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Bloomberg Indonesia may soon quarantine almost 30 million people in its capital and surrounding areas to curb the spread of the coronavirus that’s killed more than 100 people in the world’s fourth-most populous nation. Police and transport officials conducted drills on limiting the movement of people from the Greater Jakarta area at the weekend, the Jakarta Post reported. The governor ...

Bloomberg The sale by the UK’s billionaire Barclay twins of London’s Ritz Hotel fetched less than 800 million pounds ($997 million), according to a person familiar with the matter who asked not to be identified. Macfarlanes said in a statement that it advised one of its private investor clients on the acquisition of the hotel that opened in London’s Mayfair ...

Bloomberg The UK government is loosening its bankruptcy rules to allow struggling businesses to continue trading if they can’t pay their debts because of the impact of the coronavirus. In another sign of how the pandemic is forcing governments to upend policy, Business Secretary Alok Sharma said the changes would allow British companies being reorganised to access supplies and raw ...

Bloomberg Microsoft Corp.’s agreement to acquire 5G software maker Affirmed Networks Inc. valued the company at about $1.35 billion. Microsoft announced the deal without disclosing financial details. Microsoft already serves telecom customers and struck an agreement with AT&T Inc. last year with the aim of moving more the carrier’s network to its platform. Microsoft has been building its cloud computing ...

Bloomberg The North American International Auto Show said it’s canceling the industry’s biggest event scheduled in June and will resume the show in 2021. The venue, TCF Center, will be repurposed as a field hospital for Covid-19 cases, the organisers said. The Detroit Auto Show will resume on June 11, 2021, with the public show scheduled for June 19-26. “Although ...

Bloomberg WeWork continued to cut more staff as part of a months-long effort to lower expenses after its failed initial public offering last year, the company said. The New York-based co-working firm axed about 250 jobs in its development department, according to two people familiar with the matter. The reductions aren’t related to the impact of the coronavirus, one of ...

Bloomberg Getting the $350 billion in loans for small businesses in the record US stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before. The magnitude of the plan is unprecedented for the Small Business Administration (SBA), an agency that distributed $28 billion in fiscal year 2019 ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, reviewed the global fight against coronavirus (Covid-19) in a phone call with Egyptian President Abdulfattah El Sisi. The conversation covered the prospects of further consolidating the brotherly relations between the two sisterly countries in ...

Bloomberg The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store excess oil in idle supertankers. Refineries are starting to shut down because nobody needs the fuels they produce. In physical oil markets, barrels are already changing hands for ...

Abu Dhabi / WAM The total cumulative balance of letters of guarantee and other credit facilities provided by banks and other business entities in the UAE significantly grew to AED4.533 trillion in February, 2020, an increase of AED186 billion, or 4.3 percent approximately, from AED4.347 trillion in January, statistics by the Central bank of the United Arab Emirates have shown.