Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Boeing announces the end of production of its legendary 747 "Jumbo Jet"

Boeing has announced a further loss in its quarterly results following the Covid-19 crisis. The American group, which had already planned to cut 16,000 jobs, warns that it will have to cut further in its workforce. But above all it will stop in 2022 the production of its legendary aircraft the 747, called the “Jumbo Jet”.
 

Already in 2019, the shutdown of one of its star models, the 737 MAX, plunged Boeing into the red. This year, with the Covid-19 pandemic and the air transport crisis, the fall continues. As a result, the American aircraft manufacturer recorded losses of 2.4 billion in the second quarter. Boeing delivered just 20 aircraft in the second quarter, and its sales fell 25% over the period to $ 11.81 billion.

To stop these losses, the manufacturer plans to slow down production rates a little more. Above all, he will stop production of his legendary “Jumbo Jet” aircraft.




Born in 1969, capable of carrying more than 600 passengers, recognizable by its hump at the front of the fuselage, the Jumbo Jet met immediate commercial success. Above all, it allows millions of travelers to discover the world at affordable prices. But greedy in kerosene, this device of another time has become over the years unprofitable.