May, 2020

• 19 May

  Downturn risks becoming prolonged recession: WEF

  

  Bloomberg Leaders need to do more to secure a quick and sustainable recovery for the global economy, according to the World Economic Forum (WEF). In a survey of almost 350 risk professionals, the Geneva-based group said that two-thirds identified a drawn-out downturn as the greatest risk now facing the world over the coming year and a half. The pandemic has ...

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• 19 May

  US unemployment likely to remain high through 2021: Fed

  

  Bloomberg While uncertainty abounds in economic forecasting, US unemployment will likely stay “severely” elevated well into next year, according to a report by two economists at the Federal Reserve Bank of San Francisco. The jobless rate has already climbed to historic levels in just two months following the onset of the coronavirus-induced economic lockdown. A return to low unemployment will ...

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• 19 May

  Europe car sales see record monthly drop

  Bloomberg European car sales virtually stopped in April, dropping the most on record after the coronavirus halted production and closed dealerships from Spain to Germany. Passenger vehicle registrations in the European Union, the European Free Trade Association and the UK fell 78% year-over-year. Companies sold just 292,182 cars — the lowest number since data-gathering began in 1990, and a further ...

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• 19 May

  Thyssenkrupp to break up German giant in fight for survival

  

  Bloomberg Thyssenkrupp AG will shrink and focus on higher-margin businesses as the coronavirus pandemic speeds the break up of one of Germany’s last mega-conglomerates. The company said it’s considering the sale of units that make steel and submarines as it fights for survival. Once a byword for German engineering prowess, Thyssenkrupp will be gradually split apart as Chief Executive Officer ...

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• 19 May

  European stocks turn lower with US futures; oil advances

  

  Bloomberg European stocks turned lower alongside US equity futures on Tuesday as the risk-on mood that kicked-off the week faded. Oil prices rose for a fourth straight session. The Stoxx Europe 600 Index had opened in the green following news that Germany and France have backed a $546 billion, European Union-wide economic recovery fund. But after strong gains on Monday, ...

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• 19 May

  Indian stocks rise after vaccine report lifts Asian equities

  

  Bloomberg Indian stocks advanced, tracking a regional rally after early vaccine results sparked speculation economies could rebound quickly. The S&P BSE Sensex added 1.6% to 30,514.44 in Mumbai, while the NSE Nifty 50 Index gained by a similar magnitude. Both measures are set to snap three days of losses, their longest losing streak in a month. “The possibility of a ...

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• 18 May

  UAE welcomes Afghanistan power-sharing agreement

  

  ABU DHABI / WAM The UAE on Monday welcomed the signing of a power-sharing agreement in Afghanistan between President Ashraf Ghani and Dr Abdullah Abdullah while expressing hope that the deal represents a step towards enhancing stability, peace, and security throughout Afghanistan. In a statement, the Ministry of Foreign Affairs and International Cooperation renewed its call for an immediate ceasefire ...

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• 18 May

  Oil hits 2-month high as China demand nears pre-virus levels

  

  Bloomberg Oil rose to the highest in two months as demand in China returned to near pre-virus level and output curbs continued in the US and elsewhere. Futures in New York climbed as much as 9.8%. Chinese oil use is at 13 million barrels a day, just shy of the levels of a year earlier, traders and executives said. The ...

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• 18 May

  Covid-19: Khalifa University launches research projects

  Abu Dhabi / WAM Khalifa University of Science and Technology has established a Covid-19 Research and Development (R&D) Task Force as part of its strategic approach to help tackle Covid-19 pandemic. Under Covid-19 R&D programme, university launched 14 research projects; five projects focused on epidemiology, six projects focused on diagnostics and medical devices, and three projects focused on digital tools ...

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• 18 May

  Drydocks World begins work on Bokalift conversion project

  DUBAI / WAM Drydocks World on Monday held a steel-cutting ceremony to mark the start of production on a conversion project for Boskalis B.V. According to a press statement, Drydocks World will convert a drill ship YAN into an offshore installation vessel named Bokalift 2. This vessel is designed to carry out offshore operations for windmill installations in Taiwan. The ...

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