BUSINESS | Luxury British Department Store Harrods To Cut Nearly 700 Jobs

LONDON – Luxury British department store Harrods said on Wednesday it plans to cut up to 672 jobs because of the coronavirus crisis, which kept its flagship branch in central London closed for nearly three months. Harrods, which is owned by the Qatar Investment Authority (QIA), told staff it needed to shep up to 14% … Continue reading BUSINESS | Luxury British Department Store Harrods To Cut Nearly 700 Jobs

SOCIAL MEDIA | Turkey Determined To Control Social Media Platforms, Erdogan Says

ISTAMBUL – Turkey will introduce regulations to control social media platforms or shut them down, President Tayyip Erdogan announced on Wednesday, pressing ahead with government plans after he said his family was insulted online. Finance Minister Berat Albayrak, Erdogan’s son-in-law, said on Twitter on Tuesday that his fourth child had been born. Following the tweet, … Continue reading SOCIAL MEDIA | Turkey Determined To Control Social Media Platforms, Erdogan Says

BUSINESS | Macy’s Records Nearly $4 Billion In Losses As COVID-19 Hits Business

NEW YORK – Macy’s Inc On Wednesday reported a staggering $3.58 billion loss for the coronavirus hit quarter as store shutdowns resulted in the department store chain recording a $3 billion impairment charge. The global health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees and suspends dividends and buybacks in a … Continue reading BUSINESS | Macy’s Records Nearly $4 Billion In Losses As COVID-19 Hits Business

BUSINESS | Turkish Official Says VW Suspends Turkey Plant Plans Due To Coronavirus

ANKARA – A Turkish official said on Wednesday that Volkswagen has suspended plans for a new plant in Turkey due to coronavirus uncertainty and that the company could reassess the matter once the pandemic is contained. In October last year, Volkswagen put a decision about the plant on hold amid international criticism about the country’s … Continue reading BUSINESS | Turkish Official Says VW Suspends Turkey Plant Plans Due To Coronavirus

NEWS | UAE Seeks To Verify Credentials Of Pakistani Pilots In Its Airlines

ABU DHABI – The United Arab Emirates is seeking to verify the credentials of the Pakistani pilots and engineers employed in its airlines after the South Asian government grounded 262 pilots for holding ‘dubious’ qualifications. Pakistan grounded pilots on June 26 on suspicion that they allegedly falsified their examinations to qualify  for flying aircraft, leading … Continue reading NEWS | UAE Seeks To Verify Credentials Of Pakistani Pilots In Its Airlines

BUSINESS NEWS | Dubai World Makes Final Repayment To Creditors Of $ 8.2 Billion

DUBAI – State conglomerate Dubai World, at the centre of Dubai’s debt crisis a decade ago, said on Tuesday it had made a final payment of $8.2 billion to creditors. The payment, made ahead of its September 2022 maturity, was an ‘important milestone’ for the company and Dubai, Dubai World Chairman Sheikh Ahmed bin Saeed … Continue reading BUSINESS NEWS | Dubai World Makes Final Repayment To Creditors Of $ 8.2 Billion

BUSINESS | L’Oréal To Drop Words Such As ‘Whitening’ From Skin Products

PARIS | FRANCE – L’Oreal, the world’s biggest cosmetics company, will remove words referencing ‘white’, ‘fair’ and ‘light’ from its skin-evening products, a spokeswoman said on Friday, a day after Unilever made a similar announcement in the face of growing social media criticism. Unilever and L’Oreal are two big players in the global market for … Continue reading BUSINESS | L’Oréal To Drop Words Such As ‘Whitening’ From Skin Products

BUSINESS | Facebook Will Label Newsworthy Posts That Brakes Rules As Ad Boycott Widens

NEW YORK – Facebook Inc said on Friday it will start labeling newsworthy content that violate the social media company’s policies, and label all posts and ads about voting with links to authoritative information, including those from politicians. A Facebook spokeswoman confirmed its new policy would have meant attaching a ling on voting information to … Continue reading BUSINESS | Facebook Will Label Newsworthy Posts That Brakes Rules As Ad Boycott Widens

BUSINESS | Nike Plans To Cut Jobs In Digital Push

JEDDAH | SAUDI ARABIA – Nike Inc. on Friday warned of job cuts as the world’s largest footwear maker ramps up efforts to sell directly to customers through its online and retail channels. The planned layoff come after the company on Thursday reported a $790 million quarterly net loss, its first in more the two … Continue reading BUSINESS | Nike Plans To Cut Jobs In Digital Push

BUSINESS | Saudi Arabian Bank NCB In Merger Talk With Samba: Sources

RIYADH | SAUDI ARABIA – Saudi Arabia’s National Commercial Bank (NCB) and Samba Financial Group are in talks to create a combined entity with almost $214 billion in assets, two sources familiar with the matter told Reuters. Low oil prices and weak economic growth are pushing bank consolidation across the Gulf and in completed the … Continue reading BUSINESS | Saudi Arabian Bank NCB In Merger Talk With Samba: Sources