The Economic Times
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| 13 August, 2020, 08:06 AM IST | E-Paper

    Coronavirus impact: Boeing reports big loss, hints at more job cuts

    The aerospace giant suffered a $2.4 billion second-quarter loss, reflecting the hit from much lower commercial plane deliveries as airlines suspend purchases due to falling consumer demand.

    Swiss liftmaker Schindler to cut 2,000 jobs as coronavirus paralyzes projects

    Schindler's net profit totaled 313 million Swiss francs ($338.45 million), the company said in a statement, down from 436 million a year ago.

    Coronavirus Impact: US is expected to report a record-breaking economic plunge

    A huge plunge in consumer spending as people stayed home and avoided shopping, traveling or gathering in crowds as the virus raged is estimated to have sent the economy sinking at a roughly 32 per cent annual rate in the April-June quarter.

    Covid 19 impact: Jobs are being wiped out at airlines worldwide, and there’s worse to come

    Airlines the world over have drastically cut back on flights due to border restrictions and a lack of appetite for travel, particularly internationally, because people are worried about contracting the virus and spending lengthy periods in quarantine.

    Covid Impact: Top business schools defer placements by close to four weeks

    This postponement, say the institutes, is partly because of the delay in starting the academic year and partly because they are hoping for the situation — including the hiring sentiment — to improve by the time they start the process. Summer placements typically start around October or early November at most B-schools.

    Coronavirus impact: LinkedIn cuts 960 jobs as pandemic puts the brakes on corporate hiring

    Jobs will be cut across sales and hiring divisions of the group globally. Announcing the plan in a message posted on LinkedIn's website, Chief Executive Ryan Roslansky said the company would provide at least 10 weeks of severance pay as well as health insurance for a year for U.S. employees, and will hire for newly-created roles from laid-off staff.

    Covid-19 impact: ILO calls for global policy response to protect employment prospects for youth

    The measures include re-integrating into the labour market those who have lost their jobs or who have experienced a reduction in working hours, ensuring youth access to unemployment insurance benefits, and measures to boost their mental health - from psychosocial support to sports activities, ILO said in its report.

    649,000 lose jobs in UK's COVID-19 lockdown, Sunak admits 'difficult time ahead'

    "We are seeing part of that plan in action here at the Barking Job Centre.We are doubling the number of work coaches this year, that's new, incremental activity.But all our other initiatives will also make a difference.

    Covid-19 impact: Demand for rental accommodation in key cities starts easing

    The residential property market in metros such as Bengaluru, Mumbai, Delhi, Pune and Chennai have witnessed an increasing number of young professionals vacating rented homes and paying-guest accommodation, or asking for rent relief. Many such tenants have moved to their hometowns or are in the process of doing so, with companies also extending the work-from-home option as there is no let-up in the pandemic situation.

    Coronavirus impact: Airbus plane deliveries halved as airlines scrounge for cash

    The company, based in France, said Thursday that its deliveries fell almost 50 per cent to 196, with revenue sliding almost 40 per cent to 18.9 billion euros. It said it was further scaling back production of its A350 long-haul jet, from six a month to five, after trimming from nine a month in April.

    Coronavirus impact: Indian state with first-world standards to push export of nurses

    Kerala has historically benefited from a large population of expatriates sending money back home, helping drive economic and social gains such as India’s highest literacy rate and the country’s highest sex ratio. The state accounted for about a fifth of some $80 billion sent home last year by Indians living abroad.

    Women bear the brunt of Covid outbreak at the workplace, more likely to be furloughed and lose jobs as compared to men

    School closures during lockdown have exacerbated the situation because more women than men tend to care for children.

    Coronavirus impact: British Airways bids farewell to its entire fleet of Boeing 747s

    The airline, which was the world's biggest operator of the 747-400 model, had already planned to ground its fleet of 31 of the iconic wide-bodied jets in 2024. But the pandemic, which has seen most of the world's planes grounded for the best part of three months, has hastened its journey into retirement, especially as forecasters predict that passenger numbers will remain lower than normal, potentially for years to come.

    Lockdown led to 30% surge in resumes from job seekers: Recruitment firms

    Placement firm TeamLease Services has received 22,367 resumes in May from hospitality sectors alone, up a staggering 444 per cent from 4,109 in the previous month. Professionals who are proactively looking out have either been handed out pink slips or are facing job threats as their companies take the restructuring route, said executives aware of the matter.

