Global Markets Drift After Wall Street’s Rally: Live Updates
Germany’s governing coalition agreed late on Tuesday to extend benefits for furloughed workers and otherwise prepare the country for additional months of economic pain caused by the pandemic.
The decision came amid signs that although the German economy is rebounding, a full recovery will take years. The number of infections is also rising as Germans return from vacations abroad.
Employees placed on furlough or working reduced hours will be able to receive partial reimbursement for lost income until the end of 2021, under the measures agreed by Chancellor Angela Merkel’s Christian Democrats and their governing partners, the Social Democrats. Previously “short work” benefits were limited to one year.
The political parties also agreed that, until the end of the year, troubled businesses would be exempt from regulations requiring them to file for insolvency if they cannot pay their bills. The exemption was to have expired at the end of September.
Other measures extend financial aid to small and midsize businesses, provide basic income to artists and freelancers, and provide lunches for children whose schools or kindergartens are closed.
Article source: https://www.nytimes.com/live/2020/08/26/business/stock-market-updates-coronavirus