News

Bloomberg The US economy is unlikely to snap back quickly and may not return to normal until 2021, according to the chief of one of the nation’s biggest ports, after a government report raised hopes for a faster-than-expected rebound from a pandemic-induced recession. Even after the Labour Department’s surprisingly positive numbers on employment in May, “I’m still not convinced that ...

Bloomberg An investment company backed by billionaire banker Joseph Safra is considering a takeover bid for airport foreign exchange provider Travelex Holdings Ltd, the Mail on Sunday reported, citing financial industry sources. The Safra bid comes after Finablr-owned Travelex appointed PWC to find a buyer for the unit. On April 30, Finablr disclosed that its debt burden stood at around ...

Bloomberg Canada’s labour market is showing signs of strength after months of Covid-19 destruction, but weakness in the jobs market for women is holding back the pace of the recovery. Recent labour market data show men are disproportionately benefiting from the phased reopening of the economy while women are struggling. In May, men recouped 14% of the nearly 1.5 million ...

CAIRO / WAM In response to a request from the Egyptian authorities, an International Monetary Fund (IMF) mission led by Uma Ramakrishnan held virtual meetings with the Egyptian authorities to discuss IMF financial support for the authorities’ policy plans to ensure macroeconomic stability and a strong economic recovery. At the end of the virtual discussions, Ramakrishnan issued the following statement. ...

RIYADH / WAM The Yemeni government has called on the World Bank to increase its support to the country amid the “huge challenges” its facing as a result of the war fueled by Iranian-backed Houthis, the Covid-19 pandemic, and climate change, reported the Saudi Press Agency (SPA). Yemeni PM Maeen Abdulmalik urged the World Bank to reconsider restructuring the support being ...

Bloomberg The collapse in international oil prices, having dealt a devastating blow to Nigeria’s finances, now threatens the West African nation’s shaky federal political system. Earnings from crude sales will plunge 80% to $2.84 billion this year, the nation’s budget office said last month. A protracted loss of income could leave most of Nigeria’s 36 states unable to function. It ...

Abu Dhabi / WAM The Abu Dhabi Stem Cells Center (ADSCC) has announced the installation of a piece of cutting-edge medical equipment that should help scientists reveal new insights into the Covid-19 virus. The ADSCC, a specialist healthcare center that focuses on cell therapy, regenerative medicine and research on stem cells, has acquired and installed a Helios Mass Cytometer, which ...

Abu Dhabi / WAM As Abu Dhabi’s pioneer in sustainability and a hub for research and development, Masdar City is building the community and spearheading the innovations to realise greener, more sustainable urban living. The city is trialling a number of innovations to support the mandate of the government in food security. In 2019, the city partnered with the Office ...

ABU DHABI / WAM The United Arab Emirates on Saturday sent an aid plane containing 18 metric tons of medical and food supplies to the Islamic Republic of Mauritania to bolster the country’s efforts to curb the spread of Covid-19. The aid will assist approximately 14,000 medical professionals as they work to contain the virus. Commenting on the aid delivery, ...

AL AIN / WAM UAE University (UAEU) is among the top 50 in Asia for the second consecutive year, advancing 11 ranks, to 38, according to The Times Higher Education Asia University Rankings 2020. The university surpassed last year’s achievement of joining the elite top 50 Asian universities for the first time, by moving up a further 11 places from ...