Bloomberg Norwegian Air Shuttle ASA slumped to an almost seven-year low after offering heavily discounted shares to raise about 3 billion kroner ($350 million) to shore up its balance sheet. The rights issue, underwritten by investors including John Fredriksen, Nor- way’s richest man, is intended to buy the Oslo-based airline time following the collapse of protracted talks with suitors including ...

Bloomberg South African Airways will create three distinct business units focusing on domestic flights, pan-African travel and other international routes as the debt-laden airline battles to repair its balance sheet. The restructuring will not lead to a full breakup of the state-owned carrier, spokesman Tlali Tlali said by phone. Reuters had earlier reported the plan to separate into three divisions. ...

Bloomberg Delta Air Lines Inc. and UK discounter EasyJet Plc may invest as much as 400 million euros ($452 million) in the latest attempt to revamp struggling Italian airline Alitalia SpA, according to people familiar with an initial draft of the plan. Investors in a group led by rail operator Ferrovie dello Stato SpA are evaluating the financial needs of ...

Dubai / Emirates Business Majid Al Futtaim, one of the Middle East’s leading retailers, is spearheading the digital transformation of the region’s $313 billion retail market, both in taking a growing slice of e-commerce and enhancing Carrefour customer shopping experiences online and in-store. The Middle East retail sector is undergoing a sea-change. As more malls open, the GCC’s retail sector ...

Bloomberg Crown Prince Mohammed bin Salman said his country plans to invest a whopping $20 billion in Pakistan as he began a swing through Asia. The two nations signed memorandums of understanding in the energy and agriculture sectors, including one for a $10 billion oil refinery in southwestern city of Gwadar, where China has helped build a deep water port. ...

Dubai / WAM Enoc Group signed a joint venture (JV), agreement with Proserv Egypt to set up Enoc Misr, its first on-ground operations in the lubricants sector in Egypt. The agreement marks Enoc Group’s physical presence in Egypt as part of its wider plans to expand internationally into key markets, including Africa. Through this joint venture agreement, Enoc Misr will ...

Bloomberg Oil traded near a three-month high in New York as Organisation of Petroleum Exporting Countries (Opec’s) output curbs tightened global supply while trade talks between the US and China lifted financial markets. Futures rose as much as 1.3 percent to the highest since November 20, after advancing 5.4 percent last week. President Donald Trump said talks with China were ...

Bloomberg TransCanada Corp. was partly denied a request to continue some pre-construction work on the Keystone XL oil pipeline while a dispute over the project’s environmental review wends its way through the courts. The company won’t be allowed to prepare sites for construction camps, but it will be allowed to prepare pipeline-storage and container yards and receive pipe at those ...

Bloomberg The stage has been set for a European natural gas price war that will help boost demand and enable both Russia and the US to increase sales to the region. The battle won’t brutalize earnings too much because gas supply is just so profitable in Europe, where prices are more than double the prevailing level in the US. And ...

Bloomberg India is feasting on Venezuelan oil, after the US imposed a de facto ban on crude imports from the Latin American nation. While flows to the US came to a halt, India became the No. 1 buyer of Venezuelan crude in the first half of February, with imports jumping 66 percent to 620,000 barrels a day. Indian refiners Reliance ...