coronavirus

Euro zone economy not yet out of danger from coronavirus: ECB’s Panetta

BERLIN (Reuters) – The danger to the euro zone economy from the coronavirus pandemic is not yet over, European Central Bank board member Fabio Panetta told La Repubblica, adding that he saw no need to make any tweaks to the bank’s massive asset purchase programme.



a man wearing a suit and tie: Mario Draghi receives the Order of Merit of the Federal Republic of Germany in Berlin


© Reuters/ANNEGRET HILSE
Mario Draghi receives the Order of Merit of the Federal Republic of Germany in Berlin

Tackling the biggest economic collapse in living memory, the ECB is buying debt through a 1.35 trillion euro ($1.58 trillion) Pandemic Emergency Purchase Programme (PEPP) and paying banks to lend out its cash as it tries to protect the bloc’s economy from the coronavirus fallout.

Loading...

Load Error

“It’s too soon to declare victory,” Panetta said in the interview circulated by the ECB on Monday, adding that the euro zone economy was likely to see a bigger contraction in the second quarter than in the first three months

Read More

Coronavirus Economy: What We Know About The GOP Stimulus Package

$600 unemployment checks are about to stop. Congressional Republicans have put forward a stimulus plan. We’ll dig into the details.

Guests

Claudia Sahm, director of macroeconomic policy at the Washington Center for Equitable Growth. (@Claudia_Sahm)

Kenneth Rogoff, professor of economics and public policy at Harvard University. Co-author of “This Time Is Different.” (@krogoff)

Heather Caygle, Politico reporter covering Congress. (@heatherscope)

From The Reading List

Politico: “‘It’s a mess’: Republican senators deride key proposals in GOP virus package” — “he jockeying on Capitol Hill underscores how far apart both parties remain — and the treacherous path Senate Majority Leader Mitch McConnell faces as he confronts internal GOP divisions and kicks off negotiations with Democrats.”

Washington Post: “Coronavirus relief talks hit impasse on Capitol Hill” — “Negotiations on a new coronavirus relief bill hit an impasse on Capitol Hill on Wednesday,

Read More

U.S. GDP likely sank a record 35% in the 2nd quarter after coronavirus ravaged the economy

ECONOMIC REPORT



a woman holding a sign: People walk by a closed business in the Brooklyn borough of New York City. The U.S. economy is expected to show a record decline in growth in the second quarter due to the coronavirus.


© Getty Images
People walk by a closed business in the Brooklyn borough of New York City. The U.S. economy is expected to show a record decline in growth in the second quarter due to the coronavirus.

The U.S. suffered the biggest economic decline in the second quarter since the government began keeping track after World War Two. How much? Try 30% — or more.

Loading...

Load Error

Economists polled by MarketWatch estimate gross domestic product — the official scorecard for the U.S. economy — contracted by a record 34.6% annual pace from the start of April to the end of June.

Before the coronavirus pandemic, the largest drop in GDP on record was 10% in 1958. The government’s quarterly GDP figures go back to 1947.

The steepest quarterly drop during the 2007-2009 Great Recession was 8.4%.

Here is what to watch in the second-quarter GDP report when published

Read More

EU finance ministers agree on coronavirus rescue deal

DEAL REACHED. French Economy Minister Bruno Le Maire (L) applauds past French Treasury Managing Director Odile Renaud-Basso (R) as they attend a European Union finance ministers meeting by videoconference in Paris on April 9, 2020. Photo by Ludovic Marin/AFP

DEAL REACHED. French Economy Minister Bruno Le Maire (L) applauds past French Treasury Managing Director Odile Renaud-Basso (R) as they attend a European Union finance ministers meeting by videoconference in Paris on April 9, 2020. Photo by Ludovic Marin/AFP

BRUSSELS, Belgium – European Union (EU) finance ministers agreed a 500-billion-euro rescue on Thursday, April 9, for European countries hit hard by the coronavirus epidemic, but put aside demands from Italy and France for pooled borrowing.

The breakthrough came after the Netherlands softened its position on the crucial question of making needy countries commit to economic reform and outside oversight in return for assistance.

The Hague had blocked the talks two days earlier by insisting that Italy, or any other country in need, deliver on governance targets – which Rome saw as a shocking demand during a health crisis.

