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Bloomberg US states saw their tax revenue drop by about $31 billion, or 6%, from March through August, compared to the same period a year earlier, as the pandemic triggered economic shutdowns across the country, according to a data from 44 states compiled by the Urban Institute. The scale of the drop appears smaller than expected, relative to the depth ...

Bloomberg Germany’s economy is losing steam but will do slightly better than government forecasts as fears grow over rising coronavirus infections, according to the country’ s five leading research institutes. Gross domestic product will contract by 5.4% in 2020 and grow 4.7% next year, the experts predicted in their latest bi-annual outlook published on Wednesday. In their spring report, they ...

Bloomberg PG&E Corp. is preparing to cut the lights to 162,000 Californians in 24 counties in its latest effort to keep strong winds from knocking down live wires and igniting wildfires. PG&E will make a final decision on the power cuts, with the first customers expected to go dark later that day, Mark Quinlan, an incident commander for the San ...

Bloomberg Brazil’s consumer inflation recorded its fastest pace for the month of September since 2003 as food and fuel prices rise, supporting the case for the central bank to keep its key rate unchanged later this month. The benchmark IPCA index rises 0.64% from August, above the 0.54% median estimate in a Bloomberg survey of economists. Annual inflation accelerated to ...

Abu Dhabi / WAM Mubadala Investment Company on Tuesday announced that it is pumping 200 million euros into Evotec SE, a German pharmaceutical company that specialises in drug discovery solutions. Evotec SE said that it resolved a capital increase from its authorised capital without pre-emptive rights against cash. Evotec will issue a total of 11,478,298 new shares to Mubadala Investment ...

Abu Dhabi / WAM Abu Dhabi Securities Exchange (ADX) on Tuesday announced the launch of its latest investment service “Covered Short Selling” (CSS) to support the exchange’s strategy of diversifying investment and providing investors with a broader range of hedging mechanisms. By doing so, it will attract a new segment of specialised and experienced investors, driving both liquidity and trading ...

Bloomberg The International Monetary Fund (IMF) warned that the world economy still faces an uneven recovery until the coronavirus is tamed even as it offered a less-dire view of this year’s recession following massive stimulus from central banks and governments. The fund now forecasts world gross domestic product (GDP) to shrink 4.4% this year, compared with the 5.2% drop seen ...

Bloomberg The oil market will suffer a long-lasting blow from the coronavirus, with demand taking years to recover and peaking at a lower level, the International Energy Agency (IEA) said. After an unprecedented 8% drop this year, global oil consumption will return to pre-crisis levels in 2023, provided Covid-19 is brought under control next year, the Paris-based agency said on ...

ABU DHABI / WAM The Mohamed bin Zayed Species Conservation Fund (MBZ Fund) on Tuesday announced it will expand its grant-making criteria to help partners meet core emergency operating needs precipitated by the Covid-19 crisis. The move aims to ensure the survival of small, grassroots conservation organisations whose finances have been impacted by the pandemic. To help organisations avoid layoffs, ...

Abu Dhabi / WAM The Director-General of the National Emergency Crisis and Disasters Management Authority (NCEMA) Obaid Rashid Al Shamsi, has said that the UAE is a pioneering global model in the way it responded to the pandemic, thanks to the government’s foresight and proactive approach in managing the crisis. In a speech on the occasion of International Day for ...