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Bloomberg The UK has pledged more fiscal stimulus to fight the economic fallout from the coronavirus than during the global financial crisis a decade ago, underscoring the scale of the threat posed by the pandemic. Prime Minister Boris Johnson’s government has allocated a total of almost 57 billion pounds ($66 billion) in direct support since the budget on March 11, ...

Bloomberg Germany’s economy is heading for a steep recession as attempts to slow the outbreak of the coronavirus pandemic sent the services sector into an unprecedented slump. IHS Markit’s gauge of manufacturing and services activity plunged in March. It signals GDP in euro area’s biggest economy could drop by around 2% in first quarter — with worse to come. “The ...

Bloomberg Canada’s economic heartland is shutting down as Ontario and Quebec step up efforts to slow down the coronavirus outbreak. The two provinces, which together account for about 57% of the country’s economy, have ordered non-essential businesses to close by the end of Tuesday. The order is set to run for two weeks in Ontario and three in Quebec. “We’re ...

Bloomberg Twitter Inc. slashed its revenue forecast and warned of a loss for the current quarter, citing a decline in advertisers’ spending on its social network during the coronavirus outbreak. First-quarter sales will be down “slightly” year-over-year, compared with analysts’ average estimate for growth of 11%, according to a Bloomberg survey. San Francisco-based Twitter said it expects to incur an ...

Bloomberg Continental Europe’s labour-market model is experiencing rare praise from economists because it may help prevent massive job losses during the coronavirus pandemic. While widespread layoffs are feared in the US, analysts don’t expect the same fallout in euro-area employment, where rules often make it harder for companies to fire workers, and also encourage their retention during a crisis. Such ...

Sharjah / WAM The Sharjah Chamber of Commerce and Industry (SCCI) on Monday held its first video conference meeting, as part of the remote working system and the precautionary measures taken to maintain the health and safety of the employees and the customers. The meeting was also in line with the preventive measures adopted by the UAE government in light ...

ABU DHABI / WAM Obaid Humaid Al Tayer, Minister of State for Financial Affairs, on Monday participated in a virtual meeting with the G20 ministers of finance and central bank governors, to discuss ways to unite international efforts to address the coronavirus (Covid-19) pandemic and lessen its economic and social impact on the region and the world. Al Tayer reiterated ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) announced that it has saved 326 million gallons of potable water in 2019, which is equivalent to the amount of water in 593 Olympic swimming pools. The announcement was made marking World Water Day, which is held on March 22 every year since 1993, to highlight the importance of fresh water ...

Dubai / WAM In a phone call to the Dubai Health Authority’s (DHA), Emergency Department, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, praised medical professionals for their dedication to ensure public safety and combat the coronavirus (Covid-19) spread. His Highness Sheikh Mohammed bin Rashid reviewed the precautionary ...

DUBAI / WAM His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the National Olympic Committee, stated that the current situation being experienced by the sports sector and other sectors require the cooperation of all relevant organisations and individuals. He also pointed out that the safety and protection of the community is always a leading priority of ...