Bloomberg Wal-Mart Stores Inc.’s Mexican unit agreed to sell its Suburbia clothing chain to El Puerto de Liverpool SAB, Mexico’s biggest department store chain operator, in a deal valued at 19 billion pesos ($1.03 billion). The transaction, which involved 119 stores, is subject to regulatory approval, Wal-Mart de Mexico SAB and Liverpool said in statements after markets closed. Liverpool ...

  Paris / AFP Commodities giant Glencore has extended production cuts across key sectors as part of its strategy to reign in debt and offset the damage from slumping prices, the company said on Thursday. First half results put zinc output at 249,000 metric tons, down 31 percent compared to the same period last year. Coal was down 14 percent ...

  Madrid / AFP Spain’s energy giant Abengoa, struggling under a billions-strong debt pile, said on Thursday it had reached a deal with creditors and investors allowing it to ward off bankruptcy. The renewable energy firm had until October 28 to strike a debt restructuring agreement after announcing last year that it was filing for preliminary protection from creditors following ...

  Berlin / AFP German-British travel giant TUI said on Thursday it is weathering the hard times brought on by a series of terrorist attacks despite a slide in revenues in its third quarter. “People still want to travel, but they’re travelling differently,” chief executive Fritz Joussen said in a telephone conference. “The overall number of travellers will be higher ...

  Bloomberg European equities traded at a seven-week high, coming close to erasing their post-Brexit losses, boosted by optimism in the recovery as companies from Zurich Insurance Group AG to KBC Group NV posted profit that beat estimates. Zurich Insurance added 4.5 percent after saying earnings fell less than projected. Belgian lender KBC advanced 5.5 percent after posting better-than-expected profit ...

  DUBAI / Reuters Gulf stock markets were soft early on Thursday after oil prices and global bourses pulled back, while Saudi Arabia edged down despite the Saudi regulator’s announcement that it would ease restrictions on foreign investment sooner than expected. The Saudi index fell 0.3 percent in the first 75 minutes of trade with most banks and many second-tier ...

  Abu Dhabi / Emirates Business Despite a softening in several sectors in the GCC amid a stuttering global oil price recovery, business in the regional lighting fixtures market appears to be booming. International lighting manufacturers and local suppliers reported a number of significant regional projects over the last 12 months, and anticipate double-digit business volume growth over the next ...

  Dubai / Emirates Business Gulf Craft is preparing for a regal display at the Cannes Yachting Festival and the Monaco Yacht Show, with the European debut of its largest and most luxurious superyacht — the stunning 47-metre Majesty 155. This marks the first-time the shipyard brings its flagship superyacht to the region, with a spectacular showcase planned for the ...

  Dubai / Emirates Business Al Bustan Centre and Residence, the popular hotel-apartment among tourists and businessmen in the heart of Dubai, embarked on a road show to major cities in Russia this summer to promote the property to the Russian market and encourage their visit to the UAE. In association with Alpha Destination Management and Natalie Tours, the Summer ...

  Dubai / Emirates Business MEED revealed the finalists for the Daman Corporate Health Awards for 2016. The number of award entrants increased by 32% compared to last year, with the finance, construction and hospitality sectors being represented. ‘’A well- executed corporate wellness plan can serve as an employer’s key differentiator in the market attracting new as well as retaining ...