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Sharjah / WAM Sharjah Asset Management (SAM) and Sharjah Cooperative Society have announced that they will create a digital platform and a smart application to help facilitate shopping operations and make delivery of items easier for the customers of Sharjah Cooperative Society. This came as part of a Memorandum of Understanding (MoU) signed electronically by Waleed Al Sayegh, CEO of ...

Bloomberg Singapore will witness a deeper recession this year after the nation extended and tightened its partial lockdown, Citigroup Inc warned, widening its forecast for an economic contraction. The city-state’s economy will contract by 8.5% in 2020, down from an earlier estimate of a 6% fall, economists Wei Zheng Kit and Kai Wei Ang wrote after Singapore extended “circuit breaker” ...

Bloomberg Facebook Inc will invest $5.7 billion in the digital assets controlled by India’s richest man, the US social-networking giant’s biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. The US company will buy about 10% of Jio Platforms, becoming the largest minority shareholder, Reliance Industries Ltd said in a ...

Bloomberg South China Morning Post, a newspaper owned by Chinese e-commerce giant Alibaba Group Holding Ltd, is cutting executives’ salaries and asking some workers to take unpaid leave as the coronavirus crisis has hurt revenue. CEO Gary Liu and Editor-in-Chief Tammy Tam are among 27 senior executives who have agreed to pay reductions immediately, the company said on its newspaper ...

Bloomberg Indonesia banned an annual ritual of citizens travelling in large numbers to their hometowns and villages ahead of the Muslim festival of Eid al-Fitr to prevent the spread of coronavirus in the world’s largest Muslim-majority country. President Joko Widodo, who announced the ban at a cabinet meeting in Jakarta, said the prohibition was based on an assessment that about ...

Bloomberg European Union (EU) leaders head to a key virtual summit on Thursday without any concrete proposals from the bloc’s institutions on how to finance a controversial economic recovery fund, raising the chances of yet another inconclusive showdown. A “roadmap” distributed to national delegations from EU Council President Charles Michel, who will chair the video conference, contains no details on ...

Bloomberg The US Treasury has deployed more than half of the Coronavirus Relief Fund, which provides for payments to state, local, and tribal governments. The daily Treasury statement notes that, $81.9 billion had been used this month. The $150 billion fund was established to help lessen the economic impact of the Covid-19 outbreak. The coronavirus pandemic has crushed sources of ...

Bloomberg UK inflation slowed in March as the nation entered lockdown and oil prices continued to tumble. Consumer prices rose 1.5% from a year earlier, down from 1.7% in February, the Office for National Statistics said on Wednesday. Downward pressure came from fuel and clothing prices. Core inflation eased to 1.6%. The inflation outlook has been thrown into turmoil by ...

Bloomberg Scotland’s economy could shrink by 12% this year as a result of restrictions put in place to combat the spread of the coronavirus outbreak, while the government said the financial hit was no reason to ease the lockdown prematurely and risk greater harm. The overall picture for the year is based on output declining by a third during the ...

Bloomberg New York State has applied for a $4 billion federal loan to shore up its unemployment trust fund amid a record surge of claims by workers sidelined by the Covid-19 pandemic, a spokeswoman said. “All benefits, including enhanced benefits, are being paid, and to help ensure it remains that way the state has applied for an up to $4 ...