Uncategorized

Bloomberg The International Monetary Fund (IMF) said it expects a global recession this year that will be at least as severe as the downturn during the financial crisis more than a decade ago, followed by a recovery in 2021. Nearly 80 countries have asked the Washington-based IMF for emergency finance, Managing Director Kristalina Georgieva said in a statement following a ...

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 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 ...

Bloomberg President Donald Trump said the American economy can’t remain slowed for too long to fight the coronavirus, declaring that the country “was not built to be shut down.” “America will again, and soon, be open for business. Very soon,” Trump said. “A lot sooner than three or four months.” The president of the St. Louis Federal Reserve Bank, James ...

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 ...

ABU DHABI / Emirates Business Etihad Airways (Etihad) will temporarily suspend all flights to, from, and via Abu Dhabi following a decision by the National Emergency Crisis and Disaster Management Authority, and the General Civil Aviation Authority (GCAA), to suspend all inbound, outbound, and transit passenger flights in the UAE. This decision has been made to limit the spread of ...

ABU DHABI / WAM The National Centre of Meteorology (NCM) is commemorating World Meteorological Day, which is observed on March 23 every year. This year, the day is being celebrated under the slogan, ‘Let us count every drop, because every drop counts’. Dr. Abdulla Al Mandous, Director of NCM and President of the Regional Association II (Asia) of World Meteorological ...

Bloomberg China’s government is talking up the prospects for a rapid economic rebound from the coronavirus, even as the global economy sees further lockdowns to curb the spreading disease. Since March 20, the premier, who leads economic policy making, and a senior central-bank official, have pointed to the control of the outbreak and the resumption of activity as reasons for ...

Bloomberg Baby Devi has already lost 80% of her monthly earnings to the spread of the coronavirus — and the worst in India may be yet to come. The 38-year-old mother of four, who cleans homes for a living, lost jobs with two of her three employers. Like many relatively well-off Indians, they’ve begun social distancing to fight the highly ...