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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...

Lebanon virus cases peak ahead of new lockdown

Lebanon on Wednesday reported 182 new coronavirus cases, its highest single-day infection tally since the country's outbreak began in February, ahead of fresh lockdown measures that go into effect at midnight. The new cases bring the total number of COVID-19 infections in Lebanon to 4,202,...

Oil prices jump on U.S. inventory drop

Oil prices rose on Wednesday after a surprise drop in U.S. crude inventories, but demand concerns amid record increases in COVID-19 infections in some U.S. states capped gains. Brent crude futures LCOc1 rose 54 cents, or 1.3%, to $43.76 a barrel by 0923 GMT. U.S. West Texas Intermediate...