U.S. economy starts long recovery as retail sales post record jump

U.S. economy starts long recovery as retail sales post record jump
WASHINGTON (Reuters) – U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession triggered by the COVID-19 pandemic was over or drawing to an end. FILE PHOTO: A customer pays for his purchase in the doorway of Dave’s New York, a retail store,... Read More

European airlines face longer haul to recovery

European airlines face longer haul to recovery
PARIS (Reuters) – A patchwork of national restrictions and a reluctance among travellers to cross borders mean European airlines face a bumpier return to the skies from coronavirus lockdowns than U.S. and Asian rivals. FILE PHOTO: A general view shows the control tower and EasyJet planes, as the company restarts its operations amid the coronavirus disease (COVID-19) outbreak, at Gatwick... Read More

U.S. retail sales post record increase; big hole remains

U.S. retail sales post record increase; big hole remains
WASHINGTON (Reuters) – U.S. retail sales increased by the most on record in May after two straight months of sharp declines as businesses reopened, offering more evidence that the recession triggered by the COVID-19 pandemic was over or drawing to an end. FILE PHOTO: A customer pays for his purchase in the doorway of Dave’s New York, a retail store,... Read More

SoftBank-backed ride-hailing firm Grab cuts staff to cope with virus impact

SoftBank-backed ride-hailing firm Grab cuts staff to cope with virus impact
SINGAPORE (Reuters) – Southeast Asian ride-hailing and payments firm Grab said on Tuesday it would lay off more than 300 employees due to the impact of novel coronavirus, in the latest setback to major backer SoftBank Group Corp (9984.T). FILE PHOTO: People wait for the start of Grab’s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su Southeast... Read More

U.S. expected to report record rise in monthly retail sales

U.S. expected to report record rise in monthly retail sales
(Reuters) – U.S. retail sales likely experienced a record rise in May as 2.5 million Americans went back to work, although any rebound will retrace only a fraction of the historic drops in March and April amid the coronavirus lockdowns. FILE PHOTO: A shopkeeper works inside his retail store as the phase one reopening of New York City continues during... Read More

U.S. economy will start to rebound in second half of 2020, Fed’s Kaplan says

U.S. economy will start to rebound in second half of 2020, Fed’s Kaplan says
FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks during an interview in his office at the bank’s headquarters in Dallas, Texas, U.S. January 9, 2020. REUTERS/ Ann Saphir/File Photo NEW YORK (Reuters) – The U.S. economy will experience a “significant, historic” contraction in the second quarter before it starts to rebound, and unemployment will remain elevated at the... Read More