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
Closing Bell: Saudi main index closes in green at 10,917
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04.
The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated.
The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06.
The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53.
Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59.
Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price.
On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59.
ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56.
Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97.
On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.
The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.
Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase.
Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.
The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.
According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.
Its share price remained unchanged on Nomu at SR16.40.
