Bloomberg Air Canada is calling on the country’s transportation regulator to take a closer look at Onex Corp’s takeover of WestJet Airlines Ltd, arguing that the C$3.5 billion ($2.6 billion) deal may run afoul of foreign-ownership rules. “I am writing to express the concern that, due to the structure of the transaction and the capital and corporate governance structure of ...

Bloomberg Kenya Airways Plc is looking to renegotiate a 24-year long partnership with Air France-KLM to gain more control over their cost and revenue-sharing deal and the ability to make agreements with other airlines. The partly state-owned company has removed all staff that came from the European airline, including Chief Operations Officer Jan de Vegt, and replaced them with local ...

Bloomberg Campbell Soup Co agreed to sell its European potato chips business to Valeo Foods Group Ltd for about 66 million pounds ($80 million), the soupmaker’s latest divestment as it simplifies operations. Valeo, a Dublin-based food producer, will acquire the Yellow and Kettle brand chips for the European market, according to a statement. Campbell will retain the Kettle brand for ...

Bloomberg Tadashi Yanai, Fast Retailing Co’s 70-year-old billionaire founder, said he would prefer to be succeeded by a woman, which would be better for Asia’s largest retailer. “The job is more suitable for a woman,” Yanai, the chief executive officer behind clothing giant Uniqlo, said in an interview. “They are persevering, detailed oriented and have an aesthetic sense.” As Yanai ...

ABU DHABI / WAM The Abu Dhabi Department of Energy (DoE), issued the District Cooling Regulations and the District Cooling Applicability Regulations, recently approved by the Abu Dhabi Executive Council. The Abu Dhabi Government is thus the first in the Middle East and North Africa region to set up a complete integrated system for district cooling. This, in turn, reflects ...

ABU DHABI / WAM The manufacturing sector’s contribution to the UAE’s non-oil gross domestic product (GDP) grew 2.5 percent to AED122 billion ($33.21 billion) in real prices in 2018 from AED119.7 billion in 2017, according to figures revealed by the Federal Competitiveness and Statistics Authority. Being a mainstay to a diversified economy, the sector has maintained its steady growth over ...

ABU DHABI / WAM UAE-based banks received AED21 billion in commission income in 2018, with national banks getting 82.8 percent thereof, i.e. AED17.4 billion, according to statistics revealed by the Central Bank of the UAE. The foreign banks’ commission income amounted to AED3.4 billion, with the remaining amount claimed by branches of Gulf banks operating in the country. It’s noteworthy ...

Dubai / WAM Emaar Properties said on Tuesday it has hired banks to arrange a potential issuance of dollar Islamic bonds. In a statement on Dubai Financial Market where it’s listed, the property giant said that the planned issuance is part of Emaar’s $2 billion Trust Certificate Issuance Programme. It was also announced that Emaar Properties is seeking to issue ...

Bloomberg President Donald Trump sought to prod China into doing a trade deal before US presidential election in November 2020, or face even more difficult negotiations during his potential second term. “Think what happens to China when I win,” Trump said in a tweet on Tuesday. “Deal would get MUCH TOUGHER!” Trump said in his tweet that the US is ...

ABU DHABI / WAM A group of 100 fledgling firms from across the globe will showcase their innovative products and services aimed at battling the causes of climate change. Hi-tech mobile solar containers that can provide energy in remote parts of Africa, an alternative to firewood made of sugarcane waste and a driverless electric haulage vehicle – are among the ...