covid-19-impact-on-economy | ABS-CBN News

Some European firms in PH holding off expansion plans, new investments: study

Willard Cheng ABS-CBN News
Posted at Aug 13 06:21 PM

European companies operating in the Philippines are putting expansion plans on hold, with some withdrawing altogether new investments, a study released Thursday showed as the coronavirus pandemic impact operations. Read more »

Saudi Aramco profits dive 73 percent as virus batters oil demand

Anuj Chopra with Omar Hassan in Dubai, Agence France-Presse
Posted at Aug 09 10:14 PM

Energy giant Saudi Aramco said on Sunday its second-quarter profits plunged a massive 73 percent due to sharply lower oil prices as the coronavirus crisis undercuts global demand.  Read more »

Business group official says gov’t should not rely on China vaccine alone

ABS-CBN News
Posted at Aug 05 07:15 PM

An official of the Management Association of the Philippines said on Wednesday that the government should not “hinge” the country’s economic recovery on China’s possible discovery of a vaccine against COVID-19.  Read more »

Gov't stimulus spending sought as new lockdown seen further weakening economy

ABS-CBN News
Posted at Aug 04 11:36 PM

Marikina Rep. Stella Luz Quimbo said stimulus spending was needed as the economy stands to suffer more losses as Metro Manila reverts to MECQ.  Read more »

PH remittances seen to drop 20 percent as ADB study assumes 'worst-case scenario'

ABS-CBN News
Posted at Aug 04 05:58 PM

The Philippines may see remittances from overseas Filipinos drop 20.2 percent this year compared to 2018 levels because of the disruptions caused by the COVID-19 pandemic, according to a study by economists at the Asian Development Bank. Read more »

SSS approves P15.6-B in virus calamity assistance loans

ABS-CBN News
Posted at Aug 04 03:09 PM

The Department of Finance said Tuesday the Social Security System has so far approved P15.63 billion in COVID-19 calamity assistance loans as of July 28.    Read more »

SM Prime H1 profit down 46 percent as malls rental income hit by lockdowns

ABS-CBN News
Posted at Aug 03 03:58 PM

SM Prime posted a consolidated net income of P10.4 billion in the first half of the year, down 46 percent from the same period in 2019 as the COVID-19 pandemic disrupted mall operations. Read more »

Fitch cuts outlook for Japan credit rating on virus impact

Kyodo News
Posted at Jul 29 04:51 PM

While maintaining the sovereign rating at A, Fitch warned that "sharply wider fiscal deficits in 2020 and 2021, as we project, will add significantly to the country's public debt, which even before the pandemic was the highest among Fitch-rated sovereigns as a share of GDP." Read more »

Kodak to launch new pharmaceuticals business using $765 million federal loan

Agence France-Presse
Posted at Jul 29 08:58 AM

Erstwhile photo giant Eastman Kodak will launch a new business manufacturing pharmaceuticals amid the coronavirus pandemic, using a $765 million government loan, the company announced Tuesday.   Read more »

Support small businesses with loan payment extensions, Duterte tells BSP and banks

ABS-CBN News
Posted at Jul 27 06:12 PM

President Rodrigo Duterte called on banks to extend the repayment terms for loans made by small businesses that were affected by the COVID-19 crisis.  Read more »

Gold hits record high on haven demand as markets rally sputters

Agence France-Presse
Posted at Jul 27 04:49 PM

Gold hit a record high Monday as investors rushed into the safe-haven on concerns about China-US tensions, a spike in virus infections around the world and a lack of progress on a new stimulus bill in Washington.   Read more »

New US jobless claims rise to 1.42 million amid COVID-19 surge

Agence France-Presse
Posted at Jul 23 10:01 PM

Claims for government benefits by newly unemployed American workers rose to 1.42 million last week, the Labor Department said Thursday, reversing weeks of declines as coronavirus cases skyrocket nationwide. Read more »

South Korea GDP shrinks 3.3 percent in second quarter

Kyodo News
Posted at Jul 23 08:32 PM

South Korea's economy shrank 3.3 percent in the April-June period, compared with the previous three months, amid the fallout from the coronavirus pandemic, the country's central bank said Thursday. Read more »

Infra or pandemic aid? Gov't faces 'trade-off' says House think tank

ABS-CBN News
Posted at Jul 22 10:46 PM

The Congressional Policy and Budget Research Department (CPBRD) said the Duterte administration is “facing a trade-off” between pursuing its ‘Build, Build, Build’ program “and the more urgent COVID-19 responses.”  Read more »

Singaporeans urged to take local holidays to boost tourism amid virus

Kyodo News
Posted at Jul 22 10:38 PM

Singapore on Wednesday launched a campaign to get citizens to take local holidays in the hope of throwing a lifeline to the city-state's tourism industry that has been suffering from a lack of visitors due to the coronavirus pandemic. Read more »

LinkedIn to cut 960 jobs amid sales slump

Agence France-Presse
Posted at Jul 21 09:50 PM

Professional social network LinkedIn said Tuesday it was cutting 960 jobs, or six percent of its workforce, as the global pandemic has hit demand for its paid recruitment services.   Read more »

Dubai expats race for new jobs after virus layoffs

Aziz El Massassi, Agence France-Presse
Posted at Jul 21 09:27 PM

The pandemic has set in motion a global economic crisis that one study said could see some 900,000 jobs lost in the UAE -- among a population of under 10 million -- and force 10 percent of its expatriate residents to leave.   Read more »

China's economy grows 3.2 percent in 2nd quarter, recovers from virus shock

Kyodo News
Updated as of Jul 16 09:00 PM

China's economy grew 3.2 percent from a year earlier during the April-June period on the back of a rebound in production, marking the first expansion in two quarters, official data showed Thursday, underscoring that corporate demand has been recovering from the coronavirus shock. Read more »

Singapore sinks into recession due to COVID-19

Martin Abbugao, Agence France-Presse
Posted at Jul 15 09:52 PM

The 41.2 percent quarter-on-quarter drop was the worst ever recorded in the city-state, which is considered a barometer for the health of global trade.  Read more »

Virus-hit UK economy slumps almost 20 percent in lockdown

Agence France-Presse
Posted at Jul 14 08:09 PM

Britain's coronavirus-ravaged economy slumped almost one-fifth during the country's lockdown and remained set for its sharpest decline in annual output for 300 years, official data showed Tuesday. Read more »