Bloomberg Aeroflot PJSC, Russia’s largest air carrier, plunged to an almost two-year low after the US threatened sanctions that could include flight restrictions. The State Department announced new sanctions against Russia to punish President Vladimir Putin’s government for allegedly using a chemical weapon against former double agent Sergei Skripal in the UK earlier this year. A second round of sanctions ...

Bloomberg Standard Chartered Plc and Commerzbank AG are among companies targeted by investors suing Steinhoff International Holdings NV to recover as much as 12 billion euros ($13.8 billion) they claim they lost because of accounting irregularities at the retail giant. The suit was filed in Johannesburg and seeks class-action status to cover shareholders who bought Steinhoff stock from June 26, ...

Bloomberg VF Corp. plans to spin off its Lee and Wrangler jeans business to focus on faster-growing outdoor products and active wear such as its North Face and Vans brands. The spinoff to shareholders should be completed in the first half of next year, Greensboro, North Carolina-based VF said in a statement. The jeans business, which has yet to be ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) reported that the number of its online transactions is continuously growing. The company recorded a total of 250,000 transactions performed through its e-services system from January to July 2018. Empower aims to increase the number of e-services subscribers to achieve 100 percent online transactions. The e-services allow customers to pay bills ...

Bloomberg First Abu Dhabi Bank PJSC’s stock has gained in six of the past seven weeks, bringing the rally for the year to 37 percent. A beckoning index-weighting upgrade means more joy could be in store for shareholders. The biggest lender in the United Arab Emirates is expected to have its weighting in the MSCI Emerging Markets Index doubled to ...

DUBAI / WAM Another major step towards connecting with China’s leading dispute resolution centres was taken by the Dubai International Financial Centre Courts through the singing of a Memorandum of Guidance (MoG) with the High Court of the Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong High Court). Devised as a practical mechanism to foster ...

DUBAI / Emirates Business Emirates has launched one of its biggest sales yet with special fares to over 70 global destinations within its network. Passengers can still plan a short getaway before the summer season ends to destinations in the Americas, Europe, Middle East, and the Far East. The offer applies to bookings made on Sunday until August 20 for ...

Dubai / Emirates Business The Emirates NBD Purchasing Managers’ Index (PMI) for the UAE declined to 55.8 in July from 57.1 in June, signalling the slowest rate of growth in the non-oil private sector in three months. “Both output and new work, while still strong, were softer than in June. Notably, new export orders increased at the sharpest rate in ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has launched the UAE Youth Global Initiative to help Emirati youth unleash their full potential to enhance the country’s reputation and spread awareness of its values, heritage and all-embracing development drive. This came during ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), on Sunday observed the International Youth Day across its headquarters and all operating companies. During the celebrations, which were organised by the Group’s various youth committees, Adnoc’s young talent focussed on the contributions they have made to the business to enable enhanced performance, profitability and efficiency, as well as ...