Coronavirus could wipe out $1 trillion from global economy

New York: The ghastly prospect that the coronavirus outbreak could become the first truly disruptive pandemic of the globalization era is renewing doubts over the stability of the world economy. With the death toll approaching 3,000, over 80,000 cases officially recorded and an outbreak in Italy now shutting down the richest chunk of its economy, […]

Mubadala commits to invest in $10 billion French fund

Abu Dhabi: Mubadala Investment Company (Mubadala), one of the world’s leading sovereign wealth funds, on Monday announced the signing of a Memorandum of Understanding (MoU) with Bpifrance, the French national investment bank, committing to the LAC I Fund, a multibillion fund managed by Bpifrance. The fund targets to raise €10 billion which will be invested […]

Dubai residential buildings cannot feature ads any longer

Dubai: Dubai has issued a new Decree to regulate outdoor advertisements and their placements in Dubai. It will also mean that signature landmarks of Dubai cannot be featured in ads without prior approval. Advertisements cannot be placed on historic buildings, government and residential buildings, traffic lights and signs, trees, places of worship, restricted areas, military areas, and any […]

Nearly half of UAE expats have no plans for financial security

Dubai: Nearly half (45 per cent) of expat employees in the UAE either have no plans to ensure an adequate standard of living after retirement or plan to work beyond the retirement age to ensure continued income, said a new study. According to a ‘2020 UAE Security and Savings’ survey by global consultancy, Mercer, a […]

Millions of Chinese firms face collapse if banks don’t act

Washington: Brigita, a director at one of China’s largest car dealers, is running out of options. Her firm’s 100 outlets have been closed for about a month because of the coronavirus, cash reserves are dwindling and banks are reluctant to extend deadlines on billions of yuan in debt coming due over the next few months. […]