“Today we answered our citizens’ call for a Europe that protects,” Eurogroup

Read More

EU finance ministers wrangle over coronavirus rescue package (Reports)

EU finance ministers wrangle over coronavirus rescue package (Reports).

EU talks on how to help southern Eurozone countries badly affected by the coronavirus epidemic have stalled after 16 hours.

The European Central Bank says the bloc may need up to €1.5tn ($1.6 trillion; £1.3tn) to tackle the crisis.

European finance ministers were close to a deal, but the talks broke down amid a dispute between Italy and the Netherlands over how to apply the recovery fund.

Negotiations will resume on Thursday.

The coronavirus pandemic has exposed deep divisions in Europe, where Italy and Spain have accused northern nations – led by Germany and the Netherlands – of not doing enough.

The row comes as the EU’s top scientist, Mauro Ferrari, resigned citing Brussels’ “disappointing” response to the pandemic.

The Italian, who was head of the European Research Council for less than four months, said in his resignation statement that a

Read More

U.S. weekly jobless claims top 6 million amid coronavirus pandemic – National

The number of Americans filing claims for unemployment benefits last week shot to a record high for a second week in a row — topping 6 million — as more jurisdictions enforced stay-at-home measures to curb the coronavirus pandemic, which economists say has pushed the economy into recession.

READ MORE: The Canada Emergency Response Benefit for COVID-19 — who’s eligible and how to apply

Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, reinforced economists’ views that the longest employment boom in U.S. history probably ended in March.






Coronavirus outbreak: Trump says there’s plenty of ventilators, big order of medical supplies made to Walmart


Coronavirus outbreak: Trump says there’s plenty of ventilators, big order of medical supplies made to Walmart

Initial claims for state unemployment benefits surged 3.3 million to a seasonally adjusted 6.6 million for the week ended March 28,

Read More

How to Make Money From Home Amid Coronavirus

It’s expected that 47 million Americans could be out of work by June in the wake of the novel coronavirus.

For many, money is tight, which is why people are looking for alternative ways to sustain themselves after losing income as a result of business shutdowns.

Inside Edition talked to “Shark Tank” judge Kevin O’Leary about the broad range of side hustles that can be done from home.

“In chaos, there’s always opportunity,” O’Leary said. “And the people that find that out are our entrepreneurs.” 

The options are limitless: teachers can work as tutors online and lawyers could be hiring people for “virtual mock trial.” 

Other side hustles include taking online surveys, becoming a virtual assistant and giving music lessons. 

RELATED STORIES

Gig Workers Were Some of the First to Lose Their Jobs Amid the Coronavirus Crisis. This New Website Can Help.

Nurse Who Quit Her Job Due to COVID-19

Read More

Coronavirus: Number of Americans filing jobless claims spikes to a record 3.28 million – National

The number of Americans filing claims for unemployment benefits shot to record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt, unleashing a wave of layoffs that likely brought an end to the longest employment boom in U.S. history.

The weekly jobless claims report from the Labor Department on Thursday offered the clearest evidence yet of the coronavirus’ devastating impact on the economy, which has forced the Federal Reserve to take extraordinary steps and the U.S. Congress to assemble a record $2 trillion stimulus package.

Economists say the economy is already in recession. Weekly claims are the most timely labor market indicator. With nearly half the country’s population under some form of a lockdown and reports of state employment websites overwhelmed, economists are bracing for further increases in jobless claims.


READ MORE:
Coronavirus: Nearly 1 million Canadians

Read More

Dirty money: The case against cash in times of the coronavirus outbreak

On Friday, South Korea’s central bank said it was taking all banknotes out of circulation for two weeks — and burning some — to reduce the spread of the virus, according to Reuters. It follows China’s massive initiative around deep cleaning potentially infected cash with ultraviolet light and high temperatures, and in some cases, destroying it. The treated cash comes from high-risk infection areas, such as hospitals.
Meanwhile, the Louvre museum in Paris this week banned cash amid the outbreak. Its decision to accept only credit card payments was part of an effort to make staffers feel more comfortable about returning to work, according to the Associated Press.
The concerns over cash come as the global number of people infected by the coronavirus nears 100,000, mostly in China. The outbreak may just drive up adoption of mobile payments, a newer technology that has long trailed behind cash in the US,
Read More