Overseas Headlines – April 29, 2020

United States:

U.S. Economy Shrinks at 4.8% Pace, Signaling Start of Recession

“The record-long U.S. economic expansion is over. Gross domestic product contracted at a 4.8% annualized rate in the January-March period, the largest drop since 2008, according to Commerce Department data released Wednesday. The median projection in a Bloomberg survey of economists had called for a 4% drop.”



British Airways Massive Staff Cuts Bring Fresh Blow to Economy

“IAG SA’s plan to slash as many as 12,000 jobs at British Airways, a scale of cuts unseen since the coronavirus struck, is meeting opposition from unions and putting Prime Minister Boris Johnson in a tight spot. The staff reductions, amounting to almost 30% of the workforce at Britain’s former state-owned airline, are part of a restructuring aimed at shrinking the group for a downturn that it reckons could last for years.”



Singapore Employment Plunges Most Since SARS Outbreak in 2003

“Employment in Singapore began the year with its sharpest quarterly contraction since the SARS outbreak in 2003 as the city-state contends with the highest number of coronavirus infections in Southeast Asia. Total employment, excluding foreign domestic workers, slumped by 19,900 in the first quarter due to a “significant reduction” in the number of foreigners working in Singapore, the Ministry of Manpower said in a statement Wednesday.”



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