Earlier this month Cathay Pacific, Hong Kong’s flagship airline carrier and the world’s largest international cargo airline, announced a HK$39bn bailout plan as part of an unprecedented government-led rescue deal to help the company withstand further downturn in the coming months.
The French government has just injected more than €8 bn into its car industry (of which €5 bn is a loan to Renault) to keep it afloat amid the losses it has suffered as a result of COVID-19. One goal of this cash injection is to support production of 1m electric cars in France by 2025.
China’s National People’s Congress (NPC) announced that it would introduce a national security law on Hong Kong, banning any act that endangers China’s national security, including subversion, separatism, terrorism and foreign interference. The decision caused Hong Kong’s main stock index to tumble by 5.6%.
UberEats announced it will stop operating in the United Arab Emirates (“UAE”) after 4 June 2020 and will combine its services with CareemNOW, the online food delivery service operated by Middle Eastern ride hailing company Careem, which Uber acquired in 2019 for £2.4bn.