Photo: Credit Reuters By Natasha Turak Almost half the restaurants and hotels surveyed by the Dubai Chamber expected to go out of business in the next month alone, with three-quarters of travel and tourism companies expecting to close in that time. The Dubai Chamber of Commerce in late April surveyed 1,228 CEOs across a range

The Treasury is likely to net lower revenues in the three-month period between April and June, when the fiscal year ends, resulting from reduced economic activity including trade volumes. According to an analysis by tax and financial advisory firm Deloitte, the revenues are projected to fall by Sh70.1 billion ($658 million) during the period even

Somalia has officially opened the first round of bidding for oil exploration, even as critics charged there was insufficient law to manage the programme. The country’s Ministry of Petroleum and Mineral Resources said the programme, known as the Licensing Round Pre-Announcement Offshore will target seven blocks with the ‘most potential’ for hydrocarbons. The blocks are

Tokyo. Japanese technology company SoftBank Group Corp. racked up a loss of 961.6 billion yen ($9 billion) for the fiscal year through March, on red ink related to its Vision Fund investments, including troubled office space-sharing venture WeWork. (AP Photo/Eugene Hoshiko) TOKYO (AP) — Japanese technology company SoftBank Group Corp. racked up a loss of

In this Sunday, May 10, 2020 photo, stockbrokers work at the Tehran Stock Exchange in Iran. The exchange has seen gains of 225% in the last year, with sharp increases even as the country struggled with one of the first serious coronavirus outbreaks outside of China. Encouraged by a government eager to privatize state-owned firms,

Saudi Crown Prince Mohammed bin Salman attending the launch of the ABB FIA Formula E Championship in Diriyah district in the capital Riyadh on 22 November 2019 (AFP) By Madawi al-Rasheed On Monday, Saudi authorities announced unprecedented measures to salvage its finances from an imminent meltdown, caused by mismanagement rather than simply the coronavirus pandemic

A waiter is serving a coffee to a guest at the restaurant Portico on the Piazza Grande in Locarno, Switzerland, Monday, May 11, 2020. Following the coronavirus lockdown, Switzerland reopens it’s shops, fitness centers, restaurants and museums under strict restrictions for social distancing and hygiene measures today. (Ti-Press/Pablo Gianinazzi/Keystone via AP) PARIS (AP) — Plastic

Newly elected Iraqi Prime Minister Mustafa al-Kadhimi said Saturday that a strategic agreement with the US on the basis of protecting the unity and sovereignty of Iraq will be reviewed. Following his first Cabinet meeting, al-Kadhimi told reporters the group established a crisis desk consisting foreign affairs experts. Iraq and the US signed the Strategic

The International Monetary Fund approved $1.23 billion of emergency funding for Kenya and Uganda, saying the coronavirus pandemic is likely to exact a severe toll on the two East African economies. The loans bring to more than $10 billion the IMF has disbursed to African nations to help them combat the virus. Kenya’s government is

In this file photo dated Wednesday, March 11, 2020, Pedestrians wearing face masks pass the Bank of England in London. In forecasts published Thursday May 7, 2020, The Bank of England has warned that the British economy could be nearly a third smaller by the end of the first half of this year as a