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Bloomberg As a 17-year-old trainee bellboy, Kuok Meng Xiong spent a summer opening doors at his family’s Island Shangri-La hotel in Hong Kong. It was here, sweating through back rooms and service corridors, that he started to learn the hard truths of running a business. Now, after more than 20 years and a career spent helping run the family’s operations ...

Bloomberg The economic impact of the growing coronavirus outbreak is shifting from service-driven industries like hotels and restaurants to the manufacturing sector on both sides of the Atlantic, leading to a synchronized shutdown of heavy industry that historians and industry experts say is unlike any seen since the 1940s. Automakers in the US and Europe are idling plants in response ...

Bloomberg German Chancellor Angela Merkel’s government should finance a stimulus plan worth as much as 150 billion euros ($162 billion) to help offset the economic fallout from the coronavirus crisis, Bavarian state leader Markus Soeder said. Measures taken by Merkel administration, including an existing $610 billion liquidity program for companies, are insufficient, Soeder said. His comments come as the government ...

Bloomberg As companies and government agencies send their employees home to avoid contact with the coronavirus, many cybersecurity teams are facing the unenviable challenge of securing sprawling, vulnerable networks. Every time an employee connects to their corporate network from home, they’re creating possible access points for hackers to exploit. When this happens 1,000 times on a single network almost overnight, ...

Bloomberg The Trump administration escalated its attacks on China over the coronavirus, as US officials publicly alleged that Beijing concealed and minimised the spread of the disease within its borders until it was too late to stop a global outbreak. President Donald Trump and Secretary of State Michael Pompeo called the disease the “Chinese virus” at a White House news ...

ABU DHABI / WAM Khalifa Industrial Zone Abu Dhabi (Kizad), a subsidiary of Abu Dhabi Ports, on Wednesday announced that it has implemented the 25 percent reduction in land lease tariff for new contracts as announced by Abu Dhabi Executive Council. The tariff reduction will help companies setting up in Kizad a competitive advantage by lowering initial investment, and subsequently ...

DUBAI / WAM The Awqaf and Minors Affairs Foundation (AMAF) has launched a remote working system for 50 percent of its employees to ensure their safety, as part of the preventative measures to protect against coronavirus pandemic, Covid-19. Ali Al Mutawa, Secretary General of AMAF, said, “The Awqaf and Minors Affairs Foundation has activated a set of smart solutions and ...

ABU DHABI / WAM The central bank of the UAE announced the issuance of the ‘Dormant Accounts Regulation’. This regulation applies to all banks operating in the UAE. The purpose of the regulation is to establish a framework for the control and protection of dormant funds in banks, said a CBUAE press release on Wednesday. To ensure the funds in ...

ABU DHABI / WAM The joint military exercise between the UAE and US armed forces, ‘Native Fury 20’, has resumed in the UAE, reflecting the military cooperation between the two friendly countries and their close military ties. Brigadier Tariq Al Zaabi, Director of Native Fury 20, stated that the overall exercise includes a series of joint military training exercises, under ...

Bloomberg CanSino Biologics Inc said it received Chinese regulatory approval to start human trials of a vaccine against the novel coronavirus, another example of a potential weapon against the illness being fast-tracked for testing as the global death toll escalates and nations impose lockdowns on their citizens. The vaccine, co-developed by the Hong Kong-listed company and China’s Academy of Military ...