# Economy

Netherlands' Prime Minister Mark Rutte arrives for a European Union Summit at the Europa building in Brussels on December 12, 2019. - European Union leaders meet without Britain on December 12, but their departing neighbour's absence will not make agreeing a budget any easier. Inside the chamber, the clash over climate take Brexit's place as the dominant theme of the summit, the first to be chaired by incoming EU Council president Charles Michel. (Photo by Kenzo TRIBOUILLARD / AFP)
Netherlands' Prime Minister Mark Rutte a […]

Dutch ‘preachers and salesmen’ lead EU frugality drive

The Netherlands will be at the centre of upcoming talks over European spending on the coronavirus crisis, driven by a mix of traditional Calvinist frugality and political reality, experts say
Cranes operate at a construction site on Berlin's Friedrichstrasse on August 21, 2019. - The 25.300 square-meter site in central Berlin, which includes the old Tacheles artist colony (building 2nd from L), is being redeveloped to include retail space, offices and residential units, designed by Swiss architects firm Herzog & De Meuron. (Photo by John MACDOUGALL / AFP)
Cranes operate at a construction site on […]

Eurozone economy to crash 8.7% in 2020: EU forecast

The eurozone economy will plunge 8.7% in 2020 due to the coronavirus crisis, the European Commission said in more pessimistic forecasts that do not see a complete rebound next year
Tourists arrive at Son Sant Joan airport in Palma de Mallorca on June 22, 2020 as EU member state citizens and those from the passport-free Schengen zone were allowed freely into Spain, with no 14-day quarantines required following a national lockdown to stop the spread of the novel coronavirus. (Photo by JAIME REINA / AFP)
Tourists arrive at Son Sant Joan airport […]

EU to open borders to ‘safe’ countries as pandemic accelerates

The European Union has agreed to reopen its borders to 15 countries excluding the virus-stricken US, as the pandemic accelerated globally with more than 505,000 deaths worldwide
Aircrafts of German airline Lufthansa are seen at "Franz-Josef-Strauss" airport in Munich, southern Germany, on June 25, 2020, amid the novel coronavirus Covid-19 pandemic. - German airline Lufthansa was poised to clear a key shareholder vote on its nine billion euro ($10 billion) state rescue on June 25, 2020, boosted by the EU's green light and the last-minute backing of a billionaire investor who had the power to veto the plan. (Photo by Christof STACHE / AFP)
Aircrafts of German airline Lufthansa ar […]

Aviation, automobiles and other virus victims

The COVID-19 pandemic has devastated several industries, from aviation and automobiles to retail and energy. Who are the major casualties, amid all the layoffs, bankruptcies and rescue plans?
People enjoy the sun at Carcavelos beach in Cascais in the outskirts of Lisbon on May 26, 2020 as temperatures rise and the Portuguese government loosens a lockdown put in place to slow the spread of the novel coronavirus. (Photo by PATRICIA DE MELO MOREIRA / AFP)
People enjoy the sun at Carcavelos beach […]

New virus curbs spark fears for tourism in Portugal

Portugal has reimposed restrictions in and around the capital Lisbon to check fresh coronavirus outbreaks, prompting fears the summer tourist season will take a major hit
In this photo illustration, a COVID-19 Unemployment Assistance Updates logo is displayed on a smartphone on top of an application for unemployment benefits on May 8, 2020, in Arlington, Virginia. - With shops and factories closed nationwide due to the coronavirus pandemic, nearly all of the jobs created in the US economy in the last decade were wiped out in a single month. An unprecedented 20.5 million jobs were destroyed in April in the world's largest economy, driving the unemployment rate to 14.7 percent compared to 4.4 percent in March, the Labor Department said in its monthly report, the first to capture the impact of a full month of the lockdowns. (Photo by Olivier DOULIERY / AFP)
In this photo illustration, a COVID-19 U […]

Virus fallout takes heavy toll on young workers

"Generation Z" -- those aged 18-24 -- will be hardest hit by the financial impact of the coronavirus pandemic as employers slash jobs and cut back on graduate recruitment and internships, studies show
People enjoy the sunny weather in Palma Beach in Palma de Mallorca on June 15, 2020. - A planeload of German tourists flew today to Spain's Mallorca island, taking part in a test of plans to reopen the popular destination as the country emerges from its coronavirus lockdown. The 180 Germans flew from Duesseldorf to Mallorca, the largest island in the sunny Balearic archipelago, six days before Spain is to open its borders in general on June 21. Almost 11,000 tourists from Germany are to follow in the coming days. (Photo by JAIME REINA / AFP)
People enjoy the sunny weather in Palma […]

For Europeans, a post-virus summer at the beach?

With lockdowns being lifted and the tourism industry up against the wall, the European Union has set out plans to reopen its internal borders, prompting many to plan a post-coronavirus summer holiday
A shopper walks past a sign reading "Welcome Back" in the window display of a re-opened Zara shop in Grafton Street in central Dublin, Ireland on June 8, 2020, as lockdown measures are eased during the novel coronavirus COVID-19 pandemic. - Stores and some offices reopened on Monday in Ireland, as the government decided to speed up deconfinement due to progress in fighting the coronavirus Covid-19 pandemic in the country. (Photo by PAUL FAITH / AFP)
A shopper walks past a sign reading "Wel […]

Down but not out: crisis puts the brakes on fast fashion

Zara, H&M and Gap may be reopening their stores but the coronavirus has had a devastating impact on the fast fashion sector, which needs a radical overhaul if it is to recover, experts say
The aerial view shows parked airplanes at the airport Duesseldorf, western Germany, on May 8, 2020. (Photo by Ina FASSBENDER / AFP)
The aerial view shows parked airplanes a […]

Airlines hit wall of debt after COVID-19 grounding

The coronavirus has forced many airlines to ground their fleets and appeal for state assistance but experts fear these carriers are now weighed down by debt ahead of a return to normal service
People wearing face masks walk past a Euro sign in front of the European Central Bank (ECB) headquarters in Frankfurt am Main, western Germany, on April, 24, 2020 amid the coronavirus pandemic. Photo: Yann Schreiber / AFP
People wearing face masks walk past a Eu […]

Europe boosts aid to virus-hit economies as UN seeks ‘people’s vaccine’

The European Central Bank has ramped up efforts to help its coronavirus-hit economies as the UN's chief called for a "people's vaccine" to battle the pandemic