US companies cut a record 20.2 million jobs, ADP says

Employment at US companies plummeted in April by the most in records back to 2002 as coronavirus mitigation efforts brought business activity to a near standstill. Private payrolls slumped by 20.2 million from a month earlier, according to ADP Research Institute data released Wednesday. Employment in March was revised down to a 149,000 decrease from […]

Bangladesh’s Beximco Pharma to start making Gilead’s remdesivir this month

Remdesivir, a drug developed by Gilead Sciences, has grabbed attention as one of the most promising treatments for COVID-19, the respiratory disease caused by the novel coronavirus that has killed more than 250,000 people. US drug authorities granted emergency use authorisation last week, paving the way for its broader use in U.S. hospitals, after Gilead provided […]

Disney takes $1.4b coronavirus hit, with worse to come

New York: Walt Disney Co. investors got a taste of just how bad the coronavirus pandemic will be for the world’s largest entertainment company. The crisis cost Disney as much as $1.4 billion in lost profit last quarter, the company said Tuesday, with $1 billion coming from shuttered theme parks alone, and nearly every part […]

Abu Dhabi sets up Dh550m fund to help out local exporters

Abu Dhabi: The Abu Dhabi Exports Office is setting up a Dh550 million fund to support the export sector, by helping out cash-strapped overseas buyers of UAE merchandise and the national companies that sell them. “This is not only a difficult time for UAE exporters, but it’s also a challenging time for their overseas buyers,” said Mohammed […]

Withstanding COVID-19: Dubai’s external trade reaches Dh323b in Q1 2020

Dubai: Dubai’s external trade in the first quarter of 2020 reached Dh323 billion. Exports grew 2 per cent to Dh43 billion compared to the corresponding quarter last year while imports accounted for Dh189 billion and re-exports touched Dh92 billion deonstrating the resilience of Dubai economy in the face of global economic headwinds caused by the […]