Bloomberg Senators have chided the Pentagon’s F-35 program office for claiming $1.2 billion in purported savings from buying parts and equipment for Lockheed Martin Corp.’s fighter jet in bulk after an independent analysis found the benefit is likely to be half that. Program office officials sought and won congressional approval last year to spend $661 million as a down payment ...

Bloomberg Macy’s Inc., pleased so far with the performance of Bluemercury, is pushing for more. The cosmetics brand, acquired by Macy’s for $210 million in 2015, will open about 60 new standalone stores through 2019 — maintaining the chain’s pace of expansion. More will open inside existing Macy’s locations, underscoring how Bluemercury has become a key part of the department ...

Bloomberg Kids across the country are feeling the absence of Toys ‘R’ Us Retail landlords, too. The amount of occupied retail real estate in 77 major US metropolitan areas dropped by 3.8 million square feet (350,000 square metres) in the second quarter, the largest decline since 2009, according to data from real estate researcher Reis Inc. released. Shuttered stores once ...

Bloomberg US airports are breaking records on construction spending to cash in on a surge in travel while the industry is flush from years of low fuel prices. Airports spent a seasonally adjusted $5.42 billion on construction in May, according to a preliminary estimate released by the US Census Bureau, a 75 percent increase from a revised estimate of $3.1 ...

Bloomberg Tennis great Roger Federer, long all but synonymous with Nike Inc., has parted ways with the swoosh to join Japanese casual clothing brand Uniqlo. The eight-time Wimbledon champion surprised many fans when he walked onto Centre Court for his first-round match in an outfit by Fast Retailing Co.’s Uniqlo. The Swiss star’s apparel contract with the Beaverton, Oregon-based athletic-wear ...

ABU DHABI / WAM Al Yasat Company for Petroleum Operations (Al Yasat), a subsidiary of the Abu Dhabi National Oil Company (Adnoc) has awarded the Engineering, Procurement and Construction (EPC) contract, for the full development of the offshore Bu Haseer field, to Abu Dhabi’s National Petroleum Construction Company (NPCC). The agreement covers engineering, procurement, construction, and commissioning activities for offshore ...

DUBAI / Emirates Business Smart Cities, connected mega-events such as Expo 2020 Dubai, and the growth of “intelligent enterprises”, will drive the UAE’s IT market to top AED20 billion in 2018, according to the newly-appointed UAE Managing Director of global technology company SAP. Increasingly, UAE organisations are becoming “intelligent enterprises,” using innovations in artificial intelligence, machine learning, the Internet of ...

DUBAI / WAM The UAE is the fifth largest country investing in Uzbekistan during the first quarter of 2018, according to a statistical report released by the Central Bank of Uzbekistan. The report said that Emirati investment accounted for 6 percent of the total Foreign Direct Investments (FDIs) in Uzbekistan during the first three months of 2018. The US topped ...

ABU DHABI / WAM The gross value of interbank fund transfers through the UAE Fund Transfer System (UAEFTS) reached AED2.8 trillion in the first five months of the year, according to statistics released by the UAE Central Bank (CBUAE). The CBUAE indicated that the value was almost the same as that registered in the corresponding period last year. “January was ...

Abu Dhabi / Emirates Business The UAE Banks Federation (UBF) on Monday announced that it will host the sixth edition of the Middle East Banking Forum, one of the leading banking conferences in the region, on November 11 at The Westin Dubai Al Habtoor City in Dubai. Held in association with Financial Times and The Banker under the theme, ‘Banking ...