in 24 hours. This is the biggest daily surge in coronavirus deaths in U.S. since the first case in the country was reported on January 23. Also, the number of confirmed infections across the country rose by more than 25,000 in one day. In all, 215,344 people tested posi
Shares of Shopify Inc. (SHOP) are losing more than 8 percent in Thursday's trading at $353.58. The shares have traded in a range of $190.38 to $593.89 in the past 52 weeks.
Wednesday, Shopify said it is suspending its financial outlook for full year 2020 due to the uncertainty surrounding the coronavirus...
Arts and crafts chain Hobby Lobby has been ordered to shut its stores after the retailer reopened them by defying stay-at-home orders in various states amid the coronavirus pandemic. Ohio Attorney General Dave Yost said on Twitter that he sent a cease-and-desist letter following which the retailer agreed to close its stores on Wednesday night.
As coronavirus crisis escalates, Fitch Ratings expects a deep global recession this year, with the fall in 2020 GDP on par with the global financial crisis.
According to the latest update of its Global Economic Outlook, released Thursday, world economic activity will decline 1.9 percent in 2020. In...