Bloomberg Indonesia’s scandal-ridden flag carrier won praise from analysts for its leadership overhaul, with its new CEO getting support from a lieutenant who was among those criticising the airline’s accounting practices. The appointment of Deputy Chief Executive Officer Dony Oskaria, who will help run PT Garuda Indonesia alongside CEO Irfan Setiaputra, raised the expectation the state-backed company will be able ...

Bloomberg Fairway Group Holdings Corp has gone bankrupt for the second time since 2016, overwhelmed by its lingering debt load and cutthroat price competition in the grocery business. The New York grocer filed for Chapter 11 bankruptcy with an agreement to sell five stores and a distribution facility to Village Super Market Inc, owner of 30 ShopRite supermarkets. The deal, ...

Bloomberg Wm Morrison Supermarkets Plc is cutting thousands of managerial roles from its grocery stores across the UK in favour of increased shop-floor staff. The British grocer is changing the way stores are staffed in a bid to serve customers better as competition intensifies in the supermarket industry, Morrison said. The changes will result in the removal of about 3,000 ...

NAIROBI / WAM Policy makers, mayors, academics, business people, community leaders, artists and urban planners are among thousands of participants to attend the world’s leading conference on urbanisation, the World Urban Forum (WUF), in Abu Dhabi from February 8-13. It will be the first time that the World Urban Forum, which is convened by the UN agency focused on sustainable ...

Bloomberg Crude posted the worst weekly decline in more than a year on concern that the spread of China’s coronavirus will cripple fuel demand. Brent futures sank 2.2% in London. Deaths from the coronavirus rose to at least 26 and China expanded travel restrictions for about 40 million people in an attempt to halt contagion. The US is monitoring more ...

ABU DHABI / WAM The UAE Consulate in Houston has confirmed that all Emiratis in Houston are safe following the explosion that occurred in a factory in the city, advising all UAE citizens in Houston to register for the online “My Presence” service via the Ministry of Foreign Affairs’ website or its smart application and to communicate with the consulate ...

TASHKENT / WAM In the presence of Sardor Umurzakov, the Uzbekistan Minister of Investments and Foreign Trade, an implementation agreement was signed at a ceremony in Tashkent, Uzbekistan, by the Ministry of Investment and Foreign Trade, and JSC Thermal Power Plants of the Republic of Uzbekistan (JSC), and Mubadala Investment Company (Mubadala). The agreement establishes a roadmap for the future ...

Bloomberg Boeing Co. is considering another cut to production of its marquee 787 Dreamliner as the aerospace giant contends with sluggish demand. Executives are studying whether to trim monthly output by two planes to 10 a month from a reduced pace that was announced in October. While no final decision has been made, a new production schedule for the twin-aisle ...

Bloomberg European Central Bank (ECB) president Christine Lagarde warned investors not to assume that current monetary policy is locked in for the foreseeable future just because officials are focused on reviewing their strategy. “To those who think it’s on autopilot, that’s ridiculous,” she said in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland. “Let’s look at ...

Bloomberg American Express Co has high hopes for 2020, predicting earnings that surpassed many analysts’ expectations and prospects for “more rational” competition from its biggest rivals. After sweetening the bonuses on some of its most popular products, including the Green card, AmEx said overall rewards costs climbed 8% to $2.72 billion during the fourth quarter. That was less than the ...