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Bloomberg German Finance Minister Olaf Scholz is planning a 57 billion-euro ($62 billion) aid package to help municipalities being hit by the economic fallout from the coronavirus pandemic, a person familiar with the matter said. The plan, which Scholz announced on Saturday without giving the size of the measures, would help local governments cover outstanding debt and tax shortfalls caused ...

Bloomberg France is at higher risk of a credit downgrade by Fitch after the outlook on the country’s AA rating was revised to negative. Fitch cited the substantial worsening in public finances and economic activity expected this year due to the pandemic. “The combination of much reduced economic activity due to containment measures introduced from March and government policies to ...

Bloomberg More than $8 trillion has been thrown at the Covid-19 crisis by governments around the globe and hundreds of billions more by central banks from Washington to Wellington. And that means investors are finding a swath of opportunities from investment-grade bonds to emerging-market equities. Looking where central banks themselves are buying, even if it’s been well flagged, still has ...

ABU DHABI / WAM The Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) touched the lives of 71 million people across 108 countries with AED 1.3 billion worth of humanitarian and social projects and relief campaigns in 2019. During the first-of-its-kind virtual event, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ...

SHABWA / WAM The UAE, represented by the Emirates Red Crescent (ERC), has launched the annual Eid Clothing Charitable Programme for the benefit of the families of the martyrs in Shabwa Governorate, Yemen. Up to 1100 purchase vouchers from several commercial centers in Shabwa have been handed out by ERC teams among the targeted beneficiaries, including orphans, families of children ...

DUBAI / WAM Emirates Post has launched ‘epostcard,’ a digital postcard application that will allow users to create customised physical postcards for friends, families, colleagues, and stakeholders. The ‘epostcards’ app, which can be downloaded from iOS App Store and Google Play Store, will allow individuals to design bespoke postcards to send to friends and family and for companies to send ...

ABU DHABI / WAM NYU Abu Dhabi (NYUAD) Class of 2022 student Cameron John Wehr has been named as a recipient of the prestigious Boren Award, which promotes linguistic and cultural immersion within critical language groups, including Arabic, Chinese, Portuguese, and Swahili. Wehr is the first student from NYUAD to receive this award and will study Mandarin for one year ...

Bloomberg China said new US export restrictions targeting companies including Huawei Technologies Co. may threaten the global supply chain. Beijing opposes the new US rules and will take all necessary measures to defend rights and interests of Chinese companies, the Ministry of Commerce said. It urged the US to help create conditions for normal trade and cooperation between enterprises. The US ...

Bloomberg In brokering the end to the global oil-price war last month, the Trump administration assured leaders that America’s shale patch would throttle back production. But few expected that the cuts would run this deep — and happen so quickly. Drillers are laying down rigs and shutting in wells at a frantic pace in response to the plunge in oil ...

Bloomberg India will open up its space facilities, mineral blocks and power distribution to private companies, as it seeks new investments to help shore up an economy hit by the coronavirus pandemic. Prime Minister Narendra Modi’s administration will also allow foreign investment up to 74% in defense manufacturing to attract investments, Finance Minister Nirmala Sitharaman said in New Delhi. The ...