The eurozone economy on Friday shrank by 12.1 per cent in the second quarter of the year, the EU’s statistical office confirmed.
The record contraction of the euro area’s Gross Domestic Product (GDP), was first announced at the end of July. Eurostat’s second flash estimate released on Friday confirms the grim picture.
However, while the figures for the eurozone remained the same, the office slightly corrected the estimate for the EU’s GDP.
The July estimate pinned it at 11.9 per cent, while the second estimate showed an 11.7-per-cent contraction of the EU’s economic output.
The economic contraction is largely attributed to coronavirus containment measures. Countries worldwide have imposed coronavirus-related restrictions, such as lockdowns or travel restrictions.
However, with tourism largely grinding to a halt and trade being severely affected, the global economy was expected to see one of the worst recessions since World War II.
Spain saw the sharpest decline in GDP at 18.5 per cent, but other countries were similarly hard hit. Hungary saw a drop by 14.5 per cent, France by 13.8 per cent and Portugal by 13.9 per cent.
Meanwhile, Britain saw an even sharper decline than any EU country, coming in at 20.4 per cent.
Edited By: Yahaya Isah/Hadiza Mohammed-Aliyu (NAN)https://nnn.ng/eurozone-economy-contraction-confirmed-at-12-1-in-q2/
Reed grabs halfway lead, as Tiger misses cut at United States Open
Former Masters champion Patrick Reed put his sterling short game on display to grab the United States Open halfway lead on Friday.
Tiger Woods finished well outside the cut in windy conditions which humbled many of the game’s top golfers.
Reed only hit five fairways on a tough scoring day at Winged Foot but made a slew of stunning recoveries.
He then needed only 25 putts en route to an even-par 70 that left him at four under on the week and one shot clear of Bryson DeChambeau (68).
“I feel like the game is where it needs to be. I feel good,” said world number 10 Reed. “I just need to tighten a few things up here or there, but the short game is sharp, and when I play around a place like this, that’s what you need.”
Reed, who started the day one shot back of overnight leader Justin Thomas, grabbed the outright lead with a birdie on his final hole, the par-five ninth.
That was where his shot from a greenside bunker settled five feet from the cup.
Unlike the first round when 21 players finished under par in soft conditions, Winged Foot proved a much sterner test on Friday.
DeChambeau, Bubba Watson (69) and Hideki Matsuyama (69) were the only players from a 144-player field to break par.
DeChambeau, who has turned heads this year with his new physique and prodigious length off the tee, went out in the morning wave.
He muscled his way around a scorecard-shredding Winged Foot course like few others can.
The world number nine finished his round with a monstrous eagle at the par-five ninth hole where, after a 380-yard drive, he stuffed a pitching wedge to six feet.
“Confidence is at an all-time high right now, driving it well, iron play is fantastic, wedging is getting better each and every day, and I’m putting it like I know I can,” said DeChambeau, whose best major finish was a share of fourth place at this year’s PGA Championship.
Thomas (73), Spain’s Rafa Cabrera Bello (70) and Harris English (70) were all two shots off the pace heading into the weekend.
This was a tournament that was originally scheduled for mid-June but postponed because of the COVID-19 pandemic.
Masters champion Woods (77) missed the cut for the eighth time in his last 15 majors after a round during which he made five bogeys and two double-bogeys over a miserable 11-hole run.
“Physically it was frustrating that I didn’t drive the ball as well as I needed to,” said Woods.
“Iron play was pretty much the way it has been. It’s been good, and I finally putted well. But on this golf course it’s imperative that you hit fairways, and I did not do that.”
Phil Mickelson’s latest bid to complete the career Grand Slam of golf’s four majors fell apart as the six-times runner-up carded a 74
He missed the cut after posting one of the worst 36-hole scores of his major career.
Among the others to miss the cut were defending champion Gary Woodland, PGA Championship winner Collin Morikawa, and top-20 players Tyrell Hatton, Tommy Fleetwood, Matthew Fitzpatrick and Justin Rose.
Edited By: Olawale Alabi)
Whirlwind Bayern Munich dismantle Schalke 8-0 in season opener
Treble winners Bayern Munich crushed Schalke 04 8-0 with a hat-trick from Serge Gnabry and a superb debut from Leroy Sane on Friday.
It was a sensational start to the new Bundesliga season and the win sent an ominous warning to potential challengers.
Also, it was the biggest opening win in Bundesliga history.
Bayern Munich showed they had lost none of the sharpness which helped them to lift the UEFA Champions League trophy less than a month ago in dominant fashion.
Gnabry grabbed his first goal for the hosts with a fine turn and shot in the fourth minute in what turned out to be a one-sided affair.
It stretched Bayern Munich’s unbeaten run to 31 games this year, having now won the last 22 matches in a row.
