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China to construct 1,124-megawatt power project in PoK under CPEC

China under the multi-billion-dollar CPEC will set up a 1,124-megawatt power project in Pakistan-occupied Kashmir despite India's objection to it, according to a media report on Tuesday.

Two bidders in race for Virgin Australia

Virgin Australia Group went into voluntary administration in late April as the global aviation industry came to a halt amid international border closures designed to slow the spread of coronavirus.

Gulf countries to experience worst economic crisis in history: IIF

Overall real gross domestic product (GDP) will contract 4.4% this year, despite some indications that the virus spread has been successfully contained and the easing of some restrictions in recent weeks, said the IIF, a global financial industry body.

Gilead says drug helped moderately ill coronavirus patients

Remdesivir is the only treatment that's been shown in a rigorous experiment to help fight the coronavirus. A large study led by the National Institutes of Health recently found it could shorten average recovery time from 15 days to 11 days in hospitalised patients with severe disease.

US Congressional Budget Office projects virus impact could trim GDP by $15.7 trillion

CBO, which had already issued a report forecasting a severe economic impact over the next two years, expanded that forecast to show that the severity of the economic shock could depress growth for far longer. The new estimate said that over the 2020-2030 period, total GDP output could be $15.7 trillion lower than CBO had been projecting as recently as January.

Pinto endured lonely weeks co-running JPMorgan as world lurched

The co-president of JPMorgan, Daniel Pinto, navigated the firm through all the crises that cropped up, in the aftermath of Jamie Dimon - the CEO -going into heart surgery. Pinto also had to deal with anxious shareholders doubting the firm's dominance and record-setting profits might not last under anyone else.

Rich world's jobs crisis jolts money flows to millions

The World Bank has said it expects global remittances to low- and middle-income nations to fall by $109 billion, or almost a fifth, in 2020 to $445 billion. The bank projects the pandemic will cut into the wages and employment of migrant workers, who tend to be the most vulnerable when there is an economic downturn in host countries.

How a bet on China’s consumers is backfiring for richest Czech

Kellner’s fortune, now at $10 billion, has dropped the most this year among the richest eastern Europeans outside of Russia, mostly because of a $1.5 billion plunge in the value of his stake in Home Credit. It’s now worth an estimated $2.8 billion, based on the performance of publicly traded peers, according to the Bloomberg Billionaires Index.

Asian countries need to focus on public private partnerships to support infrastructure: Asian Development Bank

​​Demand for existing infrastructure has fallen sharply due to the coronavirus pandemic. And Asia Pacific countries should revisit their public private partnership frameworks, making government support an integral element for seeking value-for-money through PPPs, ADB said.

Twitter had been drawing a line for months when Trump crossed it

Tensions between Twitter, where Dorsey is chief executive, and Trump had been running high for days over the president’s aggressive tweets and the company’s decision to begin labeling some of them.

Pandemic opens door to ideas new and old for a better economy

Pandemic opens door to ideas new and old for a better economy

Governments have cast aside dogmas to protect firms and jobs in the deepest peacetime recession in a century.

Chinese factories humming doesn’t mean everyone is buying

Chinese factories humming doesn’t mean everyone is buying

The disconnect between China’s recovering production and still dormant demand had shown up in data.

China's service sector activity expands at faster pace in May

China's service sector activity expands at faster pace in May

China's services sector, which includes many smaller, private companies, has not recovered from the health crisis as quickly as manufacturing, with heavy job losses, pay cuts and fears of a second wave of infections making consumers cautious about spending again.

UK's COVID-19 job saving scheme to taper off from August: Rishi Sunak

UK's COVID-19 job saving scheme to taper off from August: Rishi Sunak

The Indian-origin finance minister on Friday said the furlough, or forced leave, scheme, under which the UK taxpayer covered 80 per cent of the wages of nearly a million jobs, will begin to wind down with employers asked to contribute a "modest" proportion of those costs from August before it ends in October.

Taiwan approves Gilead's remdesivir to treat COVID-19

Taiwan approves Gilead's remdesivir to treat COVID-19

Taiwan's Central Epidemic Command Centre said the Taiwan Food and Drug Administration took into account "the fact that the efficacy and safety of remdesivir has been supported by preliminary evidence" and its use is being approved by other countries.

Trump cuts WHO funding as US economy clouds speedy recovery

Trump cuts WHO funding as US economy clouds speedy recovery

The U.S. is the largest source of financial support for the WHO, and its exit is expected to significantly weaken the organization. Trump said the U.S. would be "redirecting" the money to "other worldwide and deserving urgent global public health needs," without providing specifics.

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