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Bloomberg February 2020 will come to be remembered as a period of historic disruption to physical supply chains the world over, as the coronavirus wrecks trade. Dozens of export sailings to ship China-made goods to consumers from the US to Europe — think handbags, flat-screen TVs, and plastic toys — have been canned since the coronavirus crisis escalated last month. ...

Bloomberg Hong Kong’s government will seek approval from the territory’s legislature for at least HK$25 billion ($3.2 billion) in fresh funding to reduce the impact of the coronavirus outbreak in the city, Chief Executive Carrie Lam said. The amount includes measures to assist tour agencies, restaurants and students, as well as extra cash for the Hospital Authority. The government will ...

Bloomberg Malaysia will announce a stimulus package early next month as analysts slash their growth forecasts to account for the impact of the coronavirus outbreak. The package will involve all ministries, Transport Minister Anthony Loke said. Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunos earlier said the measure will seek to support those affected by the coronavirus, including tourism and ...

Bloomberg India’s top court rejected a plea by mobile carriers seeking more time to settle billions of dollars in back-fees and began contempt proceedings against the companies, threatening to push Vodafone Group Plc’s beleaguered local venture to the brink weeks after it warned of a potential collapse. The Supreme Court’s three-judge panel, headed by Arun Mishra, said that operators including ...

Bloomberg China is administering its centuries-old traditional medicine on patients affected by the coronavirus disease, a top health official said. Treatment in Wuhan hospitals combine Traditional Chinese Medicine, popularly known as TCM, and western medicines, said Wang Hesheng, the new health commission head in Hubei, the province at the center of the virus outbreak. He said TCM was applied on ...

DUBAI / WAM The e-dirham government services revenue exceeded AED22 billion, with AED13 billion coming from the e-dirham system and AED9 billion from service points, respectively, in 2019. The total number of transactions executed via the e-dirham system reached 49 million, including 15 million transactions through the system’s website, and 34 million transactions via service points, the Ministry of Finance ...

ABU DHABI / WAM Adnoc Distribution on Wednesday announced that net profit for the fourth quarter of 2019 was AED496 million, an increase of 11.3 percent compared to same period last year. Ebitda for the fourth quarter of 2019 was AED658 million, an increase of 6.5 percent compared to the same period last year, driven by a solid operational performance ...

ABU DHABI / WAM Endowed with abundant cultural resources and a large-scale economy, the UAE will act as a bridge to promote Korean culture to other Middle Eastern countries, according to a top South Korean official. “The UAE is Korea’s first ‘Cultural Dialogue’ partner country in Mideeast and has shown an active interest in Korean culture,” wrote Park Yang-woo, Minister ...

ABU DHABI / WAM Aldar Properties on Wednesday announced that it reported a 7 percent year on year increase in 2019 net profit to AED1.984 billion, driven by growth across both its development and asset management businesses. According to a statement issued by Aldar on Wednesday, the company’s Board of Directors recommended a cash dividend of AED0.145 per share, representing ...

Bloomberg Oil extended its rebound above $50 a barrel as tentative signs that Asia’s coronavirus may be easing spurred speculation that the worst of crude’s sell-off could have passed. US futures rallied 2.2% in a second daily gain, having lost about 16% during preceding month amid fears the disease would slash fuel consumption in China. The latest data from the ...