Schalke 04, without a league win in 17 consecutive matches since January, were helpless against Bayern Munich’s lightning-quick game.
Leon Goretzka found plenty of space to drive a low shot past goalkeeper Ralf Faehrmann in the 19th minute.
“You can see that the team was already strong last season,” said Sane, who joined from Manchester City. “The team is still hungry in spite of winning the treble last season and to have such a start is outstanding.”
Bayern Munich finished their season in August when they added the Champions League to their Bundesliga and German Cup titles and then had only a short preparation for the new season.
Last season’s top goalscorer Robert Lewandowski found the net with a 31st minute penalty kick to become the first player to score in 10 successive appearances against the same Bundesliga opponents.
Gnabry then scored twice from Sane’s assists in the 47th and 59th before Thomas Mueller made it half a dozen after Lewandowski set him up with an impressive rabona kick.
Sane then capped his superb Bayern Munich debut with a fine finish from a counter attack in an empty Allianz Arena.
This was after the city had banned spectators due to rising coronavirus infection numbers in the region.
A little later substitute Jamal Musiala drilled in goal number eight to become the youngest ever Bayern Munich goalscorer in the league at 17 years old.
The result piled more pressure on already-embattled Schalke 04 coach David Wagner, who has been under intense scrutiny during their winless run this year.
Edited By: Olawale Alabi)
Visa Ban: FG says sanctioning electoral offenders disrespectful to Nigeria’s sovereignty
The Nigerian government has said it considers it disrespectful to the Sovereignty of the country for any outside country to apply punitive measures such as visas restriction on its citizens.
The Nigerian government made this known in a statement issued by Mr Ferdinand Nwonye, Spokesperson for the Ministry of Foreign Affairs on Friday in Abuja.
The News Agency of Nigeria , reports that this comes as a response to the recent announcement of the United States and the United Kingdom to impose visa restrictions on those who undermine electoral processes.
The Nigerian Government said it was committed to providing all necessary logistic, financial and security support to the electoral process.
“The Ministry of Foreign Affairs wishes to state that the Nigerian government has taken note of the concerns of some of our partners, especially the United States and UK governments regarding the elections in Edo and Ondo States.
“They have also expressed their intentions to take punitive measures against those who decide to, in what they termed as, undermine democracy.
“It is important to highlight that the responsibility for the conduct of elections in Nigeria solely resides with the Independent National Electoral Commission and State Independent Electoral Commissions.
“The Federal Government, and especially the President, is committed to providing all necessary logistic, financial and security support to the electoral process.
“The President has continually urged all parties and contestants to peacefully conduct themselves before, during and after the elections, and supported patriotic non-governmental initiatives such as the Abdusalami Abubakar-led Peace Committee.
“Furthermore, it should be noted that there are ample provisions in our laws to sanction violators and perpetrators of electoral violence and fraud.
“It would be considered disrespectful of the sovereignty of Nigeria for any outside authority to sit in judgment over the conduct of our citizens and apply punitive measures such as visa restriction, unilaterally.
“While we appreciate the support and encouragement of our international partners such as the EU, we urge our equally valued partners such as the UK and United States to cooperate with our relevant agencies,” the government said.
The government called on the partners to support security agencies by providing them whatever concrete evidence of observed misconduct to allow our laws and regulations to take their course.
The Nigerian government also expressed solidarity with the government and people of the United States as regards their forthcoming election, which it hoped would be free from interference and violence.
Edited By: Abiemwense Moru/Donald Ugwu
Edo election: Group lauds committee over peace accord
Centre for Transparency Advocacy (CTA), has commended Rtd. Gen. Abdulsalam Abubakar-led Peace Committee for making political parties and their candidates in the Saturday Edo election to sign a peace accord.
The organisation also thanked the Oba of Benin, Ewuare II, for calling the political parties and their candidates to order.
The group’s Executive Director, Ms Faith Nwadishi, made the commendation in a pre-election statement in Abuja on Friday.
Nwadishi said that the advice by the Oba for a peaceful election should be a reference point in Nigeria’s election history.
She called for deployment of more health personnel to polling areas to guide people on the election day.
“Strict adherence to the COVID-19 protocol is imperative while Personal Protective Equipment at the polling areas are mandatory and should be enforced.
“The INEC’s directives on special treatment for nursing mothers, pregnant women and the elderly should be adhered to by ad hoc staff on the field,” she said.
Nwadishi said her organisation had deployed observers across the state to cover the elections “and we shall be sharing reports with the media and on our social media handles as they come in.
“CTA calls on all eligible and registered citizens to come out and vote for candidates of their choice as it is their right to do so. Your vote is your power and must count,” she added.
Edited By: Chioma Ugboma/Donald Ugwu