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World Italy Approves Budget to Shore Up Economy as Virus Cases Rise

09:25  18 october  2020
09:25  18 october  2020 Source:   bloomberg.com

As virus surges anew, Milan hospitals under pressure again

  As virus surges anew, Milan hospitals under pressure again MILAN (AP) — Coronavirus infections are surging anew in the northern Italian region where the pandemic first took hold in Europe, putting pressure again on hospitals and health care workers. At Milan’s San Paolo hospital, a ward dedicated to coronavirus patients and outfitted with breathing machines reopened this weekend, a sign that the city and the surrounding area is entering a new emergency phase of the pandemic. For the medical personnelAt Milan’s San Paolo hospital, a ward dedicated to coronavirus patients and outfitted with breathing machines reopened this weekend, a sign that the city and the surrounding area is entering a new emergency phase of the pandemic.

Sign up to create alerts for Instruments, Economic Events and content by followed authors. Speaking in Parliament earlier on Wednesday, Economy Minister Roberto Gualtieri said part of the extra spending would be used to allow people to pay taxes in instalments rather than in a single

The Commission says the budget will push up Italy 's public debt which stood at 131 percent of GDP last year, the highest in the euro zone after Greece's. Economy Minister Giovanni Tria said he was confident he could explain to the Commission that Italy needed to raise spending to offset a slowing

(Bloomberg) -- Italy’s government approved next year’s draft budget, which seeks to extend measures to support the economy amid a resurgence in coronavirus cases.

a group of people walking in front of a building: Pedestrians wearing protective face masks pass near Duomo Cathedral square in Milan, Italy, on Thursday, Oct. 8, 2020. Italy's government reinforced measures to curb the coronavirus pandemic, including decreeing that protective masks must be worn outdoors across the country. © Bloomberg Pedestrians wearing protective face masks pass near Duomo Cathedral square in Milan, Italy, on Thursday, Oct. 8, 2020. Italy's government reinforced measures to curb the coronavirus pandemic, including decreeing that protective masks must be worn outdoors across the country.

The “strongly expansionary” budget will focus on the health sector, measures to support families and the extension of a moratorium on loan and mortgage payments, the government said in a statement Sunday.

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Italy ’s Conte warns of ‘very strong’ economic impact after jump in new cases , reviving concerns about the spread and fallout from the disease. “Soldiers could be more vulnerable to the spread of this virus as they spend 24 hours with their colleagues in barracks so more care and caution are needed

Unemployment rates have increased across major economies as a result. However, the data differs between countries. France, Germany and Italy provide figures on applications, for example But the IMF says that the global economy will shrink by 3% this year. It described the decline as the worst

The draft budget sets aside 4 billion euros ($4.7 billion) to support the sectors hardest hit by the coronavirus crisis.

Italy to Extend Furlough Program by 18 Weeks, Draft Budget Shows

Italy to Join France and U.K. With Curbs as Cases Hit Record

Italy reported a record 10,925 new infections Saturday, with 47 deaths. Prime Minister Giuseppe Conte’s government may soon approve new restrictions on public life, according to government officials, who asked not to be named in line with their policy. The resurgence in Italy, Europe’s original epicenter for the virus, is following the paths of France and Spain, where outbreaks has been accelerating in recent days.

The government said in its budget outlook that in a worst-case scenario gross domestic product could fall 10.5% this year and expand only 1.8% in 2021. The administration’s current forecast is for a 9% contraction this year and 6% growth in 2021.

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Russia has reported a record one-day rise of 1,459 new cases of coronavirus Thursday, making the total number of confirmed cases to 10,131. Spain's health ministry said 683 people died from the virus in 24 hours, taking the death toll to 15,238. The total number of confirmed cases has now risen

Confirmed cases of the COVID-19 coronavirus have topped 4 million globally. Businesses are coping with lost revenue and disrupted supply chains as factory shutdowns and The European Union more broadly has implemented fiscal measures to shore up the economy worth more than €3 trillion.

The budget allocates 13 billion euros for tax breaks for Italy’s underdeveloped southern regions and 8 billion euros for a major overhaul of the taxation system. Temporary tax breaks for the middle class are to be made permanent.

Rome is set to receive the lion’s share of European Union recovery fund grants and loans, as much as 209 billion euros over the course of the program, and Conte’s government is due to discuss with the European Commission how he plans to use the money.

The government is expected to announce new measures including earlier closing hours for bars and restaurants and limits on sporting activies as early as Sunday.

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©2020 Bloomberg L.P.

Singapore Numbers Ease; Global Cases 39 Million: Virus Update .
The U.S. reported the most daily infections in two months as temperatures begin to dip across the country. Total cases in the country topped 8 million while global infections surpassed the 39-million mark. Singapore had fewer than 100 active coronavirus cases on Friday, the first time it’s dropped below that level in seven months. The Australia-New Zealand travel bubble hit a snag.Germany to Italy to Portugal reported record cases as the pandemic’s accelerating resurgence across Europe forced fresh lockdowns.

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