Reuters Saudi Arabian retailer Fawaz Abdulaziz Alhokair Co missed analysts’ estimates as it reported a 98 percent fall in fourth-quarter net profit on Thursday after its operations made losses and total group sales fell. The company made a net profit of 3.17 million riyals ($845,626.48) in the three months to March 31, down from 201.74 million riyals in the ...

  Reuters Wal-Mart Stores Inc said it will shrink its board by three members to 12, bringing it closer to US corporate norms in a move the largest US retailer hopes would allow it to respond more nimbly to rapid market changes. The change will take place after Wal-Mart’s annual shareholders’ meeting on June 3, it said in a statement. ...

  PARIS / Reuters French retailer Fnac said on Thursday it would offer 145 pence per share to buy Darty , Europe’s third-largest electronics retailer, trumping an offer from Conforama, part of South African retail conglomerate Steinhoff. Fnac had originally proposed a takeover offer for Darty last year but Conforama emerged as a rival bidder in March, with an offer ...

  Shanghai / AFP China’s homegrown regional jet should have made its first commercial flight weeks ago, but the ARJ21 has still not flown any fare-paying passengers, dealing yet another setback to the country’s ambitious plans for domestically produced planes. Chengdu Airlines received the aircraft from manufacturer the Commercial Aircraft Corp. of China (COMAC) in November, already years behind schedule, ...

Johannesburg / AFP Hundreds of coffee lovers queued early Thursday in an upmarket Johannesburg shopping centre as international chain Starbucks opened its first cafe in sub-Saharan Africa. The US-based global brand plans to open 12-15 more stores in South Africa over the next two years, with a long term plan of up to 150 outlets. “The timing is right. We are ...

  Doni, Ethiopia / AFP Outside a small store on a dirt track in the remote Ethiopian town of Doni, long queues wait for government cash handouts by the most modern of methods — mobile phone. Ethiopia, Africa’s second most populous country and one of its fastest growing economies, is pushing a new electronic payment service by phone — called M-Birr, ...

  London / AFP The 200th anniversary of the birth of Charlotte Bronte, whose intense and passionate vision of rural life in “Jane Eyre” has haunted generations of readers, was marked in Britain. Fans hosted a birthday party in the house in northern England where Charlotte and her sisters Emily and Anne grew up and wrote their books. The anniversary highlights ...

  RITIKA SHARMA / Emirates Business Lots of advertising, rigorous marketing, planned launches, promotion of holiday packages and substantial media attention — Travel Industry is on its toes for the biggest regional travel event — The Arabian Travel Market (ATM). Who’s who of the travel and tourism industry of the region — is all set to gather in the commercial ...

  Our Correspondent / EMIRATES BUSINESS Since its foundation in 1930, Citizen has promoted a multi-cultural mindset that fosters excellence and creativity. As a ‘citizen’ of the world, we make it our responsibility to help cultivate a culture of positive change and ongoing evolution through our craft. We take this mission seriously and eagerly welcome what the future may bring. ...

  RIYADH / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, arrived in Riyadh to participate in Wednesday’s summit between GCC leaders and Morocco, with the attendance of King Mohammed VI of Morocco, and the GCC leaders and President Barack Obama of the United States ...