Russian President Vladimir Putin said Saturday that he hopes work on the Nord Stream 2 gas pipeline will be finished by early next year. “I hope that by the end of this year, or in the first quarter of next year, work will be finished and the gas pipeline will start operating,” Putin told a joint press conference with German Chancellor Angela Merkel after talks at the Kremlin. Source France24
Fitch Ratings, one of the world’s major credit-rating companies, revised its outlook on the U.S. credit score to negative from stable Friday “to reflect the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan.” Source South Florida Times
French automaker Renault reported its biggest half-year loss ever on Thursday, with revenue slashed by a third as dealerships worldwide were emptied by the coronavirus crisis. The dire results underscored the challenges facing CEO Luca de Meo, who was brought in this month to revamp a company reeling from strategic missteps and the ousting of former boss Carlos Ghosn last year on financial misconduct charges. Source France24
The U.S. economy shrank at a dizzying 32.9% 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. Source Franse24
