UAE approves four-year federal budget focused on social spending

The United Arab Emirates approved its federal budget to 2026 and focused most of next year’s spending on social benefits and development. The Gulf country approved a total of 58.9 billion dirhams ($16 billion) of spending in 2022, nearly the same as last year. Most of the spending is going to development and social benefits, according to the state-run WAM news agency. Nearly 16% will go to higher education, 6% to social affairs, 8.4% to the health sector and 3.8% to infrastructure and economic resources. The total budget allocation for 2022-2026 is…

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EasyJet Said to Plan $1.4 Billion Stock Sale for Travel Rebound

EasyJet Plc plans to raise more than 1 billion pounds ($1.4 billion) from a share sale, as the U.K. airline prepares to compete for customers amid the tentative return of leisure travel. The carrier could announce plans to raise fresh funding from selling equity as well as debt as soon as this week, the people said, asking not to be identified discussing confidential information. No final decisions have been made and the size, structure and timing of any transaction will depend on investor appetite and market conditions, the people said.…

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Lloyds survey: Tourism and recreation led UK recovery in May

The U.K.’s economic recovery accelerated in May, led by the tourism and recreation segment, according to a survey by Lloyds Bank PLC that tracks business activity. Tourism and recreation recorded the sharpest rise in output growth (to 62.4 in May from 51.9 in April, in the bank’s U.K. Recovery Tracker) as British hotels, pubs and restaurants experienced a release of pent-up consumer demand, with the transportation sector following. As the U.K. moved further out of lockdown, 11 out of 14 U.K. sectors tracked by the survey reported faster output growth…

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