Business

Luckin Coffee, rival to Starbucks, apologised on Sunday after it revealed a top executive may have faked 2.2 billion yuan (US$310 million) worth of sales in 2019. The company?s former chief operating officer, Liu Jian, and several of his staff have been suspended pending an internal investigation, it said in a US Securities and Exchange Commission filing last week.

KARACHI: Sindh Chief Minister Murad Ali Shah on Sunday issued directives for the provincial authorities and the law enforcement to devise standard operating procedures (SOPs) to allow export-oriented industries and other businesses to resume functioning from April 14. Chairing a meeting today, he directed the labour, industries, and health departments, as well as the law enforcement agencies to work out SOPs based on the opinion of health experts and principles of labour and industries at the earliest so production units be allowed to open during the coronavirus pandemic.

KARACHI: Sindh Traders Alliance on Sunday announced to open all markets across the province from April 14, ARY News reported. Sindh Traders? Alliance member Sheikh Habib in a statement said that they have decided to cooperate with the Sindh government during the lockdown situation and has taken back their earlier decision of opening the markets from April 6.

DUBAI: Saudi Aramco has appointed Mark Weinberger to its board of directors as an independent board member, replacing Andrew Gould, the company said in a statement on Sunday. Weinberger was the global Chairman and CEO of EY (previously known as Ernst & Young) from 2013 to 2019. He currently

ISLAMABAD: The Pakistan Airline Pilots? Association (PALPA) on Sunday prohibited pilots from operating special flights after COVID-19 related SOPs have been ignored, ARY News reported. ?It has come to our notice that on recently operated ?humanitarian flights? safety has been compromised and COVID-19 related SOPs have been ignored,” reads a statement released by PALPA.

United Airlines said late Saturday it will drastically reduce flights to two New York City airports amid the coronavirus outbreak. United said starting Sunday it will go from 157 daily flights total at Newark and New York LaGuardia to just 17. Newark, the airline’s hub in the New York area, will drop from 139 daily flights to 62 destinations to 15 flights a day to nine destinations, while LaGuardia will go from 18 to 2 flights a day.

Reuters VIENNA: A special meeting to discuss output cuts between OPEC and other major oil producers, among them Russia, will now likely be put back several days from Monday, a source close to the cartel said. "It now seems probable that the meeting will take place later in the week,"

Photo: Reuters International Monetary Fund's (IMF) managing director has said the coronavirus pandemic which has brought the global economy to a standstill and plunged the world into a recession as ?way worse? than the global financial crisis a decade ago. The IMF?s managing director, Kristalina Georgieva, speaking at a rare joint news conference with the leader of the World Health Organisation (WHO), called on advanced economies to step up their efforts to help emerging markets and developing countries survive the economic and health impact of the pandemic in "humanity?s darkest hour.?

WASHINGTON: U.S. President Donald Trump said on Saturday he would ask Congress for more money to make loans to small businesses struggling with the economic fallout from the coronavirus outbreak if the original $349 billion allocated in a fiscal stimulus bill runs out. “I will immediately ask Congress for more money to support small businesses under the @ppploan if the allocated money runs out,” Trump wrote in a post on Twitter.

ISLAMABAD: Pakistan International Airlines? (PIA) international flight operations are partially restoring, ARY News reported on Saturday.  As per details, a special flight carrying 327 passengers left for London, after strict screening of the passengers at the health desk at the airport. The flight was disinfected before the take-off. ?PIA will take all protocols necessary to ensure its crew?s safety?, the spokesperson has said.