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Bloomberg The risk of a second wave of the coronavirus hitting the European Union makes the speedy approval of the bloc’s 750 billion-euro ($844 billion) relief fund crucial to an economic rebound, Slovenia’s finance minister said. The impact of Covid-19 and the subsequent lockdowns that have sent the EU spiralling into its worst recession in decades will persist into 2021, ...

Bloomberg Prime Minister Boris Johnson is preparing to begin phasing out the use of Huawei Technologies Co. equipment in the UK’s 5G telecommunications networks as soon as this year, reports said. A report from the National Cybersecurity Centre concluded that new US sanctions mean Huawei will have to use untrusted technology, making security risks impossible to control, according to the ...

Bloomberg European consumers are heading back to shops and restaurants with their pockets full of cash because of government support through the coronavirus pandemic. In the euro area, many people have more savings now than before the crisis hit, according to Bloomberg Economics. In the UK, where eateries reopened at the weekend, consumption may exceed expectations. The upshot is that ...

Bloomberg Argentina presented an improved debt offer to restructure $65 billion of foreign bonds in an attempt to reach a deal with its creditors after more than two months of stalled talks. The proposal seeks to reduce creditor losses on the bonds’ principal, increase coupons and shorten bond maturities, according to a release. The latest proposal will include minimum participation ...

Dubai / WAM Dubai’s ease of doing business is expected to improve further following the Dubai Chamber of Commerce and Industry’s announcement that it is cooperating with the Dubai Airport Freezone Authority (Dafza) to connect the digital services of both organisations. Under the terms of the new partnership, companies can register as Dubai Chamber members, or renew their existing membership, ...

Dubai / WAM The Dubai Financial Market (DFM) on Sunday announced that it is reopening its Trading Floor and Customer Affairs counters for investors as of Tuesday, July 7, with the strict implementation of precautionary measures for the safety of clients and employees. The DFM Trading Floor and Customer Affairs counters were temporarily closed mid-March. The DFM has maintained its ...

Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) announced on Sunday that international credit rating agencies Moody’s Investors Service and Fitch Ratings have upgraded its final issuer ratings by three notches to Aa3 from A3 and by two notches to AA- from A, respectively. According to a press release issued by Taqa on Sunday, the ratings represent fourth ...

Bloomberg Alpan Lighting Products, Inc, a US manufacturer of solar lamps, is shifting production from China to Indonesia, joining droves of companies looking to escape higher tariffs triggered by the trade war with the US. PT CDS Asia, a unit of Alpan, will invest $14 million to build a factory in an industrial zone in Central Java, Indonesia’s Investment Coordinating ...

Bloomberg India has set an ambitious timeline for its first potential coronavirus vaccine — from human trials to general use in six weeks. Bharat Biotech International Ltd, an unlisted Indian vaccine maker, received regulatory approval to start human clinical trials for its experimental shot earlier this week and it already has India’s apex medical research body expediting the process. The ...

Bloomberg President Donald Trump marked Independence Day by promising to defeat the “radical left” and boasting of his handling of the coronavirus, even as cases spike in the US. Trump, speaking from the South Lawn of the White House, reprised themes from a speech he delivered in South Dakota the day before, by lashing out at those protesting statues of ...