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Bloomberg President Donald Trump is cutting the cap on allowable steel shipments from Brazil, citing a slump in the US market. In a proclamation, Trump amended a previous decision under so-called Section 232 national security powers to lower the cap on allowable imports. The limits were set in 2018 as part of a deal between the nations to avoid tariffs ...

Bloomberg Canada’s budget deficit hit C$120.4 billion ($92 billion) in the three months through June, already more than double the largest yearly shortfall the country has ever run. Program expenses surged to C$167.9 billion, up 117% over the same time last year, as the government rolled out massive support for individuals and companies to mitigate the economic damage of the ...

Bloomberg The International Monetary Fund agreed to lend Ecuador $6.5 billion which will allow the nation to complete a bond restructuring plan and fund its 2020 budget. The deal will enable the exchange of $17.4 billion of debt to go ahead before the September 1 deadline. The country had agreed with bondholders that it would seek a new IMF deal, ...

DUBAI / WAM Vice President and Prime Minister of the UAE, and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has directed the Ministry of Culture and Youth to draft a comprehensive national strategy to develop cultural and innovated-related industries in the UAE, and ensure their contribution to the economy. His Highness Sheikh Mohammed also directed to ...

Sharjah / WAM “Salam Beirut”, an emergency aid campaign that is providing relief for victims of the devastating explosion that struck Port Beirut, launched by Sheikha Jawaher bint Mohammed Al Qasimi, wife of His Highness the Ruler of Sharjah, Chairperson of The Big Heart Foundation (TBHF) and Eminent Advocate for Refugee Children at the UNHCR, has commenced work on the ...

Abu Dhabi / WAM The Emirates Red Crescent (ERC) is continuing its initiatives to prevent drought and providing sources of water in Yemen, after launching hundreds of projects related to drinking water in areas suffering from water scarcity. Under this framework, ERC inaugurated a new development project that will provide water in the Hadramaut Desert, which includes a 470-metre artesian ...

Dubai / WAM GTA dnata, dnata’s joint-venture company in Canada, has been awarded a 5-year ground handling license and will establish operations at Vancouver International Airport (YVR). The company will provide quality and safe ramp, passenger and cargo warehousing services to airlines with a team of highly trained, customer-oriented aviation professionals. GTA dnata will commence operations at YVR in the ...

Abu Dhabi / WAM The Emirates Global Aluminium (EGA) on Wednesday announced the launch of the EGA Women’s Network in celebration of Emirati Women’s Day 2020 and also to signal the company’s commitment to improving gender diversity both within and in the heavy industry sector in the UAE. The EGA Women’s Network will enable women at EGA to form a ...

Bloomberg What’s going on with Kim Jong-un? Is he sick? Worried about Covid-19? Consumed by an economic crisis? Battling internal threats? Perhaps the North Korean leader is biding his time until the US presidential election? Or maybe he’s playing the same game of threats, reconciliation and retreat that has kept his family in charge of the secretive state since the ...

Bloomberg Germany extended a program that has kept millions of people from losing their jobs, allocating around 10 billion euros ($11.8 billion) more to help Europe’s biggest economy recover from the coronavirus crisis. At a meeting in Berlin, Chancellor Angela Merkel’s coalition agreed to provide job-preserving subsidies until the end of 2021. The subsidies, known in German as “Kurzarbeit” and ...