How upbeat vaccine news fuelled a stock surge, and an uproar

New York: When biotech company Moderna announced last week positive results from a small, preliminary trial of its coronavirus vaccine, the company’s chief medical officer described the news as a “triumphant day for us.” Moderna’s stock price jumped as much as 30 per cent. Its announcement helped lift the stock market and was widely reported […]

Samsung sends 300 more workers to China for chip unit expansion

Seoul: Samsung Electronics has sent 300 more South Korean engineers and workers to China to complete the expansion of its second chip manufacturing facility there amid the novel coronavirus pandemic. The move came a month after Samsung dispatched 200 engineers to the Xian plant in Shaanxi Province. Samsung said the workers will be exempted from […]

US hits back at China’s alleged attempts to restrict airlines

Washington: Growing tensions between the US and China have expanded to the airline industry as the Transportation Department accused its counterpart in Beijing of blocking American carriers’ attempts to resume service there. The DOT late on Friday announced that China had violated a bilateral agreement allowing airline service between the two countries by failing to […]

Saudi economy is solid, has the ability to deal with budget deficit: Minister

Riyadh:  Saudi Arabia’s finance minister Mohammed al Jadaan said on Sunday that the kingdom’s economy is solid and has the ability to deal with the coronavirus crisis despite the need to cut spending. The Saudi economy is able to absorb the decline in revenues and to deal with budget deficit” he said in a statement […]

Hong Kong tensions rattle world stock markets, oil tumbles

New York: Oil prices tumbled and global equity markets fell on Friday as China’s move to impose a new security law on Hong Kong further strained U.S.-China relations and clouded economic recovery prospects. China also dropped its annual growth target for the first time, adding to uncertainty about the fallout from the COVID-19 pandemic, boosting safe-haven […]