Bloomberg South African Airways (SAA) said “time is of the essence” for the government to provide a pledged cash injection if the loss-making national carrier is to continue flying. The National Treasury agreed last month to give the airline 2 billion rand ($140 million) as part of the terms of its bankruptcy protection, but has yet to follow through. SAA ...

Bloomberg Deutsche Lufthansa is considering the sale of stock in its jet-aircraft maintenance business to fund the unit’s expansion and help boost the airline group’s market value, according to people familiar with the matter. A partial spinoff of the Technik division to Lufthansa shareholders is also being considered, though an initial public offering of a stake is the more likely ...

Bloomberg American Airlines Group Inc forecast a big increase in capacity this year and said costs will rise, risking pressure to fares and a squeeze on profit. The amount of available flights and seats will rise as much as 5%, American said, following a 1.1% gain last year. Growth will focus on hubs such as Dallas and Charlotte, North Carolina. ...

Bloomberg Asos Plc bounced back from a poor Christmas a year earlier with strong growth over the holidays driven by Black Friday sales. The UK online fashion retailer said its group retail sales grew 20% on a constant-currency basis in the last four months of 2019, better than analysts expected. The shares rose as much as 12%. The better showing ...

ABU DHABI / WAM The UAE has once again proved itself a resilient business hub, as its been named the world’s number one “mover” by US News 2020 Best Countries Rankings, for the second year in a row. According to the report, which is compiled in partnership with Bav Group and Wharton School of the University of Pennsylvania, “The World ...

ABU DHABI / WAM The Organisation of Petroleum Exporting Countries (Opec), has projected an increase in the global demand for oil to 100.98 million barrels per day (mbpd) during 2020, an increase of 1.22 mbpd compared to the average production of 99.77 mbpd for 2019, according to the Organisation’s Monthly Oil Market Report for January. World oil production includes all ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), has been named the UAE’s most valuable brand for a second consecutive year by Brand Finance, the world’s leading brand valuation and strategy consultancy. Adnoc’s $11.39 billion (AED41.83 billion) 2020 brand value, a 28.6% increase over the previous year and a 145% increase since the launch of its transformation ...

Bloomberg President Donald Trump said he’s begun talks with World Trade Organisation (WTO) director-general Roberto Azevedo on changing the structure of the body, which he complained has been unfair to the US. Azevedo will travel to the US for negotiations, Trump said on Wednesday at a news conference to close his visit to the World Economic Forum annual conference in ...

ABU DHABI / WAM The UAE central bank announced that money supply aggregates for currency circulation outside banks and monetary deposits (M1), increased by 0.5%, from AED512.1 billion at end of November 2019 to AED514.8 billion at the end of December 2019. According to a statement by central bank, money supply aggregates, M2, increased by 2.2%, from AED1,380.5 billion at ...

ABU DHABI / WAM The Ministry of Finance (MoF), announced on Wednesday morning the results of the 2018 Consolidated Annual Report of the federation, and the final accounts of independent entities. The announcement came alongside the ministry’s participation in the Federal National Council’s third meeting, which took place in Abu Dhabi. The report stated the value of revenues reached AED56.1 ...