The 19-nation currency bloc saw economic growth slow sharply in second quarter. EPA
The 19-nation currency bloc saw economic growth slow sharply in second quarter. EPA
The 19-nation currency bloc saw economic growth slow sharply in second quarter. EPA
The 19-nation currency bloc saw economic growth slow sharply in second quarter. EPA

Eurozone growth slumps by 50%


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Economic growth in the eurozone slowed by half in the second quarter, the latest in a string of reports flagging deteriorating economic prospects that increase the chance of more European Central Bank stimulus.

Cooling momentum risks extending a phase of too-low inflation that’s worrying policy makers. At their last meeting, they ordered staff to study everything from interest-rate cuts to asset purchases as they look at ways to prop up the economy.

The latest data showed the 19-nation region expanded 0.2 per cent last quarter, down from 0.4 per cent in the previous three months. The pace, in line with expectations, left year-on-year growth at 1.1 per cent, its weakest in more than five years. Inflation slowed to 1.1 per cent in July, the lowest since early 2018, and a gauge excluding volatile components such as food and energy was even weaker.

The reports confirm a trend observed in some of the region’s largest economies. Growth slowed in France, Spain, Austria and Belgium. A release later on Wednesday is set to show output in Italy probably contracted for the third time in four quarters.

Much of the slowdown engulfing Europe is linked to manufacturing and global trade tensions, with German industry hit particularly hard.

Germany’s GDP figures aren’t due until August 14 - though the eurozone outcome normally includes some German data provided to Eurostat by the country’s national statistics office. Separate figures on Wednesday showed a small increase in German jobless claims in July.

Companies there and across the region have issued profit warnings in recent weeks, pointing to trade tensions and weaker global growth. Deutsche Lufthansa reported the first loss for 30 months years at its freight arm as it flew with the most empty space in a decade.

$1,000 award for 1,000 days on madrasa portal

Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.

School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.

“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.  

“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”

UAE currency: the story behind the money in your pockets
Chef Nobu's advice for eating sushi

“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Full Party in the Park line-up

2pm – Andreah

3pm – Supernovas

4.30pm – The Boxtones

5.30pm – Lighthouse Family

7pm – Step On DJs

8pm – Richard Ashcroft

9.30pm – Chris Wright

10pm – Fatboy Slim

11pm – Hollaphonic

 

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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Company%20Profile
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Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5