Tag: recession
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US could default by next month unless debt ceiling is raised
Janet Yellen, the United States Treasury Secretary, has written to Republican House Speaker Kevin McCarthy, warning that the federal government may exceed its spending limit by June 1 if Congress does not raise the debt ceiling. Yellen’s letter, which was published on Monday, noted that available data suggests that the government will no longer be…
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Amazon plans to lay off 10,000 employees due to declining sales
Amazon is reportedly getting ready to lay off thousands of office workers due to decreasing sales and worries about an impending recession. The e-commerce giant’s office personnel could lose about 10,000 of their employees, according to US media sources who requested anonymity. Cuts are anticipated to have an impact on departments like e-commerce and personal…
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Pakistan to overcome $4 billion external financing gap soon: SBP
In the midst of intense pressure on foreign currency reserves, Pakistan will soon close its $4 billion shortfall in external finance with the assistance of friendly nations under IMF conditions, according to Acting Governor of the State Bank of Pakistan (SBP) Dr Murtaza Syed. He also acknowledged that inflation will continue to be higher for…
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At least 1,300,000 people in KP to lose jobs in 45 days?
At least 1.3 million people could lose their jobs if a 45-day lockdown is put in place, a report prepared by Khyber Pakhtunkhwa (KP) government’s Planning and Development Department revealed on Sunday. The report warns at least 460,000 people working as daily wagers and street vendors are set to lose their employment with “immediate effect”.…
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Coronavirus recession? The Citizens Archive of Pakistan fires 13 citing ‘financial constraints’
As the country observes a lockdown to curb the spread of coronavirus, The Citizens Archive of Pakistan (CAP), a non-governmental organisation, has fired 13 employees without prior notice, citing financial constraints. In a series of tweets, Raza Gillani, a former employee lashed out at the organisation for what he termed as a move to profit…