This archive report was first published on 11 June 2020.
Published on June 11, 2020, the global economy is facing a severe downturn due to the ongoing pandemic. US Federal Reserve Chairman Jerome Powell warned that the decline in the United States GDP for Q2 will be the most severe on record.
The Organisation for Economic Co-operation and Development (OECD) estimated that the global economic activity would fall by 6% in 2020 if a second major coronavirus outbreak doesn’t emerge before the end of the year. However, if another wave of infections causes additional economic shutdowns in 2020, the global gross domestic product (GDP) would suffer a 7.6% contraction.
World Health Organization’s Chief Scientist Dr. Soumya Swaminathan expressed concerns about the risk of a second wave of the coronavirus, stating that there is a “very real risk” of transmission spreading as countries lift the lockdown.
Co-founder of Microsoft Corp. Bill Gates condemned the “horrifying” killings of people that prompted a series of protests across the nation, highlighting the “brutal injustices” minorities in the country are facing.
Meanwhile, Vice President of Business Development at Tesla Inc. Robin Ren has left the automaker after five years of working for the American company. Tesla’s stock hit a new all-time high topping $1000 after Chinese authorities approved production of Tesla’s Model 3 with lithium iron phosphate (LFP) battery in Shanghai-based Gigafactory.
China’s consumer price index (CPI) increased less than expected, rising by 2.4% in May compared to the same time last year. However, crude futures fell on Thursday following news that US crude oil inventories rose by 8.42 million barrels in the week ending June 5 to hit a record-high of 538.1 million.
German flagship carrier Lufthansa announced plans to cut about 22,000 full-time jobs worldwide with more than half of those positions in Germany. The airline will cut the number of planes in operation by about 100 citing the effect of coronavirus on the industry.
Just Eat Takeaway.com and Grubhub Inc. have entered into a definitive agreement to create the world’s largest online food delivery company outside of China.
