European Commissioner for Economy Paolo Gentiloni talks to journalists during a news conference at the EU headquarters in Brussels, Wednesday, May 20, 2020. (John Thys/Pool Photo via AP) The European Union proposed Wednesday a 750 billion-euro ($825 billion) recovery fund to help countries weather a painful recession triggered by the coronavirus and bridge divisions over

Photo: Credit Daily Nation Kenya Airways Chairman Michael Joseph. Rising costs have sunk Kenya Airways deeper into the red, after it reported a Sh12.9 billion loss for the financial year ended December 2019. The fact that the loss was reported in the year before Covid-19 pandemic grounded the aviation sector promises the airline more painful

In this Monday, May 4, 2020 file photo, aircraft of German Lufthansa airline are parked on a runway at the airport in Frankfurt, Germany. German airline Lufthansa said Monday May 25, 2020, it has received approval for a 9 billion-euro ($9.8 billion) “stabilization package” from a government support fund to keep the company going through

Crown Prince Mohammed bin Salman (C), with Masayoshi Son (R), CEO of SoftBank, at the Future Investment Initiative conference in Riyadh in October 2017 (AFP) By Paul Cochrane SoftBank’s Vision Fund was to be the vehicle for the kingdom’s economic transformation. With billions wiped off its value, has Riyadh sunk its money into a hole

El Al Israel Airlines starts cargo flights, twice a week, between Tel Aviv & Istanbul from today [@MadhuvanthiS95/Twitter] Israeli carrier El Al will begin operating cargo flights from Tel Aviv to Turkey for the first time in a decade, according to local media. Israel airline El Al will start operating cargo flights between Tel Aviv

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,