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Bank of England sees worst slump in 300 years as coronavirus bites

The BoE said Britain's economy might be on course to shrink by 25% in the three months to June and unemployment could more than double to 9% of the workforce

Coronavirus impact: Now 33.5 mn seek unemployment benefits in US

The reports support many economists' belief that the economic slump could persist for a while

Animal Crossing boosts Nintendo's Switch console demand in Jan-Mar quarter

The Kyoto-based gaming company posted operating profit of 89.4 billion yen for January-March

ArcelorMittal beats first quarter profit estimates, sees sharp drops in Q2

First-quarter core profit (EBITDA), the figure most watched by the market, was $967 million, compared with the average forecast in a company poll of $867 million

Trump threatens fresh tariffs on China, blames country for Covid-19

Two US officials, speaking on condition of anonymity, said a range of options against China were under discussion

Amazon sees loss in Q2 as it forecasts $4 bn in coronavirus related costs

Internationally, the pandemic has hit Amazon the hardest in India, where the company has had to forgo sales to comply with the government restricting delivery to essential goods such as groceries

India to cap stimulus package at $60 bn to protect credit rating: Report

Fitch warned India's sovereign rating could come under pressure if its fiscal outlook deteriorates further

FDA's lax blood test rules open US market to dubious vendors: Report

The rush to obtain test kits follows the FDA's unprecedented decision last month to allow any company to sell antibody tests in the US without prior review by the agency

Covid-19 shatters silver screen hopes for Bollywood; recovery to take 2 yrs

About 9,500 theatres are shut, and business at multiplexes and single-screen cinemas is unlikely to bounce back for weeks or even months

Metals tycoon Sanjeev Gupta family to close ailing Commonwealth Trade Bank

Gupta bought the British-based bank about a year ago, hoping to use it for trade finance within the Commonwealth group of countrie

Covid-19 impact: Zero sales for Maruti Suzuki in April as lockdown bites

The carmaker suspended operations from March 22, in line with orders from the government as India rushed to curb the spread of the virus

India exports 50 mn hydroxychloroquine tablets to US in Covid fight: Report

The trade, India's biggest export of the drug to any country, follows a request by US President Donald Trump for New Delhi to release supplies of hydroxychloroquine

Nintendo seen extending profit streak as housebound consumers switch on

Nintendo "could sell multiples of what is in the inventory at the moment", said Serkan Toto, founder of game industry consultancy Kantan Games

'Highly significant': Data on Gilead drug raises hopes in Covid-19 fight

US Food and Drug Administration said it has been in discussions with Gilead about making remdesivir available to patients as quickly as possible

India's scrap gold supplies at record high on price rally, coronavirus: WGC

Record high local prices, coupled with short-term pressure on household finances, could encourage people to sell gold

Why all eyes will be on the expiry of Brent oil futures this week

Analysts and investors have been wondering if the same will happen to Europe's Brent oil futures

Tesla posts third quarterly profit in a row, but Elon Musk is not happy

Tesla produces a fraction of the cars of its rivals but has a much larger stock market value on expectations of tremendous growth

Microsoft revenue beats estimates as Covid-19 crisis boosts cloud business

Microsoft benefited from strong demand for its Teams collaboration software, which now has 75 million users

Covid-19: Zuckerberg endorses Silicon Valley lockdown, Musk sees 'fascism'

Zuckerberg expresses concerns about easing lockdown measures. Musk calls the move 'anti-democratic'

Oil prices surge more than 10% after US crude storage build slows

US West Texas Intermediate (WTI) crude futures settled at $15.06 a barrel, jumping $2.72, or 22 per cent