Ratings agency S&P forecasts an 11% contraction for the Dubai economy this year, with an already high debt load set to increase as some of the emirate’s vital sectors struggle to rebound from the impact of the Covid-pandemic.
India recorded a record current account surplus of $19.8 billion during April-June 2020 due to a steeper decline in imports when compared to exports. The quarter also saw a drop in net foreign portfolio and foreign direct investments and a fall in remittances.
Over a two-week span in early July of 2020, seven retailers, including The Paper Store, Lucky Brand and Brooks Brothers filed for bankruptcy protection. J.Crew, Neiman Marcus and J.C. Penney and four other retailers had already filed in May. Lord & Taylor and the off-price shop Stein Mart led another wave that hit earlier this month. Some would say it has been a flood, but what’s coming could be a tsunami.
India’s silver imports are likely to fall by more than 40 percent from a year ago to the lowest level in 8 years, with investors booking profit by selling stocks after local prices rallied to a record high this month, leading importers said.
Some investors are worried the U.S. response to the Covid-19 pandemic is dealing a body blow to the dollar, potentially accelerating what has so far been a slow erosion in the greenback’s status as the world’s dominant reserve currency.
The COVID-19 pandemic is upending the U.S. health coverage market in unexpected ways, forcing some insurers to issue refunds to customers this year and complicating the models they use to set the prices for next year’s copays and premiums.
Treasury Secretary Steven Mnuchin said that shutting down the United States economy for a second time to combat the spread of coronovirus isn’t a viable option and could cause even more headaches for Americans.