Bloomberg Walmart is reportedly looking to sell ModCloth, the women’s apparel site it acquired two years ago, as it looks for ways to pare losses at its online business. “I can confirm that Walmart has received outside interest from buyers for ModCloth,” the site’s CEO Silvia Mazzucchelli told Glossy magazine. “We are in the process of exploring potential opportunities.” Recode …

Geneva / Emirates Business The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometres (FTKs), decreased by 4.8 percent in June 2019, compared to the same period in 2018. This marks the eighth consecutive month of year-on-year decline in freight volumes. Signs of a modest recovery in recent months …

ABU DHABI / WAM Khalifa Industrial Zone Abu Dhabi (Kizad), an Abu Dhabi Ports subsidiary, has waived the charges for over 75 percent of its services, in line with the Abu Dhabi Government directive to encourage further investment into the emirate. In an ongoing commitment to the growth and success of operations at Kizad, three-quarters of services will be offered …

Dubai / WAM Dubai Aerospace Enterprise (DAE) reported on Tuesday its financial results for the six months ended on June 30. According to the aerospace corporation the first half of 2019 saw total revenues of $726.9 million compared to $711.4 million during the same period last year. DAE’s net profits reached $197.1 million, compared to $195.2 million in H1 2018. …

Bloomberg Mastercard Inc agreed to buy a payments platform owned by Denmark-based Nets for 2.85 billion euros ($3.19 billion), using its biggest-ever acquisition to help extend a push into faster payments. With the purchase, Mastercard is getting an electronic-billing platform and clearing and instant-payment services, according to a statement on Tuesday. The company said the purchase will hurt profit for …

Bloomberg Brent oil slid below $60 a barrel for a second day as investors weighed the prospects of a prolonged standoff between the US and China, following the Trump administration’s labelling of the Asian nation as a currency manipulator. London-traded futures erased an earlier rally to fall about 0.5 percent on Tuesday. A move by the People’s Bank of China …

Bloomberg India’s biggest aluminum producer Vedanta Ltd. is prioritising controlling costs as it embarks on expanding capacity, according to CEO. Vedanta plans to double alumina capacity at its refinery in the eastern state of Odisha to 4 million tons over the next 2.5 years and raise aluminum smelter production capability by 30% to 3 million tons “at an all-in cost …

Bloomberg Occidental Petroleum Corp. has received over $75 billion in orders for its bond sale to help finance its acquisition of Anadarko Petroleum Corp., according to people familiar with the matter. It’s the biggest demand for a debt deal since Saudi Arabia’s Aramco received more than $100 billion in orders in April and a sign that investors are willing to …

Bloomberg The co-founder of Neil Woodford’s investment firm is selling two properties with a combined asking price of about 15 million pounds ($18 million), the Times of London reported, citing documents related to a private sale. Craig Newman, who worked with Woodford at Invesco Perpetual before they started their own firm, seeks 10mn pounds for a house in Oxfordshire, England, …

Bloomberg Toronto home sales and prices continued to move higher in July amid tight supply. Sales in Canada’s biggest city jumped 24% to 8,595 from the same period last year, the Toronto Real Estate Board said in a report Tuesday. On a seasonally-adjusted basis, sales rose 5.1% from June, the most since the end of 2017, before harsher mortgage-lending rules …