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Cathay enters no-frills market with Hong Kong Express deal

Bloomberg Cathay Pacific Airways Ltd agreed to pay $287 million in cash for Hong Kong’s only budget airline to enter the no-frills market, after more than a decade resisting such a move to focus on premium services. Cathay plans to operate Hong Kong Express Airways, part of HNA Group, as a standalone carrier after the transaction is completed by December ...

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Steinhoff raises $332mn by selling KAP stake

Bloomberg Steinhoff International Holdings NV raised $332 million by selling its remaining shares in KAP Industrial Holdings Ltd as the embattled retailer looks to shore up its balance sheet. The owner of Conforama in France and Mattress Firm in the US sold its 26 percent stake in the South African industrial company at a 9.4 percent discount, Steinhoff said. The ...

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Bed Bath & Beyond surges most since 2000 on activist plans

Bloomberg Bed Bath & Beyond Inc soared as much as 30 percent — the most intraday in 19 years — on news that activist investors plan to challenge the home-goods retailer’s directors in a proxy fight. The company responded by saying the investors have ignored its requests for feedback and only appear interested in gaining ammunition for an activist battle. ...

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UAE’s GDP to expand 3.5% in 2019

Dubai / WAM The UAE’s GDP is set to expand 3.5 percent this year against 2.8 percent in 2018, thanks to a stimulus package worth AED 50 billion announced last year along with a host of other mea-sures for ease of doing business in all emirates, said Director of Dubai Customs, Ahmed Mahboob Musabih, while chairing the first quarterly Consultative ...

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Mubadala inks strategic pacts with Uzbekistan on energy investment

ABU DHABI / WAM Mubadala Investment Company, Abu Dhabi’s strategic investment and development fund, has exchanged a set of strategic agreements with the Republic of Uzbekistan, in which future partnerships can be explored across three key strategic sectors; the conventional power generation, renewables, and the oil and gas sectors of Uzbekistan’s economy. This will build on the existing strategic government-to-government ...

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Uber buys Careem in $3.1 billion deal

Dubai / WAM Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020. Uber will acquire all of Careem’s mobility, delivery, and payments businesses ...

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Foreign assets at UAE central bank reach AED359bn

ABU DHABI / WAM Continuing its upward streak for the second straight month, the total foreign currency assets held by the Central Bank of the UAE increased to AED359 billion by the end of February 2019, a growth of 3.2 percent from AED348 bn in the preceding month, as current account balances and deposits with foreign banks strengthened to AED289.76 ...

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Ideas Abu Dhabi to tackle complex global challenges

Emirates Business Ideas Abu Dhabi, a two-day ideas festival bringing together some of the brightest minds from the UAE and around the world to tackle complex global challenges, returns for the third time on March 27-28. Part invite-only Forum, part public Festival, Ideas Abu Dhabi will be held at New York University Abu Dhabi (NYUAD), on Saadiyat Island and features ...

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Emirates to hire new cabin crew from Lebanon

Beirut / Emirates Business Emirates, the world’s largest international airline, is looking for Lebanese candidates to join its multinational cabin crew team. The Dubai-based airline is holding two Cabin Crew recruitment open days at Beirut and Jounieh. The Open Day at Beirut will be held at 9.00am sharp on March 30 at Movenpick Hotel Beirut, General de Gaulle Avenue Raoucheh, ...

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