April, 2020

• 23 April

  Khalifa Foundation to provide 4.5m Iftar meals

  ABU DHABI / WAM The Khalifa bin Zayed Al Nahyan Foundation launched a project to provide 4.5 million Iftar meals during the Holy Month of Ramadan to workers in industrial areas in Abu Dhabi, Al Ain and Al Dhafra. An official source from the foundation stated that this initiative is in line with the Ramadan Mir (ration) initiative that has ...

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• 23 April

  Ministry boosts food import processing, testing services

  

  Dubai / WAM The Ministry of Climate Change and Environment (MOCCAE) announced that it has implemented a set of measures at UAE ports to facilitate and expedite the entry and testing of inbound food consignments. The move aims to ensure continued food supply in the run-up to the Holy Month of Ramadan. These measures include the deployment of higher numbers ...

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• 23 April

  South Korea economy shrinks the most since 2008 over virus

  

  Bloomberg South Korea’s virus-hit economy suffered the worst contraction since the global financial crisis in the first quarter, with a darkening outlook for global trade suggesting the country may fail to grow this year. Gross domestic product shrank 1.4% in the three months through March from the prior quarter, slightly above economists’ forecast of a 1.5% contraction, according to the ...

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• 23 April

  Thailand’s downturn means even monks are going hungry

  

  Bloomberg Thailand’s cherished Buddhist tradition of giving alms to monks is becoming yet another casualty of the coronavirus pandemic, leaving many of them without enough food. Traditionally, Thais bring food to monks in exchange for blessings when the orange-robed clergy undertake early-morning rounds, but there are far fewer people on the streets because of a partial national lockdown. The nation’s ...

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• 23 April

  Gojek acquires payments startup Moka for $130m

  

  Bloomberg Indonesia’s ride-hailing and food-delivery giant Gojek has acquired a mobile point-of-sale startup called Moka for about $130 million, according to people familiar with the deal. The transaction, which has been under negotiations since last year, was completed about a month ago, said the people, who asked not to be named because the information is private. It hasn’t been announced ...

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• 23 April

  Luckin collapse adds to Credit Suisse’s losses

  

  Bloomberg Credit Suisse Group AG was stung by the collapse of Luckin Coffee Inc in China following an accounting scandal, which led to a five-fold increase in Asian loan-loss provisions. The Swiss bank set aside 97 million Swiss francs ($100 million) for soured loans, primarily related to three cases, the largest of which was Luckin Coffee, according to a person ...

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• 23 April

  SoFi acquires Hong Kong’s 8 Securities in first global push

  Bloomberg Social Finance (SoFi) Inc acquired 8 Securities, a Hong Kong mobile investing startup, marking its first expansion outside of the US. Rebranded as SoFi Hong Kong, the company will be the only brokerage service that delivers fee-free stock trading on more than 15,000 US and Hong Kong stocks, as well as exchange traded funds, the company said. The acquisition ...

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• 23 April

  Virus lockdowns reshape future of oil demand

  

  Bloomberg Richie Merzian is still thinking about oil a lot in his professional capacity, but these days he’s using much less of it. The Australian energy and climate change researcher used to drive daily to his office and his kids’ daycare, while occasionally flying to international conferences. Now he works from his home in suburban Canberra and makes presentations to ...

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• 23 April

  South Africa’s power utility Eskom warns coal suppliers

  

  Bloomberg South Africa’s power utility warned coal suppliers it may halt purchases of the fuel because a nationwide lockdown to deal with the coronavirus pandemic has curtailed demand for electricity. The force-majeure notice Eskom Holdings SOC Ltd issued to miners follows a similar instruction to wind-power producers two weeks ago as the utility struggles to honor contractual agreements. It’s another ...

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• 23 April

  Green shoots appear in Germany, Italy’s power market

  

  Bloomberg Italy and Germany showed signs that they’re beginning to consume more electricity, suggesting economic activity may be starting to increase in some corners of Europe hardest hit by the coronavirus. In France and Spain, power use was steady in the past week, while Britain suffered a further slump. Those findings from grid operators shed light on how lockdowns to ...

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