Tuesday, 7 December 2021

Business

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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UK court defers bankruptcy plea of banks against Vijay Mallya

LONDON: Indebted businessman Vijay Mallya has avoided being made bankrupt in the London high court after a judge adjourned the bankruptcy petition the Indian banks brought against him, slamming it as “by any measure extraordinary”. Chief Insolvency and Companies Court judge Briggs adjourned the petition for “at least six months”, ...

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Pakistan pledges $3m in SAARC COVID-19 Emergency Fund

COLOMBO: Pakistan has pledged to contribute $3 million in South Asian Association for Regional Cooperation (SAARC) COVID-19 Emergency Fund to support regional efforts in the fight against the global pandemic, it was reported. “While communicating Pakistan’s decision to the Saarc Secretariat, it has been conveyed that all proceeds of the ...

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COVID-19: Amazon to hire 100,000 workers

NEW YORK: Amazon is ramping up hiring in the U.S. to meet demand even as new cases of coronavirus have emerged in ten of its warehouses throughout the world. The company is receiving pressure to temporarily shut down from unions as well as workers rights groups. The company plans to ...

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Top oil producers except Mexico agree to output cuts

LONDON: Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The agreement, which reduces production to eight million bpd from July to December, depends on Mexico’s consent for ...

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WhatsApp tightened message forwarding limits

LONDON: WhatsApp tightened message forwarding limits, restricting users to sharing forwarded content one chat at a time after a jump in messages touting bogus medical advice since the start of the coronavirus crisis. The pandemic, which has killed more than 70,000 people worldwide, has been accompanied by what the World ...

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Global trade will plunge by a third in 2020: WTO

GENEVA: Global trade could plummet by a third this year due to the coronavirus pandemic, the World Trade Organisation said, warning the deepest recession “of our lifetimes” could be on the horizon. “Covid-19 has completely upended the global economy and with it international trade,” WTO chief Roberto Azevedo told reporters ...

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Bank of England eases rules for credit unions during pandemic

LONDON: The Bank of England has allowed credit unions to set aside less capital to cover borrowers unable to repay loans during the coronavirus crisis. Where a loan is more than three months in arrears, a credit union can provision for 20pc of the loan with immediate effect until January, ...

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India agrees to export malaria drug after Trump threat

AFP – File PhotoNEW DELHI: India on Tuesday announced to ease restrictions on export of a malaria drug seen as a potential coronavirus treatment, after US President Donald Trump hinted at “retaliation”. Citing domestic needs, India banned on Saturday exports of hydroxychloroquine which has shown early promise against COVID-19 in ...

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