Global Markets Weekly Wrap-up
The week commencing Monday 20th and ending on Friday 24 saw volatility in the oil market continue with historic losses in US crude futures contracts. MONDAY United States crude [...]
Qatar Airways Defers 50% of Employee Salaries
Qatar Airways has deferred payment of 50% of salaries for its mid-level and senior staff in Doha for three months with effect from April 2020. According to the airline, they [...]
Air France-KLM to Get $10.9 Billion State Aid
Air France-KLM is set to receive a $10.9 billion state package to enable it to remain afloat during the COVID-19 pandemic that has seen airline revenues dip due to the [...]World Bank Predicts Sharpest Decline of Remittances in Recent History
The World Bank estimates that Global remittances are projected to decline sharply by about 20 per cent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected [...]Disney Halts Payments of 100,000 Staff
The world's biggest entertainment group, Walt Disney, has announced plans to halt payments of 100,000 staff as it struggles to stay afloat amid the COVID-19 pandemic. BBC reports that the [...]French Electronics Giant Gets $542 Million State Loan
French electronic giant, Fnac Darty, has received a $542 million state loan to help it stay afloat amid the global COVID-19 pandemic that has had a negative impact on businesses. [...]Facebook Buys Minority Stake in Indian Firm for $5.7B
Facebook has completed a $5.7 billion deal in India's Jio platforms thereby becoming the largest minority shareholder. The social media giant will own about 10 percent of Jio platforms which [...]Virgin Australia Enters Voluntary Administration
Richard Branson's airline, Virgin Australia, has entered into voluntary administration so as to recapitalize the business amid the global COVID-19 pandemic. The air carrier failed to secure $1.4 billion funding from the [...]Uber Launches New Delivery Services
Ride-hailing company, Uber Technologies, has launched new delivery services, dubbed Uber Connect and Uber Direct, a move that suggests a shift in the company's business, seeing that the COVID-19 pandemic [...]Norwegian Air to Lay off About 4700 Pilots Crew
Norwegian Air has announced plans to lay off 4,700 pilots and crew members as it grapples with the negative impacts of COVID-19 that has seen all its international flights suspended. [...]US Oil May Contracts Crash 300% to Below $0
The West Texas Intermediate (WTI) crude May futures shocked markets in late Monday trading as they fell below $0 to lows of -$37.63 per barrel. The historic lows were due [...]Crude Falls to Lowest in Decades
United States crude benchmark West Texas Intermediate extended losses on Monday, falling by more than 35% to $11.24 per barrel, its lowest since 1998. The decline was mainly driven by [...]
