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The German economy continues to contract, losing €15 billion ($16.6 billion) a week due to the recession caused by Covid-19, a new report has said. It warned that it will take at least eight years for the country to recover.
The euro area is suffering its worst contraction ever as data published on Thursday showed that the region’s gross domestic product (GDP) shrank by 3.5 percent in the first quarter of 2020 versus the final quarter of last year.
The spread of the novel coronavirus has been contained in the Czech Republic and the government will continue to cautiously open up the economy, Health Minister Adam Vojtech said on Thursday. The country has seen the number of new cases drop below...
Europe’s leading economy, Germany, is bracing for a painful fallout from the coronavirus crisis that is likely to result in the country’s deepest recession in the post-war era.
European plane maker Airbus has told its 135,000 employees to brace for potentially deeper job cuts amid the Covid-19 crisis, as the company’s survival is at stake without immediate action.
The world’s largest carmaker, Volkswagen, resumed work on Monday at its biggest factory in Wolfsburg, Germany, amid eased coronavirus lockdown rules. VW says it wants to give workers time to adapt to new hygiene measures.
In just over a week, Italy plans to reopen some of the previously closed export-oriented businesses, but Italians should not expect any major changes in terms of freedom of movement, the prime minister said.
The Dutch government will provide up to €4 billion in emergency coronavirus aid to the KLM flagship air carrier. Its parent company, Air France-KLM, will also receive €7 billion from the French government.
Stock markets in Europe opened lower on Friday as traders focused on the continued lockdown across the continent and reports that a study into a potential Covid-19 treatment was halted following inconclusive results.