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Bloomberg Italian Prime Minister Mario Draghi made a bold call for more economic stimulus in European countries to help bring growth back to pre-pandemic levels. “Protracted uncertainty means that the case for monetary and fiscal expansion remains compelling,” the former European Central Bank (ECB) chief said in speech in Barcelona. “We will not reach this objective without additional effort. So ...

Bloomberg The International Monetary Fund (IMF) privately estimates that a deal allowing Argentina to reschedule payments on $45 billion owed to the lender will be pushed into 2022 as President Alberto Fernandez has little incentive to quickly agree on the basis of a new program. While the IMF has said it’s constructively engaging with Fernandez’s administration, negotiations entailing fiscal austerity ...

Bloomberg The outlook for the UK’s sovereign debt score has been upgraded to stable by Fitch Ratings, which said that the country’s economy and public finances have proved more resilient to the pandemic shock than the credit assessor had anticipated. Fitch previously had a negative outlook on the UK, but the country avoided being downgraded, with the firm keeping its ...

Bloomberg US retail sales declined in May, after a stimulus-related splurge in the prior two months, suggesting consumers are starting to shift more of their spending to services as economy reopens. The total value of retail purchases fall 1.3% in May following an upwardly revised 0.9% gain in April, Commerce Department figures showed. The median estimate in a Bloomberg survey ...

Abu Dhabi / WAM The UAE government has developed innovative and effective solutions to energy and infrastructure challenges, as part of the first batch of the “Nothing Is Impossible Hackathon” model for students of national and international universities. The Hackathon, organised by the Ministry of Possibilities, aimed at enhancing student participation in designing the new generation of government practices to ...

Dubai / WAM The Supreme Committee of Crisis and Disaster Management in Dubai, headed by His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, announced updates to Dubai’s travel protocols for inbound passengers from South Africa, Nigeria and India, effective from Wednesday June 23. The updates are part of the Committee’s keenness to protect passengers and ease hassles for ...

Sharjah / WAM Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations (DGR) in Sharjah, met with Lars Pira Perez, Ambassador of the Republic of Guatemala to the UAE, to bring new momentum in bilateral engagement, particularly in the areas of renewable energy, culture, and tourism. The two parties explored avenues to enhance cooperation and build bridges between ...

ABU DHABI / WAM Abu Dhabi Police has warned against fraudulent calls claiming to be from the UAE Central Bank and a text message in the name of Abu Dhabi Police as proof of the correctness of the information that requests banking details of clients. Abu Dhabi Police also warned of links to fraudulent electronic sites, including small text messages ...

Dubai / WAM Dubai Electricity and Water Authority (Dewa) is participating at Expo 2020 Dubai with a large pavilion, characterised by a contemporary design that aligns with Dewa’s role as the Official Sustainable Energy Partner of Expo 2020 Dubai. “Dewa’s pavilion at Expo 2020 Dubai provides a unique experience for visitors. It highlights Dewa ‘s innovative projects and initiatives, especially ...

Bloomberg President Vladimir Putin told business leaders at his flagship economic forum this month that Russia is coping better than many other countries with Covid-19. Events increasingly are contradicting him. Moscow reported a record-high 9,056 new Covid-19 cases, days after Mayor Sergei Sobyanin ordered mandatory vaccination for at least 2 million employees as surging infections threaten to overwhelm the capital’s ...