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Ethiopian troops move to Tigray as truce agreed

  Bloomberg Hundreds of Ethiopian troops converged on a town near the border of the northern Tigray province, days after the government and rebels from the region agreed on a humanitarian truce. Over the past few days, 32 buses carrying soldiers were seen in Kobo in Amhara state south of Tigray, some of whom may be replacing personnel who were ...

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Russia-Ukraine war shakes German industry to the core

  Bloomberg Germany’s industrial base, just emerging from pandemic and unprecedented supply-chain challenges, is taking another beating with Russia’s war on Ukraine hitting its powerhouse car, chemical and precision machinery manufacturers. As the conflict pushes energy costs to new heights and a wave of inflation builds, scores of companies including BMW AG, BASF SE and ThyssenKrupp AG have warned their ...

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Jobless rate drops in nearly every US state

  Bloomberg The unemployment rate fell last month in more than half of US states, including in 12 where jobless rates dropped to record lows. Nebraska and Utah, with unemployment at 2.1%, tied for the lowest in the country, according to Labour Department data. Arkansas, Georgia, Idaho, Indiana, Kansas, Mississippi, Montana, Oklahoma, West Virginia and Wisconsin also posted record lows ...

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Italian business, consumer confidence slump in March

  Bloomberg Confidence among Italian businesses and consumers fall sharply on concerns about the economic consequences of Russia’s invasion of Ukraine. The economic sentiment index fell to 105.4 in March from a revised 107.9 in February, statistics office Istat said. Measures of consumer and manufacturing confidence both declined, with the former reaching its lowest level since January 2021. Expectations for ...

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EU proposes $1.65bn package to shore up food security

Bloomberg The European Union (EU) is proposing a 1.5 billion-euro ($1.65 billion) funding package for farmers, plus freeing up fallow land for crops as it seeks to shore up food security after Russia’s invasion of Ukraine. Food prices have soared as the war cuts off most shipments from Ukraine, a major grain and chicken exporter. In the first ever release ...

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Hot UK inflation spurs biggest bets on rate cuts in 15 years

Bloomberg Faster inflation would normally fuel expectations for higher interest rates. In the UK, where price gains are the quickest in three decades, traders are betting on rate cuts. They’re paying heed to a warning this month from the Bank of England that surging costs for energy, clothing and food could lead to a weaker growth outlook. Money markets show ...

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Earth Hour 2022: Time to make peace with nature, says UN chief

Abu Dhabi / WAM Noting that climate disruption, biodiversity loss and pollution threaten lives, jobs and health the world over, the UN chief said on Saturday that it was essential “to make peace with nature.” “Without nature’s help, we cannot thrive or even survive on this planet Earth,” Secretary-General António Guterres underscored in his message for Earth Hour, commemorated annually ...

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UAE, Kuwait to establish a new virtual trade corridor

  Abu Dhabi / WAM AD Ports Group on Sunday announced the signing of a memorandum of understanding (MoU) with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the UAE and Kuwait, under the supervision of Department of Economic Development – Abu Dhabi (Added). The signing took place in Kuwait following a visit by ...

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