AL AIN / WAM Strata Manufacturing, the advanced composite aerostructures manufacturing facility wholly-owned by the Mubadala Investment Company PJSC, deployed two of the latest generation MTorres Automated Tape Laying (ATL), machines to support its Airbus A350-900 manufacturing capabilities. The Al Ain-based manufacturer has gained First Part Qualification and First Article Inspection design and quality verifications for the use of the ...

DUBAI / WAM Dubai Financial Market (DFM) announced that it is temporarily closing its trading floor and customer affairs counters until further notice beginning March 16, as part of its commitment to public health, and in line with measures taken in the UAE to contain coronavirus (Covid-19). Hassan Al Serkal, Chief Operating Officer and Head of Operations Division at DFM, ...

Bloomberg Hong Kong’s jobless rate likely rose to its highest level in nine years in February as the novel coronavirus outbreak and plunges in asset prices weighed on the city’s economy, according to Financial Secretary Paul Chan. Hotels, retailers, restaurants and construction are among the industries that were hit hardest as companies shorten hours and shutter operations, Chan wrote in ...

Bloomberg China suffered an even deeper slump than analysts feared at the start of the year as the coronavirus shuttered factories, shops and restaurants across the nation, underscoring the fallout now facing the global economy as the virus spreads around the world. Industrial output plunged 13.5% in January and February from a year earlier, retail sales fell 20.5%, and fixed-asset ...

Bloomberg Alibaba Group Holding Ltd co-founder Jack Ma has joined Twitter. In his first tweet, Ma posted photos of a China Eastern Airlines plane with boxes of coronavirus test kits and face masks slated to be shipped and donated to the US from Shanghai. “All the best to our friends in America,” he wrote, which garnered more than 3,500 retweets ...

Bloomberg An investigation into Coffee Day Enterprises Ltd, initiated by its board after the death of founder VG Siddhartha, is likely to conclude that at least 20 billion rupees ($270 million) is missing from its accounts, according to people familiar with the matter. The months-long probe following the suicide of Siddhartha in July examined the financial transactions of India’s largest ...

Bloomberg Tencent Holdings Ltd picked up millions of new gamers during the global coronavirus outbreak — yet that surge in mobile play may be slowing as world’s No 2 economy goes back to work. The quest for entertainment among millions confined to home translated into a big boost for Tencent’s marquee games, Honor of Kings and Peacekeeper Elite. That helped ...

Bloomberg Thailand is preparing to restrict some aspects of daily life after the country’s biggest spike in coronavirus cases, further damaging one of Asia’s weakest economic outlooks. The steps to be considered include placing more curbs on foreign arrivals, cancelling events with big crowds and closing entertainment venues deemed risky for spreading the virus. Confirmed cases jumped by 32 on ...

Bloomberg The US economy will contract sharply in late March and April as consumers and businesses slash spending, with the short downturn likely be officially deemed as being a recession, according to Goldman Sachs Group Inc. The world’s largest economy will shrink 5% in the second quarter after zero gross domestic product growth in the first three months of the ...

Bloomberg There’s 1,000 miles and a body of water between Mark McGowan and the Italian epicenter of Europe’s coronavirus outbreak. He may as well be next door. His 16-room hotel, the Scholars Townhouse in Drogheda, north of Dublin, has seen a 60% drop in room revenue. The business market “just melted away overnight,” he said. “We have three people at ...