background preloader

Theeconomyclubews

Facebook Twitter

Visit The Economy Club for Important Reports and Latest News on Global Economy,The Latest Economic News.

European Union: Road to digital and sustainable post-pandemic economic recovery. Ramifications of the Coronavirus pandemic have massively hit the European economy, resulting in the worst recession since World War 2.

European Union: Road to digital and sustainable post-pandemic economic recovery

Businesses in the sector are suffering both short and long term impacts from the global financial crisis triggered by unprecedented disruptions in the supply chain and restrictions of transport movement across the bloc. With the EU policymaker working on a gradual reopening of the economic activities in the bloc, businesses have to gear up to face three transition processes (as per a report by EURACTIV) which includes, surviving the pandemic crisis, digital transformation, and progress toward a sustainable economic system. In the age of social distancing and work-from-home orders, businesses with a digital presence were fortunate enough to survive in such a crisis as compared to other companies lacking digital operations. Greece Suspends all Flights from Qatar becuase of Covid-19. After 12 passengers tested positive for the coronavirus in a flight from Doha to Athens, Greece suspended all the flights to and from Qatar.

Greece Suspends all Flights from Qatar becuase of Covid-19

Greece has one of the lowest detected positive cases tally of COVID-19 in Europe and is slowly transitioning towards resumption of tourism in the country aiming at economic revival. Out of the total 91 people who were onboard in a Qatar Airways flight from Doha on Monday, 12 were tested positive for the novel coronavirus, informed the Greek Civil Protection Authority. The agency said in statement released on Monday, “Following these epidemiological facts, flights from and to Qatar are suspended until June 15.” The authority revealed that among the passengers tested positive for COVID-19, nine were Pakistani nationals who were the legal residents of Greece, two Greeks were from Australia and one was from a Greek – Japanese family. The tested people are to be quarantined in a hotel for 14 days.

Benefits of Blockchain technology in Global COVID-19 Battle. Economic News Europe - The Economy Club. Canada: Crypto Companies now Legally Recognised Businesses. In a major breakthrough, the Canadian government has finally implemented the Amendments made in its regulation in June 2019, making Cryptocurrency companies and payment processors legally recognized Money Service Businesses (MSB) in the country.

Canada: Crypto Companies now Legally Recognised Businesses

This development has come a year after amendments were made to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act by the Canadian government. After June 1, crypto companies, both domestic and foreign, that provide service to Canadian customers will be required to register and comply with regulations of Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the country’s financial intelligence unit. As per the legislation, crypto transactions exceeding 10,000 Canadian dollars ($7,403) must be reported and identified as per the regulations.

Britain Borrowings Highest Since World War-II In April Due To Lock Down. The United Kingdom has reported the highest rate of borrowings in April, something which Jonathan Athow, deputy national statistician at the Office of National Statistics (ONS) has said, “was pretty much unprecedented”.

Britain Borrowings Highest Since World War-II In April Due To Lock Down

Government borrowings were essential to meet furlough schemes which amounted to £14 billion in April 2020 itself. With the government borrowing help, it would have been extremely difficult to move ahead in corona virus times, Chancellor Rishi Sunak has substantiated. Technically, the difference between the spending and the tax income has been recorded as the highest ever in a month, than forecasted for a whole year in the government budgets; i.e. six times of a predictable figure. Bitcoin Price Plummets over Ghost Transaction of 50 BTC. The price of Bitcoin crashed under $9,500 on Wednesday afternoon over speculations that its anonymous inventor Satoshi Nakamoto or his close associates may have moved some of the coins.

Bitcoin Price Plummets over Ghost Transaction of 50 BTC

Bitcoin was marching higher in the past four days. However, it collapsed almost 4% within hours on Wednesday after rumoured reports that a previously inactive address had transferred 40-50 Bitcoin (more than $300,000) of the cryptocurrency, similar to a transaction that was mined in the earliest days of the existence of Bitcoin. The drop was most noticeable on Luxembourg-based exchange Bitstamp, where the price for 1 Bitcoin lost 7% in one hour. Reportedly, other peer coins, such as Bitcoin Cash and Litecoin, also sold off. After monitoring the shift in the cryptocurrency, a Twitter account alerted that an address that had been inactive for 11 years has moved 40-50 BTC to various different wallets. Reports suggest that the bulk of bitcoins that were transferred on Wednesday was mined in February 2009.

EU Budget: Parliament Calls for Contingency Plan to Safeguard Beneficiaries. U.K. Furlough Scheme Extended to October – Chancellor Rishi Sunak. Chancellor Rishi Sunak during an interview to BBC on Tuesday confirmed that U.K.’s Furlough Scheme is being extended by four months.

U.K. Furlough Scheme Extended to October – Chancellor Rishi Sunak

Mr. Sunak said that this scheme will pay the wages to workers who are on leave due to coronavirus lockdown. The scheme will continue to provide employees with 80% of their monthly wages of up to 2,500 pounds, Mr. Sunak confirmed. The Latest Economic News.