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Bloomberg While uncertainty abounds in economic forecasting, US unemployment will likely stay “severely” elevated well into next year, according to a report by two economists at the Federal Reserve Bank of San Francisco. The jobless rate has already climbed to historic levels in just two months following the onset of the coronavirus-induced economic lockdown. A return to low unemployment will ...

Bloomberg Thyssenkrupp AG will shrink and focus on higher-margin businesses as the coronavirus pandemic speeds the break up of one of Germany’s last mega-conglomerates. The company said it’s considering the sale of units that make steel and submarines as it fights for survival. Once a byword for German engineering prowess, Thyssenkrupp will be gradually split apart as Chief Executive Officer ...

Dubai / WAM The annual Ramadan Pioneer Series hosted by the Dubai Future Academy (DFAc) an initiative by Dubai Future Foundation (DFF) gathered chairmen of Dubai Future Councils (DFC) to discuss the requirements for vital sectors amid the global crisis. The session highlighted the role of the councils in creating a roadmap for the upcoming period under the directives of His ...

ABU DHABI / WAM Khalifa University of Science and Technology has established a Covid-19 Research and Development (R&D) Task Force as part of its strategic approach to help tackle Covid-19 pandemic. Under the Covid-19 R&D programme, Khalifa University has launched a total of 14 research projects; five projects focused on epidemiology, six projects focused on diagnostics and medical devices, and ...

DUBAI / WAM Dubai Economy’s Commercial Compliance and Consumer Protection (CCCP) division announced a decrease in the number of infringement complaints on rights to intellectual property (IP) it has received in the first quarter of this year, compared with last year. In a statement, Dubai Economy said only 95 IP rights complaints were registered in that period, a 34% decrease ...

ABU DHABI / WAM Louvre Abu Dhabi has announced the launch of an offering that will see the museum’s collections interpreted through the art of music. The partnership with anghami, the Mena region’s largest music streaming app, will see the curation of audio playlists with a bespoke selection of soundtracks that respond to different themes, moods and inspirations found in ...

Bloomberg India’s 21 trillion rupee ($277 billion) virus-relief package fell short of economists’ expectations, providing fiscal measures that will help improve growth over the years without delivering an immediate boost to an economy that desperately needs it. Analysts have been pouring over the details provided by Finance Minister Nirmala Sitharaman over the past five days, and the conclusion of many ...

Bloomberg Total SA abandoned a plan to acquire assets from Occidental Petroleum Corp in Ghana, walking away after a proposal to buy Algerian projects from the US company also collapsed. The breakdown of both sales is a setback for Occidental, which had earmarked the proceeds to help reduce debt after buying Anadarko Petroleum Corp for $37 billion last year. After ...

Bloomberg Some 108 million people in China’s northeast region are being plunged back under lockdown conditions as a new and growing cluster of infections causes a backslide in the nation’s return to normal. In an abrupt reversal of the re-opening taking place across the nation, cities in Jilin province have cut off trains and buses, shut schools and quarantined tens ...

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 ...