UK’s jobless numbers at 3m after adding 1.5m in two months

London: The UK jobless claims more than doubled to almost 3 million during the virus lockdown, adding urgency to the Bank of England and government’s efforts to cushion the blow. The number of people seeking unemployment benefits increased by more than 1.5 million in the two months through May, the Office for National Statistics said. […]

Saudi wealth fund to pick up stake in India’s Jio for $1.5b

Dubai: Saudi Arabia’s wealth fund PIF is all set to pick up a stake in India’s digital platform Jio, part of the Reliance Industries empire owned by Mukesh Ambani. The Public Investment Fund (PIF) will acquire 2.33 per cent for an estimated $1.5 billion. With PIF coming on board, Jio Platforms would have diluted 25 per […]

Gloves boom during coronavirus spawns new billionaires in Malaysia

It’s been a good year for glove companies and their founders. Malaysia, a country that produces about 65% of the world’s supply for rubber gloves, now counts at least four billionaires whose fortunes were made in the industry, including two new ones this year alone. Thai Kim Sim of Supermax Corp. was the latest to […]

UAE’s Drake & Scull will stick to core areas to script a comeback

Dubai:Drake & Scull International, the engineering company, will focus on closing out existing projects as part of its turnaround strategy – and exit from a situation where it is carrying more than Dh5 billion in accumulated losses. The second part involves a refocus on “core business activities” to win new projects. Drake & Scull International […]