BLOOMBERG The opening of Costco Wholesale Corp’s first store in southern China has drawn massive crowds, with customers queuing for hours as the country’s economic slowdown fuels a budget shopping boom. Tens of thousands of people lined up outside the warehouse club’s latest outlet in Shenzhen, a tech hub neighboring Hong Kong, before its doors opened on January 12, ...

BLOOMBERG Burberry Group Plc slumped after the UK trenchcoat maker slashed its profit forecast, a fresh sign that demand for luxury goods, particularly in the US, is waning. The British retailer wiped nearly £100 million ($128 million) off its profit outlook in the starkest sign yet that after an unprecedented surge in luxury sales during the pandemic, the bubble has ...

DUBAI / WAM Brand Dubai, the creative arm of the Government of Dubai Media Office (GDMO), has partnered with the Dubai Culture and Arts Authority (Dubai Culture), to showcase the unique culinary creations of homegrown businesses from the ‘Proudly from Dubai’ network at the ‘Al Marmoom: Film in the Desert’ festival. The third edition of the festival, organised by Dubai ...

TRIPOLI / WAM The UAE participated in the 40th session of the Arab Ministerial Forum for Housing and Urban Development (AMFHUD) in Tripoli, Libya. The meeting discussed a number of housing issues, including regulatory frameworks, ways to improve the sector, and the UAE’s candidacy for the presidency of the General Assembly and membership of the executive office of the United ...

ABU DHABI / WAM PureHealth, the largest healthcare platform in the Middle East, has announced the successful completion of its strategic acquisition of Circle Health Group, the UK’s largest independent operators of hospitals, marking a significant milestone in the company’s global expansion strategy. The completion of this deal, which has achieved regulatory approvals in record time, signifies PureHealth’s operational capabilities ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a series of transformative projects for the year 2024 as part of the Dubai Social Agenda 33. Launched recently by His Highness, the Dubai Social Agenda 33 is inspired by the overarching theme of ‘Family: The ...

ABU DHABI/ WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan today received a telephone call from His Excellency Recep Tayyip Erdoğan, President of the Republic of Türkiye. The two leaders discussed bilateral relations and cooperation between the UAE and Türkiye across various sectors, as well as regional and international developments of mutual interest. During the call, His Highness ...

DOHA/ WAM The AFC Asian Cup roared into life on Sunday, with Group C’s opening clash between the United Arab Emirates and Hong Kong. Despite being heavy favorites, the UAE faced a spirited challenge from their determined opponents. The Emiratis struck first in the 34th minute, Sultan Adil coolly converting a penalty to send the home crowd into a frenzy. ...

BLOOMBERG Alaska Airlines will “initiate and enhance” its own quality control checks on the production of its planes, in addition to Federal Aviation Administration’s (FAA) review and oversight of the process after an accident on a Boeing Co 737 Max 9 jet this month. The carrier said it met with Boeing’s chief executive officer and leadership team in recent days ...

BLOOMBERG Societe Generale SA’s employees have indicated in a poll that their faith in decisions taken by Chief Executive Officer Slawomir Krupa and his lieutenants is shrinking, potentially making it harder for him to implement a strategy that so far has failed to convince investors. The share of staffers who say they trust the choices made by SocGen’s top management ...