Bloomberg Kenyan banks are expected to hoard cash as they report a jump in first-quarter loan-loss provisions to cope with the aftermath of the coronavirus pandemic. Kenyan institutions got a cash boost when the central bank lowered reserve requirements to free up funds for lending, while interest rates have been cut to a nine-year low. Banks have now started restructuring ...

Bloomberg Hemmed in by the world’s strictest stay-at-home measures, Raunaq Singh, owner of a clothes store in India’s capital of New Delhi, has begun to dabble in the nation’s equities. “I had been thinking about it in the past few months, but I had a busy schedule,” said the 27-year-old, who split 160,000 rupees ($2,117) between a couple of stocks ...

Bloomberg The main equity index in Saudi Arabia led gains in the Gulf after crude advanced for a third consecutive week as the kingdom and other main producers cut output while demand shows signs of recovery. The Tadawul All Share Index rose 1.3% as of 11:30 am in Riyadh, with petrochemicals maker Saudi Basic Industries and oil giant Saudi Aramco ...

Bloomberg As the world began to go into lockdown, the biggest money managers loaded up on quarantine stocks. Netflix Inc., Peloton Interactive Inc., Amazon.com Inc. and Zoom Video Communications Inc. were some of the most sought-after names in the first quarter, according to regulatory filings. George Soros, Stan Druckenmiller and Philippe Laffont were among the managers piling into such stocks. ...

Bloomberg In the face of an unprecedented oil market collapse, Opec+ is responding with an urgency never seen before. With unusual speed, the alliance is launching an unparalleled program of production cutbacks this month to offset the slump induced by coronavirus pandemic. The 23-nation coalition is well on its way to cutting 9.7 million barrels of daily crude output — ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, offered his condolences to Ahmed Al Haj Abdullah Al Habroush on the death of his mother. In a phone call, His Highness Sheikh Mohamed expressed his heartfelt sympathy to the family of the deceased, ...

Abu Dhabi / WAM The UAE, through its humanitarian arm, the Emirates Red Crescent (ERC) has provided 1,000 food parcels weighing 43 tonnes to the residents of Daw’an district in the Yemeni Governorate of Hadramaut. The aid package was administered in line with the UAE’s efforts to help the families in Hadramaut impacted by the precautionary measures taken to contain ...

ABU DHABI / WAM Abu Dhabi Agriculture and Food Safety Authority (Adafsa) has directed major stores in Abu Dhabi to dedicate prominent spaces to display local agri-products, under the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and Chairman of Adafsa. The move, taken in coordination with Adafsa’s strategic partners from ...

NEW YORK / WAM During an open debate of the UN Security Council on strengthening working methods of the body, the UAE discussed how the functioning of the Security Council can be improved during both the current extraordinary circumstances of the Covid-19 Pandemic as well as in its normal proceedings. “The coronavirus has thrown a curveball at the Security Council. ...

Dubai / Emirates Business Dubai Design District (d3) has joined the Arab Fashion Council on #AThread4Cause to combat Covid-19, with seven partners poised to create thousands of protection gowns and surgical face masks for frontline medical workers. Dubai’s beating heart of creative design, home to more than 9,000 people and 385 companies, has pledged its support to #AThread4Cause – a ...