July, 2020

• 13 July

  France primes fresh stimulus to boost jobs, cut taxes on firms

  

  Bloomberg France will unveil “massive” support for youth employment this week and a new broad stimulus plan including tax cuts for companies at the end of August, Finance Minister Bruno Le Maire said. The measures will be in addition to emergency aid to protect jobs and companies during the lockdown and a series of support plans for sectors including tourism ...

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• 13 July

  Sweden’s Alfa Laval to buy Neles in $2bn deal

  Bloomberg Swedish engineering giant Alfa Laval AB agreed to buy Neles Oyj in a deal that values the Finnish valve maker at roughly $2 billion, setting a price that’s high enough to potentially fight off any counter bids. After striking a so-called combination agreement with Neles, Alfa will make a voluntary recommended public cash tender offer for all issued and ...

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• 13 July

  German economic recovery only in early stages

  

  Bloomberg Germany’s economy continues to recover following the easing of coronavirus-related restrictions, but remains well below capacity, according to a government report. “The economic recovery is still at the beginning,” the economy ministry said Monday. “Capacities are still clearly under-used.” While the recovery began in May, the second quarter will still show negative growth. “Only in the third quarter will ...

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• 13 July

  Global stocks, futures rise as earnings week kicks off

  

  Bloomberg Global stocks rose with US equity futures ahead of earnings from big American banks that will act as a barometer of economic health as the pandemic continues to rage. The dollar was steady. The Stoxx Europe 600 Index climbed as traders awaited outlooks from a slew of companies that have yet to provide concrete guidance on the impact of ...

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• 13 July

  Goldman boosts S&P 500 earnings outlook, says focus on guidance

  

  Bloomberg Goldman Sachs Group Inc. has become a little more optimistic on earnings prospects for the S&P 500 Index this year but stressed that management commentary from companies is going to be important to gauging the outlook. Goldman’s baseline forecast for S&P 500 earnings per share in 2020 is $115, up from a prior estimate of $110. The firm maintained ...

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• 12 July

  UAE government provides AED7.46bn in financial aid

  

  Abu Dhabi / WAM The UAE government’s efforts to provide financial aid and other social benefits to citizens intensified in 2019. These efforts were highlighted by rise in aid in 2019, reaching AED7.46 billion, an increase of 2% compared to AED7.32 billion in 2018. Financial aid and social benefits accounted for 13.4 percent of total federal government expenditures in 2019, ...

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• 12 July

  Opec readies next move in bid to avoid oil-market taper tantrum

  

  Bloomberg Saudi Oil Minister Prince Abdulaziz bin Salman likes the idea of Opec+ acting as the central bank of oil. And he expresses admiration for Alan Greenspan, former chairman of US Federal Reserve. The challenge now confronting the oil producers’ club is one that’s all too familiar to the Fed: how to avoid a “taper tantrum,” the market panic that ...

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• 12 July

  UAE continues to deliver food aid to Yemeni people

  HODEIDAH / WAM The UAE, through its humanitarian arm, the Emirates Red Crescent (ERC) continues relief efforts in Yemen, by distributing food aid to the people of Khokha in the Hodeidah governorate. The ERC team distributed 300 food baskets to 2,100 displaced families in the Khokha district. Fathia Al Ma’amari, Director of the Human Rights Office in Hodeidah, expressed her ...

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• 12 July

  Funds collected via UAE direct debit system up 7% to AED61b

  

  ABU DHABI / WAM Value of funds collected through the UAE Direct Debit system (UAEDDS) of the central bank of the UAE (CBUAE) rose by 7 percent to AED61 billion in 2019 from AED57 billion in 2018, according to figures released by the CBUAE. The statistics noted the increase in the funds settled through the UAEDDS was matched with a ...

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• 12 July

  Wizz Air Abu Dhabi to fly to six cities from October

  

  Abu Dhabi / WAM Wizz Air Abu Dhabi, the newest national airline of the UAE, announced on Sunday that it will fly two new Airbus A321neo aircraft and offer six routes from Abu Dhabi starting October 1. Tickets are on sale on wizzair.com and the airline’s mobile app, with fares starting at AED 129. Wizz Air Abu Dhabi, the joint-venture ...

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