Bloomberg Southwest Airlines Co. slid after warning that the US government shutdown hit sales harder than previously estimated. The political stalemate that ended last month will reduce first-quarter revenue by $60 million as the aftereffects lingered on, Southwest said in a regulatory filing. When the discounter reported earnings late last month, it estimated the impact would be $10 million to …

ABU DHABI / WAM Al Seer Marine, Abu Dhabi based manufacturer of unmanned surface vessels, has signed a strategic partnership agreement with Advanced Electronics Company (AEC), a Saudi-based company, to build unmanned surface vessels for the kingdom. Al Seer Marine will be primary manufacturer for unmanned surface vessels in Saudi and AEC will be their exclusive partner. This collaboration will …

ABU DHABI / WAM Calidus, Abu Dhabi-based a Defence Technology Development and Manufacturing Company, has signed a memorandum of understanding (MoU) with GDC Middle East of Riyadh to establish a joint corporation to explore the market in the Mena region for the Calidus B-250 light attack aircraft and to develop in-house capabilities. The MoU comes on the occasion of Idex …

ABU DHABI / WAM Senaat, one of the largest industrial investment holding companies in the UAE, has announced that it has agreed the terms of a joint venture with Spanish manufacturer Tubacex, a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories). Senaat’s new partnership with Tubacex is being cemented with the signing of …

Bloomberg The City of London is getting a last-minute break from politicians across the European Union intent on averting chaos in financial markets in the event of a no-deal Brexit. Countries including Germany, the Netherlands, France, Italy and Sweden are readying national legislation that would help bankers continue to service the 18 trillion pounds ($23.4 trillion) of derivatives contracts that …

Bloomberg India will inject 482 billion rupees ($6.8 billion) into government-controlled lenders to help them meet tighter regulatory requirements and to boost credit growth. The fund infusion will ensure that capital ratios for all state-run lenders are above the regulatory requirement and will help Allahabad Bank and Corporation Bank exit a so-called Prompt Corrective Action plan, Rajeev Kumar, secretary at …

Bloomberg China’s central bank announced the first of a new kind of market operation which aims to encourage financial institutions to issue perpetual bonds to boost their capital. The People’s Bank of China swapped 1.5 billion yuan ($223 million) of 1-year central bank bills for perpetual bonds with a coupon of 2.45 percent, according to a statement on its website …

Bloomberg It’s not every day that a bank gets thrown out of a country. But, Estonia took the extraordinary step of telling Danske Bank A/S to get out. Within two hours, Danske did the country’s financial watchdog one better: the harassed Danish lender annou- nced a retreat from the entire Baltic region as well as Russia. It’s the latest dramatic …

Bloomberg Deutsche Bank AG plans to start rebuilding its South African workforce just months after scaling back staff and cutting costs as part of a global restructuring. “The hiring we’re currently pursuing is geared towards enhancing the areas where we have global and local strengths, such as fixed income,” South Africa Chief Executive Officer Muneer Ismail said in an interview. …

Bloomberg Alberta is preparing a giant crude-by-rail operation to help its oil-sands producers cope with a pipeline crunch, and it expects a big profit from the venture. The Canadian province, which holds the world’s third-largest crude reserves, plans to net C$2.2 billion ($1.7 billion) after investing C$3.7 billion to lease tank cars and buy service from rail providers, generating C$5.9 …