Saturday, 11 July 2020

Business

Virus affects 81% of global workforce

LONDON: The International Labour Organization (ILO) told the World Bank and International Monetary Fund (IMF) that workplace closures have risen so fast that 81% of the global workforce live in countries with mandatory or recommended closures. ILO Director-General Guy Ryder urged the IMF and World Bank to focus their response ...

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Singapore oil trader Hin Leong hid $800M in losses

The son of the legendary founder of Hin Leong said the Singapore oil trader hid about $800 million in losses racked up in futures trading, suggesting a much bigger hole in the company’s finances than thought, according to people with knowledge of the matter. The downfall of Hin Leong Trading ...

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London buses step up coronavirus measures after 20 drivers die

London’s transport authorities on Friday announced new measures to protect bus drivers from coronavirus, as colleagues held a minute’s silence for 20 who have already died. Mayor of London, Sadiq Khan, whose father was a bus driver, led tributes to the victims as authorities said passengers would no longer be ...

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PIA crew members detained at Manchester Airport

MANCHESTER: Crew members of a Pakistan International Airlines (PIA) flight from Islamabad to Manchester has been detained by British immigration authorities on Thursday at the Manchester Airport, local media  reported. According to sources, the crew members of Pakistan International Airlines flight PK-701 were taken into custody at the Manchester Airport ...

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Oil languished at multi-year lows

LONDON: Oil languished at multi-year lows on Thursday, with WTI crude remaining around $20 a barrel as dire warnings about a virus-triggered demand shock overshadowed a deal to cut output. US benchmark West Texas Intermediate made small gains in Asian afternoon trade to $20.05 per barrel at one point. It had ...

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A lower-cost new powerful iPhone SE starts at $399

LONDON: Apple has officially announced the new iPhone SE, a lower-cost iPhone that starts at $399 for a version with 64GB of storage. It has the same basic shape and look as the iPhone 8, which means it has a 4.7-inch screen, large bezels on the top and bottom, and ...

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BoE to buy 554mn stg of gilts over next 3 months

LONDON: The Bank of England said that it intended to buy 554 million pounds ($691.95 million) of British government bonds over the next three months independently of its main asset purchase programme. The BoE said the purchases were part of its programme of investment of its free capital and reserves. ...

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SoftBank Group forecasts $7-b full-year net loss

TOKYO: Struggling Japanese conglomerate SoftBank Group on Monday forecast a $7-billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork. The telecoms and investment giant, led by flamboyant entrepreneur Masayoshi Son, also said in a surprise press release it expected ...

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Telco shares are surprise losers as lockdown drives internet boom

SINGAPORE/BERLIN: As lockdowns worldwide drive a surge in internet use, boosting online sales for businesses as varied as gaming and food delivery, the stocks of internet providers are an unlikely laggard on global markets. In Asia, Africa, Europe and the Americas, a combination of high fixed costs, debt and market ...

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Top oil producers agree on record output cuts

VIENNA: Top oil-producing countries agreed Sunday to record output cuts in order to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war. OPEC producers, dominated by Saudi Arabia, and allies led by Russia met via videoconference for an hour Sunday in a last-ditch effort ...

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