Bloomberg Southwest Airlines Co. plans to expand service from New York City and Washington this year after completing a deal to lease slots from Alaska Air Group Inc. at maxed out airports. Southwest will be able to add six round-trip flights at New York’s LaGuardia Airport and four at Ronald Reagan Washington National Airport. The 10-year lease begins in October ...

Bloomberg Jana Partners, the activist fund run by Barry Rosenstein, disclosed a stake in Pinnacle Foods Inc. and is urging the packaged food manufacturer to explore a sale or another transactions in the frozen food space. The New York-based hedge fund and its partners own 9.5 percent of the food manufacturing company, according to a regulatory filing. Jana said in ...

Bloomberg United Continental Holdings Inc.’s top executive is giving up his bonus and its chairman is stepping aside. Chief Executive Officer Oscar Munoz asked the board not to award him the payout for 2017, the airline said in a regulatory filing. Chairman Robert Milton, a former Air Canada CEO, will be replaced with another independent board chief. Laurence Simmons, a ...

Bloomberg Fairfax Financial Holdings Ltd., the investment firm run by billionaire Prem Watsa, signed an agreement to buy the Canadian unit of Toys ‘R’ Us Inc. for about $237 million. The so-called stalking horse bid allows other potential buyers were expected to enter competing proposals, according to a US bankruptcy court filing submitted by Toys ‘R’ on Thursday. Fairfax would ...

Bloomberg Walmart Inc. lost out in China by betting on the wrong horse. In India, the retailer is prepared to pay up to secure the top steed. The world’s biggest retailer is nearing a deal to buy a majority stake in India’s top online retailer for at least $12 billion, people familiar with the matter said. Flipkart Online Services Pvt’s ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM) and Shanghai Stock Exchange (SSE), China’s largest securities exchange, signed a MoU to cooperate on the establishment of a ‘Belt and Road’ exchange at ADGM. The cooperation harnesses Abu Dhabi’s strategic position along the Silk Road Economic Belt, ADGM’s best-in-class regulatory regime and SSE’s position as a growing global exchange. The ...

DUBAI/ Emirates Business The third Annual General Meeting (AGM) of Emaar Malls approved the distribution of cash dividends to shareholders amounting to AED 1.3 billion ($ 353.9 million), representing 10 percent of the share capital being 10 fils per share for 2017. The AGM also approved the report by the board of directors on the activities and financial position of ...

ABU DHABI / Agencies Mubadala Investment Company has acquired a minority stake in the general partner of Phoenician Capital, a New York-based investment management company. The investment was made through Mubadala Capital, Mubadala’s financial investment arm. The partnership includes an agreement for Mubadala Capital to invest in a fund managed by Phoenician Capital. “Phoenician Capital has built a strong international ...

DUBAI / Emirates Business Mashreq, one of the leading financial institutions in the UAE, has reported its financial results for the first quarter ending on March 31, 2018. The net profit of the company increased 9.5% year-on-year to AED 598 million primarily due to a 4% increase in operating income. The net interest income & net income from Islamic products ...

Dubai / Emirates Business DP World, UAE Region has underlined its position as the leading trade enabler by winning the Supply Chain Hub Award at the Logistics Middle East Awards 2018 organised by ITP Media Group. Abdulla Bin Damithan, Chief Commercial Officer of DP World, UAE Region received the award in the presence of leading industry executives from across the ...