Bloomberg Cash-starved carrier Jet Airways India Ltd. said some aircraft were grounded because of technical and temporary reasons, denying a news report that said the planes were not flying because of a default in lease-rent payment. The carrier, struggling to repay debt, is regularly providing updates to lessors on efforts to improve liquidity and they, including GECAS, have been supportive, ...

Bloomberg A year ago, United Continental Holdings Inc. startled the airline world with an aggressive growth agenda aimed at bolstering hub profits and reclaiming traffic—a strategy to win back passengers rivals had siphoned away in the nine years since the carrier’s chaotic merger. One-third of the way into its three-year plan, United has declared the project a success and is ...

Abu Dhabi / WAM Khalifa Industrial Zone Abu Dhabi (Kizad) announced that Gulf Compound Blending (GCB), which is part of newly launched Kizad Polymers Park, will be establishing a new poly- mer facility within the industrial zone. Gulf Compound Blending, a newly-formed joint venture between Met T&S (Maire Tecnimont Group), M. Cecchi & Co and Arab Development Establishment, is set ...

SHARJAH / WAM Industrial production in Sharjah reached AED41 billion in 2018, according to the Sharjah Economic Development Department (SEDD). The industrial licences indicator showed some remarkable achievements, whereas the number of issued industrial licences grew by 14 percent in 2018 as compared to 2017 with 174, and 1890 renewed. According to a report from the department, the contribution of ...

DUBAI / Emirates Business Deyaar Development PJSC (Deyaar), one of Dubai’s leading property developers and real estate service providers, announced its preliminary unaudited financial results for the full year ended on December 31, 2018. The company reported revenues of AED643.7 million in 2018, compared to AED 751.6 in 2017. Net profit rose by 7.4% from AED 130.4 million in 2017 ...

Bloomberg Oil rose in New York after jumping the most in more than a week on concerns that US sanctions on Venezuela will pose significant market disruption. West Texas Intermediate futures climbed as much as 1.3 percent after adding 2.5 percent. Venezuela is considering declaring force majeure on oil exports to the US, a signal it may halt shipments after ...

Bloomberg Boeing Co soared after reporting a record cash gush for 2018 and cracking the $100 billion sales barrier for the first time in its 102-year history — and the US planemaker says the best is yet to come. Sales, earnings and cash are all poised to rise this year, building on fourth-quarter earnings that beat estimates, the company said ...

Dubai / WAM Etihad Credit Insurance (ECI), the UAE Federal export credit company, awarded an advisory contract to EY, a global leader in assurance, tax, transaction and advisory services. The contract will allow EY to extend its insights and quality services and solutions in the areas of strategy and operational transformation to the federal agency of the UAE mandated to ...

DUBAI / WAM The National Bank of Ras Al-Khaimah, Rakbank, has announced a consolidated net profit of AED917.5 million for fiscal year FY 2018, an increase of AED107 million over the previous year. As at December 31, 2018, the bank’s total assets stood at AED52.7 billion, growing by 8.5 per cent compared to 2017. Gross loans and advances were AED34.8 ...

ABU DHABI / WAM Emirates Steel, a subsidiary of the General Holding Corporation (Senaat), has signed a strategic agreement with Abu Dhabi Marine Services (Safeen), a subsidiary of Abu Dhabi Ports, valued at AED1 billion ($270mn). The agreement was signed by the Chief Executive Officer of Emirates Steel, Saeed Ghumran Al Remeithi, and Captain Mohamed Juma Al Shamisi, Chief Executive ...