Australia flags its biggest budget deficit since World War II, and elsewhere in the region South Korea plunges into recession. Meanwhile, shares in the electric carmaker Tesla jump after it posts its fourth quarterly profit in a row, while some analysts say the company's stock is overvalued.

Business daily

Australia posts massive budget deficit while South Korea plunges into recession

As the global economy faces an unprecedented recession, there are warnings that women are bearing the brunt of the economic damage. The International Monetary Fund says that three decades of progress towards gender equality is at risk of being wiped out. Women are less likely to be able to work from home, and more likely to be fired during the pandemic. Data indicate they're also picking up more household and family care duties.

IMF warns pandemic will worsen gender gap

What's been agreed for the EU's seven-year budget? On the outside, it may look good for green policies, but many climate activists aren't pleased because the budget has actually slashed funding for climate action. There are shrinking budgets elsewhere too, in both healthcare and research programmes – leading some to say that Europe will lose its competitive edge when it comes to innovation. We take a closer look.

EU long-term budget slashes funding for green transition, health and research

European leaders have agreed an unprecedented €750 billion recovery fund, to help economies struggling after the coronavirus pandemic. How will the support be distributed? And how will the money be repaid?

How will the EU recovery fund work?

European leaders have finally reached an agreement on the bloc's next long-term budget and a Covid-19 recovery fund. Northern and southern countries found a compromise on the proportion of grants to be included in the stimulus package by offering increased budget rebates to the "frugal" countries. The frugals also managed to get an emergency brake instrument into the deal – it means that if other member states think one country isn't spending its aid money wisely, they can hit pause on payments while they review how the money is being used.

EU clinches historic deal on €750 billion recovery fund

EU leaders are kicking off a two-day summit over a proposed €750 billion economic recovery package, but major tensions persist over how the aid should be distributed. Should it take mostly the form of grants or loans? And what conditions should be attached to the aid? We take a closer look.

EU leaders look for agreement over historic recovery plan

The Twitter accounts of hundreds of companies and public figures have been hacked in a major cybersecurity breach at the social media platform. Joe Biden, Barack Obama, Bill Gates and Kim Kardashian were among the people affected - with tweets posted on their accounts seeking payments of Bitcoin, promising it would be doubled. Twitter said the attack targeted employee systems to gain access to the accounts. More than $100,000 is believed to have been sent to the hackers.

Joe Biden, Barack Obama and Elon Musk among hundreds of Twitter accounts hit by hack

Three of the largest banks in the United States have dramatically increased their reserves to cover losses from unpaid loans. JP Morgan, Wells Fargo and Citigroup have together set aside $28 billion to cover bad debts in the three months from April to June. The lenders are expecting the damage from this crisis to be protracted, and unemployment in the US to remain over 10 percent until the end of the year, with knock-on effects on the repayment of loans from households and businesses.

US banks set aside $28 billion to cover loan losses from Covid-19 pandemic

California has shut down businesses, including bars and gyms, after a spike in new cases of Covid-19. The new measures will hamper a recovery for the state's economy, which is the largest in the United States. It comes as lawmakers in Washington discuss a new stimulus plan and the federal budget deficit hit a record high in June. The gap between the government's income and expenditure for this fiscal year is likely to exceed $3 trillion.

New California closure orders will hamper recovery from Covid-19 recession

Banks in Hong Kong are urgently auditing their clients to identify who could be impacted by new US sanctions. Hong Kong's national security law makes it illegal to comply with US sanctions, so some businesses could face the tough choice of doing business with either China or the United States. Meanwhile, TikTok pulls out of Hong Kong on a matter of principle over freedom of speech concerns, as part of a broader effort by the company to distance itself from its Chinese roots.

Banks in Hong Kong nervously eye US sanctions

The number of people seeking initial unemployment benefits in the US dropped to 1.3 million last week, as the labour market shows signs of stabilising. But businesses and workers still face uncertainty, as the number of coronavirus cases across the country continues to rise. Also on the show: Disney World in Florida prepares to reopen its doors amid controversy.

US jobless claims dip to 1.3 million despite virus spike

Politicians from Spain, Ireland and Luxembourg are competing to become the next president of Eurogroup, the monthly meeting of eurozone finance ministers. The group will vote for their new chairman later on Thursday. The position is a strategic one in coordinating economic policy across the 19 countries that use the euro, and the new president will take up the role at a time when the bloc is facing its worst recession since World War II. Spain's Nadia Calvino is running against Paschal Donohoe from Ireland and Pierre Gramegna from Luxembourg.

Spain, Ireland & Luxembourg in race for key eurozone position

The British Finance Minister Rishi Sunak is to unveil a plan to boost the UK's economy after the slump in recent months due to the coronavirus pandemic. The measures are expected to include a new scheme to help young people into employment, along with already-announced funding for the arts & culture industry, and investment in reducing CO2 emissions. According to the OECD, the United Kingdom will be among the major economies worst affected by Covid-19, with GDP set to shrink 11.5 percent in 2020.

UK finance minister to unveil Covid-19 recovery plan for economy

US-based technology giants including Google, Facebook and Twitter have temporarily stopped processing requests from Hong Kong authorities for access to user data, after Beijing's new national security law was implemented. The new rules could see employees of companies which don't comply with the rules face up to six months in prison. Meanwhile, the Chinese-owned video platform TikTok has gone one step further, announcing it will pull its app from download stores in Hong Kong as a result of the measures.

Google, Facebook among tech firms suspending Hong Kong requests for user data

With an economy in tatters after the coronavirus pandemic, France's new government is facing a number of challenges. The number one priority will be tackling unemployment and helping the country's youth, coupled with a recovery plan that focuses on transitioning into a green economy.

What are the economic challenges facing the new French government?

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