For example, the Cover-19 pandemic has put the governments and businesses under strain to maintain strong supply chains despite the crisis. In this context, the blockchain toolkit will support supply chains and push for economic recovery during the post-pandemic period. A WEF statement said, “The pressure created by the Covid-19 outbreak on global trade systems highlights an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains.”

In a nutshell, the toolkit comprises efforts by many organisations to develop the best industry practices for blockchain deployment. It has drawn expertise from more than 100 organisations including governments, companies, start-ups, academic institutions, civil society, international organizations and technology, and supply chain experts, a WEF statement said.

Nadia Hewett, World Economic Forum USA’s Project Lead for Blockchain and Digital Currency, told the media, “For this reason, the toolkit can level the playing field for small and medium-sized enterprises. There are many lessons to learn from the current pandemic and this toolkit is a starting point for improving long-term pandemic preparedness and accelerating an economic recovery led by public-private cooperation.”

It is reported that supply chain resilience largely depends on factors such as trust, transparency, and integrity which can be improved using blockchain technology.

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India’s Civil Aviation Minister Hardeep Singh Puri, said in a tweet that “airlines are advised to open their bookings only after a decision in this regard has been taken by the Government.”

GoAir will continue to pay a small section of employees on payroll. This move is to ensure the airline can seamlessly resume operations when the Indian government decides to lift the lockdown. It is reported that the budget airline is getting clarity on whether it can open bookings for travel after the national lockdown is lifted on May 3.

The airline might resume operations in phases after May 3, media reports said. Chief Executive Vinay Dube said in a statement, “GoAir is in full preparation mode for a gradual commencement of flights from 4 May 2020. We are going above and beyond the government recommendations in an effort to ensure maximum health and safety measures are undertaken as we gradually emerge from this unimaginable and unprecedented global crisis.”

The aviation sector has taken a hit globally because of the pandemic. According to industry estimates, the Indian aviation sector has reported huge revenue loss across domestic airports and airlines. Johns Hopkins University data shows that more than 137,193 people have died as a result of the pandemic. That said, 2 million cases have been infected.

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The Fitch report noted that the potential risks can be attributed to limited accuracy of historical data points. This factor in turn is making it difficult for insurers to price the products appropriately. That said, these products are being purchased quickly in the market, the report said.

The report said, “There are maximum limits that each insured enterprise can claim if the infection occurs after employees return to work. The features of the insurance vary by product and region, but they mainly provide coverage against two kinds of risks – liability for an employee’s illness and death, and risks related to business interruption associated with property shutdowns due to infection.”

Fitch further explained that these insurance products largely cover quarantine costs, staff salaries, housing rental, cash flow disruptions and refinancing difficulties due to the pandemic. The insurance products offered in some parts of the region limit the number of insured policies being offered to reduce the overall risk exposure.

According to the Insurance Association of China, 68 Chinese insurers have launched Cover-19 related products since end of last year. Also, it seems that the majority of domestic businesses did not purchase business-interruption insurance prior to the pandemic, the report said. Fitch has reported that RTW Insurance products will remain in demand in short-term as the Cover-19 situation continues.

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It appears that the port’s target for the first quarter of this year has nearly surpassed. During the period between January and February 2020, the Mombasa port recorded 5.9 million metric tonnes higher than the 5.7 million metric tonnes target set for the period, media reports said.

The data points to 7.2 percent higher than 5.5 million metric tonnes during the same period last year. That  said, imports reached 4.8 million tonnes while exports hit 727,000 tonnes which is higher than 4.4 million and 706,000 tonnes during the same period last year.

However, it is reported that transshipment cargo fell to 330,000 compared to 410,000 last year. Despite the port’s steady operations, many ships have steered clear of the port on the back of the pandemic.

Kenya Ports Authority managing director Daniel Manduku, told the media, “We have so far seen our business negatively disrupted following the cancellation of 37 ships scheduled to make call in March while fate of 104 others remain uncertain.”

The major portion of Kenya’s imports largely comprises electronics, industrial raw materials, machinery, household items and bulk food. It appears that all of them come in through the Mombasa port. The cancellation of ships is now creating shortage of supplies and it is likely to increase the cost of goods in Kenya, media reports said.

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Previously, the two parties had agreed to carry out work in the rig unit January 2022. It is reported that the deal was mutually agreed by Dubai Petroleum and Shelf Drilling. Now Shelf Drilling has agreed to amend the contract end date for the jackup Shelf Drilling Tenacious , media reports said.

The contract was started in early 2018 in the Middle East. However, Dubai Petroleum and Shelf Drilling are not the only two companies to terminate the contract early.

Last month, Shelf Drilling said its Trident XIV jack-up rig customer ExxonMobil seeks to shorten the contract. The rig is located off Nigeria.

In this context, even Qatar Petroleum is delaying work of North Field LNG expansion on the back of the Cover-19 pandemic. The North Field project was first announced In September 2018. The project will see Qatar Petroleum increase production to 110 mt/year from 77.5 mt/yr through the construction of four trains.

These trains will be purchased online in intervals, media reports said. The phase one of the project has been delayed because of the pandemic. Also, the bidding process is hindered for potential partners. It is reported that the onshore facilities will receive nearly 6.4 Bcf/d of gas from the southern sector of the North Field.

As of last September, Qatar’s crude oil reserves and natural gas amounted to 171 billion barrels of oil equivalent.

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It has already closed food and beverage outlets at two hotels in Australia. In addition to these moves, it aims to support commercial tenants in Singapore. Recently, Frasers Property had announced that it will offer a one month waiver to all entertainment venues, tuition centres and enrichment centres affected by the pandemic, media reports said.

Even businesses largely affected by the the pandemic will get receive additional targeted supports. These businesses include retail among others.

Last month, Frasers property announced that it is set to acquire property manager AsiaMalls Management. However, the worth of the deal remains undisclosed. Also, it was reported last year that Fraser CentrePoint Trust was ready to acquire 6 percent stake in Waterway Point, a suburban property in Singapore.

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The Social Solidarity Fund is built to support the fight against the pandemic by collaborating with government entities, charity associations and members of society, media reports said. Members of society can donate to the fund to support the fight against the pandemic.

Recently, Dubai Media Office said on social media that Emaar Properties contributes AED100 million, in light of its national duty towards the community and in support of the ongoing efforts at this time. Emaar’s contribution follows the news that its chairman Mohamed Alabbar will be foregoing 100 percent of his salary until further notice to help secure the “continuity of business.”

The aim of the fund is to contribute toward medical treatment and equipment to ensure good health is preserved in society at this time. In addition, Dubai Chamber has donated $2.7 million to the fund. It is reported that the donation is only an initial contribution by the Dubai Chamber.

Dubai Chamber President and CEO Hamad Buamim told the media, “The upcoming period will see the private sector come together even further to face common threats. The sector will prove that it is beyond prepared to play its part in serving the community.”

Last month, Emaar Properties’ subsidiary Emaar Hospitality announced that it will temporarily suspend booking at Palace Downtown, Address Fountain Views, Vida Creek Harbour and Vida Emirates Hills, media reports said,

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