    Air Arabia lays off more staff due to COVID-19 impact

    The Sharjah-based airline, which has about 2,000 employees, did not say how many employees had been affected. It laid off 57 employees in May. The latest job cuts were a "last alternative" after the airline took a series of steps in past months to protect jobs, the spokesman said, without elaborating.

    Workers below 30 years of age saw significant job losses during lockdown: CMIE

    However, employment of young women has been most hit during the lockdown period with men to women ratio deteriorating to 9.1 during April-June 2020 from 8.4 during 2019-20, CMIE said in its weekly data citing the findings of the Consumer Pyramids Household Survey.

    Top World Bank economist explains the impact of coronavirus on foreign workers

    As lockdowns have shut banks and money-transfer offices, marooned migrants couldn't send money home.

    Covid-19 impact: Boeing slashes 12,000 jobs as virus seizes travel industry

    Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.Covid-19 impact: Boeing slashes 12,000 jobs as virus seizes travel industry

    In times of Covid, diamond jobs are not forever

    After the lockdown was imposed, imports of rough stones dried up, and nearly 70% of workers left.

    Pandemic to cost Australia USD 131 billion this year, tipping its economy further into the red

    Treasurer Josh Frydenberg revealed Australia's crumbling economic outlook based on increased government spending to stimulate to economy and declining tax revenue.

    COVID-19 effect: Air India withdraws job offers for around 180 trainee cabin crew members

    "The airline has taken a decision to withdraw job offers for about 180 trainees who were to join as cabin crew after completing their training as the aviation sector has been hit hard due to the coronavirus pandemic," said an airline official.

    3 out of 4 firms believe they can effectively hire employees remotely: CareerNet survey

    The study, titled ‘The Hiring Outlook in India’ reveals that companies from e-commerce, IT/ITeS, services, science and technology and telecommunications sectors exhibit a higher readiness (82%) for virtual hiring. The novel coronavirus outbreak has profoundly altered the traditional structure of businesses across sectors and now, companies are embracing remote hiring.

    Covid-19 impact: Oman asks firms to fire expats, hire locals

    Coronavirus impact on Oman. Oman asks firms to fire expats & hire locals. 7 Lakh Indians in Oman to bear the brunt.Covid-19 impact: Oman asks firms to fire expats, hire locals

    Post Covid-19 consumer: How businesses can cope with the new normal

    As the economic disruption made consumers rethink consumption habits, movement restrictions served a body blow to most businesses. Conventional norms were questioned and established business strategies made way for quick-thinking and fast-adapting work processes.

    UK postal operator Royal Mail cuts 2,000 jobs

    Britain's postal operator Royal Mail, whose workers have helped the nation cope with the coronavirus lockdown, said Thursday it will axe 2,000 management jobs.

    Coronavirus impact: Staffing body seeks job security for 33-lakh temporary workers

    At least, four companies told ET that they were thinking of reducing their temporary staff by 40-60% this month to rein in costs amid uncertainty due to the Covid-19 pandemic.

    Fear, distance and weakening demand grips the economy, keeps migrants away

    An industry representative said that on one hand, casual workers in some areas are desperate enough to work at wages lower than that six months ago, while on the other, absenteeism is on the rise among those holding down regular jobs.

    Minimal impact on students' job offers, summer internships amid COVID-19 crisis: IIM-C

    Several recruiters made alternate arrangements to start the internship as per their original commitment via digital media, leveraging their IT capabilities. Some others deferred the joining dates to April 13 or April 20 to deal with emerging challenges of the lockdown. At this time, 90 per cent of the employers are expected to start their internships by April 20.

    Airbus jobs on wire as underlying output falls 40%, say sources

    Airbus, after adjusting for different levels of labour intensity, has now calculated that its "single-aisle equivalent" production rate, which is likely to drive decisions on staffing, will be down 40% for two years, the sources told Reuters.

    Raymond, India’s top suit-fabric maker, cuts jobs as people work from home

    The Mumbai-based company is reducing jobs, rents, and marketing costs to decrease expenses by as much as 35% for the financial year started April 1, Chairman Gautam Hari Singhania said in a virtual interview last week. It has also sought to freeze loan repayments under a one-time program offered by the central bank.

