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Bloomberg Renault SA is poised to get a state-backed loan of about $5.4 billion to cushion the struggling French carmaker from the impact of the coronavirus pandemic that has clobbered the auto industry. French Finance Minister Bruno Le Maire said the funding package is still under negotiation, while at the same time announcing an even bigger one for Air France-KLM, ...

Bloomberg More than a year after the billionaire chairman of Xpeng Motors labelled as “questionable” Tesla Inc.’s allegations that an engineer stole Autopilot secrets before bolting to the Chinese startup, the questions from Elon Musk’s company keep coming. As Tesla tries to amass proof in its lawsuit portraying the engineer as a traitor, it’s asking a judge to force the ...

Bloomberg The resignation of Sergio Moro, the Brazilian judge who gained superstar status for taking down a network of corrupt politicians and CEOs, set off a storm in President Jair Bolsonaro’s administration. Pot-banging protests erupted across the country as the president spoke to refute Moro’s allegations that he had tried to interfere with federal police investigations. “I was promised carte ...

DUBAI / WAM DP World announced on Thursday that it handled 17.2 million twenty-foot equivalent units, TEU, across its global portfolio of container terminals in the first quarter of 2020. It noted that gross container volumes decreased by 1.7 percent year-on-year on a reported basis and up 0.3 percent on a like-for-like basis. Reported volumes declined in Asia Pacific and ...

Ajman / WAM As part of the government’s continuous efforts to curb the spread of Covid-19 in the country, the Ministry of Infrastructure Development has launched a drive to disinfect petrol stations located on the highways of the Emirate of Ajman. Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development, on Wednesday was briefed via video-call on the ...

ABU DHABI / WAM The Ministry of Health and Prevention has conducted over 29,000 additional Covid-19 tests among citizens and residents, resulting in the detection of 518 new cases among various nationalities. The total number of cases in the UAE has now reached 8,756. The ministry also announced the full recovery of 91 patients after receiving the necessary medical care. ...

Dubai / WAM The Ministry of Climate Change and Environment (MOCCAE) announced that it has implemented a set of measures at UAE ports to facilitate and expedite the entry and testing of inbound food consignments. The move aims to ensure continued food supply in the run-up to the Holy Month of Ramadan. These measures include the deployment of higher numbers ...

Bloomberg South Korea’s virus-hit economy suffered the worst contraction since the global financial crisis in the first quarter, with a darkening outlook for global trade suggesting the country may fail to grow this year. Gross domestic product shrank 1.4% in the three months through March from the prior quarter, slightly above economists’ forecast of a 1.5% contraction, according to the ...

Bloomberg Indonesia’s ride-hailing and food-delivery giant Gojek has acquired a mobile point-of-sale startup called Moka for about $130 million, according to people familiar with the deal. The transaction, which has been under negotiations since last year, was completed about a month ago, said the people, who asked not to be named because the information is private. It hasn’t been announced ...

Bloomberg Europe’s economy suffered a massive blow in April when government restrictions to contain the coronavirus left companies scrambling to stay afloat. An estimate of private-sector activity in the euro area plunged to just 13.5 from 29.7 in March, IHS Markit said on Thursday. The drop was far sharper than economists had anticipated and marks the lowest reading for the ...