Italy is doubling down on its lockdown strategy to stop the spread of the new coronavirus, halting all non-essential economic activities for two weeks. There are early signs that these draconian steps are paying off, but the human and economic costs will be steep. The government made mistakes, ones that the rest of the Western world should have learned from ...

Fear is when you want to pick up the shiny nickel lying in the road, but freeze at the sound of the approaching steamroller. The currency market equivalent of this is a widening basis swap — free money that banks are too scared to pocket. For the fourth time in the past decade, the fear gauge is starting to go ...

Across the world, as governments take their first economic stimulus measures to address the Covid-19 crisis, debate is intensifying over the right form and size of that assistance. But this discussion hasn’t yet come to grips with five fundamental realities: First, mandating social distancing in response to the Covid-19 crisis requires socialising the economic costs of doing so. We as ...

Sharjah / WAM The Sharjah Chamber of Commerce and Industry (SCCI) on Monday held its first video conference meeting, as part of the remote working system and the precautionary measures taken to maintain the health and safety of the employees and the customers. The meeting was also in line with the preventive measures adopted by the UAE government in light ...

ABU DHABI / WAM Obaid Humaid Al Tayer, Minister of State for Financial Affairs, on Monday participated in a virtual meeting with the G20 ministers of finance and central bank governors, to discuss ways to unite international efforts to address the coronavirus (Covid-19) pandemic and lessen its economic and social impact on the region and the world. Al Tayer reiterated ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) announced that it has saved 326 million gallons of potable water in 2019, which is equivalent to the amount of water in 593 Olympic swimming pools. The announcement was made marking World Water Day, which is held on March 22 every year since 1993, to highlight the importance of fresh water ...

Dubai / WAM In a phone call to the Dubai Health Authority’s (DHA), Emergency Department, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, praised medical professionals for their dedication to ensure public safety and combat the coronavirus (Covid-19) spread. His Highness Sheikh Mohammed bin Rashid reviewed the precautionary ...

DUBAI / WAM His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Chairman of the National Olympic Committee, stated that the current situation being experienced by the sports sector and other sectors require the cooperation of all relevant organisations and individuals. He also pointed out that the safety and protection of the community is always a leading priority of ...

Abu Dhabi / WAM The Ministry of Interior (MoI) has called upon members of the public to stay at home except in cases of necessity, including getting essential supplies, such as food and medicine, or going out for work. “The measures are part of the precautionary and preventive steps taken by the UAE to contain the coronavirus (Covid-19) and ensure ...

Bloomberg Oil dropped towards the lowest level since 2003 as demand plunged as governments froze economic activity to combat the coronavirus, and prospects for a Opec-Texas production deal faded. Futures in London fell 5.6% to near $25 a barrel as some traders estimate crude demand will collapse by as much as 20 million barrels a day this year. Texas Railroad ...