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ABU DHABI / WAM The gross domestic product (GDP) of Abu Dhabi at current prices (nominal GDP) grew 4.6 percent to around AED620 billion, during the first nine months of 2019 from around AED592.9 billion in the comparable period of 2018. The growth was led by the momentum recorded across all economic platforms during the reference period, according to combined ...

Bloomberg When government official Kiran Dighavkar heard that a 56-year-old man who’d recently died in the Mumbai suburb of Dharavi had tested positive for Covid-19, he knew his next moves would determine the trajectory of the outbreak in India’s commercial capital. The man, who died on April 1, lived with seven members of his family in a 400 square foot ...

Bloomberg Singapore increased its cash payout to individuals and announced additional steps to save jobs as the city-state prepares to severely curtail activities to contain a spike in coronavirus cases. The third virus-related stimulus package in two months will cost S$5.1 billion ($3.6 billion), taking the nation’s total virus relief to almost S$60 billion, or 12% of gross domestic product, ...

Bloomberg Shares of Biolidics Ltd jumped as the Singapore-based medical device manufacturer said its rapid test kits for Covid-19 were approved for sale in the European Union. The stock rose as much as 12% in early trading after the firm announced on Monday that it received confirmation for CE marking on April 3. CE marking is a notification process to ...

Bloomberg The deadly coronavirus may infect as many as 95,000 people in Indonesia by next month before easing, a minister said, as authorities ordered people to wear face masks to contain the pandemic. The dire forecast is based on a projection by the nation’s intelligence agency, University of Indonesia and Bandung Institute of Technology, finance minister Sri Mulyani Indrawati told ...

DUBAI / WAM The National Programme for Happiness and Wellbeing (NPHW) launched a national campaign for mental support for all UAE residents to help them overcome the psychological impact resulting from the spread of Covid-19. More than 50 experts in the fields of psychology, mental and social support, and life skills are participating in the initiative. The National Campaign for ...

Bloomberg Saudi Arabia, Russia and other large oil producers are negotiating for a deal to stem the historic price rout, even as leaders trade barbs in public. “President Putin and Russian side in general are keen to engage in constructive negotiations, which is the only way to stabilise the international energy market,” Kremlin spokesman Dmitry Peskov said in a pre-recorded ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) contributed AED3 million to Ma’an Abu Dhabi towards the ‘Together We Are Good’ programme to support the UAE community in addressing the impact of Covid-19. Adnic commends the UAE authorities for taking fast and decisive action to fight against the spread of Covid-19 and extends its gratitude to the brave ...

Bloomberg The sinking global economy is suffering through a colossal disinflationary shock that could briefly push it into dangerous deflation territory for the first time in decades. With many national economies all but shutting down in an effort to contain the coronavirus, prices on everything from oil and copper to hotel rooms and restaurant take-out are tumbling. “A powerful disinflationary ...

Abu Dhabi / emirates business India’s leading manufacturer of plastic packaging materials, Shrinath Flexipack Pvt Ltd, has finalised an agreement to build its first factory in the Middle East at Kizad. The investment of AED 55 million ($15 million) will allow the Hyderabad plastics player to set up on a greenfield site within Kizad’s Polymers Park. The new facility will ...