Bloomberg Shake Shack Inc. is stirring up shares of SSI Group Inc. after the burger chain founded in New York selected the upscale Philippine retailer as its local partner. News that the world famous ShackBurger will be served in Manila beginning in the spring of 2019 sent shares of licensee SSI rising as much as 18 percent, the most in …
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Bloomberg Boeing Co. sealed a deal to sell 777 freighters with a sticker price of almost $10 billion to Russia’s Volga-Dnepr Group, the world’s largest carrier of outsize cargo. Volga-Dnepr signed a letter of intent to buy 29 of the 777s and confirmed a $2 billion order for five 747-8 freighters, Boeing said in a statement. The 777F is priced …
Read More »Bloomberg The sandy shores of the Philippines will soon be within easier reach of Chinese tourists looking for a summer vacation spot. Philippine Airlines Inc. plans to begin flights this year to secondary cities in China, which may include Nanning, Haikou, Hangzhou and Chengdu, where tourists rent planes to go to the island resorts of Boracay, Palawan and Cebu, President …
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Bloomberg Former Toys ‘R’ Us workers will be asking a judge to award them severance and grant them the same priority for getting paid as the lawyers, financial advisers and suppliers who were considered vital to winding down the retailer’s US stores. Toys ‘R’ Us Inc. agreed to give the workers until July 23 to file the request, according to …
Read More »Abu Dhabi / WAM Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development, laun-ched ‘UAE-China Week,’ which is being held in Manarat Al Saadiyat from Tuesday until July 24. The event coincides with the visit of Xi Jinping, President of China, to the UAE, on Thursday, and celebrates the best of Emirati and Chinese culture. In a statement …
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Bloomberg Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from neighbours. Shares in Ahli United Bank, or AUB, rose 6.8 percent on Tuesday to the highest levels since April last year, valuing the Manama, Bahrain-based lender at $5.66 …
Read More »Bloomberg A unit of Abu Dhabi Financial Group has made a fresh, $55 million offer for the rights to manage Abraaj Group’s funds, challenging a bid from Cerberus Capital Management LP, according to people familiar with the matter. Abu Dhabi Capital Management told Abraaj’s liquidators it would pay $30 million to buy the rights to manage Abraaj’s funds and $25 …
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Bloomberg Oil steadied after another sharp pullback as traders remained wary over whether supplies will be sufficient to cover a range of global disruptions. Futures in New York traded near $68 a barrel, having tumbled 4.2 percent as Libya restored output at some fields and the US signalled it may take a slightly softer approach with sanctions on Iranian exports. …
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DUBAI / WAM Dubai Land Department (DLD) announced that the real estate brokerage commissions reac-hed AED571 million during the first half of 2018, with a total of 5,181 active brokers, representing 2,113 offices, contributing to the sustainable growth achieved by the sector. The Department of Real Estate Studies and Research of the DLD also reported that the activities of the …
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Bloomberg US technology shares pared losses as investors downplayed the impact of Netflix’s disappointing subscriber growth for the rest of the FAANG stocks. The dollar strengthened as Federal Reserve Chairman Jerome Powell made the case for further tightening. The Nasdaq 100 climbed from its lows as Facebook turned positive and Broadcom and Nvidia rallied. The S&P 500 was little changed, …
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