Bloomberg Europe’s top airlines attacked EU plans to impose a region-wide kerosene tax as part of a sweeping new environmental strategy, calling the duty unnecessary and unfair and saying investment in sustainable fuels and electric planes would be more effective in reducing carbon emissions. Chiefs of four of the region’s biggest carriers raised their concerns with European Union Transport Commissioner ...

Bloomberg Creditors of Jet Airways India Ltd. have agreed to extend the deadline for submission of a resolution plan for the grounded Indian airline’s 146 billion rupees ($2.1 billion) of debt as the sole bidder for the company balks at making a binding offer, said a person familiar with the matter. The deadline for submission of a resolution plan for ...

Bloomberg Ted Baker Plc’s top management quit and the UK fashion chain suspended its dividend, triggering a plunge in the shares to the lowest since 2003. The power vacuum leaves Ted Baker floundering as it tries to contain the fallout from allegations against its founder, Ray Kelvin, and the overstatement of unsold goods. The shares fell as much as 36% ...

Bloomberg A former Boeing Co. manager who raised concerns about poor-quality production of the 737 Max will testify before a House committee investigating safety issues raised by two fatal crashes involving the plane. Ed Pierson warned senior Boeing colleagues in 2018 about what he said were overworked employees and repeated quality issues in building the newest model of 737s. Pierson ...

Bloomberg South African Airways (SAA), national airline that’s entered a form of bankruptcy protection, may only be offered 5% of the $60 million that its owed by Zimbabwe in funds from ticket sales and hasn’t been able to extract from the country. The central bank’s Monetary Policy Committee plans to “reject the majority of debts” owed to institutions, a move ...

Bloomberg Chinese officials expect the US will delay a threatened tariff increase set for Sunday as both sides focus on de-escalating tensions by cutting import taxes currently in place rather than removing specific products from the target list, according to people familiar with the matter. Beijing sees removal of the December 15 threat enabling talks to continue on the unfinished ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), signed on Tuesday a Framework Agreement with Reliance Industries Limited (RIL), to explore the development of ethylene dichloride (EDC), facility in Ruwais, Abu Dhabi. The signing of the agreement was witnessed by Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, and Mukesh D. Ambani, ...

Bloomberg Saudi government institutions invested almost $2.3 billion into the initial public offering (IPO) of Saudi Aramco, a transaction that was intended to find new sources of funding for the kingdom’s economic diversification plan. The government sold two thirds of the shares offered in the company to institutional investors, of which 13.2% came from Saudi government institutions, according to a ...

ABU DHABI / WAM The Khalifa Fund for Enterprise Development (KFED), announced that it is taking part in the ongoing 10th edition of Sial Middle East at the Abu Dhabi National Exhibition Centre (Adnec). The event features top local and international food and hospitality companies. During the event, Khalifa Fund for Enterprise Development has been engaging with young Emirati entrepreneurs ...

ABU DHABI / WAM Tax revenue, including VAT, amounted to 5.5 percent of the total public revenue last year while oil revenues and the profits of public joint-stock companies accounted for 36.1 percent and 32.9 percent, respectively, according to the Ministry of Finance (MoF). The Ministry of Finance said the UAE’s decision to apply value-added tax (VAT), was positively reflected ...