A worker cleans machine parts at a factory in Goeppingen, Germany. Associated Press
For three decades, China’s burgeoning demand for German cars, machines and engineering tools has been a steady engine of growth for Europe’s largest economy,
German exports to China fell by 6.5 per cent on the year in January and the Federal Statistics Office said the drop could not yet be linked to the coronavirus, as the looming impact of the epidemic threatens to tip Europe’s largest economy into recession.
German business sentiment deteriorated more than expected in August to hit its lowest since November 2012, a survey showed on Monday, in a further sign that escalating trade disputes are pushing Europe’s largest economy toward a recession.
Some 898,822 workers lost their jobs since March 12 in Spain, social security data showed on Thursday, more than half of which are temporary workers. The number of people officially registered as unemployed in the country rose to 3.5 million in March, the highest level since April 2017.
The British flag carrier has massively reduced flights and warned it will need to cut jobs to survive the emergency as the battered aviation sector frantically seeks to take out costs.
US stocks joined a worldwide downdraft on Wednesday as more signs piled up of the economic and physical pain being caused by the coronavirus outbreak.
The Sharjah Economic Development Department, SEDD, lauded the package of incentives and decisions approved by the Government of Sharjah to support the government and private entities, as well as business sectors and individuals.