News

NEW YORK / Bloomberg A provision of the 2010 Dodd-Frank law that takes effect in December forces banks to keep a stake in the commercial-property loans they package into securities and sell off to investors. The rule is intended to deter the type of risky lending that helped fuel the last decade’s boom and bust. Under the current business model, ...

Singapore / AFP Airbus and Boeing announced billion-dollar deals at Asia’s largest airshow in Singapore on Wednesday, underscoring the region’s role as a driver of industry growth despite greater caution among plane buyers. Europe’s Airbus said it had won an $1.85 billion deal for the purchase of six A350-900s by Philippine Airlines (PAL), the flag carrier of one of Asia’s ...

Washington / Bloomberg Bombardier Inc. said it planned to cut about 7,000 jobs as it reported fourth-quarter profit that fell short of analysts’ estimates. It also signed a letter of intent for Air Canada to buy at least 45 of the planemaker’s C Series jets. The job cuts, from a workforce of about 64,000, will occur during the next two ...

Montreal / AFP Air Canada has signed a $3.8 billion deal with Bombardier to buy 45 CS300 jets, with options to purchase another 30 planes, the companies announced. Deliveries of the all-new aircraft will begin in 2019. “With the signing of Air Canada for the leading-edge CS300 aircraft, we add a major international airline customer based in North America to ...

SINGAPORE / Bloomberg Mitsubishi Aircraft Corp. and Embraer SA are battling for customers in Asia as the Japanese maker aims to break into a market expected to account for a quarter of global regional jet demand over the next two decades. The market for smaller jets currently is dominated by Canada’s Bombardier Inc. and Brazil’s Embraer. Emerging economies like Indonesia ...

RITIKA SHARMA EMIRATES BUSINESS What is Lebanon famous for — its architectural monuments, its scenic beauty and the cultural and traditional heritage. But one thing that brings you the closest to the real Lebanon is the Lebanese food. Without a mention of the sumptuous cuisine of Lebanon, every expansion of this compact country is incomplete. Lebanese is one for the ...

Sunaina Rana / Emirates Business At Arab Health Exhibition & Congress, the region’s largest healthcare trade show, the UK-based Kings College Hospital participated in a high-level discussion with the Dubai Health Authority (DHA), the UK Minister of State for Health and its Dubai and UK investors including Ashmore Group, Al Tayer and Dubai Investments. At the event, King’s College Hospital, ...

Sunaina Rana / Emirates Business Responsible business practices and innovation can be catalysts for sustainable development. To drive this home, Abu Dhabi Sustainability Group (ADSG) hosted the second edition of the Abu Dhabi Sustainable Business Leadership Forum at Rosewood Hotel, Abu Dhabi on Wednesday. The two-day forum would be giving an opportunity to the leaders from around the Emirates and ...

ABU DHABI / WAM The UAE Ministry of Economy has said that the value of the country’s non-oil foreign trade reached AED1.75 trillion (US$476.4 billion) in 2015, a growth of up to 10 percent from 2014, according to its report. The figures in the first half of 2015 are positive indicators for the UAE’s foreign trade, including direct trade. In ...

Dubai / Emirates Business Gulfood 2016 is gearing up to provide some Italian tastes too. Eyeing the growing appetite for the UAE’s F&B market share — an estimated AED43 billion (US$11.7 million) industry — an organization from the country — Associazione Formaggi Italiani DOP e IGP — has grabbed a pavilion at the event. The Association of Italian PDO Cheeses, ...