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Bloomberg Treasury Secretary Steven Mnuchin said he plans to use all of the $500 billion that Congress provided to help the economy through direct lending from his agency and by backstopping Federal Reserve lending programs. Mnuchin said he has pledged to use $195 billion of those funds so far, and will use the rest after determining how best to deploy ...

Bloomberg Argentina and creditors seeking to hash out a $65 billion bond restructuring are still far apart, just days away from a deadline that could plunge the country into default. Talks have continued since bondholders sent two counterproposals, but there’s a gap of about 20 cents on the dollar between the government’s offer and the most aggressive creditors, according to ...

Bloomberg European funding markets have thus far been stubborn in correcting. This may be about to change. A new European Central Bank (ECB) loan facility for tackling the pandemic, known as PELTRO, will be allotted. The interest rate will be 25 basis points below ECB’s main refinancing operations, currently 0%. While it’s less tempting than the upcoming TLTRO III, another ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, inspected the Emirates Field Hospital for Covid-19 patients in Mohamed bin Zayed City in Abu Dhabi, which has a capacity for 1,200 beds and is being run by 46 doctors and medics in addition ...

Abu Dhabi / WAM The Ministry of Foreign Affairs and International Cooperation (MoFAIC) and the Federal Authority For Identity and Citizenship (ICA) Monday said foreign nationals holding valid residence visa can return to the UAE starting June 1. MoFAIC and ICA in a joint statement said the decision stems from the UAE’s keenness to enable those holding valid residence visas ...

ABU DHABI / WAM The Abu Dhabi Agriculture and Food Safety Authority (Adafsa) has said that it continues to carry out food shipment inspections at border-crossing points in Abu Dhabi. In a statement on Monday, the authority said inspection efforts are conducted for all food shipments imported to the emirate’s ports, as well as transit shipments. Adafsa noted that physical, ...

ABU DHABI / WAM UK-based travel service provider, dnata Travel Group, signed a partnership agreement with Etihad Airways to provide sales and service, ground product and brand marketing functions for Etihad Holidays in the UK. The collaboration seeks to increase Etihad Holidays’ distribution power in this market providing opportunities for greater engagement with UK travellers. The partnership formally commences in ...

Bloomberg US President Donald Trump threatened to withdraw altogether from the World Health Organisation (WHO), a move that would leave Chinese leader Xi Jinping as the most prominent voice leading the global fight against the coronavirus pandemic. In a four-page letter detailing his grievances with the WHO, Trump called on the group to “demonstrate independence from China,” renewing a complaint ...

Bloomberg Siemens Gamesa Renewable Energy SA, the Spanish wind turbine manufacturer, is to build what will be the world’s biggest windmill, by the thinnest of margins. The 14-megawatt machine with a rotor diametre of 222 metres (728 feet) will be just two meters bigger than General Electric Co’s own massive turbine. It’s another sign that size matters when it comes ...

Bloomberg US President Donald Trump threatened to withdraw altogether from the World Health Organization (WHO), a move that would leave Chinese leader Xi Jinping as the most prominent voice leading the global fight against the pandemic. In a four-page letter detailing his grievances with the WHO, Trump called on the group to “demonstrate independence from China,” renewing a complaint that ...