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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 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 ...

Dubai / WAM Emirates and flydubai have revived their strategic partnership to offer customers increased connectivity, convenience and travel flexibility. Emirates customers can now travel on codeshare flights to over 30 destinations on flydubai, while flydubai customers have over 70 destinations they can travel to on Emirates. Some of the favourite flydubai destinations for Emirates passengers include Belgrade, Bucharest, Kyiv, ...

Dubai / WAM Dubai Investments – as part of its humanitarian efforts – has extended its support to the country of Lebanon in the wake of the recent explosions that struck the country early this month. As part of the company’s efforts reiterating its solidarity and supporting with needful aid, emergency medical supplies and glass for window panel replacements has ...

Abu Dhabi / WAM The UAE has condemned the Iranian-backed Houthi terrorist militia’s attempt to target Abha International Airport in Saudi Arabia using an explosive drone, which was intercepted by Arab Coalition forces on Sunday. In a statement released by the Ministry of Foreign Affairs and International Cooperation, the UAE reiterated its full solidarity with Saudi Arabia against all threats ...

Abu Dhabi / WAM In a sign that bodes well for an eventual market recovery after the coronavirus, consumer spending in the UAE continues to increase for the third straight month, jumping 63 percent in August as compared to March, according to statistics released by the Federal Competitiveness and Statistics Authority (FCSA). Hoteliers were among the top beneficiaries, as spending ...

Bloomberg India said its troops clashed with Chinese solders along their contested Himalayan border, the latest skirmish in a conflict that has simmered since May. The Chinese troops carried out “provocative military movements”, India’s Defense Ministry said in a statement on Monday. It accused the People’s Liberation Army of violating diplomatic and military agreements on the undemarcated area. Beijing was ...

DUBAI / WAM Setting the direction for the government to follow in the coming decades, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai recently declared, “The government’s development and readiness for the future portfolio is one of the key priorities of the UAE for the coming period. Improving government ...