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Tuesday, August 11, 2020

IMF says trade war will cut global growth to lowest since financial crisis a decade ago

The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned. The organization added the outlook could darken considerably if trade tensions remain unresolved. ...

Global economy loses $2.2trn to illicit trade – Analyst

Esteban Giudici, Senior Analyst, Transnational Alliance has said that economic leakages from illicit trade create an annual drain on the global economy of 2.2 trillion dollars, equivalent to three per cent of the world’s economy. Giudici said this during the 2019 Africa Security Forum (ASF)...

China’s slowdown is not the key problem for global growth — the trade war is, says chief economist at S&P Ratings

The uncertainty around the trade relationship between the U.S. and China is dampening global growth, says chief economist at S&P Global Ratings, Paul Gruenwald. A 5.5% growth rate for China “is a broadly healthy development,” Gruenwald told...

The world’s largest trade deal could be signed in 2020 — and the US isn’t in it

A group of 15 Asia-Pacific countries is aiming to sign the Regional Comprehensive Economic Partnership, or RCEP, in 2020. The mega-deal started with 16 countries but India decided not to join the trade pact over concerns that...

South Africa’s Ramaphosa says Africa needs two-year debt standstill

JOHANNESBURG (Reuters) - South African President Cyril Ramaphosa said on Friday that African countries needed a two-year debt standstill due to the impact of the COVID-19 pandemic, longer than a moratorium agreed by G20 governments last month. The World Bank and International Monetary Fund-backed initiative...

IMF projects a recession for sub-Saharan Africa in 2020

JOHANNESBURG, April 14 (Reuters) - Sub-Saharan Africa’s gross domestic product is expected to contract 1.6% this year, compared 3.1% growth last year, as the coronavirus pandemic wrecks the region’s economies, the International Monetary Fund said on Tuesday . Various African governments have imposed lockdowns and...

Uber acquires food-delivery service Postmates for $2.65 billion in stock

KEY POINTS Uber agreed to buy Postmates, the fourth-largest U.S. delivery food service, for $2.65 billion in stock. Uber had attempted to acquire GrubHub last month but talks failed. Uber’s deal for Postmates will likely draw less regulatory scrutiny than an acquisition of GrubHub. Uber to buy food-delivery...

Retail investors bet on bankrupt US companies rising again

Shares in Hertz surge more than 800% since car hire group filed for Chapter 11

Global trade tensions are likely to get even worse after the US midterms, expert says

If the Democrats seize control of the House during the midterms, it's likely they will not "approve anything that the president wants," Steven Okun, senior advisor at McLarty Associates, told CNBC on Monday. But U.S. President Donald...

Oil crash piles pressure on bloated refining sector

Oil refineries are struggling as the worst demand-crash in decades cascades through the industry, leaving plants around the world at risk of closure. Demand for fuel remains depressed and stockpiles are bulging, while the crude refiners’ process has become more expensive following deep Opec-led supply...
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