March, 2020

• 28 March

  Sheltered in place? Then make masks

  

  It’s no secret that US hospitals are facing a dire shortage of personal protection equipment for their workers. The surgeon general even urged the public to stop buying masks, stating, “They are NOT effective in preventing general public from catching #Coronavirus, but if health care providers can’t get them to care for sick patients, it puts them and our communities ...

  Read More »
• 28 March

  How to make a Boeing bailout more palatable

  

  Boeing Co is the least deserving of the corporate needy in the coronavirus crisis, but the nature of its position means it must get a special cut of a $2 trillion aid package working its way through Congress. As the only US company capable of producing a major commercial jetliner, the country’s biggest exporter, and a major defense contractor, it’s ...

  Read More »
• 25 March

  DubaiStore, UAE’s first online shopping initiative goes live

  

  DUBAI / WAM UAE consumers will now be able to shop online with trust and confidence with DubaiStore, a new UAE e-commerce marketplace platform created by Digital Economy Solutions (DES), which has gone live. The new e-commerce platform is an initiative that will facilitate small- and medium-sized businesses to sell their products online, offering healthy competition to big e-commerce players, ...

  Read More »
• 25 March

  Etihad Airways halts all flights from UAE

  

  ABU DHABI / WAM Etihad Airways has announced suspension of all flights departing from Abu Dhabi International Airport for two weeks, and subject to further directives by the relevant authorities. According to a statement released by the airline, the announcement was made following the UAE’s National Emergency Crisis and Disaster Management Authority (NCEMA) and the General Civil Aviation Authority (GCAA) ...

  Read More »
• 25 March

  UAE reports 85 new cases of coronavirus

  

  Abu Dhabi / WAM The UAE announced on Wednesday the detection of 85 new coronavirus (Covid-19) cases and the recovery of seven more individuals. The announcement was made by the Ministry of Health and Prevention during a regular press briefing on Wednesday, wherein Dr. Farida Al Hosani, the official spokesperson for the UAE health sector, highlighted the latest Covid-19 developments ...

  Read More »
• 25 March

  Salama posts AED55m net profit

  

  Dubai / Emirates Business Islamic Arab Insurance Company (Salama), the UAE’s largest and oldest takaful provider, announced its audited financial results for the year ended December 31, 2019, reporting a net profit of AED 55 million. The gross written premium grew by 6.25% to reach AED 1,106 million in 2019 compared to AED 1,041 million in 2018. Salama’s focus on ...

  Read More »
• 25 March

  UAE launches fund to unify anti-coronavirus efforts

  

  ABU DHABI / WAM The UAE on Wednesday launched a fund for unifying national efforts to combat the coronavirus (Covid-19) pandemic. Titled “The Fund of the United Arab Emirates: Homeland of Humanity”, the fund has been launched in coordination with the National Emergency Crisis and Disasters Management Authority (NCEMA) the Emirates Red Crescent (ERC) and other humanitarian and charity organisations ...

  Read More »
• 25 March

  Oil dips as collapsing demand counters stimulus efforts

  

  Bloomberg Oil turned lower on an unprecedented hit to consumption, even as policy makers attempted to kickstart the global economy. Futures in London erased earlier gains to trade down 4.2%. The boss of trading house Vitol Group said demand is down about 15 million to 20 million barrels a day and will shrink further with India’s decision to go into ...

  Read More »
• 25 March

  Bank shares drive market cap gain of AED61b in UAE

  

  ABU DHABI / WAM Driven by country-level economic incentives and stimulus packages, the UAE financial markets continued their rebound for the second straight day, with listed companies posting combined gains of AED61 billion in market cap in the two sessions of Tuesday and Wednesday. Abu Dhabi’s main stocks index was up 7.23 percent to 3,915 points on Wednesday, driven by ...

  Read More »
• 25 March

  Europe working to unleash bailout fund to aid states

  

  Bloomberg The euro area is preparing to make available credit lines from its bailout fund worth up to 2% of each country’s output, as the region’s finance ministers seek to lay out the next phase of their fiscal response to the coronavirus outbreak. The tentative progress comes as an array of forecasts and sentiment indicators have pointed to a severe ...

  Read More »