News

Bloomberg The outbreak of coronavirus may have cost China’s retail and food service sectors billions of dollars in sales during the Lunar New Year week, according to a leading food and agricultural bank. Revenue lost in both retail and food services during the Lunar New Year week could range from 20% to 80%, representing a fall of $31 billion to ...

Bloomberg Carlos Ghosn’s lawyers faced off with Nissan Motor Co in an Amsterdam court for the first time since the former executive’s dramatic escape from Tokyo last year. Ghosn is suing his former employer for 15 million euros ($16.4 million) as part of a Dutch wrongful dismissal lawsuit. At a hearing, his lawyers asked a court for access to documents ...

Bloomberg Singapore could see a 25% to 30% decline in tourist arrivals and spending this year because of the coronavirus outbreak, as the industry braces for a worse impact than the 2003 Sars pandemic, the city’s tourism chief said. The city-state is losing about 18,000 to 20,000 tourists a day, and the figures could plummet further if the situation persists ...

Bloomberg India will remove foreign investment limits on some sovereign notes as part of its attempts to get inclusion in global bond indexes, the country’s chief economic adviser said. Issuing new debt with no limits on investments by foreigners will be the first “necessary step” for the inclusion in the indexes, Krishnamurthy Subramanian, the economic adviser, said in an interview ...

Bloomberg Janey Zhang, the owner of an umbrella factory in China’s east coast city of Shangyu, spends her days watching the news for coronavirus updates and fielding calls from cash-strapped employees asking when they can go back to work. “I don’t know,” says Zhang, whose Zhejiang Xingbao Umbrella Co employs about 200 workers. “We await government instructions. If it’s just ...

ABU DHABI / WAM The value of the liquidity withdrawn by the Central Bank of the UAE (CBUAE), from the market in 2019 totalled AED22 billion, highlighting the surplus liquidity in the UAE’s banking system. The CBUAE manages the country’s monetary policy to serve the national economy in general, through a variety of instruments. Certificates of Deposit (CDs) represent one ...

Bloomberg Oil held near $50 a barrel in New York on signs that the Organisation of Petroleum Exporting Countries (Opec) and its allies probably won’t go ahead with an emergency meeting, even as a global oversupply piles up. While the coalition’s technical experts have recommended a production cutback as Asia’s coronavirus batters demand, Azerbaijan’s Energy Minister Parviz Shahbazov told the ...

Bloomberg NMC Health Plc, the operator of the biggest network of hospitals in the UAE, said its chairman will be removed from board discussions after he said he may have misreported the size of his stake. Chairman Bavaguthu Raghuram Shetty is conducting a legal review into the size of his stake, NMC said on Monday. The company is asking its ...

DUBAI / WAM Aramex announced its financial results for fourth quarter and full year (FY), ending December 31, 2019. According to a press statement issued by Aramex on Monday, full year 2019 revenue increased by 3 percent to AED5,246 million, compared to AED5,086 million in FY 2018. FY 2019 net profit increased 1 percent to AED497.4 million, compared to AED492.6 ...

Abu Dhabi / WAM Etihad Cargo, the cargo and logistics arm of Etihad Aviation Group, on Monday announced inking a new partnership for Digital Air Cargo with WebCargo by Freightos to expand digital air cargo reach. The WebCargo partnership extends Etihad Cargo’s digital reach to more than 1,700 logistics providers and forwarder customers globally, with the platform serving as an ...