News

Bloomberg Tesla Inc. reported early-year deliveries fell less than expected from record levels reached late last year, sending shares climbing as much as 13%. Tesla handed over 88,400 vehicles worldwide in the first quarter, down 21% from the last three months of 2019. But the total beat analysts’ average estimate for about 78,100. “I’m shocked they did so well,” Gene ...

Bloomberg Bankruptcies among Swedish restaurants and hotels jumped by 123% in March as measures to contain coronavirus pandemic stopped people from making trips and socialising. The transport sector was also hit hard with bankruptcies rising by 105% in March compared to same month a year ago, according to business and credit reference agency UC. The overall number of companies going ...

Bloomberg The European Union (EU) announced a plan to discourage businesses in the countries’ worst hit by the coronavirus from firing workers as they struggle to make ends meet. Amid criticism that the EU has done too little to mitigate the economic impact of the pandemic, the European Commission signaled that it will use central funds to pay companies to ...

Bloomberg Carmakers gave an early glimpse of the damage a global pandemic is doing to the US auto market, with General Motors Co. and Fiat Chrysler Automobiles NV falling short of estimates and the industry selling vehicles at the slowest pace in a decade. Sales fell 7.1% for GM and more than 10% for Fiat Chrysler in the first three ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), is positioned to drive value for the UAE and will continue to invest responsibly to deliver on its 2030 smart growth strategy during this complex and challenging period. Following the UAE leadership’s wise guidance, Adnoc will remain focused on its core pillars of efficiency, profitability, performance and people, reinforce ...

Bloomberg The world’s workers are reeling from the initial shock of the coronavirus recession, with job losses and welfare claims around the globe already running into the millions this week. As the International Labour Organisation (ILO) warns of almost 25 million layoffs if the virus isn’t controlled, the cuts from Austria to the US reflect the deepest peacetime recession since ...

Bloomberg The Opec+ meeting to try to end the oil price war is unlikely to go ahead of Monday as previously expected, as Riyadh and Moscow engaged on a war of words about who’s to blame for the collapse in oil prices. The Opec+ alliance needs more time for negotiations, a delegate familiar with the matter said, noting the meeting ...

ABU DHABI / WAM The Ministry of Health Prevention (MoHAP) and the Ministry of Interior (MoI) have announced the continuation of the ‘National Disinfection Programme’, as part of the preventive and precautionary measures taken by the UAE to contain Covid-19. The two ministries said new facilities and establishments would be added to disinfection plan in all emirates of the country. ...

Sharjah / Emirates Business In support of the UAE’s directives to keep members of the community safe at home in the wake of the global coronavirus disease (Covid-19) pandemic, and to encourage healthy eating habits in families, the Sharjah Investment and Development Authority (Shurooq) has launched a free delivery initiative of organic foods to support families in need in Sharjah. ...

ABU DHABI / WAM The UAE has played a key role in supporting global and regional demining efforts, as well as in reducing the social and economic effects of mines, especially in Yemen, Lebanon, Afghanistan, Kosovo and Kuwait. In observance of the International Mine Awareness Day, the Emirates News Agency (WAM) highlights the country’s tremendous efforts to remove mines in ...