March, 2020

• 18 March

  United cuts 85% of international flights

  

  Bloomberg United Airlines Holdings Inc will slash international flights by 85% in April, the most among major US carriers, as the coronavirus outbreak kills demand for air travel. The carrier will also reduce flights across the US and Canada by 42%, and is monitoring changes in local rules and government restrictions before further adjusting its schedule, it said in a ...

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• 18 March

  Chicago Midway flights resume after virus fears shut its tower

  

  Bloomberg Flights to Chicago’s Midway Airport resumed, ending a temporary halt that occurred after technicians who work in the air-traffic control tower tested positive for the Covid-19 virus. The Federal Aviation Administration (FAA) had blocked flights departing from other airports to Midway as it switched control to a nearby air-traffic facility, according to an agency flight-tracking website. The restriction was ...

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• 18 March

  FedEx suspends outlook as virus clouds e-comm revamp

  

  Bloomberg FedEx Corp suspended its financial forecasts as the coronavirus pandemic blurred the demand outlook, upsetting a major overhaul at the courier to cut costs and handle a flood of e-commerce packages. While the uncertainty is shutting down daily life in much of the world, FedEx is beginning to see a cargo rebound in China, where the outbreak originated. About ...

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• 18 March

  Shopping-centre owners urge Trump to offer relief

  Bloomberg A trade group representing shopping-centre owners is urging the Trump administration to provide relief to retailers, restaurants and landlords as the coronavirus pandemic shuts down commerce around the US. The government should guarantee or pay for business-interruption coverage, the International Council of Shopping Centers said in a letter to President Donald Trump. Store closures “are placing an insurmountable strain ...

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• 18 March

  Covid-19: Moody’s weighs airline downgrades

  Bloomberg Moody’s Investors Service is taking aim at airlines, placing multiple carriers on review for downgrades as the industry faces the sharpest downturn since at least the 9/11 terrorist attacks. Moody said in a statement that it’s considering cutting Delta Air Lines Inc to junk. The carrier currently has a Baa3 rating, the lowest investment-grade rank. The ratings company cited ...

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• 17 March

  UAE central bank foreign assets reach AED406bn in February

  

  ABU DHABI / WAM Latest figures released by the central bank of the UAE note total foreign assets were valued at AED405.94 billion in February 2020. This figure indicates an increase of approximately AED47 billion, or 13 percent, compared to the same month last year. This growth in the central bank’s foreign assets balances reflect overall positive markers for the ...

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• 17 March

  Saudis to hike oil exports to record 10 million bpd

  

  Bloomberg Saudi Arabia plans to boost oil exports even further from April to May, reaching a record of more than 10 million barrels a day as the kingdom taps a new field. The increase in shipments of about 250,000 barrels a day shows the kingdom is determined to carry on with its policy of pumping flat out after its alliance ...

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• 17 March

  Dubai Holding, Meraas set up AED1b relief fund

  

  DUBAI / WAM Dubai Holding, a global investment holding company, and Meraas, Dubai’s premier developer and operator of lifestyle destinations, announced on Tuesday the launch of an economic relief package aimed at supporting existing business partners and customers across their portfolio of companies. The economic relief package which amounts to more than AED1 billion is designed to partially alleviate burdens ...

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• 17 March

  IMF ready to mobilise $1trillion loan capacity to counter virus

  

  Bloomberg The International Monetary Fund (IMF) is ready to mobilise its $1 trillion lending capacity to help nations counter the coronavirus outbreak, with Managing Director Kristalina Georgieva calling for global coordination on monetary, fiscal and regulatory support. Georgieva reiterated in a blog post that the fund has $50 billion in flexible and rapid-disbursing emergency funds for developing nations, with as ...

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• 17 March

  ‘Adnoc On the go’ opens in Al Bateen

  Emirates Business The first ‘Adnoc On the go’ neighbourhood service station has officially opened its doors to the local community at Al Bateen, Abu Dhabi. Unveiled at Adipec in November 2019, the neighborhood station, which was conceptualised by an in-house team of designers. Smart technology enabled, the next-generation station allows customers to shop at the Adnoc Oasis convenience store, ordering ...

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