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Bloomberg Mexico’s economic contraction may be deeper than expected, according to Scotiabank. The bank now estimates Mexico’s gross domestic product (GDP) to drop 8.4% in 2020, more than the 5.77% contraction it predicted on March 20, due to the increasingly adverse economic indicators, Economia Hoy newspaper reported. The forecast was adjusted due to the lack of an effective policy response ...

Bloomberg Man Group Plc is facing a rise in withdrawals after being hit by $10.7 billion of losses last quarter amid unprecedented volatility in global markets. The investment firm pulled in net new cash and some of its hedge fund strategies made money, but it wasn’t enough to compensate for the drop in performance. Assets under management declined to $104.2 ...

Bloomberg Uber Technologies says a guilty plea by its former star engineer is proof that he’s a liar — and supports its decision to make Anthony Levandowski alone shoulder a $180 million legal award Google won against him. The ride-hailing company, which recruited Levandowski in 2016 from Alphabet Inc.’s self-driving car program, ended up firing him after the companies became ...

Bloomberg With coronavirus pandemic driving up demand for protective gear, profiteers and unscrupulous middlemen have taken advantage. Now, one of the biggest manufacturers of the products is fighting back. 3M Co. , the maker of the coveted N95 mask that drew criticism from President Donald Trump over their availability, has filed four lawsuits in the past week against alleged price-gougers ...

Bloomberg Saudi Arabia is set to sell about 600,000 barrels a day of crude to the US in April, the highest volume in a year, according to a Saudi industry official familiar with allocations to American refiners. The shipments, agreed with refiners as Saudi Arabia ramped up production to a record 12.3 million barrels a day this month, come at ...

RIYADH / WAM The Houthi militia fired a ballistic missile against civilian targets in Yemen’s Ma’rib, Saudi Press Agency (SPA) reported. “The Houthi militia’s escalation of hostilities using ballistic missiles to deliberately target civilians and civilian objects underscores the militia’s denial of all efforts and initiatives of ceasefire and deescalation, the last of which was the initiative by the Joint ...

Bloomberg The International Monetary Fund (IMF) is hoping more private commercial holders of African bonds will join a global push for debt relief as the continent faces a $44 billion shortfall in its fight against the effects of the coronavirus (Covid-19) pandemic. The IMF estimates that Africa needs $114 billion in 2020 to spend on health and social services that ...

Bloomberg India put curbs on investments in its companies from neighboring nations including China, seeking to cut the risk of opportunistic takeovers as the coronavirus outbreak drives down valuations. A foreign investor from any country that shares a land border with India will now only be able to invest with government approval. At present, such restrictions apply only to FDI ...

Sharjah / Emirates Business Under the patronage of His Excellency Prof. Hamid M.K. Al Naimiy, Chancellor of the University of Sharjah (UoS), the College of Arts, Humanities and Social Sciences at the University held its Online Scientific Research and Studies Forum. Several faculty members and graduate studies students from the various College programs participated in four simultaneous sessions using video ...

ABU DHABI / Emirates Business Zayed University Assistant professor, Dr Mohamed Mihoub, was granted the prestigious Sheikh Zayed Book Award; one of the Arab world’s most lucrative literary prizes, for his efforts in translating “Al-Insan Al-Romantiq” (L’homme Romantique) by the French Philosopher, Georges Gusdorf. The annual award, which highlights the global imprint and influence of Arabic writing and culture, aims ...