March, 2020

• 21 March

  SAA halts international flights until end-May

  

  Bloomberg South African Airways (SAA), the cash-strapped national airline, suspended all flights outside its home country until the end of May after a government travel ban aimed at stopping the transmission of the coronavirus. Routes to New York, London and other global cities were scrapped after President Cyril Ramaphosa declared some of the destinations high risk. The state-owned carrier initially ...

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• 21 March

  Walmart hires 150,000; aims to start parking lot virus testing

  

  Bloomberg Walmart Inc is hiring 150,000 temporary workers to meet surging demand for everyday goods, as the US retail giant prepares to start coronavirus tests in store parking lots over the weekend. The new employees will largely work in distribution centres and many will become permanent staff over time, Walmart said in a statement. The company is also slated to ...

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• 21 March

  Delta Air suspends dividend, share buybacks

  

  Bloomberg Delta Air Lines Inc is suspending its dividend and share repurchase programme as US carriers seek a $58 billion government bailout. The airline also entered into a $2.6 billion secured credit facility, enhancing liquidity amid a daily cash burn of $50 million as travel demand collapses because of the coronavirus pandemic. The company is also drawing $3 billion under ...

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• 21 March

  Coronavirus: Kenya Air’s CEO, staff to take pay cut

  Bloomberg Kenya Airways Plc will cut salaries of executives and staff starting next month to combat a slump in revenue amid the coronavirus pandemic. Chief Executive Officer Allan Kilavuka will take an 80% pay cut, to be reviewed on a monthly basis, while senior management including board members will have their salaries reduced by 75%, according to an internal memo ...

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• 21 March

  Target boosts wages, delivers bonuses to rank-and-file

  

  Bloomberg Target Corp is boosting hourly wages, expanding its paid-leave policy and delivering bonuses to thousands of store employees, the latest move by a major retailer to reward rank-and-file staff for coping with the coronavirus. The cheap-chic retailer said it’s raising hourly pay by $2 until at least May 2, and offering paid sick leave of up to 30 days ...

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• 18 March

  UAE banks’ assets reach AED3.095tn in February

  

  ABU DHABI / WAM The central bank of the UAE has revealed the country’s banking indicator figures for February, noting gross banks’ assets totalled AED3.095 trillion. The February gross banks’ assets total represents a year-on-year increase of 6.4 percent, compared to February 2019 figures which reached some AED2.909 trillion. This figure is the highest recorded by the UAE banking sector, ...

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• 18 March

  Oil slumps to 18-year low as price war intensifies

  

  Bloomberg Oil prices plunged below $24 a barrel for the first time in almost 18 years after Saudi Arabia doubled down in its price war with Russia, vowing to keep production at a record high “over the coming months.” For the last 10 days, Riyadh has issued nearly daily statements raising the stakes in its battle with Moscow, first announcing ...

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• 18 March

  UAE to suspend visa on arrival from today

  ABU DHABI / WAM The United Arab Emirates has announced a temporary suspension on issuing visas upon arrival for holders of exempted passports, effective 01:00 (UAE local time) on March 19, as part of the precautionary and preventive measures adopted by the country to contain the spread of coronavirus (Covid-19). Holders of diplomatic passports are exempted from this decision, noted ...

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• 18 March

  European banks get $130bn, easing dollar stress from virus

  

  Bloomberg European banks took $130 billion made available by the US Federal Reserve on Wednesday, helping ease the funding stress from the coronavirus pandemic. Lenders from the euro zone borrowed the bulk of the money — $112 billion in operations coordinated by the European Central Bank (ECB). That’s the biggest use of the crisis-era swap lines since the global financial ...

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• 18 March

  NBF approves dividend of 13.5 percent

  Fujairah / WAM The National Bank of Fujairah (NBF) approved the distribution of profits of 13.5 percent of paid-up capital in the form of cash dividends of 10 percent (AED 185 million) and bonus shares of 3.5 percent (AED64.8 million) of paid-up capital. During its Annual General Assembly Meeting on Wednesday, shareholders also approved the Chairman’s and Directors’ Reports, and the ...

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