Bloomberg Steinhoff International Holdings NV, the South African retailer laid low by an accounting scandal, is selling one of its more high-flying assets as it seeks liquidity to keep itself alive. The owner of UK discounter Poundland and bedding supplier Mattress Firm in the US is in discussions with a potential buyer of a 2006 Gulfstream G550 private jet that’s ...

Bloomberg British Airways owner IAG SA’s Irish and Spanish businesses spurred gains in passenger traffic at the company last year as expansion at the UK arm slowed. Dublin-based Aer Lingus, purchased by IAG in 2015, posted a 12 percent traffic increase, while the advance at Madrid-based Iberia accelerated to 7.6 percent, according to a statement from the group. London-based IAG, ...

Bloomberg A wave of cancelled flights is moving north to New York and Boston as the first major winter storm of 2018 threatens to paralyse cities and airports over the next couple of days. Airlines have scrapped more than 2,100 flights on January 4 so far on top of 558 on January 3, according to FlightAware, an online tracking service. ...

Bloomberg A safety overhaul of China’s notorious baby-formula industry removed about 1,400 products from store shelves this week, clearing the way for international brands such as Nestle SA and Danone to grab greater shares of a $20 billion market. The regulations, effective from January 1, require factories making formula to register those products with China’s Food and Drug Administration (FDA) ...

DUBAI / WAM The Hatta solar project has enabled building owners to install solar panels on their rooftops to generate electricity from solar power as part of the Shams Dubai initiative. Implemented by Etihad ESCO, it is the largest residential rooftop solar PV project in the region. The Hatta solar project consists of 640 solar powered villas, supporting the Hatta ...

Bloomberg Alphabet Inc.’s Google moved 15.9 billion euros ($19.2 billion) to a Bermuda shell company in 2016, regulatory filings in the Netherlands show — saving the company billions of dollars in taxes that year. Google uses two structures, known as a “Double Irish” and a “Dutch Sandwich,” to shield the majority of its international profits from taxation. The setup involves ...

ABU DHABI / WAM The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) will publish and ‘go live’ with a number of enhancements to its “Prudential – Investment, Insurance Intermediation and Banking” (PRU) Rulebook. This follows a successful public consultation which was completed on December 7, 2017. The new enhancements cover the prudential supervision of banks, insurance ...

DUBAI / Emirates Business Emirates Global Aluminium, the largest industrial company in the United Arab Emirates outside oil and gas, finished the year with 37.6 percent Emiratisation, exceeding its 2017 target and reaching the highest level of Emiratisation at the company since its formation in 2014 through the merger of DUBAL and EMAL. EGA is targeting 40 per cent Emiratisation ...

Abu Dhabi / WAM A permanent tribute to the nation’s founding father, Sheikh Zayed bin Sultan Al Nahyan, has been named, ‘The Founder’s Memorial’ by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Set to be inaugurated in early 2018 to coincide with the Year of Zayed and ...

Abu Dhabi / WAM The Emirates Red Crescent (ERC), praised the generous support of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, for its development programmes and projects. The ERC affirmed that Sheikh Mohamed’s initiatives have promoted its capacities as one of the most efficient, influential regional ...