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RIYADH / WAM The government of Saudi Arabia signed a SR995 million contract with China to provide nine million Covid-19 tests for nine million people in the Kingdom. The Saudi Press Agency (SPA) reported that the decision came “as a result of a phone call made between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud …

Bloomberg India is considering a proposal to guarantee as much as 3 trillion rupees ($39 billion) of loans to small businesses as part of a plan to restart Asia’s third-largest economy, which is reeling under the impact of a 40-day lockdown, people with knowledge of the matter said. Under the proposal, small firms will be eligible to borrow an additional …

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, discussed with David Beasley, Executive Director of UN World Food Programme, ways of accelerating coordination in getting assistance to those affected by Covid-19 pandemic. This came over a phone call His Highness Sheikh Mohamed …

Bloomberg Volkswagen AG is rebooting plants, Airbus SE is up and running and UK builders will soon be erecting homes again as Europe starts returning to work after coronavirus shutdowns plunged the region into its worst economic slump in living memory. Factory doors are reopening after nations from Denmark to Germany began easing restrictions on public life, with Italy, France …

HADRAMAUT / WAM The UAE, through its humanitarian arm, the Emirates Red Crescent (ERC) provided 4,000 food parcels weighing 171 tonnes to the residents of Al Shihr district in the Yemeni Governorate of Hadramaut on the occasion of the Holy Month of Ramadan. The aid package was administered in line with the directives of His Highness Sheikh Mohamed bin Zayed …

Bloomberg Oil edged lower for the week after paring losses following the dramatic collapse that saw prices in New York plunge below zero for the first time in history. West Texas Intermediate for June delivery rose 2.7%, closing the curtain on a tumultuous week of wild price swings. US operators have started to shut old wells and halt new drilling, …

Bloomberg The European Union’s (EU) foreign and diplomatic wing said there’s evidence of a “coordinated push” by official Chinese sources to deflect blame for the coronavirus pandemic and promote its response to the virus. Official Chinese sources have been “publicising announcements and deliveries of bilateral assistance, with polls in certain countries showing China being perceived as more helpful in fighting …

Bloomberg India distributed about $14 each to more than 350 million people to ease their financial stress amid a nationwide lockdown enforced to prevent the coronavirus from spreading, the government said. The assistance totaling more than 370 billion rupees ($4.84 billion) was given under a state program named “PM Garib Kalyan,” KS Dhatwalia, a spokesman for the administration said. That’s …

Bloomberg Oil refiners are hunting for vessels to store jet-fuel and gasoline that nobody is buying, sending freight rates sharply higher, an indication that the global refining system is fast approaching a breaking point. Until now refiners had mostly been storing unwanted product on site, but the latest indication from the tanker market suggests they are now being forced to …

Bloomberg IndiGo, Asia’s biggest budget airline by market value, reversed a decision to slash employee salaries after the Indian government urged companies to avoid such practices, according to people with direct knowledge of the matter. The airline, operated by InterGlobe Aviation Ltd., had proposed pay cuts of as much as 15% for most staff but will no longer go through …