    How small businesses are adapting to survive the coronavirus crisis

    The innovation and creativity of small entrepreneurs offers an interesting case. There was a time when every small business would set for itself the target of when to seek venture funding, when to go public, and how to scale up and become large. These may not be the default goals after this crisis. There may be renewed respect for remaining small, local and niche.

    Who is affected more by Covid-19 pandemic - millennials or boomers? The answer is not that simple

    Millennials became the best-educated generation and more open to social change.

    Covid impact: Tenants want Kerala government to bring rent regulations

    Many employees are reluctant to travel by public transport due to the fear of community spread of Covid-19 and hence are in search of a suitable accommodation.

    COVID-19 has led to 20 lakh job losses in bus, taxi sector; more on anvil: Industry Body

    Industry body Bus & Car Operators Confederation of India (BOCI), which claims to represent 20,000 operators with 15 lakh buses and maxi-cabs and 11 lakh tourist taxis providing direct employment to 1 crore people, said these private operators need government support in the form of waiver of taxes and interest on loans as many of them are facing closure.

    Coronavirus impact: JLR to put about 20k employees in UK on furlough

    The Tata Motors spokesperson said the British subsidiary was working towards an orderly return to production as soon as conditions permitted and was tightly managing all costs and investments, as well as working capital.

    Covid impact: Professionals who can work from home are ditching the uncongenial cities

    If April and May bore witness to countless migrants walking hundreds of kilometres in a desperate bid to reach their homes amid the lockdown, another reverse migration is now under way in cities. This wave is among white-collar workers.

    COVID-19 may result in job losses in dealerships worse than last year's auto sector slowdown: FADA

    Automobile dealers' body FADA fears that the coronavirus pandemic could result in job losses in dealerships which could be worse than what was experienced last year when over two lakh jobs were lost due to a prolonged slowdown in the automobile industry, according to a top federation official.

    Companies move jobs away from India as coronavirus shakes up back offices

    Having staff work from home is difficult because of rules on handling of sensitive material.

    When will travellers return? Decimated by Covid-19, travel and hospitality recovery will be a long stretch

    The travel industry is bracing itself for the new changes that will have to be factored in post lockdown.

    Covid impact: 2 in 5 employees are facing salary cuts, finds survey

    ​​​​59.8% of the respondents who have upskilled during the lockdown are those with a work experience of 10-14 years. On the other hand, 41% of the respondents who believe working from home is a better option belong to the age group of 26-35 years.

    COVID-19 crisis likely to hit 29 lakh jobs in Indian aviation, dependent sectors: IATA

    The International Air Transport Association (IATA) said its latest estimates indicate a worsening of the country impact from the COVID-19 crisis in the Asia-Pacific region. About India, IATA said the pandemic is expected to potentially impact 29,32,900 jobs in the country's aviation and its dependent industries.

    Bank credit growth will nosedive to 1 per cent due to COVID-19 impact: Crisil

    Bank credit is an important factor illustrative of the general economic climate because it denotes aspects like the investments which are happening in a country or consumption of high-value items. Crisil expects a 5 per cent contraction in India's GDP for 2020-21.

    'It’s unsustainable': Five months into the pandemic, retail chains abandon Manhattan

    In Manhattan’s major retail corridors, once-packed sidewalks are now nearly empty. A fraction of the usual army of office workers goes into work every day, and many wealthy residents have left the city for second homes. Many stores are still closed, some permanently, while those that are open have very little foot traffic.

    Spike in MGNREGS numbers reveals impact of lockdown

    More and more families hit by the Covid storm are seeking shelter under MGNREGA.

    View: Many things about jobs could change in the post-lockdown era

    In the days following the lockdown, employment and the job market is expected to see a brand new normal.

    Delhi govt to launch special programme to generate more employment opportunities: Gopal Rai

    The Aam Aadmi Party (AAP) government will soon come out with a slew of reforms to revive the national capital's economy, which has been adversely affected due to the coronavirus-induced lockdown, he said, adding that many migrant workers have moved out of Delhi and several people have lost their jobs due to the shutdown.

    Coronavirus impact on India's retail sector

    Emkay Global says the fall in crude prices and moderating agri-input prices should drive margin gains for most staples.

