Saudi Arabia makes electronic payment mandatory at cafes and restaurants

Dubai: Saudi Arabia has made it mandatory for all cafes and restaurants in the Kingdom to provide electronic payment methods to customers to reduce cash circulation and enable them to rely on contactless ways. The move, part of the initiative launched by the National Programme to Combat Commercial Cover-up (Tasattur), came into force from July 29, […]

Saudi Arabia’s PIF abandons bid for UK soccer team Newcastle United

An investor group led by Saudi Arabia’s Public Investment Fund has abandoned its proposed 300 million-pound ($390 million) takeover of UK soccer team Newcastle United Football Club. The consortium formally withdrew its interest because of the prolonged process and current challenges posed by the ongoing coronavirus crisis, it said in an emailed statement Thursday. See Also […]

Uber decides against shifting Asia-Pacific HQ to Hong Kong

Hong Kong: Uber Technologies Inc. is backtracking on plans to move its Asia-Pacific regional hub to Hong Kong, citing a lack of certainty around regulation of ride-sharing in the city. The company had announced in May that it was ready to relocate its Asian headquarters from Singapore “and establish an innovation and engineering hub” in […]

Masks made from banana-tree species cut COVID’s plastic waste

Fiber from a relative of the banana tree could replace plastic in millions of face masks and hospital gowns the world is making to fight the coronavirus. Abaca – a fiber from the Philippines used in teabags and banknotes – is as durable as polyester but will decompose within two months, said Philippine fiber agency […]

COVID-19: Google parent Alphabet profit dives as coronavirus hits ad market

San Francisco: Google parent Alphabet reported a rare drop in revenue and profit on Thursday in a quarterly update that nonetheless topped market expectations. Profit slumped some 30 per cent to $6.96 billion (Dh25.6 billion) from a year for the online giant that relies on digital advertising for most of its income. See more Billionaires […]

US economy contracts 32.9% in second quarter, biggest drop since 1947

Washington The US economy suffered its sharpest downturn since at least the 1940s in the second quarter, highlighting how the pandemic has ravaged businesses across the country and left millions of Americans out of work. Gross domestic product shrank at a 32.9 per cent annualized pace in the second quarter from the first, the most […]