Bloomberg The slowdown of the European economy is “significant” and the European Central Bank could change its interest-rates guidance if it becomes clear the situation isn’t temporary, Governing Council member Francois Villeroy de Galhau said. The extent of the weakness at the end of 2018 has taken policy makers by surprise, with Italy entering recession and Germany narrowly avoiding the ...

Bloomberg The collapse of British regional airline flybmi over higher fuel prices and Brexit uncertainty has forced stranded passengers across Europe to fend for themselves, without the prospect of help from the UK government. UK student Mary Ward was in Brussels waiting for a flight to Newscastle when she received the airline’s text that said all flights had been cancelled, ...

Bloomberg Yayvo, Pakistan’s second-largest online retailer, is planning to bring in new investors amid competition from Alibaba Group Holding Ltd. The e-commerce company has appointed advisers to help with the fundraising, Yayvo’s head, Adam Dawood, said in an interview in Karachi last week. Yayvo aims to start meeting with potential investors in the Middle East and China next month, according ...

Bloomberg Payless Inc. is liquidating its US and Puerto Rico stores and shutting down its online operations as the upheaval in the retail industry claims its latest victim. The discount shoe chain is starting liquidation sales on February 17, and expects the stores to remain open until at least the end of March, according to a statement. The company was ...

Bloomberg The news started coming thick and fast even before the sun was up over Airbus SE’s headquarters in the French city of Toulouse. There was a lot to digest: earnings, writedowns, cancelled and shifted orders, and not least the landmark decision to end production of the A380 doubledecker, an albatross of a plane that had hung awkwardly around the ...

ADELAIDE / WAM The United Arab Emirates Space Agency (UAESA), signed a Memorandum of Understanding (MoU), with the Australian Space Agency, which aims to promote the exchange of best practices, knowledge sharing and enhance cooperation and collaboration between both parties in support of space research and technology The MoU was signed at the Australian Space Agency in Lot Fourteen, Adelaide, ...

Abu Dhabi / WAM The UAE Armed Forces awarded AED4.971 billion in contracts on the first day of the International Defence Exhibition and Conference (Idex 2019), and Naval Defence and Maritime Security Exhibition (Navdex 2019), with the lion’s share of deals going to national companies. Speaking at a press conference Staff Brigadier-General Mohammed Al Hassani, Official Spokesperson of Idex 2019, ...

ABU DHABI / WAM Russia exempted UAE citizens with regular passports from requiring pre-entry visas. The Ministry of Foreign Affairs and International Cooperation announced that, UAE citizens will be able to travel to Russia without prior visas. Ahmed Sari Al Mazrouei, Under-Secretary of Ministry of Foreign Affairs and International Cooperation, said Russia’s decision to exempt UAE citizens from pre-entry visas ...

ABU DHABI / WAM Abu Dhabi Securities Exchange (ADX), announced that it has succeeded in achieving a compliance rate of 94 percent regarding the disclosure of the annual preliminary financial reports 2018 of its listed public joint stock companies within the deadline of 45 days from the end of the financial period. 61 out of 65, local and foreign, public ...

Bloomberg Saudi Arabian Military Industries and France’s Naval Group SA entered a joint venture (JV) to develop vessels in the kingdom, which seeks to promote local manufacture of armaments. The Saudi government-backed firm will hold a 51 percent stake and the French naval defense company will have the rest. The new company will develop, engineer and manufacture frigates, corvettes and possibly ...