Bankruptcies among small and mid-sized businesses to peak, says IMF

Washington: The rate of bankruptcy for small- and medium-sized businesses may triple this year in the absence of sufficient government support, which would stall the economic recovery and cause financial instability. That’s according to the International Monetary Fund. A staff analysis of 17 countries suggests that bankruptcies for the firms could surge to 12 per […]

Netflix shares dive on flat profit despite user growth

San Francisco: Netflix shares dived on Thursday after the leading streaming entertainment service reported relatively flat quarterly profits despite rising subscriber numbers. Netflix reported a profit of $720 million (Dh2.6 billion) on revenue of $6.1 billion in the recently-ended quarter, compared with $709 million profit on $5.8 billion in revenue during the first three months […]

Abu Dhabi merges ZonesCorp into Abu Dhabi Ports

Abu Dhabi: Abu Dhabi’s ZonesCorp is to be dissolved with all of its assets, rights and commitments to be transferred to Abu Dhabi Ports. The Presidential decree will also see ZonesCorp’s employees transferred to Abu Dhabi Ports as per the new arrangement. ZoneCorp had run a number of special economic zones in Abu Dhabi, including Industrial […]

COVID-19 impact: Unfamiliar territory for Indian bridal industry

When Indian fashion designer Sabyasachi Mukherjee debuted his fine jewelry at Bergdorf Goodman in January, he had big plans for promoting his collection. But the coronavirus outbreak forced him and the luxury department-store chain to make some big adjustments. Social-distancing rules in New York, for example, meant browsing at the Fifth Avenue store had to […]

Decree to restructure UAE Central Bank board of directors issued

Dubai: UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a decree to restructure the UAE central bank’s board, and which will be chaired by Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. The Board of Directors will now have Abdulrahman Saleh Al Saleh as Vice-Chairman; Abdulhamid Mohammed Saeed […]

$5 vaccine against COVID-19 possible? Latest trial updates here

DUBAI: Is a $5 (Dh18.37, Rs376) COVID-19 vaccine even conceivable? Some vaccine makers say it is.  Here’s why: Many of the world’s smartest people are involved in developing it. Taxpayers, especially in the US and Europe and Asia, are bankrolling the development of a SARS-CoV-2 jab. That means governments have taken a greater risk than biotech […]