Bloomberg Just five years ago, Daxing was a dusty area of farmland to the south of Beijing, largely neglected by visitors to the city. That’s no longer the case, now that an enormous airport has emerged there to thrust China even closer to toppling the US as the world’s biggest aviation market. Beijing Daxing International Airport, an 80 billion yuan …

Bloomberg Indian budget carrier SpiceJet Ltd plans to sell shares in its logistics business in an initial public offering, as the rise of e-commerce drives demand for fast shipping across the region. The one-year-old cargo division, known as SpiceXpress, could be listed on a stock exchange within 12 months, SpiceJet Chairman Ajay Singh said in an interview at Bloomberg’s New …

Bloomberg J Sainsbury Plc pledged to reduce costs and close stores as Chief Executive Officer Mike Coupe seeks to move on from a failed bid to take over rival grocer Asda. The UK supermarket operator plans to reduce expenditures by around $623 million over the next five years as it integrates dozens of Argos home-goods outlets, acquired in 2016, into …

Bloomberg German airline Condor’s request for emergency financing was granted by Chancellor Angela Merkel’s government in a bid to get the tourist carrier through the winter after the demise of UK parent Thomas Cook Group Plc. The bridging loan worth 380 million euros ($420 million) must be approved by the European Commission and will be valid for six months, according …

DUBAI / WAM The Dubai Land Department (DLD), on Tuesday, announced a 134 percent increase in real estate transactions following the creation of the emirate’s new Higher Committee of Real Estate on September 2, which aims to avoid the duplication of projects in the sector and achieve a more sustainable balance between supply and demand. The committee was established by …

Bloomberg Incoming European Central Bank President Christine Lagarde said the global economy is likely to dodge an outright contraction, though the trade tensions remain the top threat to the growth outlook. “It is not in the baseline to have a recession,” Lagarde said in a Bloomberg Television interview on Tuesday. “That said, it’s mediocre growth, it’s at risk because of …

Bloomberg Saudi Arabia will waive the fees it requires industrial companies to pay for their foreign workers for a period of five years, lightening a burden on the private sector. Since January 2018, businesses have been required to pay fees for foreign workers they employ, part of the government’s strategy to raise non-oil revenue. In February, King Salman approved a …

DUBAI / WAM UAE entities are expected to invest up to $7 billion in India’s food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE’s food security, an Indian minister told Emirates News Agency (WAM). These entities, coordinated by Dubai-based Emaar Group, plan to invest up to $5 billion …

Dubai / WAM In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (6) of 2019 pertaining to the joint ownership of real estate in Dubai. The new law applies to all major real estate development projects and jointly owned properties in Dubai, including …

Bloomberg Sudan’s newly appointed oil minister urged international energy companies to speed up efforts to find and develop deposits in a country struggling to recover from US sanctions and a plunge in petroleum revenue. Officials from Schlumberger Ltd., an oilfield services company based in Houston, met with Oil and Mining Minister Adel Ali Ibrahim and expressed a readiness to resume …