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Bloomberg Mexico’s economy recovery will take longer than expected and will depend on evolution of coronavirus pandemic, Finance Minister Arturo Herrera said. International consensus was for a two-month lockdown followed by a fast economic recovery, Herrera said during a virtual meeting of G20 finance ministers and central bank governors. “The recovery horizon will be longer, as long as a vaccine ...

Bloomberg Prime Minister Boris Johnson’s chief scientific adviser acknowledged there were failings in the UK’s response to the coronavirus pandemic, and said some decisions will turn out to have been wrong. “It’s clear that the outcome has not been good in the UK,” Patrick Vallance told the House of Commons Science and Technology Committee hearing. “There will be decisions made ...

Bloomberg EBay Inc. would prefer to keep a stake in the classified advertising business it’s selling, according to reports, lessening the chances Prosus NV will win the hotly-contested auction. The decision at a board meeting gives a surprise boost to a bid from Norwegian online marketplace Adevinta ASA, which offered a mix of cash and stock and would leave EBay ...

Bloomberg With job cuts mounting and costly furlough programs that can’t last forever, Europe is at risk of a devastating increase in unemployment that won’t be easy to reverse. Economies across the continent are recovering and company sentiment is brightening, but it’s a different story when it comes to hiring. After months of crisis, the outlook remains too uncertain for ...

Bloomberg Crude clung to losses amid a combination of weak economic data and signals that a recovery in consumption may be slowing. Futures posted a 0.4% decline in New York. Although strength in US equities pushed oil up from the lows of the session, futures were unable to rally amid a flurry of disappointing data points. In the US, consumer ...

Bloomberg European Union (EU) leaders meeting in Brussels for a second day are closing in on a deal for a 750 billion-euro ($860 billion) stimulus package after the Dutch government indicated support for the direction of the negotiations. A new proposal unveiled on Saturday, which would keep the overall size of the fund the same but reduce the amount distributed ...

Bloomberg World Bank President David Malpass called on Group of 20 leading economies to extend the current suspension of debt repayments by the poorest countries through the end of 2021 and broaden the scope to deal with the global pandemic. The virus and worldwide recession will lead to rising poverty in impoverished nations and debt burdens for some countries are ...

Dubai / WAM Bilateral trade between the UAE and China will continue to surge in the coming years due to the strong trade relations and people-to-people synergies between the two countries as they transition to the digital economy. High-level panelists at the first China-UAE Economic and Trade Digital Expo, hosted by the UAE’s Ministry of Economy and China Council for ...

SHARJAH / WAM Sharjah Electricity and Water Authority (Sewa) joined the membership of the International Organisation for Electrical Energy Systems (Sigri) which was founded in 1921 in the French capital Paris, and is concerned with energy affairs of production, transport and distribution, aiming to improve the future of networks. The membership will contribute to enhancing participation and knowledge exchange among ...

Abu Dhabi / WAM The UAE leaders reviewed the Hope probe’s pre-flight preparations days before its historic launch to Mars from Japan’s Tanegashima Space Center in the first ever Arab interplanetary mission. Through a video meeting, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohamed ...