Dubai Islamic Slumps as NMC Exposure Risks Wiping 45% of Profit

Dubai Islamic Bank PJSC shares dropped the maximum allowed after the lender said it has $541 million of exposure to NMC Health Plc, which could wipe out almost half of its estimated profit for this year. The Dubai-based bank had about $425 million of exposure at the end of March, while NMC owed its subsidiary Noor Bank about $116 million, accord...

Payments giant set to launch WeChat Pay in the UAE

Payments giant Network International said on Monday that WeChat Pay will soon be available to its merchant partners across the UAE. The announcement follows an agreement between Network International and Tencent Holdings Limited, official developer of WeChat Pay. WeChat Pay is a mobile payment service embedded in WeChat, the popular Chinese soci...

3M: We'll make more N95 masks for the US but we need to keep exporting them

3M, the world's largest maker of respirator masks, said Friday it is willing to comply with President Trump's order to manufacture and supply more critically needed N95 masks for the United States. But 3M cautioned about being forced to halt exports of those masks to other parts of the world. A day after Trump invoked the Defense Production Act ...

Adidas launches footwear research into space so it can make better sneakers

Adidas is one of the latest companies to send materials to the International Space Station in the name of science. Or, in this particular case, more comfortable footwear .Dozens of pellets made from the same plastic that Adidas (ADDDF) melds into the soles of sneakers will arrive at the International Space Station after SpaceX launched the exper...

Coronavirus: Google reveals travel habits during the pandemic

Google is to publicly track people's movements over the course of the coronavirus pandemic. The tech firm will publish details of the different types of places people are going to on a county-by-county basis in the UK, as well as similar data for 130 other countries. The plan is to issue a regular updates with the figures referring back to activ...

Swiss-Belhotel makes debut in Oman with Muscat soft opening

Swiss-Belhotel International has announced the soft opening of Swiss-Belinn Muscat in Oman - its debut in the sultanate - as it continues to expand across the GCC. Swiss-Belinn Muscat is a contemporary 3-star hotel with 128 rooms, the company said in a statement. Gavin M. Faull, chairman and president of Swiss-Belhotel International, said: “Om...

Singapore Crypto Firm Aims to Triple Value to $300 Million

Matrixport, the crypto-finance venture founded by Bitmain Technologies Ltd.’s billionaire chief Wu Jihan, is seeking to raise $40 million in a funding round at a post-investment valuation of $300 million, according to people familiar with the matter. Crypto startups are riding somewhat of a resurgence along with a modest recovery in Bitcoin pr...

Flybe's collapse could be 'first of many' airlines

The failure of Europe's biggest regional airline Flybe could be the start of more casualties, analysts predict. On Thursday, a global airline industry body warned the financial hit from coronavirus could reach $113bn (£87bn) this year. The bleak prediction came on the same day UK-based Flybe went into administration. Airline experts are forecas...

Aramco Drops below IPO Price in Blow to Saudi Economic Plan

Saudi Aramco shares dropped below their IPO level for the first time as a looming price war in global crude markets battered the outlook for the kingdom’s flagship oil company. The stock fell as much as 9.2% in Riyadh to trade at 29.95 riyals, compared with the 32 riyals at which they launched on Dec. 11. It trimmed losses to 8.6% as of 1:20 p...

Bill Gates is leaving Microsoft and Berkshire Hathaway's boards

Bill Gates is stepping down from the boards of Microsoft and Berkshire Hathaway. In a press release Friday, Microsoft announced that its 64-year-old co-founder was leaving its board to "dedicate more time to his philanthropic priorities." "It's been a tremendous honor and privilege to have worked with and learned from Bill over the years," Micro...

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