Huawei launches media blitz as UK weighs its role in 5G

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Huawei is launching a newspaper and internet campaign to mark 20 years of business in the UK. In an open letter to the public, the Chinese telecoms company says it is "as committed as ever" to provide "the best equipment" to the UK's 5G mobile…

Pandemic pushes US into official recession

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The economic downturn in the US triggered by the pandemic has been officially declared a recession. The National Bureau of Economic Research made the designation on Tuesday, citing the scale and severity of the current contraction. It…

German state plans €130bn economic boost

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The German government says it will provide a stimulus package worth €130bn (£116bn; $146bn) to kick-start the economy, stricken by the coronavirus pandemic. The package, to be spread into 2021, includes a €300 payment per child for families…

Australia set for first recession in three decades

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Australia is set for its first recession in 29 years as the country feels the impact of the virus pandemic. Official figures show that the economy shrank by 0.3% in the first three months of the year, amid bushfires and the early stages of…

EU: Unemployment rate rises to 6.6 percent

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About 397,000 people have lost their jobs in the European Union in April, raising the unemployment rate in the 27-country alliance by 0.2 percentage points after most European countries imposed coronavirus containment measures. The European…

Volkswagen to invest over $2bn in Chinese electric vehicle sector

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Volkswagen, the German car company, said Friday it will invest around €2 billion ($2.2 billion) in two Chinese companies in the electric vehicle sector, calling it "the world's biggest market". The German car giant said it will take a 50%…

NY Stock Exchange reopens as US closes in on 100,000 dead

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The trading floor of the New York Stock Exchange reopened in a largely symbolic step toward economic recovery, and stocks surged at the opening bell, even as the official U.S. death toll from the coronavirus closed in on 100,000, a mark President…

Lufthansa agrees €9bn rescue deal with Germany

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Lufthansa has agreed a rescue deal worth €9bn (£8bn) with the German government that saves it from collapse. The German airline has been severely affected by a decline in travel due to the coronavirus and closed its budget airline Germanwings…

World Bank warns 60m at risk of 'extreme poverty'

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Up to 60m people will be pushed into "extreme poverty" by the coronavirus warns the president of the World Bank. David Malpass said the bank expects global economic growth to shrink by 5% this year as nations deal with the pandemic. This…

Coronavirus 'could cost global economy $8.8tn'

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The coronavirus pandemic could cost the global economy between $5.8tn and $8.8tn (£4.7tn-£7.1tn), according to Asian Development Bank (ADB). That's more than double last month's prediction and equates to 6.4%-9.7% of the world's economic…

WTO head steps down a year early as downturn looms

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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…

Amazon to make face shields and sell at cost

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Amazon says it will produce hundreds of thousands of face shields for medics and sell them at cost price in the US. The internet giant said engineers from its drone and hardware divisions had been tasked with developing the product. At…

Coronavirus pandemic could threaten global food supply, UN

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As the novel coronavirus pandemic shuts down businesses globally and sends countries into lockdown, the disruptions are threatening to cut off supply chains and increase food insecurity. "Supermarket shelves remain stocked for now," the Food…

Emirates to raise debt as travel recover expected after 18 months

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(Dubai) - Emirates, one of the world’s biggest long-haul airlines, will raise debt to help it through the coronavirus pandemic that has shattered global travel demand, warning that a recovery in travel demand was at least 18 months away. The…