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Bloomberg Volkswagen AG joined other automakers around the globe in warning of the unprecedented fallout from the coronavirus pandemic. Supply and demand disruptions from government measures to slow the spread of the disease will cause operating profit to drop “severely” this year, the world’s largest automaker said on Wednesday. But efforts to rein in spending will allow the company to ...

Bloomberg Ford Motor Co.’s sagging stock fell further after the automaker forecast a more than $5 billion second-quarter operating loss due to the coronavirus pandemic’s blow to the global car industry. The projected deficit — which is about $2 billion worse than some analysts were anticipating — is based on Ford’s expectation for significant volume declines in every region. Ford ...

Bloomberg When the European Union (EU) presents its plan to rebuild its economy after the coronavirus, it’s likely to include three kinds of funding: taxpayers’ money, borrowed money and theoretical money. Officials in Brussels have a tendency to pad out their flashy headline figures with the theoretical stuff. But investors trying to gauge the strength of the policy response would ...

Bloomberg Google employees won’t be back at their offices for at least two more months, and even then any return will be “staggered and incremental,” Chief Executive Officer Sundar Pichai said in an email to his workforce. The bulk of Google’s US employees are based in California’s Bay Area, which just extended several stay-at-home orders through the end of May. ...

Bloomberg Oil prices plunged to within a whisker of $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again. The abrupt decision by S&P Global Inc. to tell clients to sell their June West Texas Intermediate holdings unleashed another day of chaos in the ...

New York / WAM During the open debate of the UN Security Council (UNSC) on the fifth anniversary of the Youth, Peace and Security Agenda, the UAE encouraged the council to invite more young leaders to brief on a regular basis to reflect on individual experiences while pursuing peace and security in their societies. The UAE also urged the international ...

Abu Dhabi / WAM The Federal Authority for Nuclear Regulation (FANR) is dedicated to optimising the skills, processes and resources needed to excel and realise its vision of being globally recognised as a leading nuclear regulator. Capacity building for Emiratis in the nuclear sector has been a FANR priority from the outset. FANR has 244 staff of whom 67 percent ...

DUBAI / WAM The Dubai Financial Market (DFM) on Tuesday officially launched its new subsidiaries, Dubai Clear and Dubai CSD. Dubai Clear is the region’s first independent company central counterparty (CCP) for equity clearing, and Dubai CSD is the UAE’s first independent central securities depository (CSD) company. To celebrate the official launch of the two new companies, the DFM organised ...

SHARJAH / WAM The UAE’s integrated environmental, recycling and waste management company – Bee’ah – has launched disinfection pods for businesses to safeguard public health during the Covid-19 outbreak. “The advanced solution can be placed at entrance of facilities, complexes, buildings or high-risk areas to eradicate viruses, bacteria and other microorganisms on a person or on their clothing in under ...

SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) succeeded in strengthening its digital systems and smart platforms and providing a bundle of e-services for its members and customers without need to come in person to SCCI headquarters or its various branches. Abdullah Sultan Al Owais, Chairman, SCCI, said, “The SCCI has developed an integrated system of smart ...