Bloomberg The German government expects the economic fallout from the coronavirus to be smaller than feared this year, according to a person familiar with forecasts to be published Tuesday. Chancellor Angela Merkel’s ruling coalition predicted in April that the economy would contract by 6.3% in 2020, its worst recession since the nation began a recovery after World War II, before ...

Bloomberg Argentina received widespread bondholder support to restructure its overseas debt, paving the way for the nation to emerge from the ninth default in its history. Investors holding 99% of the country’s $65 billion in international bonds will swap their securities for new notes, Economy Minister Martin Guzman announced in Buenos Aires. The “massive” support from bondholders will generate $38 ...

Bloomberg After months of wrangling with the government, Telecom Italia SpA kicked off a state-backed plan to create a single Italian broadband network through the separation of its landline grid, the former monopolist’s most valuable asset. Italy is racing to bridge the digital divide with European peers, and Prime Minister Giuseppe Conte has made telecommunications infrastructure one of the priorities ...

Bloomberg A.P. Moller-Maersk is planning a major overhaul of its organisation that is set to affect thousands of jobs at the world’s biggest container shipping company. Maersk said its Safmarine and Damco units will cease to exist as separate entities and instead be incorporated into the group. Borsen reported that the changes will affect about 3,400 jobs, which the company ...

Bloomberg Chicago faces a 2021 budget deficit of $1.2 billion as the coronavirus pandemic decimates the city’s revenue with businesses shut down due to social distancing while recent unrest hurt reopening efforts. Next year’s projected gap comes on top of a 2020 deficit of nearly $800 million for its corporate fund, which accounts for many of the services the city ...

Bloomberg The dollar dropped to a two-year low and US futures climbed after Chinese manufacturing data indicated that exports are underpinning a recovery. European stocks pared gains amid a retreat in travel shares. The euro led the charge against the greenback, hovering just below $1.20. Rolls-Royce Holdings Plc and Trainline Plc led losses in the Europe Stoxx 600 Index. The ...

Bloomberg South Africa’s main stock index halts a two-day slump, rising 1.4% by 9:54 am in Johannesburg, as dollar weakness lifts the rand, driving locally focused stocks like insurers, financials and retailers Miners extend gains for a third day, rising as sustained demand from Chinese mills lifted iron ore prices, and as greenback weakness drives bullion back towards $2,000 an ...

Bloomberg India stocks climbed after the nation’s top court approved a 10-year payment plan for telecom companies to clear combined back-fees worth $19 billion. The S&P BSE Sensex traded 1.3% higher at 12:46 pm in Mumbai, with the surge in Bharti Airtel Ltd. helping the gauge break out of a tentative start to the day. The NSE Nifty 50 Index ...

Bloomberg China Evergrande Group’s shares fell the most in two weeks after the company said its debt load increased from the end of last year, falling short on a pledge to remake itself as a leaner company. The company’s total debt edged up 4% to 835 billion yuan at the end of June, compared with 800 billion yuan at the ...

Dubai / WAM Dubai Crown Prince and Chairman of the Executive Council of Dubai HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has issued Executive Council Resolution No. (24) of 2020 on tourist camps in Dubai. The Resolution seeks to reinforce Dubai’s status as a global holiday destination, regulate the set up and operation of tourist camps and enhance ...