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US economy shrank at record-breaking 33% rate last quarter

The US economy shrank at a dizzying 33% annual rate in the April-June quarter - by far the worst quarterly plunge ever - when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce...

No fans at Monza for Italian GP, say organisers

Hopes that this year's Italian Grand Prix would be held in front of a controlled number of spectators were quashed on Thursday. Officials announced in a statement that the event to be staged from September 4-6 at Monza will be run behind closed doors due to the coronavirus pandemic....

No money, no mutton: Lebanon crisis upends Eid tradition

Tradition dictates that Muslims donate cuts of mutton during Friday's Eid al-Adha festival, which would spell brisk business for butcher Abdulrazak Darwish but Lebanon's economic crisis has cast a pall over his trade. "This year has been the worst for us because of soaring inflation," said...