ECONOMY

A recession is defined as two consecutive quarters of contraction. Australia's economy shrank 0.3 percent in the previous three months.

Chinese restaurant gets swift backlash from netizens accusing them of fat shaming on their zero food waste campaign.

It is the worst economic contraction for Japan since comparable data in 1980, eclipsing the brutal impact of the 2008 global financial crisis.

Homeless people living in New York's sidewalks say apartment owners overlooking the encampment are throwing hot water on them.

The UK economy contracted by 2.2 percent in the first quarter.

Mexico deputy health minister calls sugary drinks "bottled poison" and urges people to stop buying them.

UN Secretary General Antonio Guterres's plea for a global ceasefire back in March has gone largely unheeded.

So far, 40,000 bars, restaurants and hotels have permanently closed.

COVID-19 is forcing governments into a persistent balancing act between saving lives and preventing economic devastation.

With the disease showing little sign of being fully controlled until a vaccine is created, economic recoveries and a months-long global markets rally are sputtering.

Economists suggested the weak data could spur US lawmakers to push on with fresh stimulus measures as their previous package comes to an end soon.

Quarter-on-quarter, it shrank 3.3 percent, also the worst showing in more than 20 years.

The deal was sealed after intense negotiations that saw threats of walkouts, vetoes and fierce opposition from the Netherlands and Austria.

Between February and May, two million Australians had already lost their jobs or saw hours significantly cut.

The studies provided a much-needed shot in the arm for investors, who have been put on edge in recent weeks by worrying spikes in new infections.

The marathon talks chaired by EU Council President Charles Michel failed to yield agreement over the size, rules for a 750-billion-euro loans, grants package.

EU officials have drawn up a stimulus plan that would see 500 billion euros handed out as grants and subsidies and a further 250 billion as loans.

The fast food chain set new reduced price menu items after government tax cuts on hospitality and tourism sector.

It marked the second consecutive quarter of contraction, meaning the city state has entered a recession for the first time since 2009.

Finance minister Rishi Sunak is due to deliver his spending plans at 1130 GMT, having already flagged £3 billion of green investment.

Concerns about the impact on demand from the reimposition of some containment measures weighed on oil markets.

Johnson's new package is intended to meet the unprecedented challenge the pandemic has posed to the economy, and restore the government's standing.

Layoffs caused by the coronavirus pandemic in the US passed 45.7 million last week.

Oil prices dipped after a healthy advance on Friday.

Europe faces its biggest recession in the bloc's 63-year history, and states are under pressure to look beyond their own borders.

Elsewhere around the globe, clusters of infection were growing as governments relaxed restrictions.

The lingering optimism provided support to higher-yielding, riskier currencies.

Though dramatic, the current forecast falls short of the Great Depression.

Europe pressed ahead with a further loosening of measures, with schools, pools, pubs and tourist sites reopening.