Bloomberg For years, airlines have experimented with biofuels, aiming to reduce both carbon emissions and their reliance on fossil fuels. It’s been a turbulent journey buffeted by inconsistent investment and the periodic lure of cheap oil. But several major carriers are planning larger-scale usage of biofuel in 2019 and 2020, including JetBlue Airways Corp. and Cathay Pacific Airways Ltd. United ...

Bloomberg As Metro AG moves towards selling its retail unit to focus on wholesaling, one of its first steps is to weigh the fate of those operations in China. The company said that it’s putting Real, the struggling domestic big-box chain, up for sale. Dusseldorf, Germany-based Metro is also reviewing options for its Chinese Cash & Carry operations, people familiar ...

Bloomberg Cathay Pacific Airways Ltd. cancelled more than 400 flights over the next three days and warned of “serious disruptions” for air travellers as Super Typhoon Mangkhut approaches Hong Kong. Other airlines across the region halted flights on Saturday as Mangkhut slammed into the Philippines and was set to disrupt travel from Hong Kong to Japan. Cathay Pacific said earlier ...

Bloomberg Billionaire Mike Ashley said he and his Sports Direct International Plc were “stabbed in the back by shareholders” who failed to support former Chairman Keith Hellawell. Hellawell resigned this week at the company’s annual meeting after proxy firm Glass Lewis accused the board of “poor governance” and urged shareholders to vote against his re-election. The company has long been ...

Bloomberg As Hurricane Florence batters the southeastern US, a small army of drones is being assembled to quickly help identify and even fix damage caused by the storm. At least 53 drone teams have been recruited to help with damage assessment, said Brian Reil, a spokesman for Edison Electric Institute, the Washington-based industry group coordinating utility recovery efforts. Each team ...

Bloomberg Abu Dhabi is set to cash in significant gains as its Mubadala Investment Co. pushes ahead with an initial public offering (IPO) for Spanish oil firm Cepsa, in what could be the largest such deal in a decade. The state-owned investor decided to proceed with an IPO rather than a sale after potential bidders for the company were narrowed ...

Abu Dhabi / WAM The UAE banking sector has continued to top other GCC counterparts in terms of assets value during H1 2018, with a total value of AED2.7 trillion ($748 billion), a growth of 2 percent compared to the end of 2017. According to industry experts, the UAE banking sector’s leading edge corroborates the robust financial solvency it enjoys ...

Bloomberg Saudi Arabia started the sale of dollar-denominated Islamic bonds and is seeking to raise about $2 billion to complete the kingdom’s external funding requirements for the year. The world’s biggest oil exporter mandated BNP Paribas SA, HSBC Holdings Plc, JPMorgan Chase & Co., Citigroup Inc., Mizuho Bank and Samba Capital for the deal, according to a term sheet seen ...

ABU DHABI / WAM Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, on Wednesday announced the creation of Aldar Investment Properties LLC (‘Aldar Investments’), the region’s largest diversified real estate investment company. The company will take ownership of some of Abu Dhabi’s highest quality, revenue-generating real estate assets, valued at AED20 billion ($5.4 billion). Aldar Investments, ...

DAMMAM / WAM The Arab Petroleum Investments Corporation (Apicorp) announced its half year results for the six months ended June 30. The company records total income of $169.9 million as compared to $60.0. Key drivers of this strong underlying performance were a 40 percent increase in net interest income to $45.9 million, evidence of an increase of the yield and ...