In the second quarter, the Australian economy fell by 7% to the first quarter amid a coronavirus pandemic. In the previous quarter, the decline was 0.3%. Thus, Australia has entered a recession for the first time in 30 years.
The quarterly decline in GDP has been the highest since the beginning of observations in 1959. Analysts expected a smaller reduction in the indicator – by 5.9%.
In annual terms, Australia’s GDP fell by 6.3%.
Consumer spending fell by 12.1% last quarter compared to the previous three months (down 1.2% in the first quarter). The costs for services fell by 17.6%.
Business investment fell to a record 4.9% since the fourth quarter of 2000, after falling 0.5% three months earlier.
However, government spending increased by a maximum in the fourth quarter of 1995 2.9% after rising by 2.1% quarter earlier.
Imports of goods and services in the second quarter fell by 12.9% (after a decrease of 6.7%), while exports fell by 6.7% (after a decrease of 4.4%).
This year the company Nestle has established a venture fund package for $ 260 million, but it is just a part of a wider initiative of $ 2.1 billion for abandonment of primary plastic. Two years ago, Nestle that will make all its packaging suitable for recycling or re-use and intends to reduce the use […]
Warren Buffett’s US company – Berkshire Hathaway intends to invest more than $ 570 million in Snowflake, a cloud technology company. It was reported after Snowflake announced a price range for its future initial public offering. The company wants to get the estimate of $ 23.7 billion, writes the Financial Times. Snowflake said that during […]
The multinational jewelry company Tiffany has filed a lawsuit in the court of the state of Delaware (USA) against the French luxury goods manufacturer LVMH (Louis Vuitton Moet Hennessy) for delaying the latest merger process. This was announced on Wednesday by the press service of the jewelry company. According to press service, LVMH group intentionally […]
In France, the government has unveiled a draft plan to restart the 100 billion-euro economy amid a crisis over the coronavirus pandemic. This was reported by BFMTV on Thursday, September 3. The document was released by the Prime Minister Jean Castex after months of consultations with economists, trade unions and other stakeholders. This economic aid […]
Shares of Zoom Video Communications, the developer of the cloud platform for video conferencing – soared by 25.5% after the close of the main trading session on August 31, to $ 408. Investors’ attention was drawn to the reports of companies for the second quarter of the current financial year (ended July 31). In three […]
The management of the Hungarian airline Wizz Air will close a branch in Kyiv, that has three passenger liners, if its employees do not agree to stop the union. This is stated in the statement of the European Transport Workers Federation ETF. According to the statment, the conflict began after the decision of Wizz Air […]
Bank Arkada was declared insolvent due to a reduction in capital. The head of the National Bank Kyrylo Shevchenko spoke about the reasons for the bank’s withdrawal from the market on Wednesday, August 26. “The reason for withdrawing the bank from the market is to reduce the capital ratio to less than one third of […]
The Commercial Court of Odessa region initiated a bankruptcy proceeding of the Odessa oil-and-fat production Plant, one of the largest oil and fat enterprises of Ukraine. According to the information of the National Commission on Securities and Stock Market the application of instituting proceedings was filed by Lenintal Ltd. (Odessa region). The reason for initiation […]Next
Everyone has heard about Sweden from childhood, as it was Stockholm where the well-known fairytale heroes The Kid and Carlson lived. Let’s add here favorite of all IKEA, the band ABBA, cars of Volvo and Scania, companies like Spotify, Ericsson, H&M, Electrolux and μTorrent – the vision of the nation is made up of pieces. […]Next
Antimonopoly Committee of Ukraine has approved the deal Cyprus company Fundamentum KCG Limited with representative of national business OOO Development Foundation. The decision was published on the official website of the Ukrainian regulator on January, 27 of this year. According to publicly available information, the foreign conglomerate will carry out the acquisition of a controlling […]Next
The management of the European Airbus Airline should find solutions to avoid the forced reduction of thousands of jobs. This was stated by Junior Minister of Economy of France Agnes Pannier-Rancher. “There should be no forced dismissals. This means that everyone should be able to choose and receive help, this is our line,” she said. […]Next
Online resource Entrepreneur has published interesting and instructive stories from the lives of American and Canadian founders of the business in which they share the lessons they got from the worse mentors in their life Be a mentor Name: Melissa Ben-Ishay, Company: Baked By Melissa Lesson: The importance of open communication. When I think of the […]Next
Ukrzoloto opens the jewelry store under the brand “Golden Place” in Wroclaw (Poland). “For placing the store the company chose a location in the largest shopping center in Wroclaw –“Aleja Bielany” , – says a member of the board of the “Ukrzoloto” Andrei Zhuk. Over 30 thousand jewelry brands: SoVa, Roberto Bravo, Kimberli, Golden Silver, […]Next
By the last calculations, Donald Trump has won in the USA elections . The majority of world editions have reported already about it which reputation don’t allow doubting the validity of this information . As the Air Force reports, for the time being, the candidate of republicans has collected 278 votes of delegates. Hilary Clinton […]Next
Another bank is under the threat of extinction in the new 2017. At this time we are talking about the Ukrainian financial institution Narodnyi Kapital. According to the text of the NBU decision , the bank will be liquidated due to the structure’s discrepancy to state requirement relatively its clarity. According to official information, in […]Next
International company Luxoft (the headquarters – Zug), which develops software and is engaged in the export of IT – services, announced its intentions to buy leading IT – company from Ukraine – IntroPro LLC. It is reported by Ukrainian source Inventure. With regard to the financial terms of the deal – its nuances were not […]Next
Recently there were closed the deal on the absorption by the Intel Developer Altera company. In a statement to journalists the head of the Intel, said that Altera is now an integral part of the company and will operate as a division. In a statement, Intel spokesman also said that Altera will now be called […]Next
The American corporation Apple is threatened with a drop in profits from smartphone sales by 25-30% if the company removes the WeChat application from the App Store worldwide. This statement was made by a well-known expert on the gadget market Ming-Chi Kuo. According to his forecasts, the WeChat application is used by users in China […]Next
The ABH Ukraine, Cyprus company said it would buy a 50% stake in the “Alfa Insurance” insurance company. Recently, the Antimonopoly Committee has permitted ABH Ukraine (Cyprus) to buy a 50% stake in the “Alfa Insurance” insurance company, according to the Antimonopoly Committee report. “It was given a resolution to the ABH Ukraine Limited company […]Next
On August 3, Alphabet issued bonds worth $10 billion. This is the largest issue of debt securities in the history of the company, according to the Reuters. With $ 10 billion bond tranche allocated $ 1 billion with a maturity of 5 years and a coupon of 0.45%. The $4.5 billion tranches with maturities of […]Next
Hungarian businessmen interested in the wine industry in Ukraine. They are willing to invest and develop the wine industry with a view to the sale of Ukrainian wines in Europe. This interest was announced during a meeting of Taras Kutovoy, the Minister of Agrarian Policy of Ukraine and Industry with Erno Keshkenom, Hungarian Ambassador to […]Next
American Walmart announced its decision to join Microsoft and to participate together in the struggle for the acquisition of Chinese business TikTok in USA, Canada, Australia and New Zealand. “The way, how TikTok has integrated e-commerce and advertising capabilities in other markets, will be a clear advantage for creators and users in the particular markets,” […]Next
Ukrzaliznytsia subsidiary Center software production signed five agreements with oil provider regarding purchase of 65 thousand tons of diesel fuel. This volume should be enough for two and a half months to ensure stable passenger – and freight transport. This was announced today from the data message posted on the official website of Ukrainian Railways. […]Next