Bloomberg FedEx Corp suspended its financial forecasts as the coronavirus pandemic blurred the demand outlook, upsetting a major overhaul at the courier to cut costs and handle a flood of e-commerce packages. While the uncertainty is shutting down daily life in much of the world, FedEx is beginning to see a cargo rebound in China, where the outbreak originated. About ...

Bloomberg A trade group representing shopping-centre owners is urging the Trump administration to provide relief to retailers, restaurants and landlords as the coronavirus pandemic shuts down commerce around the US. The government should guarantee or pay for business-interruption coverage, the International Council of Shopping Centers said in a letter to President Donald Trump. Store closures “are placing an insurmountable strain ...

Bloomberg Moody’s Investors Service is taking aim at airlines, placing multiple carriers on review for downgrades as the industry faces the sharpest downturn since at least the 9/11 terrorist attacks. Moody said in a statement that it’s considering cutting Delta Air Lines Inc to junk. The carrier currently has a Baa3 rating, the lowest investment-grade rank. The ratings company cited ...

ABU DHABI / WAM Latest figures released by the central bank of the UAE note total foreign assets were valued at AED405.94 billion in February 2020. This figure indicates an increase of approximately AED47 billion, or 13 percent, compared to the same month last year. This growth in the central bank’s foreign assets balances reflect overall positive markers for the ...

Bloomberg Saudi Arabia plans to boost oil exports even further from April to May, reaching a record of more than 10 million barrels a day as the kingdom taps a new field. The increase in shipments of about 250,000 barrels a day shows the kingdom is determined to carry on with its policy of pumping flat out after its alliance ...

DUBAI / WAM Dubai Holding, a global investment holding company, and Meraas, Dubai’s premier developer and operator of lifestyle destinations, announced on Tuesday the launch of an economic relief package aimed at supporting existing business partners and customers across their portfolio of companies. The economic relief package which amounts to more than AED1 billion is designed to partially alleviate burdens ...

Bloomberg The International Monetary Fund (IMF) is ready to mobilise its $1 trillion lending capacity to help nations counter the coronavirus outbreak, with Managing Director Kristalina Georgieva calling for global coordination on monetary, fiscal and regulatory support. Georgieva reiterated in a blog post that the fund has $50 billion in flexible and rapid-disbursing emergency funds for developing nations, with as ...

Emirates Business The first ‘Adnoc On the go’ neighbourhood service station has officially opened its doors to the local community at Al Bateen, Abu Dhabi. Unveiled at Adipec in November 2019, the neighborhood station, which was conceptualised by an in-house team of designers. Smart technology enabled, the next-generation station allows customers to shop at the Adnoc Oasis convenience store, ordering ...

Abu Dhabi / WAM Abu Dhabi’s property developer and investor, Aldar Properties, announced an AED100 million commitment to support residents, tenants, customers and partners as part of its long-term sustainable stakeholder management approach. Commenting on the announcement, Mohamed Khalifa Al Mubarak, Chairman of Aldar, said, “We commend and are grateful for our wise leadership for its prompt and decisive action ...

Abu Dhabi / WAM ZonesCorp, the largest operator of purpose-built economic zones in the UAE, has successfully attracted over AED350 million in investments since the beginning of 2020. Spreading over an area of more than 260,000 square meters, these investments serve a variety of sectors including oilfield services, plastic and automotive. Mohamed Al Khadar Al Ahmed, Acting Director General of ...