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Virus pushes Germany into recession

The coronavirus pandemic has tipped Germany into recession, official data showed Friday, with Europe’s top economy suffering its steepest quarterly contraction in more than a decade as lockdown measures began to bite. The German economy shrank by 2.2 percent in the first three months of 2020, federal statistics agency Destatis said, calling the quarter-on-quarter decline “the worst since the global ...

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Coronavirus: WTO head steps down a year early as downturn looms

The head of the World Trade Organization has said he will step down a year earlier than planned, at a crucial moment for the global economy. Roberto Azevedo’s surprise departure comes as the WTO faces the impact of the coronavirus pandemic and criticism from US President Donald Trump, BBC reported.Global trade has slumped and the world is braced for the ...

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Coronavirus: Uber and Addison Lee to install protective screens

Taxi firms Addison Lee and Uber have announced new safety measures as the government looks to ease coronavirus restrictions and people return to work. Addison Lee will fit perspex partition screens between drivers and passengers across its 4,000 vehicles next week.And Uber is paying the AA to install partitions in 400 cars in Newcastle, Sunderland and Durham as part of ...

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UK economy shrinks at fastest pace since financial crisis

The UK economy shrank at the fastest pace since the financial crisis in the first quarter of 2020 as coronavirus forced the country into lockdown. The Office for National Statistics said the economy contracted by 2% in the three months to March, following zero growth in the final quarter of 2019, BBC reported.The decline was driven by a record fall ...

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Bitcoin ‘halving’: What does the much-hyped event mean?

Bitcoin has just gone through a much-hyped adjustment that reduced the rate at which new coins are created. The world’s biggest cryptocurrency’s so-called “halving” happens roughly every four years.The digital currency relies on what are known as “miners”, who run software that races to solve complex maths puzzles in return for Bitcoins, BBC reported. Monday’s halving event means that the ...

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Indonesia eyes $1.0 bn rescue for virus-hit carrier Garuda

Indonesia is drawing up a $1.0 billion rescue plan for struggling national airline Garuda after the coronavirus forced the company to ground most of its planes, Bloomberg News reported Monday. Under the plan, some $500 million in Garuda debt would be restructured with another $500 million in new loans to help the airline meet operational needs for the next six ...

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Argentina misses deadline on international debt agreement

 Argentina missed a Friday deadline to reach an agreement with international creditors to restructure its massive debt, but negotiations will continue, its minister for the economy said, AFP reported. The two sides have been deadlocked over Argentina’s $65 billion debt, with the three main bondholder groups rejecting a government restructuring proposal, saying they were unwilling to swallow “disproportionate” losses on ...

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COVID-19: Justin Trudeau extends emergency wage subsidy over rising jobless rate

Canadian Prime Minister Justin Trudeau on Friday announced extension of the country Emergency Wage Subsidy programme to help businesses and services retain their employees as the April jobless rate soared to record 13 per cent. In April, the Canadian economy lost nearly two million jobs, on top of the one million jobs lost in March, Statistics Canada reported Friday morning, ...

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Facebook and Google extend working from home to end of year

Facebook and Google have said they will let employees continue working from home for the rest of the year. The tech giants have announced plans to reopen their offices soon but are allowing more home working flexibility, BBC reported. Google originally said it would keep its work from home policy until 1 June, but is extending it for seven more ...

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Bank of England warns of sharpest recession on record

The Bank of England has warned that the UK economy is heading towards its sharpest recession on record. The impact of coronavirus meant the economy would shrink 14% this year, based on the lockdown being relaxed in June. Scenarios drawn up by the Bank to illustrate the economic impact said Covid-19 was “dramatically reducing jobs and incomes in the UK”. ...

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