March, 2020

• 7 March

  Mastercard shuts its office in Sao Paulo

  Bloomberg Mastercard Inc. closed its office in Sao Paulo and an annex location near its headquarters in New York after an employee contracted coronavirus. The Brazil-based employee traveled to the annex office in Purchase, New York, earlier this week, the company said in a statement. The two locations are undergoing a “thorough sanitisation process,” it said. “While it is believed ...

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• 7 March

  Flybe collapses after last-ditch talks with UK government fail

  

  Bloomberg UK airline Flybe collapsed into administration after failing to secure a last-ditch bailout from the government, leaving no other option than to ground the regional carrier serving far-flung parts of the UK. Britain’s largest domestic airline had been teetering for months. It avoided liquidation in January, when Boris Johnson’s government came out in support of state intervention and its ...

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• 7 March

  Norwegian Air pulls 2020 guidance, cuts flights on coronavirus

  

  Bloomberg Norwegian Air Shuttle ASA withdrew its financial guidance for 2020 as the coronavirus outbreak wreaks havoc on the airline industry. The troubled Nordic carrier said it can no longer stand by the goals it gave investors less than a month ago, adding to the list of airlines warning of the impact of the epidemic that has led to lower ...

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• 7 March

  John Lewis employee bonus at 67-year low as profit drops

  

  Bloomberg John Lewis Partnership Plc’s employees will get their lowest bonuses in 67 years in 2020, though they may be relieved to get anything following the UK retailer’s three straight annual profit declines in a highly competitive market. The parent company of John Lewis department stores and upmarket grocer Waitrose said it will pay a 2% bonus to its employee-owners ...

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• 7 March

  Lawmakers press Amazon, EBay over counterfeit goods

  

  Bloomberg A bipartisan group of house lawmakers urged Amazon.com Inc and EBay Inc executives to take stronger actions against third-party vendors who sell fake, stolen or unsafe goods on their shopping websites. “Organised retail crime, selling counterfeits and stolen products, poses a threat to consumers who are unwittingly purchasing these items,” said Representative Jan Schakowsky, an Illinois Democrat, during a ...

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• 7 March

  Flying in US more comfortable due to virus

  Bloomberg While the novel coronavirus has killed thousands and roiled economies, there’s been an unlikely upside for air travel in the US. Passengers flying in America now have more cabin space as airlines are deploying wide-body aircraft domestically because demand for international routes has slumped, according to OAG Aviation Worldwide. “Such short-term fleet changes create great opportunities for the regular ...

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• 4 March

  Abu Dhabi records AED58bn worth of realty deals in 2019

  

  ABU DHABI / Emirates Business The Department of Municipalities and Transport (DMT) in Abu Dhabi announced that the total value of real estate transactions in Abu Dhabi during 2019 reached AED58 billion as 19 thousand transactions were completed. The transactions included sales and mortgages of lands, buildings and real estate units. A report issued by DMT on the indicators of ...

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• 4 March

  Oil rises as Saudis push for deeper Opec+ output cuts

  

  Bloomberg Oil rose for a third day after Saudi Arabia pushed for a deeper output cut than Organisation of Petroleum Exporting Countries (Opec’s) technical committee recommended a day earlier. The Saudis are looking for a cut of more than 1 million barrels a day, after the Joint Technical Committee suggested an supply reduction of 600,000 to 1 million barrels a ...

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• 4 March

  World Bank commits $12 billion to fight coronavirus outbreak

  

  WASHINGTON / WAM The World Bank Group announced it is making available an initial package of up to $12 billion in immediate support to assist countries coping with the health and economic impacts of the global outbreak of coronavirus, (Covid-19). In a statement, the World Bank said as the virus reached more than 60 countries, “This financing is designed to ...

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• 4 March

  Global air cargo demand down 3.3% in January

  

  GENEVA / WAM The International Air Transport Association (IATA), released data for global air freight markets showing that demand, measured in cargo tonne kilometres (CTKs), decreased by 3.3 percent in January 2020, compared to the same period in 2019. Commenting on the results, IATA’s Director-General and CEO, Alexandre de Juniac, said, “January marked the tenth consecutive month of year-on-year declines ...

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