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: 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...

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...

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...

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. WeCha...

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...

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...

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...

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...

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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