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Bloomberg Wirecard AG’s former chief executive officer was arrested by Munich prosecutors after $2.1 billion went missing from the digital-payment company, in a scandal that has rattled Germany’s financial industry. Markus Braun, who resigned last week, was arrested in Munich as part of a probe into the company’s accounting practices, prosecutors said. The company is fighting for survival after acknowledging ...

Bloomberg The French economy’s revival from the coronavirus lockdown appears stronger than anticipated, with a measure of private-sector activity showing growth for the first time in four months. IHS Markit’s Purchasing Managers Index jumped to 51.3 in June from 32.1 in May, beating economists’ expectations for 46.8. The individual gauges for both manufacturing and services also climbed above the 50 ...

Bloomberg The UK economy started to bounce back from the coronavirus this month as an early indicator of activity jumped. IHS Markit’s composite Purchasing Managers Index climbed to 47.6 from 30 in May. While that’s still below the critical 50 mark that separates expansion from contraction, the size of the monthly gain was the biggest since the survey began in ...

Bloomberg The World Trade Organisation (WTO) tempered its pessimism about the outlook for cross-border commerce, saying its worst-case scenario for this year will likely be avoided but warning governments against becoming complacent to lingering economic risks. The Geneva-based organisation estimated that global trade in merchandise dropped 3% in the first quarter and fell 18.5% in the second, according to a ...

Bloomberg Oil held near $42 a barrel in London as investors weighed signs of rebounding demand against a resurgence in new coronavirus cases. Opec and its allies are on track to rebalance the oil market and there are encouraging signs of recovery, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told an Opec+ meeting last week. However, California reported record ...

ABU DHABI / WAM Abu Dhabi Pay launched through the Abu Dhabi Government (TAMM), the Abu Dhabi government services ecosystem is the latest unified digital payment platform for all government services in the emirate. The platform provides secure and standardised methods of digital payment for all government services across different channels, ensuring customer no longer need to visit government offices ...

ABU DHABI / WAM Adnoc Distribution has been named the No1. retail brand in the region in the Forbes Middle East Top 100 Companies 2020. Adnoc Distribution, ranking at number 52 overall, is one of 21 UAE companies to be listed, with GCC companies accounting for 90 percent of the total 100. Compiled of the largest and most successful listed ...

Abu Dhabi / WAM The UAE national airline, Etihad Airways, is partnering with Austrian-based healthcare technology company Medicus AI to launch a Covid-19 risk-assessment tool that will empower guests to make informed decisions about travelling. Powered by Medicus AI’s technology, the risk-assessment tool will guide Etihad’s guests in evaluating the probability of having contracted the Covid-19 by responding to a ...

DUBAI / WAM The Ministry of Finance (MoF) organised a virtual workshop with the UAE central bank, and banks within the country, to explain banking procedures related to managing bank accounts for federal entities. These include operations related to the powers and limitations of signature and other procedures regulating banking procedures, in line with the Federal Decree-Law on Public Finance. ...

DUBAI / WAM Dubai’s dnata, one of the world’s largest air services providers, continues to be recognised for achieving the highest safety standards. The International Air Transport Association (IATA) awarded dnata the IATA Safety Audit for Ground Operations (ISAGO) Registration in Iraq, following the successful completion of a comprehensive audit of the company and its ground-handling operations at Erbil International ...