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Bloomberg The UK economy shrank a record 20.4% in April as businesses and workers reeled under the lockdown designed to control the coronavirus pandemic. The contraction means the nation has effectively seen almost 18 years of growth wiped out in two months. While a rebound is likely as businesses start to reopen, the grim figures will increase the pressure on ...

Bloomberg US consumer sentiment climbed in early June by the most since 2016 as more states began to reopen their economies and employers restored jobs. The University of Michigan’s preliminary sentiment index increased 6.6 points to 78.9, according to data. The median projection in a Bloomberg survey of economists called for a gain to 75. Even with the improvement, the ...

Dubai / WAM DP World has announced the completion of its acquisition of a 51 percent stake in TIS Container Terminal in the Port of Yuzhny, Ukraine. This follows satisfaction of specific conditions including confirmation of regulatory approval from the relevant government authorities. This project will be DP World’s second partnership with TIS shareholders, the first being our very successful ...

DUBAI / WAM Emirates plans to operate four flights between Dubai and Cairo on June 14, 18, 19 and 21. Customers can also connect to these flights in Dubai from any destination on Emirates’ current network of 30 destinations in the GCC, Asia Pacific, Europe and the Americas. In a statement by the airline on Thursday, flights can be booked ...

DUBAI / WAM The Dubai Chamber of Commerce and Industry has announced that it recently kicked off a webinar series providing African business leaders and entrepreneurs with useful information about doing business in Dubai, and promoting Dubai as an ideal hub for African companies. The Benefits of Doing Business in Dubai series was organised by the Chamber’s representative offices in ...

Abu Dhabi / WAM Etihad Airways and Aldar Properties have entered into a historic partnership that brings benefits to UAE-based Etihad Guest members and shoppers in the UAE capital, Abu Dhabi. Through this exclusive agreement Etihad Guest members can now earn and spend their Etihad Guest Miles on purchases made with their Visa cards at three malls within Aldar’s retail ...

Dubai / WAM Dubai property developer Nakheel has announced the increase in demand for villas, with sales worth AED223 million in the last three months, as buyers look for more indoor and outdoor living space to adapt to the ‘new normal’. According to a press release issued by the company on Thursday, Nakheel has sold 70 villas with a sales ...

Bloomberg Chesapeake Energy Corp is preparing a potential bankruptcy filing that could hand control of one of the leading lights of the US shale revolution to senior lenders, according to people with knowledge of the matter. The dwindling options for a powerhouse that once rivaled Exxon Mobil Corp for title of king of American natural gas comes after CEO Doug Lawler’s ...

Bloomberg President Donald Trump is setting off on a trip aimed at delivering a message to the American people: It’s time to get back to normal after the pandemic. Trump hits the road on Thursday for Dallas, where he’ll hold his first in-person fundraiser in months. He’s expected to spend the rest of the weekend at his New Jersey golf ...

Bloomberg The surge in Tesla Inc.’s shares so far this month moved Elon Musk’s company even closer to displacing Toyota Motor Corp. as the world’s most valuable carmaker. With a market capitalisation of more than $190 billion, Tesla still has some distance to close to reach Toyota’s $210 billion valuation, which includes treasury shares, according to data compiled by Bloomberg. ...