    Young pros facing jobs cuts may turn into the 'lockdown generation'

    More than one in every six young workers have stopped working during the pandemic.

    Lockdown would have deeper impact, 52% CEOs foresee job losses: CII Snap Poll

    A majority of the firms engaging in production of essential products and supply of ancillary goods are facing constrained operations during the lockdown. Firms have revealed that access to manpower and movement of products have emerged as major constraints in essentials trade, be it manufacturing or warehousing and transport or retail sales.

    India jobless rate swells above 23% amid coronavirus lockdown, survey shows

    India’s unemployment rate may have climbed to 23% as the economy lost jobs after a nationwide lockdown.

    Walt Disney, staggered by coronavirus pandemic, sees a streaming boom

    Disney said it had more than 100 million subscribers worldwide across its Disney+, Hulu and ESPN+ streaming services. Powered by the release of “Hamilton,” Disney+ has about 60.5 million by itself, hitting the low end of its initial five-year goal after only nine months in operation.

    View: How Coronavirus accentuates inequality

    Being one of the most unequal countries in the world, India remains in a particularly precarious position.

    COVID-19 to delay job interviews; impact hiring: Experts

    "Since the outbreak of COVID-19, companies have been cancelling interviews. We expect 60-65 per cent interviews getting dropped or delayed as there is lockdown in many parts of the country and people are encouraged to stay at home to curtail the spread of the virus," TeamLease Services Business Head BFSI and government vertical, Amit Vadera told.

    When the US sneezes, the world catches a cold. What happens when it has severe COVID-19?

    Officials from Mexico to Japan are already on edge. Exports have taken a hit in Germany, and Canada looks south warily knowing that any further hit to U.S. growth will undoubtedly spill over.

    Australia's Qantas airline to cut 6,000 jobs as virus hits

    Qantas announced a plan Thursday to reduce costs by billions of dollars and raise fresh capital. The plan includes grounding 100 planes for a year or more and immediately retiring its six remaining Boeing 747 planes.

    Emirates offers pilots, cabin crew 4 months unpaid leave to tide over Covid pandemic

    The Dubai state-owned carrier, facing a cash crunch caused by the pandemic, has already cut salaries and thousands of jobs, including pilots and cabin crew.

    View: Inequality and pandemics

    Inequality is not a tool that creates differential impact during pandemic. It is also the reason behind the outbreak itself.

    Amazon to add 75,000 jobs as orders surge during lockdowns

    With shoppers clearing shelves in fear of long-term quarantines or product shortages, companies are racing to keep food and health products in stock and have employees on hand for in-store work or delivery.

    What human-centric companies prescribe for a post-Covid world

    The survey focuses on three major dimensions. The responses highlight the importance of attributes such as perseverance, grit and resilience for human centric firms. Interestingly, creativity, imagination, or appreciation of aesthetics and beauty – which characterize talent – didn’t feature in the top 3 skills for the future.

    Coronavirus lockdown impact: We have to help the migrant find a home

    It is not easy to work in an alien land. If Indians abroad complain of racial discrimination, north eastern Indians in Bengaluru suffer bullying too. The differences in our cultures, looks, food, language and habits show us up as outsiders.

    About 25 million jobs could be lost worldwide due to coronavirus: United Nations

    In its preliminary assessment report titled "COVID-19 and world of work: Impacts and responses", the International Labour Organization (ILO) calls for urgent, large-scale and coordinated measures across three pillars - protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.

    Coronavirus Impact: Infosys suspends promotions and salary hikes

    The country's second-largest IT services player, however, said it would honour all new job offers.

    Bandhan Bank, small finance banks emerge as job creators amid coronavirus pandemic

    These lenders are in the process of raising staff strength by 5-10% in the next three-four months, although several others in the sector might be more circumspect. The new workforce will largely be deployed for client servicing and to boost repayment, people familiar with the matter said.

    The workplace is going to change in many ways: Paul Abraham, IndusInd Bank

    A lot of activities which were not seen as lending themselves to automation will now be so. That means much displacement in people and working equations. Tech will underpin many basic and complex activities. Knowing how to navigate the new world will make you indispensable and not knowing it will make you dispensable, says the COO of IndusInd Bank.

    The virus has made India’s devastating gender gap even worse

    Less than a quarter of women in India are in labour force — among the poorest standings in world .

