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Bloomberg Hong Kong’s downturn is now the worst on record, extending the first recession seen in a decade as the coronavirus outbreak further battered an economy already weakened by political unrest. The city’s economy contracted 8.9% in the first quarter from year-ago levels, according to advance government data. The decline surpasses the previous record of -8.3% in the third quarter ...

Bloomberg Telefonica SA and John Malone’s Liberty Global Plc have never been closer to finally creating the UK’s biggest telecom operator after flirting with various combinations over the years. Racing for a potential announcement as early as this week, talks hinge in part on striking equal control for the merger of O2 and Virgin Media, while structuring a deal that’ll ...

Bloomberg The UK risks failing to recruit the 50,000 customs agents the logistics industry says are needed before Britain’s final parting with the European Union, spelling potential chaos at the country’s busiest border. The coronavirus hampered efforts to train staff to handle the extra paperwork firms will need to complete after the UK exits the EU’s customs union at the ...

Bloomberg Small businesses that struggled to get loans from a government pandemic relief program still don’t know how much they may have to repay after the government missed a deadline to give specific guidance. The US Small Business Administration (SBA) was supposed to clarify by April 26 how loans it approved as part of the Trump administration’s multitrillion-dollar coronavirus stimulus ...

Bloomberg US President Donald Trump promised a “conclusive” report on the Chinese origins of the coronavirus outbreak, showing relations between the world’s biggest economies are set to remain rocky at least until the next election six months from now. Trump pledged the report in a “virtual town hall” with Fox News, in which he added that he had little doubt ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic), has reported on Sunday its financial results for the first quarter ended March 31. Adnic delivered solid performance and growth across key financial metrics, with a net profit of AED122.6 million, a 133.1 percent increase compared to the same quarter last year. Adnic’s performance was driven by ongoing commercial momentum ...

DUBAI / WAM The Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy has implemented a new inspection campaign for shops and commercial establishments during the current phase of market reopening in the emirate. All 474 businesses inspected were found to be fully compliant with reopening guidelines, with no fines or closure orders issued, while 14 outlets were warned ...

ABU DHABI / WAM The UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has participated in the extraordinary G20 Digital Economy Ministerial Meeting, which was attended by economic ministers of all G20 member states. The meeting was held virtually, under the presidency of the Kingdom of Saudi Arabia, which is also the host of G20 meetings this year. During ...

ABU DHABI / WAM The UAE has strongly condemned the attack on an armoured vehicle in North Sinai, Egypt that resulted in the death and wounding of a number of soldiers. In a statement, the Ministry of Foreign Affairs and International Cooperation emphasised that the UAE utterly condemns these criminal acts and rejects all forms of violence and terrorism aimed ...

Bloomberg Singapore’s government outlined a plan to expand healthcare facilities for foreign workers as coronavirus cases in the city-state jumped, reversing a downward trend. The Ministry of Health confirmed an additional 932 cases, the vast majority of whom are work permit holders residing in foreign worker dormitories. Five are Singaporeans or permanent residents. That brings total confirmed cases to almost ...