News

Bloomberg Intel Corp. withdrew its full-year sales forecast, citing “significant economic uncertainty” caused by the Covid-19 pandemic. The company’s shares fell more than 5% in late trading. The world’s largest semiconductor maker reported a 23% jump in first-quarter revenue and better-than-projected profit, bolstered by demand for chips that run the laptops and server machines companies need to keep people working ...

Bloomberg Renault SA is poised to get a state-backed loan of about $5.4 billion to cushion the struggling French carmaker from the impact of the coronavirus pandemic that has clobbered the auto industry. French Finance Minister Bruno Le Maire said the funding package is still under negotiation, while at the same time announcing an even bigger one for Air France-KLM, ...

Bloomberg British insurers are on the hook for more than 1.2 billion pounds ($1.5 billion) in claims from businesses and individuals hit by the coronavirus pandemic, according to the industry’s trade body. Initial estimates put payments for business interruption at 900 million pounds, followed by a record 275 million-pound payout for canceled travel, the Association of British Insurers said on ...

Bloomberg More than a year after the billionaire chairman of Xpeng Motors labelled as “questionable” Tesla Inc.’s allegations that an engineer stole Autopilot secrets before bolting to the Chinese startup, the questions from Elon Musk’s company keep coming. As Tesla tries to amass proof in its lawsuit portraying the engineer as a traitor, it’s asking a judge to force the ...

Abu Dhabi / WAM The Emirates Red Crescent (ERC) helped reunite 400 people from several countries with their families, upon the directives of His Highness Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the ERC. The ERC paid for their travel expenses from the UAE to their countries and other related costs, despite ...

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 ...

ABU DHABI / WAM Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development and Chair of the UAE National Commission for Education, Science and Culture, participated in a remote meeting of ministers of culture organised by United Nations Educational, Scientific and Cultural Organisation (Unesco). The meeting touched upon repercussions of Covid-19, on culture, innovation sectors in all countries, ...

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 ...

ABU DHABI / WAM Abu Dhabi Ports on Thursday announced major initiatives to address concerns of its customers across its industrial and economic zone subsidiaries in these uncertain times. The relief package includes several measures for existing customers, including a three-month rent deferment for Q2, a freeze on late payment penalties and an exemption from Tawtheeq fees. The measures are ...

Dubai / WAM The Ministry of Finance (MoF) announced the launch of the upgraded version of the Emirates Gate system for government financial statistics reports. First launched in 2012, the updated system is part of the recommendations of the Government Financial Policy Coordination Council, which is chaired by Younis Haji Al Khoori, Under-Secretary of MoF, Chairman of the Government Financial ...