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Bloomberg Automotive industry borrowers have raised $155 billion amid the coronavirus outbreak as the pandemic shutters showrooms and factories. Companies worldwide have been drawing down on existing credit lines and seeking new credit deals to weather the health crisis as it hits demand for vehicles. The $155 billion gathered in less than three months since mid-March is equivalent to the ...

Bloomberg First the virus lockdown shuttered the two dairies where farmer Gavrila Tuchilus sells the milk from his 1,500 cows. Then his fields dried up, forcing him to abandon his barley crop for the first time in 39 years. “A double war is taking place,” said Tuchilus, from Matca, a village in southeast Romania. “It’s a war against invisible Covid-19 ...

ABU DHABI / WAM Abu Dhabi Developmental Holding Company (ADQ) one of the region’s largest holding companies with a diverse portfolio of major enterprises spanning key sectors of Abu Dhabi’s non-oil economy, has launched Alpha Wave Incubation (AWI) Fund, a new AED1.1 billion venture fund located at Abu Dhabi Global Market (ADGM). AWI will target early-stage businesses in India and ...

ABU DHABI / WAM The Office of the United Nations Special Coordinator for the Middle East Peace Process (Unsco), expresses its gratitude to the Government of the UAE for the delivery of 14 tonnes of urgent medical supplies. The supplies will support the efforts to curb the spread of Covid-19 pandemic and its impact in the occupied Palestinian territory. The ...

DUBAI / WAM The Emirates Central Cooling Systems Corporation (Empower) has announced that the total length of its district cooling pipeline network in various regions of Dubai has exceeded more than 320 kilometres by the end of 2019, with a growth of 16 percent compared to 2018. Empower has sought to expand the geographical presence of its network in order ...

ABU DHABI / WAM Etisalat Group announced on Wednesday the resignation of Saleh Al Abdooli as the group’s Chief Executive Officer (CEO). In a statement, Etisalat Group cited “personal reasons” for Al Abdooli’s resignation, adding that the board of directors had accepted the resignation and appointed Hatem Dowidar as Acting Chief Executive Officer for the Group. Dowidar is currently the ...

DUBAI / WAM Enoc Link, Enoc’s digital fuel delivery arm, supported Dubai Municipality’s nation-wide disinfection drive by supplying more than 30,000 litres of fuel to undertake various sanitisation measures in Dubai. Enoc Link has been supporting the nation-wide disinfection drive since March 31. Dedicated delivery trucks fuelled 140 vehicles and 62 critical equipment of Dubai Municipality with free petrol and ...

Bloomberg The global plunge in electricity demand will drag on long after nations lift stay-at-home orders, leading to the biggest annual drop since the Great Depression and fundamentally reshaping power markets. As economies struggle to recover, worldwide electricity consumption will decline 5% in 2020, the most in more than eight decades, according to the International Energy Agency (IEA). In the ...

Bloomberg President Donald Trump delivered a pair of personal and political gestures this week that seized on his core voters’ mistrust of international institutions and skepticism of science, heightened amid the coronavirus pandemic. The president threatened to withdraw from the World Health Organization, escalating his accusation it’s beholden to China. The move came hours after he revealed he was taking ...

Bloomberg Treasury Secretary Steven Mnuchin said he plans to use all of the $500 billion that Congress provided to help the economy through direct lending from his agency and by backstopping Federal Reserve lending programs. Mnuchin said he has pledged to use $195 billion of those funds so far, and will use the rest after determining how best to deploy ...