Bloomberg Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude. Futures in London fell as much as 7.6% to lowest since November 2002, while New York crude briefly dipped below $20 a barrel. Physical oil markets are struggling to store fuel, ...

ABU DHABI / WAM ADCB Group, including Al Hilal Bank, on Monday announced its commitment to ensure the continuity of employment at the Bank, pledging that no employee will be made redundant during 2020 as a result of coronavirus (Covid-19) pandemic. Commenting on the announcement, Khaldoon Al Mubarak, Chairman of ADCB Group, said, “The banking sector plays an important role ...

Bloomberg Saudi Arabia’s central bank is ordering lenders to provide concessional loans to businesses grappling with the fallout of the coronavirus so companies won’t have to cut jobs. The Saudi Arabian Monetary Authority (Sama) wants banks to immediately put in place a lending program for at least six months to “assist in maintaining employment levels,” according to a document sent ...