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29 Apr, 2020 05:50

Saudi Arabia’s shopping spree amid Covid-19

There may be light at the end of the tunnel when it comes to Covid-19 vaccines as some trials are making headway. Plus, the Federal Reserve will meet this week to decide on how to tackle some issues facing the US economy, but it appears unlikely that they will take any actions after cutting rates to almost zero in March. In the midst of a pandemic, the government of Saudi Arabia’s sovereign wealth fund disclosed that it bought a 5.7 percent stake in Live Nation, and a nearly $800 million stake in Carnival Cruise Lines as well. While the coronavirus pandemic is still a threat, there is still a need for personal protective equipment (PPE). But there is now a large number of reports indicating that PPE sales are being taken advantage of by profiteers, who in some cases have raised the price of the equipment by as much as 1,000 percent and in some cases by 10,000 percent.

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