• Dubai’s Jafza, Israeli business group sign strategic partnership
    Author: Sat, 2020-09-26 09:30 DUBAI: Dubai’s Jebel Ali Free Zone has signed a strategic partnership with an Israeli business group to support businesses and encourage economic cooperation following the normalization of ties between the UAE and Israel. Sultan Ahmed bin Sulayem, the group chairman and chief executive of DP World, and Uriel Lynn, president of the […]
  • Hitachi grids will hit 2025 target after green revolution
    Author: Sat, 2020-09-26 03:20 ZURICH: The power grids business Hitachi bought from ABB for $11 billion is likely to hit the upper end of its 2025 targets despite the effects of a coronavirus downturn over the next two years, CEO Claudio Facchin has said. Hitachi ABB Power Grids, whose products connect power stations to homes and […]
  • Julius Baer ordered to pay $162m over vanished East German cash
    Sat, 2020-09-26 03:06 ZURICH: Swiss private bank Julius Baer could seek to recoup 150 million Swiss francs ($162 million) from UBS after it was ordered on Friday to repay the German government over millions in East German cash that vanished after the fall of the Berlin Wall. The German government has been seeking money that […]
  • GM energizes Chinese electric micro car market
    Author: Sat, 2020-09-26 02:47 BEIJING: When 32-year-old photographer Jaco Xu needed a run-around car for work in the eastern city of Hangzhou, the price tag on the latest micro EV from GM’s China joint venture overcame his qualms about electric vehicles. Xu paid 38,800 yuan ($5,735) for his tiny two-door Wuling Hong Guang MINI EV, while […]
  • China to see record LNG imports as industries recover, expand
    Author: Sat, 2020-09-26 02:42 SINGAPORE: China’s imports of liquefied natural gas will likely grow 10 percent to new highs this year as companies scoop up cheap supplies to cover increasing industrial use and robust residential demand. With its total natural gas use likely expanding at 4-6 percent this year, China is the only major bright spot […]
  • Beijing debt added to key global bonds index
    Author: Sat, 2020-09-26 02:38 BEIJING: Chinese government debt is set to be included on a key global bonds index, which could see tens of billions of dollars of foreign investment in the country’s increasingly internationalized financial markets. The move by FTSE Russell comes as trading in China becomes more controversial in Washington as relations between the […]
  • G7 backs extension of G20 debt freeze, calls for reforms 
    Author: Fri, 2020-09-25 23:50 WASHINGTON: G7 finance ministers on Friday backed an extension of a G20 bilateral debt relief initiative for the world’s poorest countries, but said it must be revised to address shortcomings hindering its implementation. In a lengthy joint statement, the ministers from the Group of Seven advanced economies said that they “strongly regret” […]
  • Egypt fitness startup eyes new market in coronavirus protective gear
    Fri, 2020-09-25 23:01 DUBAI: Sigma Fit, which earned international acclaim in January at the world’s largest consumer products show in Las Vegas, specializes in nanotechnology that makes fabric liquid-repellent. Normally, the company deploys its hydrophobic tech to make sportswear that can go without washing for several weeks even when worn daily. But after the coronavirus […]
  • Arabtec Holding said to hire AlixPartners for debt advisory
    Author: Fri, 2020-09-25 02:31 DUBAI: Dubai-listed contractor Arabtec Holding has hired advisory firm AlixPartners to help it restructure the company’s debt, two sources familiar with the matter said. AlixPartners is assessing the company’s debt profile, before any potential discussions with Arabtec’s creditors, according to the sources, who declined to be named as the matter is not public. […]
  • UAE central bank backs anti-money laundering
    Fri, 2020-09-25 02:22 DUBAI: The UAE central bank has said that banks should increase anti-money laundering efforts to safeguard financial stability in the country. “To mitigate the risk of financial crimes . . . banks are urged to put more efforts towardcombating money laundering and financing of terrorism,” it said in a statement. The bank […]


  • Fears for jobs grow as employers count cost of Sunak’s winter plan
    The new measures for workers on the furlough scheme are not generous enough to prevent a damaging rise in unemploymentThere are several moving parts in the engine designed by Rishi Sunak to keep the British economy motoring into next year. The most important is the replacement for the furlough scheme that has kept about 9 […]
  • UK furlough scheme will fail to prevent 1m losing jobs, say experts
    Young workers and those at the bottom end of the income scale will be the hardest hit Coronavirus – latest updatesSee all our coronavirus coverage The chancellor’s multibillion-pound subsidy for part-time working will fail to prevent another one million workers losing their jobs by the middle of next year, leading economists have said.Young workers and […]
  • The Guardian view on the EU economy: adopt, not outlaw, Keynesian policies | Editorial
    During the pandemic, the EU dropped its austerity-inducing budget rules and restrictions on its central bank’s ability to finance government spending. It get should rid of them permanentlyIn an emergency, the normal rules do not apply. Coronavirus has shown the EU can do things differently. Early on the commission dumped its obsession with balancing the […]
  • UK borrowing surges; car production slumps; European markets fall – as it happened
    UK borrowing has hits a new record high this year, and car production almost halvedLatest: European stock markets have worst week since JuneUK borrowed £35.9bn in August - a record for the month Borrowing since April has hit £173.7bn - another recordCar factory output tumbled 44% last monthBar chain Revolution could shut pubsTakeover battle for […]
  • Rishi Sunak's winter plan - here's how it will affect you
    What the new job support scheme and help for the self-employed means for workersThe chancellor unveiled a winter plan on Thursday which included schemes to protect what he referred to as “viable jobs” over the next six months. These include a job support scheme to replace furlough and an extension of help for some self-employed […]
  • UK borrowing surges as Covid pushes national debt to record £2.024tn
    August’s near-£36bn borrowing figure follows unprecedented government spendingCoronavirus – latest updatesSee all our coronavirus coverageGovernment borrowing hit almost £36bn in August to push the UK‘s national debt to a record £2.024tn - more than the value of the UK economy – with the economic fallout of the Covid-19 pandemic weighing heavily on the public finances.The […]
  • Rishi Sunak warns Covid jobs plan will not stem UK's rising unemployment
    Chancellor says Britain faces winter of business failures and job losses due to Covid impactKey points from Rishi Sunak’s winter economy plan – at a glanceWhat is Rishi Sunak’s job support scheme and how will it work?Analysis: Sunak tries to stop job losses hitting postwar recordRishi Sunak has warned that Britain faces a winter of […]
  • Rishi Sunak's jobs plan reduces the immediate risk, but it's flawed
    The job support scheme looks fiddly, and unemployment looks sure to rise sharply“I cannot save every business, I cannot save every job,” said Rishi Sunak. We knew that, of course, because the chancellor has said it repeatedly since March and because he’s already on course to borrow about £370bn this financial year, a staggering sum. […]
  • UK coronavirus: record 6,634 new cases reported; chancellor announces job support scheme – as it happened
    UK reports highest single-day figure since the outbreak began; chancellor announces ‘job support scheme’ to subsidise wages of people in work. This live blog is now closed – please follow the global live blog for coronavirus updatesGovernment to cover 22% of worker pay for six monthsKey points from Rishi Sunak’s winter economy planQ+A: how will […]
  • What's missing from the chancellor's new scheme to save jobs?
    Five measures absent from the chancellor’s winter economy planCoronavirus – latest updatesWhat is Rishi Sunak’s job support scheme and how will it work? Rishi Sunak’s winter economy plan prioritises additional support for “viable” jobs. However, critics have warned that other measures are still needed to help people who have already lost their jobs or will […]

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