More than 500 garment factories in Bangladesh that supply to global brands reopened after a month-long shutdown to curb the spread of the coronavirus, while India considered ways to scale back its vast lockdown to reduce economic pain.
Dubai Gold & Jewellery Group (DGJG), the trade body for the gold and diamond jewellery sectorin Dubai, announced the re-opening of iconic Deira Gold Souk, in accordance with the directives by the Supreme Committee of Crisis and Disaster Management. Starting April 26, the retailers within the souk began operating at reduced trading hours - retail stores to operate from 11 AM to 9 PM and wholesale offices to work from 10 AM to 5 PM.
The brutal economic impact of the coronavirus deepened on Wednesday with dire news from the United States and Germany, increasing pressure worldwide to ease lockdowns and reduce the cost of the pandemic.
Airbus on Wednesday posted a 49% slump in first-quarter core profit and called for an industry-wide campaign to restore confidence in flying after the coronavirus pandemic triggered the “gravest crisis the aerospace industry has ever known”.
The airline was more than Aus$5 billion ($3.2 billion) in debt and had appealed for a Aus$1.4 billion loan to stay afloat, but the government refused to bail out the majority foreign-owned company.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, chaired the 111th meeting of the GCC Financial and Economic Cooperation Committee. The meeting took place virtually to discuss the recommendations and findings from the 57th meeting of the GCC Undersecretaries of Ministries of Finance Committee, and ways take the necessary steps.
Alphabet’s Google published reports for 131 countries showing whether visits to shops, parks and workplaces dropped in March, when many governments issued stay-at-home orders to rein in the spread of the novel coronavirus pandemic.
Authorities in the UAE have initiated several measures to slow the rate of infections and work on containment of contagion. In a series of initiatives the Dubai Economy Department (DED) has launched a series of campaigns to raise awareness and educate businesses and individuals on the best practices they need to adhere to.
Chairman of Emaar Properties Mohamed Alabbar said, "This crisis has impacted everyone, and we are keen to aid efforts to accelerate government measures to restore normal life. To mitigate the current situation, we need to streamline the efforts of both corporates and individuals."