    Rishi Sunak unveils 1.57 billion pounds arts, culture COVID-19 rescue package

    Thousands of organisations across a range of sectors including the performing arts and theatres, heritage, historic palaces, museums, galleries, live music and independent cinema will be able to access the funding boost put in place on Sunday night.

    World shares advance on surprise US job recovery

    MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% in early trade, with South Korea's Kospi rising 1.4%.

    Covid impact: Retailers threaten to exit malls

    The move, which comes against the backdrop of the Centre allowing malls to reopen, is expected to help retailers — from Future Group and Arvind Brands to Lenskart and Bata — tide over nine to 12 months of less-thanusual footfalls.

    View: The coronavirus isn't the end of your career

    If you’re in an industry directly hit by the virus, think about how your experience would be applicable to fields that have solid long-term prospects, like cybersecurity, robotics and artificial intelligence. These sectors aren’t just for coders and engineers; they need accountants, compliance officers, HR managers and communications teams.

    The impact of lockdown to contain coronavirus spread explained

    Lockdown aims at mitigating the risk of contracting the infection through community spread. Although blanket shutdown has its own downsides, but it has effectively worked as a containment measure such as in China. Others have asked for a more targeted approach and not a blanket lockdown.

    COVID-19 impacts professional life: Jobs at MNCs to be most vulnerable; virus affects hiring

    The virus likely to affect professionals working in marketing, sales, operation and production domains.

    How bad is the impact of coronavirus on India's airlines?

    Aviation is among the worst-affected sectors amidst the Covid-19 crisis.

    Coronavirus impact: Online demand for non-essential items low

    Discretionary spending is almost non-existent as online consumers defer high-cost purchases in the wake of uncertainty caused by the spread of Covid-19, said the sources who fear the economic contagion will also spread to metropolitan areas that account for two-thirds of India’s online commerce.

    Covid pandemic is hurting finances of Americans in disparate ways, poll finds

    As the coronavirus pandemic drags on, a new poll finds it is having different effects on Americans' economic well-being. For some, the virus has meant lost income or struggles to pay bills on time - particularly among Hispanic, Black and younger Americans.

    Boeing slashes 12,000 jobs as virus seizes travel industry

    The layoffs are expected to be concentrated in the Seattle area, home to Boeing's commercial-airplanes business. The defense and space division is stable and will help blunt the impact of the decline in air travel and demand for passenger jets.

    Coronavirus impact may render 3.8 crore people jobless in tourism, hospitality sector

    The Federation of Associations in Indian Tourism & Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to PM Modi.

    Will Trump's H-1B visa freeze really help American job seekers?

    There is little credible evidence to suggest these travel bans have any positive impact on the US unemployment.

    Coronavirus tests the leadership style of Goldman Sachs’s CEO

    His Main Street push had failed to impress shareholders. After Goldman’s investor day in January.

    Covid -19 impact: 1 crore job cuts likely in textile industry without govt support, says CMAI

    There could be as many as one crore job cuts in the textiles sector due to Covid lockdown, as per CMAI.

    Many large companies will honour hiring pledge

    Among these are technology and IT firms including Google, Cisco, Capgemini, TCS, Accenture, Wipro and Cognizant. And others such as Hindustan Unilever (HUL), Godrej, PepsiCo, Biocon, consultancy firms Boston Consulting Group (BCG), McKinsey, and Bain & Company, and banking biggies Kotak Mahindra, ICICI Bank, Citi and Axis Bank

    Infosys freezes pay hike, promotion; to honour all job offers

    Infosys expects impact on its revenue since businesses across multiple sectors are hit by the outbreak of the coronavirus. The company sees its business to be hit in all geographies.

    7.3 million jobs at stake, restaurant body writes to Finance Minister for financial bailout package

    The move is primarily aimed at providing immediate relief to over 7 million people employed in the F&B Sector who stand severely impacted due to the outbreak and spread of COVID-19.

    Will coronavirus & tepid GDP hurt your appraisal? Here are the trends for this year

    The 24th edition of Aon's annual Salary Increase Survey in India shows that while e-commerce and professional service firms are expected to give a 10% hike this year, transport and logistics sector, at 7.6%, ranks the lowest in terms of projected salary hikes for 2020.

