BERLIN: The German government unveiled a $10.8 billion (€10 billion) economic package on Thursday to pay for additional unemployment benefits and new tax cuts to help businesses affected by the coronavirus.
The measures come as Europe’s largest economy takes it first steps back toward normality with a number of businesses opening up for the first time in a month, and politicians declaring the coronavirus “under control.”
Workers forced to stay at home by the pandemic and government measures to contain it will now receive between 70 and 77 percent of net salary from the fourth month of unemployment, a ten percent increase on previous provisions.
From the seventh month, they will receive between 80 and 87 percent.
Those already unemployed will see their benefits extended for a further three months this year.
The coalition government also announced that VAT on the gastronomy sector — which has been hard-hit by closures of restaurants and cafes — would be cut from 19 percent to seven percent for one year from July 1.
With many schools closed and expected to re-open gradually, the government also said it would provide financial support to families to purchase a computer for online lessons. Those in greatest need can receive up to €150.
The new injection comes on top of a total program of support for the German economy of some €1.100 trillion, consisting mainly of public guarantees for business loans.
Germany announces new $10.8 billion coronavirus package
https://arab.news/67r5x
Germany announces new $10.8 billion coronavirus package
- Europe’s largest economy takes it first steps back toward normality
- Unemployed will see their benefits extended for a further three months this year
The Family Office to host global investment summit in Saudi Arabia
RIYADH: The Family Office, one of the Gulf’s leading wealth management firms, will host its exclusive investment summit, “Investing Is a Sea,” from Jan. 29 to 31 on Shura Island along Saudi Arabia’s Red Sea coast.
The event comes as part of the Kingdom’s broader Vision 2030 initiative, reflecting efforts to position Saudi Arabia as a global hub for investment dialogue and strategic economic development.
The summit is designed to offer participants an immersive environment for exploring global investment trends and assessing emerging opportunities and challenges in a rapidly changing financial landscape.
Discussions will cover key themes including shifts in the global economy, the role of private markets in portfolio management, long-term investment strategies, and the transformative impact of artificial intelligence and advanced technologies on investment decision-making and risk management, according to a press release issued on Sunday.
Abdulmohsin Al-Omran, founder and CEO of The Family Office, will deliver the opening remarks, with keynote addresses from Saudi Energy Minister Prince Abdulaziz bin Salman and Prince Turki Al-Faisal, chairman of the King Faisal Center for Research and Islamic Studies.
The press release said the event reflects the firm’s commitment to institutional discipline, selective investment strategies, and long-term planning that anticipates economic cycles.
The summit will bring together prominent international and regional figures, including former UK Treasury Commercial Secretary Lord Jim O’Neill, Mohamed El-Erian, chairman of Gramercy Fund Management, Abdulrahman Al-Rashed, chairman of the editorial board at Al Arabiya, Lebanese Minister of Economy and Trade Dr. Amer Bisat, economist Nouriel Roubini of NYU Stern School of Business, Naim Yazbeck, president of Microsoft Middle East and Africa, John Pagano, CEO of Red Sea Global, Dr. Anne-Marie Imafidon, MBE, co-founder of Stemettes, SRMG CEO Jomana R. Alrashed and other leaders in finance, technology, and investment.
With offices in Bahrain, Dubai, Riyadh, and Kuwait, and through its Zurich-based sister company Petiole Asset Management AG with a presence in New York and Hong Kong, The Family Office has established a reputation for combining institutional rigor with innovative, long-term investment strategies.
The “Investing Is a Sea” summit underscores Saudi Arabia’s growing role as a global center for financial dialogue and strategic investment, reinforcing the Kingdom’s Vision 2030 objective of fostering economic diversification and sustainable development.
