Bloomberg After surpassing Hermes, Gucci has Louis Vuitton in its sights. The Italian fashion brand, owned by Kering SA of France, aims to lift revenue to 10 billion euros ($12 billion) from last year’s 6.2 billion euros, according to an investor presentation Thursday. That would rival LVMH’s Louis Vuitton, long the biggest and most profitable name in luxury. With a …
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Bloomberg Delta Air Lines Inc. dragged down US airlines after the carrier trimmed its profit outlook, citing the rising price of jet fuel. Second-quarter earnings will be no more than $1.75 a share, Delta said in a statement. That’s down from a previous forecast of as much as $2 a share. Fuel prices have risen about 12 percent since the …
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Bloomberg Pity the airlines: fuel prices are soaring, pilots are in short supply and political spats threaten global trade. And worse may be to come. With global passenger numbers forecast to almost double to 7.8 billion by 2036, runways, airports and even airspace could rapidly become too crowded to cope. In Asia, which will contribute more than half of the …
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JEDDAH / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Deputy Prime Minister, Minister of Defense of the Kingdom of Saudi Arabia and President of Saudi Council of Economic and Development Affairs chaired the first meeting …
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Bloomberg Saudi Arabia, the world’s largest oil exporter, raised pricing on key crude grades for buyers in Asia to the highest since 2014 as demand builds in the country’s biggest market amid threats to rival suppliers. State-owned Saudi Arabian Oil Co. raised its official selling price for Arab Light crude for July shipment to Asia by 20 cents to $2.10 …
Read More »DUBAI / Emirates Business Beijing Tai Cloud Technology, the first blockchain company in China’s new OTC market, has announced the launch of its UAE operations aimed to leverage opportunities of trading in blockchain technology. Tai Cloud is a pioneer in the research and application development of the blockchain technology system in the People’s Republic of China. The company established the …
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Bloomberg Global growth is set to slow over the next two years as central banks raise borrowing rates and US fiscal stimulus starts to fade, the World Bank said. The world economy will grow 3.1 percent this year and 3 percent in 2019, the development lender said in its latest Global Economic Prospects report. Both forecasts were unchanged from January, …
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Bloomberg BHP Billiton Ltd. has received first-round bids for its US shale portfolio from oil majors including BP Plc and Chevron Corp., valuing the unit at $7 billion to $9 billion, people familiar with the matter said. Royal Dutch Shell Plc, partnering with private equity firm Blackstone Group LP, also submitted a bid for the entire unit late in May, …
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Bloomberg A tentative deal to revamp US biofuel policy appeared to collapse when the White House indefinitely delayed an expected announcement of the planned changes, according to three people familiar with the move. The postponement of a directive outlining the deal may mark the end of the latest effort to overhaul the American renewable fuel mandate with an eye on …
Read More »Bloomberg India may be the biggest beneficiary of solar industry reforms in China that are poised to reduce prices for photovoltaic panels. China announced last week it was halting approvals of some new solar projects this year and cutting subsidies to developers to ease its pace of expansion. That’s expected to slow demand in the world’s biggest market, weakening prices, …
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