Virus 'could cost millions of tourism jobs'

The global coronavirus outbreak means millions of travel and tourism jobs are at risk, says a leading industry body. The World Travel and Tourism Council (WTTC) says up to 50 million jobs could be lost because of the pandemic. Its chief executive, Gloria Guevara, said the outbreak "presents a significant threat to the industry". The news comes a...

Wells Fargo reaches $3bn fake accounts settlement

Wells Fargo, a major US bank, has agreed to pay $3bn (£2.3bn) to resolve a government investigation into its sales practices, including opening millions of fake customer accounts. The bank admitted it had wrongly collected millions of dollars in fees, misused customer information and harmed the credit rating of customers. The settlement comes a...

UAE, Saudi Arabia unveil $40bn stimulus packages to fight crisis

UAE's Targeted Economic Support Scheme includes a $13bn aid package for banks in the country through collateralised, zero-interest loans. Three of the biggest Arab economies pledged almost $47 billion in stimulus to limit the economic damage of the coronavirus outbreak, joining a global effort meant to soothe markets and salvage growth. Saudi Ar...

Global air traffic could fall this year for the first time in a decade because of the coronavirus

The global airline industry is facing huge financial losses and its first decline in more than a decade because of the novel coronavirus outbreak. The International Air Transport Authority (IATA) warned on Thursday that the virus' impact on demand could cost airlines more than $29 billion, with Asian carriers bearing the brunt of the losses. The...

Aramco Slashes Spending as Virus Erases Oil Demand Growth

Saudi Aramco is slashing planned spending this year in the first sign that plunging demand and the oil-price war the kingdom unleashed are hitting home. Capital expenditure will be between $25 billion and $30 billion in 2020 and spending plans for next year and beyond are being reviewed, Aramco said. The oil giant is lowering that range from the...

Intuit Nears Deal to Buy Credit Karma for $7 Billion: WSJ

The global airline industry is facing huge financial losses and its first decline in more than a decade because of the novel coronavirus outbreak. The International Air Transport Authority (IATA) warned on Thursday that the virus' impact on demand could cost airlines more than $29 billion, with Asian carriers bearing the brunt of the losses. The...

Coronavirus: British Airways boss tells staff jobs will go

British Airways is to ground flights 'like never before' and lay off staff in response to the coronavirus. In a memo to staff titled "The Survival of British Airways", boss Alex Cruz warned that job cuts could be "short term, perhaps long term”. The airline industry was facing a "crisis of global proportions" that was worse than that caused by...

Dubai banking major, Dubizzle aim to simplify used car buying

Emirates NBD, Dubai's biggest bank, has launched Autoswap, a first-of-its-kind auto loan buyout product that provides a hassle-free financing solution for individuals seeking to buy used cars. Launched in partnership with Dubizzle, the classifieds platform in the UAE, the Autoswap solution will enable car owners looking to sell their vehicles to...

UAE's Mubadala, OMV ink $4.68bn deal for Borealis stake

Mubadala Investment Company and OMV, the oil and gas company headquartered in Vienna, on Thursday signed an agreement that will give OMV a majority stake in Borealis, one of Europe’s leading petrochemical companies. OMV, which currently owns a 36 percent stake in Borealis, will acquire an additional 39 percent from Mubadala. The transaction va...

Richard Branson unveils his luxury, adults-only cruise ship

Richard Branson unveiled the 'Scarlet Lady', a 60,000 tonne cruise liner complete with a tattoo studio and yoga deck aimed at drawing in a younger generation of holiday-makers. Despite the unfortunate timing, with passengers on one ship quarantined after hundreds caught the coronavirus and another turned away by five countries over fears someone...
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