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Bloomberg The French and Spanish economies plunged into record contractions and German unemployment climbed more than expected amid virus shutdowns that are pushing Europe into its deepest recession of the post-war era. France shrank 5.8%, the most since 1949, with Spain suffering a 5.2% drop in GDP. The figures highlight the dramatic effect of government-ordered shutdowns as just two weeks ...

Bloomberg A gauge of Russian manufacturing slumped to the lowest level since records began in 1997 as lockdowns across Europe choked demand. The Manufacturing Purchasing Managers’ Index (PMI) fell to 31.3 in April, down from 47.5 in March, IHS Markit said on Thursday. The median estimate of eight economists surveyed by Bloomberg was for 40.5. “Output and new orders contracted ...

Bloomberg The euro-area economy plunged into a record contraction, an outcome that will only add more urgency to controversial demands for joint European fiscal support. Output in the 19-country region shrank 3.8%, reflecting shutdowns to contain the coronavirus that have pushed businesses close to collapse, sent unemployment surging and forced governments to unleash billions of euros in emergency stimulus. As ...

Bloomberg President Donald Trump is facing a turning point in his bid for re-election, betting that a handful of Southern and Midwestern states can reopen their economies without triggering an even deeper public health crisis. If it works out, Trump can claim he was right all along about quickly lifting stay-at-home restrictions that are damaging the economy. If it doesn’t ...

ABU DHABI / WAM Abu Dhabi Power Corporation (ADPower) announced the world’s lowest tariff for solar power. This came as ADPower’s subsidiary, Emirates Water and Electricity Company (EWEC), delivered a virtual read-out of five consortia’s technical and commercial bids for the 2 GW Solar Photovoltaic (PV) Independent Power Producer (IPP) project – to be located in Abu Dhabi. The project ...

FUJAIRAH / WAM Oil product stockpiles at Port of Fujairah rose 6.1 per cent week on week to 24.65 million barrels, marking the highest level in two weeks, according to data exclusively obtained by S&P Global Platts on Wednesday. The gains were led by light distillate stocks jumping 24 per cent week on week to 7.466 million barrels, an eight-week ...

ABU DHABI / WAM Dubai Future Foundation’s (DFF) knowledge platforms have reached more than 5 million people across their social media platforms. In light of the Covid-19 outbreak, the Foundation’s knowledge-sharing platforms including Mostaqbal Portal, Popular Science Arabia, MIT Tech Review Arabia and Future Talks have been diligently sharing quality Arabic content on the latest science and technology developments, for ...

ABU DHABI / WAM The United Arab Emirates on Wednesday sent an aid plane containing seven metric tons of medical supplies to Nepal to bolster the country’s efforts to curb the spread of Covid-19. The aid will assist approximately 7,000 medical professionals as they work to contain the virus. Commenting on the aid delivery, Saeed Hamdan Al Naqbi, UAE Ambassador ...

Bloomberg Samsung Electronics Co warned earnings may decline this quarter after the coronavirus outbreak hurt demand globally for smartphones and gadgets, wiping out gains from a surge in online activity by people sheltering at home. South Korea’s largest company reported a 4% slide in net income to 4.9 trillion won ($4 billion) in the three months ended in March. Samsung, ...

Bloomberg Chinese e-commerce giant JD.com Inc has filed confidentially for a second listing in Hong Kong, according to people with knowledge of the matter, joining rival Alibaba in tapping the city’s stock market for funds. The offering could raise at least $2 billion, the people said, asking not to be identified because the information is private. The Beijing-based company, which ...