Bloomberg The coronavirus pandemic real-estate boom has made some Canadians richer, while others languish. The net worth of the nation’s households increased by about C$770 billion ($633 billion) in the first three months of 2021, a record 6% gain, to C$13.7 trillion, Statistics Canada said in a report. Since the start of 2020, that figure has increased by more than ...

Bloomberg The UK hospitality industry warned it may lose 500,000 jobs when the government’s furlough program to support wages ends. Hotels and restaurants are saddled with back taxes of 93 million ($132 million) that will become an unsustainable burden if the government fails to drop all lockdown rules as planned on June 21, said Kate Nicholls of business lobby group ...

Bloomberg German manufacturers unexpectedly saw demand decline in April, signaling that supply shortages and higher prices are undercutting the country’s economic recovery. Orders fall 0.2%, missing a median estimate for a 0.5% gain. The Economy Ministry said weakness was driven in particular by lower domestic demand. Foreign orders were up 2.7% from the previous month. Manufacturing has been a stronghold ...

Bloomberg Sweden’s economy unexpectedly contracted in April, as weaker consumer spending dampened the largest Nordic economy’s rapid recovery from the pandemic. Gross domestic product (GD)P) shrinks 1.4% from the previous month, according to preliminary data from Statistics Sweden. Analysts polled by Bloomberg expected a 0.3% expansion. Sweden has enjoyed a rebound driven by manufacturing and exports, and its economy expanded by ...

Bloomberg Facebook Inc said it will let all employees work remotely even after the pandemic if their jobs can be done out of an office, but may reduce their pay if they move to a less-expensive area. Starting June 15, any Facebook employee can request to work from home, the Menlo Park, California-based company said in a statement. If those ...

Bloomberg Plans for the biggest corporate spending boom in more than a decade could be the next driver for stock markets trading at record highs. Last year’s prudence among companies is giving way to jubilant investment across a swath of industries, driven by economic reopenings, low interest rates and government support. Such a signal of confidence in the future is ...

Bloomberg This time, it may be more than just another false dawn for European bank stocks. The worst performers among Europe’s equity markets in past decade have had occasional hot streaks, but with this year’s re-emergence of inflation promising an end to an era of near-zero interest rates, the sector is among the biggest gainers in 2021. The Stoxx 600 ...

Abu Dhabi / WAM The UAE welcomed the decision of the Kingdom of Saudi Arabia to limit registration for this year’s Hajj pilgrimage to citizens and residents of the Kingdom, at a total of 60,000 pilgrims, in light of the Covid-19 pandemic. In a statement made on Saturday, Khalifa Shaheen Al Marar, Minister of State, said the UAE welcomes the ...

Dubai / WAM Dubai’s economy has proved its resilience and ability to recover quickly from the global repercussions of the Covid-19 pandemic by achieving high levels of external non-oil trade growth in Q1 2021. Dubai’s foreign trade this quarter touched AED354.4 billion growing 10% from AED323 billion in the corresponding period in 2020, and 5% compared to Q1 2019. This ...

Bloomberg Global oil demand will recover to pre-pandemic levels late next year, the International Energy Agency (IEA) predicted, urging Opec and its allies to keep markets balanced by tapping their plentiful spare production capacity. World consumption will once again reach 100 million barrels a day in the second half of 2022 as developed economies bring the virus under control, the ...