Tag: BUSINESS

SUPERCARS | The 2021 Geneva International Motor Show is canceled as event organizers seek a new owner for the largest public event in Switzerland.

Posted on by Arabia5AM in BUSINESS, GLOBAL EVENTS, High Society, LIFESTYLE

GENEVA - Following the 2020 Geneva International Motor Show’s cancellation due to the COVID-10 pandemic, the 2021 event has suffered the same fate as the Committee and Council of Foundation ‘Salon International de l’Automobile’ has decided not to proceed with organizing the event. Although it’s possible travel restriction will be lifted by next year, in … Continue reading SUPERCARS | The 2021 Geneva International Motor Show is canceled as event organizers seek a new owner for the largest public event in Switzerland. →

SUPERYACHTS | The New Super Sport ‘Tecnomar For Lamborghini 63’ Yacht

Posted on by Arabia5AM in BUSINESS, High Society, LIFESTYLE, WORLD NEWS

Lamborghini and The Italian Sea Group have collaborated on the design of the new limited edition ‘Tecnomar for Lamborghini 63’ super sports motor yacht. Presented by The Italian Sea Group, the ‘Tecnomar for Lamborghini 63’ has been inspired by the hybrid Lamborghini Sian FKP 37 and references the year of Lamborghini’s beginnings - `963. As … Continue reading SUPERYACHTS | The New Super Sport ‘Tecnomar For Lamborghini 63’ Yacht →

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

Posted on by Arabia5AM in Breakingnews, BUSINESS

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

Posted on by Arabia5AM in Breakingnews, BUSINESS

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 →

ABU DHABI | Sheikha Fatima Orders Launch Of Virtual Market For Productive Families

Posted on by Arabia5AM in Abu Dhabi, BUSINESS, EMIRATES, MIDDLE EAST

ABU DHABI – Sheika Fatima bint Mubarak, Chairwoman of the Genera’ Women’s Union, GWO, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, FED, instructed the establishment of a virtual market for productive families, in light of her belief in the importance of adopting innovative solutions to … Continue reading ABU DHABI | Sheikha Fatima Orders Launch Of Virtual Market For Productive Families →

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

Posted on by Arabia5AM in 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

Posted on by Arabia5AM in Breakingnews, BUSINESS

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 →

BUSINESS NEWS | Gulf Economies To Shrink By 7.6% This Year, IMF Says

Posted on by Arabia5AM in BUSINESS, MIDDLE EAST

RIYADH | SAUDI ARABIA – Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, an International Monetary Fund official said on Tuesday, revising downwards April forecast nearly 3%. The six GCC nations are, with varying degree, facing steep economic declines as the slowdown in business activity due to the coronavirus … Continue reading BUSINESS NEWS | Gulf Economies To Shrink By 7.6% This Year, IMF Says →

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

Posted on by Arabia5AM in BUSINESS

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

Posted on by Arabia5AM in Breakingnews, BUSINESS

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 →