Global economy 'not out of the woods yet': IMF

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Managing Director of the International Monetary Fund Kristalina Georgieva warned that the global economy continues to face challenges despite some signs of recovery due to the possibility of a second wave of COVID-19, and urged governments to…

Putin orders full recovery of Russia's labour market in 2021

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Russian President Vladimir Putin ordered officials to fully restore the country’s labour market, hit by the coronavirus crisis and economic shutdowns, in 2021. During a federal budget meeting, Putin said around 3 million people were registered…

Nokia to add open interfaces to its telecom equipment

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Finland’s Nokia became the first major telecom equipment maker to commit to adding open interfaces in its products that will allow mobile operators to build networks that are not tied to a vendor. The new technology, dubbed Open Radio Access…

Oil down as U.S. virus spike stokes demand worries

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Oil prices fell amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude LCOc1 futures declined by 44 cents, or 1.02%, to $42.66, by 0935 GMT, after hitting…

EU sees deeper recession

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The eurozone economy will drop deeper into recession this year and rebound less steeply in 2021 than previously thought, the European Commission forecast on Tuesday, with France, Italy and Spain struggling the most due to the COVID-19 pandemic. The…

Zuckerberg: Advertisers will be back 'soon enough'

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As the ads boycott grows, Mark Zuckerberg shows no sign of backing down. "My guess is that all these advertisers will be back on the platform soon enough" the Facebook chief executive has said. Campaigners accuse the tech firm of being…

Tesla overtakes Toyota as most valuable carmaker

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Tesla has become the world's most valuable carmaker, overtaking Japan's Toyota, after its stock hit a record high. Shares in the electric carmaker touched $1,134 before falling back, leaving it with a market value of $209.47bn (£165bn). That…

Huawei's £1bn UK research centre approved

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Chinese firm Huawei's plans for a £1bn research centre in the UK have been approved. The tech giant, which is under a security review that could lead the UK government to ban use of its 5G network kit, has received backing for the site. As…

Google to pay for 'high quality' news in new deal

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Google says it will pay some news outlets for "high-quality" stories that it uses amid pressure from publishers. Part of the initiative will require Google to pay for its users to access news stories otherwise locked behind a so-called paywall…

Olympus quits camera business after 84 years

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Olympus, once one of the world's biggest camera brands, is selling off that part of its business after 84 years. The firm said that despite its best efforts, the "extremely severe digital camera market" was no longer profitable. The arrival…

China to launch new airline despite travel downturn

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China's second-biggest airline is to launch a new carrier despite a severe global downturn in passengers caused by the coronavirus pandemic. China Eastern has joined forces with a range of partners including China's biggest online travel…

Facebook launches WhatsApp digital payment service

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WhatsApp has launched its digital payments service in Brazil as the messaging app capitalises on its popularity in emerging markets. The move comes as parent company Facebook pushes ahead with plans to bring more e-commerce to its platforms. WhatsApp…

Global gas demand expected to fall by 4% in 2020

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New report findings have revealed that global gas demand in 2020 is set to fall by twice the amount lost after the 2008 financial crisis. The combination of the COVID-19 crisis and an exceptionally mild winter in the northern hemisphere have…

East Africa aims to cushion economic impact of Covid-19

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Finance ministers in East Africa have been highlighting measures designed to cushion the blow from the economic impacts of coronavirus. The governments of Kenya, Uganda and Tanzania all outlined their spending and taxation plans in budget…