Volkswagen and Toyota will begin reopening European car plants next week

The world's biggest carmakers will gradually reopen plants in Europe starting next week, but with a focus on health and safety rather than production volume, as lockdown measures are eased in one of the regions hit hardest by the coronavirus pandemic. Volkswagen (VLKAF) said in a statement Wednesday that production of its passenger car brands wi...

China Central Bank Raises Stake in India’s Mortgage Lender

The People’s Bank of China has raised its stake in Housing Development Finance Corp. to just over 1%. China’s central bank held about 17.5 million shares at the end of March, according to quarterly data filed by India’s biggest mortgage lender to exchanges. It is mandatory for companies to disclose shareholding of more than 1% at the end o...

Disney World furloughing 43,000 more workers due to virus

Walt Disney World plans to stop paying wages to 43,000 workers in about a week while allowing them to keep their benefits for up to a year in what is the largest wave of furloughs since the theme park resort closed in mid-March because of the new coronavirus spread. Workers will be able to keep their medical, dental and life insurance benefits f...

Apple and Google are working together to help track the coronavirus

Apple and Google are partnering to help authorities track exposure to the coronavirus using Bluetooth technology. The two Silicon Valley giants will work on a platform to enable contact tracing, a measure that identifies people who have been exposed to the virus and who they have been in contact with, the companies announced Friday. The companie...

WeWork sues SoftBank for bailing on $3 billion share buyout agreed to in October

WeWork is suing SoftBank for abandoning a $3 billion share buyout and accusing the Japanese company of inventing reasons to back out of the plan, as financial pressure mounts and the Covid-19 pandemic worsens. The tender offer was part of a rescue package agreed to late last year, when WeWork's botched IPO left it teetering on the edge of insolv...

UAE officially proposes October 1, 2021 start for World Expo 2020 Dubai

The UAE has officially proposed that the World Expo 2020 Dubai be moved to start on October 1, 2021, in light of the ongoing issues caused by the coronavirus pandemic. The request was made in a letter addressed to Dimitri S. Kerkentzes, secretary general of the Bureau International des Expositions (BIE). A statement from the BIE said: “In the ...

Baharin's Investcorp acquires German cybersecurity company firm Avira

Bahrain-based Investcorp has announced that its European-based tech business has acquired German cybersecurity firm Avira Holding for $180 million. Investcorp Technology Partners acquired Avira, a multinational cybersecurity software solutions firm that services the OEM (Original Equipment Manufacturer) and consumer end markets, with over 500 mi...

Cash Crunch Pits Airlines against Customers in Refund Spats

The fight to survive the Covid-19 crisis is pitting airlines across the globe against their grounded customers. Regulations in the U.S. and Europe generally call for carriers to offer passengers a refund if a flight is canceled, with exceptions for circumstances like bad weather. It happens in normal times, but country lockdowns have dissolved s...

UAE's NMC Health to go into 'administration'

Abu Dhabi headquartered NMC Health will come under administration. This means that a UK Court appointed administrator will oversee the immediate future of the troubled hospital operator. This follows breakdown in talks between NMC's new management and ADCB, the bank which has got exposures Dh3.6 billion with it. In a statement late on Wednesday,...

Zoom CEO apologizes for having 'fallen short' on privacy and security

The founder and CEO of Zoom has apologized to the video conferencing app's millions of users after coming under fire for a host of privacy issues at a time when it has emerged as a vital social and professional lifeline for many. “We recognize that we have fallen short of the community's -- and our own -- privacy and security expectations," Er...
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