A woman shops at a store at Hudson Yards in New York. Associated Press
For the first time since the Great Recession a decade ago, the US Federal Reserve is poised to cut interest rates, shoring up America’s defenses as the global economy weakens.
Activity is contracting in the US manufacturing sector but the number of Americans filing applications for unemployment benefits fell last week, signs that factories are suffering from a global slowdown even as the broader labour market remains healthy.
European and US stocks and oil prices recovered on Friday on US stimulus hopes, after Asian equities experienced wild swings, with traders closing out a week of carnage for world markets as the coronavirus pandemic fuels fears of a global recession.
The State Bank of Pakistan (SBP) is considering the introduction of digital bank accounts for overseas Pakistanis, the central bank’s governor, Reza Baqir, said.
General Motors (GM) is developing an electric van aimed at business users, joining a growing list of carmakers planning EVs for the same segment which includes customers such as Amazon.com and United Parcel Service, five people familiar with the plans told Reuters.
Global passenger air traffic rose 30% in May from a very low level in April, as airlines cut domestic fares by an average 23% to encourage customers to return, the International Air Transport Association (IATA) said on Wednesday.