    UK car sector axes 2,000 jobs as sales slump

    Car showrooms in England reopened this week as the UK government eased COVID-19 lockdown measures that have slammed the brakes on the industry. However, UK car dealership Lookers on Thursday said it would axe about 1,500 jobs and shut 12 showrooms.

    View: Indian youth can revitalise Covid-battered economy

    There are several inspiring ways in which youth-led enterprises across Asia-Pacific are innovating to support their communities to combat coronavirus and improve the situation.

    As govt eases coronavirus lockdown conditions, factories to make muted start on subdued demand

    Carmakers, phone firms are set to begin production with output less than the usual level.

    Coronavirus impact: Third of prospective homebuyers put purchases on hold, finds survey

    Almost every sector of the economy is impacted due to the coronavirus and the nationwide lockdown. A survey finds that 52% buyers want to postpone buying plans and that people want to spend less on buying property. Here are more findings from the survey.

    Urban India gives Covid-19 lockdown a thumbs-up

    The overall perception on the crisis recovery is 'good' on health front and 'poor' on the economic front, said a report by market research firm TRA Research, which is into consumer insights and brand analytics.

    Coronavirus: Faced with an unprecedented challenge, how is India faring?

    The war against Covid-19 has also opened a battlefront elsewhere. The unprecedented 21-day lockdown has unsettled lives, halted the economy and pushed India Inc deeper into crisis even as pain on the employment front looks inevitable. These difficulties are only dwarfed by the hardships and devastation faced by millions of migrant workers and daily-wage labourers.

    Economic impact of Airbnb in India stood at $320 million in 2019: Report

    India's tourism economy is one of the largest in Asia-Pacific (APAC) in terms of spending, with its growth having accelerated significantly in the years preceding the coronavirus pandemic, the report said.

    50% job seekers enhancing skills in lockdown for better career opportunities: Survey

    The country imposed a nationwide lockdown on March 25 to contain the coronavirus pandemic that has been extended thrice to May 31.

    Covid-19 lockdown woes: Auto companies wheel in wage cuts to keep motors running

    Bajaj Auto, TVS Motor have already resolved to cut salaries, Tata Motors may also do so shortly.

    Australia shares slip over 5% on coronavirus impact fears, NZ slips

    The S&P/ASX 200 index was unable to hold on to initial gains, and fell 5.3 per cent to finish at 4,842.40.

    Covid-19 Impact: Beauty parlours to undergo seismic shift in the new normal

    Leading salons such as Lakme, BBlunt, Enrich and Bodycraft are planning a seismic shift in day-to-day operations to inculcate safety measures, as they seek to woo back the fear-enveloped customer amid the coronavirus outbreak. The five-billion-dollar salon industry, which has been under lockdown for eight weeks, anticipates sales to recover only by the fourth quarter of the fiscal.

    Rishi Sunak extends UK's COVID-19 job retention scheme to June

    The Indian-origin finance minister said that the "unprecedented" furlough scheme he had unveiled in March to keep millions of people in jobs on a forced leave basis while the government covers a large of their salaries has been extended to provide UK businesses with the certainty they need.

    View: Lessons from Covid-19 can make the world a better place

    The virus and state-imposed lockdowns have wrought changes that are not just temporary.

    International tourism could decline by 60-80% in 2020: UN

    The global international agency said that the pandemic has caused a 22 per cent fall in international tourist arrivals during the first quarter of 2020.

    Johnson Matthey halves dividend, to cut 2,500 jobs as virus saps demand

    The company, among Europe's leading producers of autocatalysts, said the lay offs were part of a plan that targets additional annual savings of at least 80 million pounds ($101.44 million) by 2023.

    Why companies need a role-based model in the Covid-19 paradigm

    While companies grapple with survival and customer retention, even as stress and burnout, job insecurity, retrenchment, downsizing, emotional and psychological trauma assume centre-stage, it’s increasingly clear that recovery and turnarounds too, will have to be accelerated, post the immediate crisis.

    German economy shrinks by record 10.1% in second quarter due to coronavirus lockdowns

    Germany appears to have withstood the coronavirus shock better than many of its neighbours so far and began reopening factories, shops and restaurants in early May, allowing economic activity to pick up again. The country has also been able to avoid mass layoffs, with separate data on Thursday showing unemployment was stable at 6.4 percent in July, the same rate as June.

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