The United
States and Europe have posted their biggest economic decline in decades. Business
investment, exports and consumer spending all dropped as coronavirus lockdowns
put the brakes on economic activity. In both the US and the European cases, the
record dropsin GDP come despite major government spending programs during the
COVID-19 pandemic.
Some of America's biggest tech companies have announced
their financial results for the last quarter. Facebook came out on top,
reporting an almost doubling in profit despite an advertiser boycott during the
quarter. Meanwhile Amazon posted its highest profit ever and Apple beat Wall
Street's revenue expectations. But Google parent Alphabet announced its first
ever decline in overall revenue due to flagging ad sales.
Airbus posted a quarterly loss of 1.9 billion euros. The
airplane maker says the coronavirus has presented the industry with its gravest
crisis ever. The company sold half as many planes during the first six months
of this year as it did during the same period in 2019.
Chinese telecoms giant Huawei has overtaken Samsung as the
largest smartphone maker in the world. That's according to market research
company Canalys. Analysts say China’s early recovery from the coronavirus
pandemic reinvigorated Huawei’s domestic market, where it sells more than 70
percent of its phones.
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