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US hiring surges in February as Democrats move on stimulus
Washington (AFP) - The US economy saw better-than-expected hiring in February as businesses battered by the pandemic began recruiting employees again, even as Congress moved forward with President Joe Biden's massive stimulus proposal despite Republican opposition. Payrolls jumped by 379,000 last month, which was almost double expectations and pushed the unemployment rate down slightly to 6.2 percent, the Labor Department reported Friday, in a sign the world's largest economy may finally be healing. The vast majority of the gains were in the leisure and hospitality sector, which includes the b...
AFP
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Amid pandemic, Americans are saving more -- especially the wealthy
Washington (AFP) - The coronavirus pandemic has wiped out millions of jobs in the United States, but it's had the unexpected effect of increasing savings rates among Americans, especially wealthy people stuck at home and forced to give up travel and entertainment. Along with the dramatic reduction in leisure spending, things like government stimulus checks, unemployment benefits and the suspension of monthly loan repayments for more modest earners have swelled the bank accounts of Americans who are usually known to be crumbling under debt. Americans have accumulated $1.8 trillion in excess sav...
AFP
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Reading aloud of 628-page Covid bill delays debate in US Senate
Washington (AFP) - The US Senate finally took up the $1.9 trillion Covid relief package Thursday but a brazen ploy by opponents -- reading the entire 628-page bill aloud on the chamber floor -- promptly gummed up the action. President Joe Biden has pushed hard to get his top legislative priority through Congress, and it narrowly cleared the House of Representatives last week. But instead of the upper chamber launching directly into debating the measure aimed at helping millions of families and boosting a crippled economy, Republicans halted the process for hours by demanding that clerks recite...
AFP
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US Senate begins debating -- and reading -- Covid relief package
Washington (AFP) - The US Senate, whipsawed over the $1.9 trillion Covid rescue package, finally took up the sweeping bill Thursday, with multiple hurdles ahead as President Joe Biden seeks to push his top legislative priority through Congress. Republicans already appeared united in opposing the proposal over its high cost, and lawmakers braced for marathon days that will include up to 20 hours of debate and a lengthy list of amendments that will force contentious votes before the bill's final passage. But Biden has been desperate to implement its key elements, including direct checks of up to...
AFP
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US won't reach 'maximum employment' this year: Powell
Washington (AFP) - The US labor market faces a lengthy recovery and the economy will not see maximum employment this year, Federal Reserve Chair Jerome Powell said Thursday. While he expressed hope about the restoration of jobs lost during the pandemic, Powell noted that millions of workers have left the labor force. "I think it's not at all likely it would reach maximum employment this year. I think it's going to take some time to get there," Powell said during an event hosted by The Wall Street Journal. While there is "good reason to expect job creation to pick up in coming months," Powell ...
AFP
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Lebanese protesters block roads over deepening economic crisis
Lebanese protesters on Thursday blocked roads in the capital Beirut and other parts of the country amid a deepening economic crisis. Lebanon's chronic power crunch has recently worsened, resulting in frequent electricity cuts. The local pound this week hit its lowest since July last year with up to 9,950 pounds trading for one dollar on the black market. The situation has prompted online calls on Lebanese social media to take to the streets to vent anger against the ruling elite accused of corruption and mismanagement. Protesters Thursday cut off major roads in Beirut with burning tyres. Roads...
DPA
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US jobless claims data points to continued employment struggles
Washington (AFP) - New applications for US unemployment benefits saw little improvement last week, according to official data Thursday, ticking up slightly and remaining at worrying levels more than 11 months into the Covid-19 pandemic. The Labor Department said there were 745,000 new jobless claims filings in the week ended February 27, seasonally adjusted, worse than analysts had forecast and 9,000 more than the prior week's upwardly-revised total. An additional 436,696 people, not seasonally adjusted, filed claims under the Pandemic Unemployment Assistance (PUA) program aiding freelance wor...
AFP
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India beckons investors in transformative $82 billion maritime growth strategy
By Atul Ranjan and Celine Chen NEW DELHI, NNA - India is welcoming foreign investments with projects worth about $31 billion as it plans to spend $82 billion by 2035 to grow a comprehensive blue economy covering port and waterway enhancements to tourism and renewable energy. The Ministry of Ports, Shipping and Waterways has identified 574 projects to be implemented till 2035 under the Sagarmala program to promote port-driven economic development. Dozens have already been launched since 2015. India has also listed 400 projects for foreign investors as the country plans to boost revenue potentia...
NNA Business News
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Britain expected to borrow 10.3 per cent of its GDP next year
Britain's borrowing is forecast to be 10.3 per cent of its gross domestic product (GDP) next year - with 234 billion pounds (326 billion dollars) predicted to be spent. Chancellor of the Exchequer Rishi Sunak told lawmakers that the amount was "so large" it had only "one rival in recent history - this year." In 2020, the British government borrowed a “record” 355 billion pounds, the equivalent of 17 per cent of Britain’s national income, with Sunak warning it will take “decades” to repay. Borrowing will, however, fall to 4.5 per cent of GDP in 2022-23, 3.5 per cent in 2023-24 and then 2.9 per ...
DPA
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Survey shows weaker than expected US private hiring in February
Washington (AFP) - Private employers added fewer jobs than expected last month in the United States, a survey said on Wednesday, underscoring the economy's continued struggle to recover from mass layoffs caused by the Covid-19 pandemic. Payroll services firm ADP reported private employment rose by 117,000 in February, less than analysts had expected and a potentially worrying sign for the government's employment report for the month, which is due out later in the week. The service sector, which has struggled to cope with restrictions intended to stop Covid-19 from spreading, accounted for all ...
AFP
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