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NMC Health fires CEO as financial discrepancies revealed

Thursday, 27 February 2020

NMC Health Plc fired its chief executive officer as it revealed financial discrepancies that have worsened the crisis for the Middle Eastern hospital chain targeted by short seller Muddy Waters Capital LLC.Founder Bavaguthu Raghuram Shetty and former Vice Chairman Khaleefa Bin Butti controlled entities used for NMC’s supply chain financing, the company said late Wednesday. The board was unaware of these financial arrangements, which had been in place since early 2018, NMC said. Shetty was ...

Corona beer beats coronavirus memes with 21 pct international growth in 2019

Thursday, 27 February 2020

Corona beer saw a 21 percent growth in revenue outside of its home market of Mexico in 2019 year-on-year, with major contributions from China and South Africa, the brand’s owner ABInBev reported on Thursday. Corona has been the subject of various social media memes as users draw connections between the beer’s name and the deadly coronavirus epidemic. Although the brand has seen growth in international markets, in the US, where Constellation Brands, Inc. distributes the beer, a recent ...

Lebanon to ask for seven-day grace period for March 9 Eurobond: Source

Thursday, 27 February 2020

Lebanon intends to ask for a seven-day grace period for a $1.2 billion Eurobond that matures on March 9, as it is entitled to, in order to give financial advisers more time to draft a restructuring plan, a government source said on Thursday. Lebanon would seek the seven-day grace period ahead of the March 9 date, the source said.  

Lebanon pays $71 million in coupons due on Eurobonds: Source

Wednesday, 26 February 2020

Lebanon on Wednesday paid $71 million in coupons due on Eurobonds maturing in 2025 and 2030, a source familiar with the matter said, a day after appointing legal and financial advisers for a widely expected debt restructuring.Lebanon, grappling with an unprecedented financial crisis and a hard currency liquidity crunch, is under pressure to decide what to do about its looming sovereign debt maturities, the first of them a $1.2 billion Eurobond due on March 9.READ MORE: Lebanon eurobond ...

Abu Dhabi’s Etihad suspends flights to Hong Kong due to low demand

Wednesday, 26 February 2020

Abu Dhabi’s Etihad Airways has suspended flights to Hong Kong until March 28, the airline said on Wednesday, citing a drop in demand. The UAE suspended all flights to mainland China, except Beijing, on Feb. 5 amid the coronavirus outbreak there. Etihad has suspended flights to Hong Kong since Feb. 21, it said.

Airlines KLM, Lufthansa to cut budgets following coronavirus outbreak

Wednesday, 26 February 2020

KLM, the Dutch arm of Air France KLM, joined Germany’s Lufthansa on Wednesday in making budget cuts in response to a slowdown in business resulting from the coronavirus outbreak. KLM will cut back on hiring new staff and external consultants, delay new IT projects and office refurbishment plans and reduce travel expenses significantly, Chief Financial Officer Erik Swelheim said in an internal letter to management. “The impact on KLM’s revenues will be very significant and ...

Russia says it welcomes creation of new Saudi Arabian Ministry of Investment

Tuesday, 25 February 2020

The Russian Direct Investment Fund (RDIF) said it welcomes the creation of Saudi Arabia’s new Ministry of Investment and the appointment Khalid al-Falih as minister.“We believe that the creation of the new Ministry will help Russia and Saudi Arabia reach the goal of increasing mutual investments outlined during the visit of the Russian President to the Kingdom last year,” said RDIF CEO Kirill Dmitriev.“We are looking forward to working with His Excellency Al Falih and the ...

Hezbollah opposes IMF management of Lebanon’s crisis: Report

Tuesday, 25 February 2020

Lebanon’s Hezbollah group is against allowing the IMF to manage the country’s financial crisis, though it does not oppose Lebanon seeking the Fund’s advice, the group’s deputy leader was quoted as saying on Tuesday. Hezbollah, which is backed by Iran and designated as a terrorist group by the United States, is one of the main parties that backs the new Beirut government, which has requested technical but not financial assistance from the IMF. “We will not accept ...

Oman’s Khasab port suspends Iranian shipping on coronavirus fears: Authority

Tuesday, 25 February 2020

Oman’s Khasab port will suspend the import and export of all Iranian goods from Wednesday, February 26, the port’s operator Marafi said on Twitter on Tuesday. Oman reported its first two cases of coronavirus on Monday, and halted all flights to and from Iran. The two infected Omani women had recently returned from Iran, which is currently battling the deadliest outbreak for the virus outside of China. Countries across the region have already begun to break travel links with Iran as ...

Coronavirus disrupts Vietnamese garment industry supply chain: Chairman

Tuesday, 25 February 2020

Vietnamese garment makers will face severe shortage of materials from the second quarter of this year because the new coronavirus has disrupted their supply chains, the chairman of the Vietnam Textile and Apparel Association said on Tuesday. Keep track of all breaking coronavirus news in our dedicated section. Garments and textiles are Vietnam’s third largest export earner, after smartphones and electronics products. Garment makers in the Southeast Asian country rely heavily on materials ...

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