Bloomberg Budget restrictions for European Union (EU) member states will apply again after the coronavirus-driven recession is over, European Commission Executive Vice President Valdis Dombrovskis said in an interview with Corriere della Sera. The EU’s stability pact — rules to ensure members pursue sound public finances and coordinate fiscal policy — remains active, Dombrovskis said in the interview, specifying that ...

Bloomberg The German economy will recover from coronavirus crisis and resume growth by October “at the latest,” Economy Minister Peter Altmaier told Bild am Sonntag. Altmaier expects the German economy to grow by more than 5% in 2021 after shrinking 6% this year, the newspaper cites him as saying in an interview. The minister sees the number of jobless in ...

Bloomberg Bikes are increasingly muscling aside cars on Europe’s city streets, as coronavirus accelerates a shift towards pedal power. Even before the pandemic, bicycles were enjoying an uptick in demand from environmentally conscious consumers, but the risk of contagion on buses and subways increased the appeal. The emergence of e-bikes, which boost power with an electric motor, has removed some ...

Bloomberg Remember last earnings season? When companies were reporting their worst quarter since the financial crisis. And nobody dared guess what the future held. Bankruptcy risk was everywhere. Oh, and stocks rallied so hard that $5 trillion got added to share prices. It’s safe to say investors were in a forgiving mood back then. With stocks up 25% since, the ...

Bloomberg Saudi Arabia led gains in the Gulf as the earnings season started in the kingdom with a positive tone. Saudi Arabia’s Tadawul All Share Index advanced as much as 0.7%. Food producer Almarai Co. JSC, the first Saudi company to deliver second-quarter numbers, gained as much as 2% after posting a 11% increase in profit. As more company results ...

Bloomberg Software provider Kinaxis Inc. surged to a record high as it completed a deal for Rubikloud Technologies to boost its capabilities in artificial intelligence (AI). Ottawa-based Kinaxis, whose clients include Unilever NV and Lockheed Martin Corp., briefly passed $4 billion in market value for the first time amid a broad rally in Canadian technology stocks. The company sells products ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the launch of the ‘Arab Space Talents’ programme that aims to build Arab expertise in space science and technologies. Overseen by the UAE Space Agency, the programme will equip young Arab researchers, scientists, inventors and creative ...

Bloomberg Oil slipped, paring a weekly gain, as concern of demand erosion from a coronavirus resurgence countered strong US economic data. Futures fell to about $40 a barrel in New York as the virus continues to spread unabated across large parts of the US, clouding the outlook for energy demand. Crude prices gained 4.2% for the week as data showed ...

Dubai / WAM The Department of Economic Development (DED) Trader licence launched by the Business Registration and Licensing, (BRL) sector, enabling start-ups in Dubai to conduct business activities online and across social networking accounts, has seen an 83 percent increase in licences issued from January to end of June. Compared to the same period last year when the total number ...

Bloomberg India’s latest e-commerce policy draft includes steps that could help local startups and impose government oversight on how companies handle data. The government has been working on the policy for at least two years amid calls to reduce dominance of global tech giants like Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc. Under rules laid out in a 15-page ...