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Bloomberg France will push on with tax-cut plans and broad economic overhauls to help the country rebound from a recession that will be deeper than previously anticipated, Finance Minister Bruno Le Maire said. The economy will shrink 11% this year, more than the 8% previously predicted. Le Maire said that means France must continue with emergency support and pro-business reforms, ...

Bloomberg The number of Spaniards filing for jobless claims rose in May at a much slower pace than the previous two months, a sign that businesses are getting back to work as Spain gradually lifts its strict lockdown measures. Claims rose by 26,573, the Labour Ministry said on Tuesday. But some sectors saw an increase in hiring, including construction, and ...

Abu Dhabi / WAM Louvre Abu Dhabi added to its digital offering by releasing a 20-minute cinematic podcast entitled, ‘We Are Not Alone’. Composed and produced by Soundwalk Collective, an experimental group of artists and musicians, this podcast invites audiences to discover Louvre Abu Dhabi’s unique architecture through a science-fiction narrative, a statement by the museum said on Monday. The ...

ABU DHABI / WAM The Pest Control Projects Department at Abu Dhabi Waste Management Centre (Tadweer) has conducted an intensive pest control programme as part of its preventive measures to ensure the health and safety of residents in the emirate. As part of the drive, Tadweer launched an awareness campaign targeting real estate contractors, consultants, and developers in the emirate ...

RAS AL KHAIMAH / WAM The Group CEO of Al Hamra Benoy Kurien announced on Monday that they will reopen two shopping malls – Al Hamra Mall and Manar Mall in Ras Al Khaimah, which will operate from 10 am until 10 pm, as per the directives of the Ras Al Khaimah Department of Economic Development. “Shoppers are mandated to ...

ABU DHABI / WAM Emirates Transport Taxis, a subsidiary of Emirates Transport, announced that it had completed 5,204,308 trips in 2019. The Abu Dhabi-based company was launched back in October 2017 with a fleet of just 200 cars, which has since increased to 800 vehicles of various sizes and 1,000 drivers. Ali Yousef, Manager of Emirates Transport Taxi, said that ...

Bloomberg The South Korean government unveiled a 76 trillion won ($62 billion) ‘New Deal’ spending plan to reshape the economy in the aftermath of the pandemic after slashing its growth forecast for the year. The plan, first outlined by President Moon Jae-in in April, aims to refocus the economy through 2025 by supporting job growth and new industries. It will ...

Bloomberg Chinese manufacturers that dominate nearly every step in the global solar power supply chain are being forced to slash prices as the coronavirus disrupts projects around the world. Costs for components like wafers and cells have fallen by as much as 20% since the start of the year. They likely haven’t bottomed out yet, either, as the outlook for ...

Bloomberg Chinese officials and state media needled the Trump administration over race-related protests and looting that have engulfed US cities in recent days, after weathering criticism and threats from Washington over Beijing’s own moves to quell unrest in Hong Kong. Over the weekend, China’s foreign ministry and state media seized the opportunity to fire back at Trump. Chinese propaganda outlets ...

Bloomberg Facing the worst recession in more than a decade, Vladimir Putin plans to roll out a spending plan to rival stimulus packages in other major economies. The Russian president’s government says the plan envisions support equivalent to a 10th of annual economic output. But analysts from Bloomberg Economics and some of Wall Street’s biggest banks say the level is ...