BEIJING, May 7 — China’s services firms wallowed in contraction in April as layoffs hit a record and export orders plunged after signs of improvement in March, a private survey showed, dashing hopes of a quick recovery from the coronavirus blow. The Caixin/Markit services Purchasing Managers’ Index (PMI) did manage […]
Business
HONG KONG, May 7 — Asian markets dropped today as the economic reality of the coronavirus crisis became even starker, and China-US relations soured, overshadowing recent optimism over the easing of lockdown measures. With countries from Asia-Pacific to Europe and US states reopening their shattered economies, global equities have enjoyed […]
DUBAI, May 7 — In Dubai’s ritzy Marina district, white yachts are tethered to docks, standing idle — like many companies behind a luxury lifestyle industry battered by the coronavirus crisis. The boardwalks that snake around the precinct’s artificial bays and canals, once packed with tourists, mostly from China, Russia […]
LONDON, May 7 — Bitcoin miners, whose computer processors enable the running of the world’s most popular virtual currency, will soon face an event that takes place every four years and alters the profitability of the hi-tech industry. So-called halving is when cryptocurrency-mining companies and individuals find out the reduced […]
BEIJING, May 7 — China’s exports unexpectedly rose in April for the first time this year, taking some pressure off manufacturers in the world’s second-largest economy after the coronavirus pandemic battered demand and disrupted manufacturing supply chains. April’s better-than-expected outcome followed an improvement in March, but the outlook for China’s […]
COPENHAGEN (Reuters) – Denmark’s Novo Nordisk posted a better-than-expected quarterly operating profit on Wednesday and kept its full-year outlook, as customers stocking up during the coronavirus pandemic boosted sales of its diabetes medicines. Novo Nordisk joined U.S. rival Eli Lilly and other large pharmaceuticals companies in sticking to or even […]
Norwegian Air is only paying invoices vital to maintaining minimum operations, such as salaries for staff still employed and critical IT infrastructure OSLO: Norwegian Air said on Sunday it had secured support from enough bondholders for a $1.2 billion debt-for-equity swap, a vital step in helping it survive the coronavirus […]
Wallan Trading Company has announced the signing of a strategic partnership agreement with Chinese automaker Geely Automobile International Corporation. The announcement came after an official meeting was held between the top managements of both the companies. The signing of the strategic partnership contract will strengthen the role of Wallan in […]
Uber Eats is closing down operations in eight markets, including Saudi Arabia and Egypt Uber says its core rides business was unaffected in all of the markets JEDDAH: Uber Eats announced the suspension of its services on Monday, considering it their last working day before removing its service completely from […]
ITC is one of India’s top consumer goods companies with annual sales of $11 billion ITC said the attendance of some workers in April was irregular while some had not reported at all NEW DELHI: Indian consumer goods giant ITC has warned some workers of disciplinary action and pay cuts […]