Abu Dhabi / WAM The UAE has expressed its strong condemnation and denunciation of the Iranian-backed Houthi terrorist militias’ attempt to target civilian areas in the Kingdom of Saudi Arabia with six bomb-laden UAVs that were intercepted by the Coalition Forces. In a statement, the UAE Ministry of Foreign Affairs and International Cooperation emphasised that the recent increase in Houthi …

Bloomberg Saudi Arabia’s Red Sea Development Co plans to close on a 14-billion riyal ($3.7 billion) loan from five domestic banks by the end of the year as it steps up construction on a luxury tourism project about the size of Belgium, its chief executive said. The developer has been seeking financing since last year for the project, which stretches …

Bloomberg Australia’s economy could contract by 6% over the next five decades if climate change goes unchecked, according to Deloitte Access Economics. That’s equivalent to a A$3.4 trillion ($2.4 trillion) loss in gross domestic product and 880,000 fewer jobs, Deloitte said in a report. The group said its modeling differs from others in setting a benchmark for growth which incorporates …

Bloomberg Boeing Co is almost doubling its planned job cuts as the coronavirus pandemic and prolonged grounding of the 737 Max jet dim prospects for a financial recovery next year. With the outlook for aircraft sales still uncertain, executives abandoned a forecast that Boeing would stop burning cash next year and said they would eliminate an additional 7,000 jobs. That …

Bloomberg The Netherlands has rejected a cost-cutting plan put forth by Air France-KLM’s Dutch arm and withheld a portion of a $4 billion government bailout until it approves the restructuring plan. The Dutch government won’t grant a second tranche of state aid because pilot union VNV rejected a pay cut, Finance Minister Wopke Hoekstra and Infrastructure and Water Management Minister …

Bloomberg IAG SA, owner of British Airways, said it is conducting a review of hedging policy after the coronavirus pandemic sparked a mammoth loss on oil derivatives contracts. The company uses such contracts to try and limit its fuel bill — usually the single biggest expense for airlines — but lost 1.6 billion euros ($1.9 billion) as a result of …

Bloomberg Steinhoff International Holdings NV former Chief Executive Officer Markus Jooste has been fined more than 162 million rand ($9.9 million) by a South African regulator for insider trading ahead of the retailer’s near collapse almost three years ago. Jooste sent a text message to four people warning them to sell their stock in the company in the days before …

Bloomberg IndiGo will trim its fleet size over the next two years as the coronavirus pandemic continues to weigh on Asia’s biggest budget airline by market value and other carriers around the world. “Fleet count will be stagnant, go down a little,” CEO Ronojoy Dutta told analysts during a conference call. “In 2022, we will be down slightly, by 2023, …

Bloomberg Ant Group Co.’s highly-anticipated initial public offering in Shanghai is set to intensify rivalry between the bourse and its competitor Shenzhen, as both aim for the top spot in China’s $9.9 trillion equity market. The megacities house two of the world’s largest 10 stock-exchange operators, and have for decades jostled to become the go-to destination for firms wanting to …

Bloomberg A slowing pace of virus infections and optimism over China’s economic recovery is burnishing the appeal of Asian stocks for some money managers as volatility in global markets jumps ahead of next week’s US vote. GAM Investment Management, Robeco Hong Kong Ltd. and Nordea Investment Funds SA see regional shares extending October’s gains, regardless of who wins the election. …