U.S.-China trade tensions are set for more predictability after Joe Biden’s presidential win — which likely means calmer rhetoric in a continued tough stance on Beijing. Following years of brewing U.S. complaints about unfair business practices by China’s state-dominated system, President Donald Trump stepped up pressure on Beijing with policy measures that were often abruptly first floated through […] Read more
There’s further economic pain ahead for European countries as France and Germany announce new nationwide lockdowns and other governments consider doing the same. The latest measures to address the second wave of Covid-19 infections in Europe could lead to higher unemployment, the permanent closure of many businesses and even more national debt. “Scarring will occur […] Read more
The number of reported coronavirus cases around the world has hit 40 million, according to a tally kept by Johns Hopkins University. The grim milestone of 40,050,902 confirmed cases on Monday comes as various parts of Europe and the U.S. struggle to deal with an alarming surge in infections. The dreaded “second wave” began in August […] Read more
The 2020 Nobel Prize in Economic Sciences has been awarded to Paul R. Milgrom and Robert B. Wilson for work on commercial auctions. The American economists were commended for their “improvements to auction theory and invention of new auction formats,” the Nobel Committee said. Milgrom, 72, is the Shirley and Leonard Ely professor of humanities […] Read more
British Prime Minister Boris Johnson insisted Tuesday that his bout of Covid-19 has not robbed him of his mojo, while outlining new spending pledges aimed at restoring the economy to a stronger position than prior to the pandemic. Speaking to the Conservative Party annual conference, Johnson used his own experience with the virus to illustrate […] Read more
Europe is now grappling with a second wave of coronavirus infections that could once again wreak significant damage on the region’s economy. The euro zone, the area that shares the single currency, saw its economy tank by 11.8% in the second quarter of 2020, hit by strict lockdown measures used to contain the spread of the virus. […] Read more
The Bank of England on Thursday left interest rates unchanged and maintained its current level of asset purchases, but warned that the outlook for the economy remains “unusually uncertain.” All members of the Monetary Policy Committee (MPC) voted to keep the main lending rate at 0.1%, with the central bank having cut rates twice from […] Read more
The Philippines’ falling imports as a result of a weak domestic economy has ended up benefiting its currency — which is the best performer in Asia so far this year. The Philippine peso has strengthened around 4% against the U.S. dollar this year, outperforming its regional peers. It is also one of the few Asian currencies that has recorded gains […] Read more
It looks increasingly unlikely that the U.K. will reach a trade agreement with the European Union — and that could also harm the chances of a future deal with the United States. The U.K. government outlined on Wednesday how it plans to manage trade following its full breakup from the EU at the end of the […] Read more
The U.S. economy looks set to rebound in the current quarter from the previous three months’ deep contraction — but it could sink again if the coronavirus outbreak is not managed well, warned a former Federal Reserve official. Dennis Lockhart, president of the Atlanta Fed from 2007 to 2017, was among economists and experts who have raised the possibility of […] Read more
