Blog List Layout

Abu Dhabi / WAM The Federal Tax Authority (FTA) has announced it will be discontinuing the use of the e-Dirham system in paying taxes as of next Sunday, October 30, replacing it with Magnati, the smart payment option from First Abu Dhabi Bank (FAB). Magnati provides advanced software solutions for online payments, using next-generation advanced technologies to provide a seamless ...

Sharjah / WAM The Sharjah National Day Celebrations Committee on Wednesday announced its activities’ agenda for celebrating the UAE’s 51st National Day. Events will take place across Sharjah’s cities and key tourist and cultural destinations from November 24 to December 3, shedding light on the country’s achievements, history, and heritage for a whole month. Heading towards its centenary after celebrating ...

L’Oreal SA said there are signs that shoppers are trading down to cheaper skincare products in fresh evidence that soaring inflation is eroding household budgets. The change in consumer behaviour is most pronounced in the UK “where the inflation is the highest,” with trading down affecting the skincare category there but not haircare nor fragrance, said Chief Executive Officer Nicolas ...

Some bondholders of Hong Kong Airlines are seeking to block a $6.2 billion debt restructuring plan, which they say treats them unfavorably compared with the company’s owner and its affiliates. The ad-hoc group, representing some holders of perpetual notes and advised by law firm Allen & Overy, will vote down a proposal to reduce the debt of the embattled carrier ...

After ending its partnership with Ye’s Yeezy label last month, Gap Inc. is now pulling all remaining Yeezy Gap products from its stores and online after the rapper and designer made antisemitic remarks. In a statement, Gap said it would take immediate steps to remove Yeezy Gap items and shut down e-commerce site YeezyGap.com. It now redirects to Gap.com. Last ...

Air Canada agreed to expand a plane order from Airbus SE as the carrier looks to enlarge bits fleet amid the post-Covid rebound in air travel. The carrier said it’s adding 15 A220-300 jets by converting options into firm orders, according to a statement that confirmed an earlier report by Bloomberg News. The order follows a deal closed in 2016 ...

UBS Group AG posted a robust quarter on the back of surging rates and cost control, enabling the Swiss bank to confirm a plan to return around $5.5 billion to investors this year. UBS said net income in the three months to September was $1.73 billion, compared with analyst estimates of $1.57 billion. The wealth management unit saw lending revenue ...

A year after launching Africa’s first digital currency, Nigeria’s central bank is turning to the nation’s three-wheeler taxi operators to speed the adoption of the eNaira, as regulators across the world scrutinise its every move. It’s offering a 5% discount to drivers and passengers of the motorised rickshaws — known locally as Keke Napep — who use the eNaira. It’s ...

The Bank of Canada is set to deliver a fifth — but possibly final — outsized interest-rate hike this week amid signs its inflation-fighting efforts may be dragging the country’s economy into a recession. Markets are pricing in a 75 basis-point increase in the central bank’s rate at its decision in Ottawa. That would bring the benchmark to 4%, a ...

Standard Chartered Plc reaped the benefits of rising rates and market volatility as it reported third-quarter profits ahead of analysts’ estimates, even as it increased provisions to deal with the worsening economic outlook. Retail banking gained from increasing interest rates as Standard Chartered reported an uplift in its net interest income, while its traders’ revenue were boosted by the volatile ...