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Bloomberg WeWork continued to cut more staff as part of a months-long effort to lower expenses after its failed initial public offering last year, the company said. The New York-based co-working firm axed about 250 jobs in its development department, according to two people familiar with the matter. The reductions aren’t related to the impact of the coronavirus, one of ...

Bloomberg Getting the $350 billion in loans for small businesses in the record US stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before. The magnitude of the plan is unprecedented for the Small Business Administration (SBA), an agency that distributed $28 billion in fiscal year 2019 ...

Bloomberg President Donald Trump abruptly abandoned his ambition to return American life to normal by Easter, heeding advice from the government’s top doctors that re-opening the US economy in two weeks risks greater death as the coronavirus outbreak accelerates. In a stark shift from two weeks of measured optimism, the president said his guidelines for Americans to practice “social distancing” ...

SHARJAH / WAM The Sharjah Chamber of Commerce (SCCI) has announced the activation of online attestation services for all transactions through the chamber’s website or the smart application instead of coming in person to the customer happiness centres. The move comes as part of the precautionary measures adopted by the SCCI to combat the spread of coronavirus (Covid-19) and to ...

ABU DHABI / WAM The Abu Dhabi School of Government (ADSG) has announced the launch of the ‘Digital Learning Challenge’, as part of Abu Dhabi government’s ‘Digital Month’. The challenge is open to all Abu Dhabi government employees through the academy’s online learning platform. The challenge will run for a period of three months and will contribute to achieving Abu ...

Dubai / WAM Dubai Economy reassured residents on Sunday that there is no need for panic or anxiety regarding the availability of hygiene essentials. In a statement, Dubai Economy affirmed that there are “adequate” stocks of face masks, gloves and sanitisers at leading supermarkets across the country. It also reminded residents to shop responsibly and avoid hoarding of essentials. It ...

SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) launched an online course on coronavirus to spread awareness among the emirate’s business community and curb the spread of the Covid-19 pandemic. According to the Chamber, the training course targets Sharjah’s business community, corporate officials, and the private sector, as part of the SCCI’s preventive measures to ensure the ...

Bloomberg Japanese Prime Minister Shinzo Abe said he plans to submit an extra budget in about 10 days to help fund an unprecedented economic stimulus package, while warning residents to prepare for a long battle against the coronavirus pandemic. Speaking at a press conference in Tokyo, Abe said there was no need to declare an emergency now, but urged the ...

Bloomberg Hong Kong’s government will introduce a second round of financial assistance for businesses affected by the novel coronavirus outbreak, according to Chief Secretary Matthew Cheung. The subsidies from the Epidemic Prevention Fund would aim to protect workers, Cheung wrote in a blog on Sunday that didn’t provide details of the plan or a timeline. The government announced its first ...

Bloomberg The International Monetary Fund (IMF) asked the leaders of world’s biggest economies for more support to keep the international monetary system from seizing up due to the pandemic. The IMF sought backing to create a sizable quantity of reserve assets called SDRs, or special drawing rights, as it did in the 2009 global financial crisis, Managing Director Kristalina Georgieva ...