BLOOMBERG Hungary has submitted a formal offer to buy a majority stake in Budapest Airport in a transaction that could be valued at about €4 billion ($4.3 billion), according to a person familiar with the matter, potentially ending years of wrangling over the hub’s fate. The two parties are expected to now enter into formal discussions, said the person, who ...

BLOOMBERG Qantas Airways Ltd’s woes deepened after the government said it’s looking to shake up the way takeoff and landing slots are granted in Sydney in order to help smaller rivals like Rex and Bonza. Airline access to Australia’s biggest aviation hub “has not kept pace with global developments,” a review of the aviation sector said. The government wants to ...

BLOOMBERG L’Occitane International SA halted trading in Hong Kong ahead of an announcement that may spell out details on the French skin-care company’s potential take-private plan. The firm said in August that its controlling shareholder was considering a possible deal to take the company private with a minimum possible offer of HK$26 ($3.31) per share. L’Occitane said at the time ...

HANOI / WAM Vietnam Airlines continues to increase flight frequency on routes to Europe, Australia, and China, restoring nearly 90% of its pre-pandemic international flight network, according to the Vietnam News Agency (VNA). Specifically, from September 23, it will increase the frequency of flights between Hanoi and Beijing (China) from three to four weekly. Currently, the airline is still operating ...

BLOOMBERG Airlines will need all of the world’s synthetic aviation fuel, meaning there won’t be any left for cars, the head of Europe’s biggest airline group told Germany’s automakers. Deutsche Lufthansa AG Chief Executive Officer Carsten Spohr said so-called sustainable aviation fuels (SAF) offer the only workable path to decarbonising air travel, though supplies are tight. “With no technology in ...

BLOOMBERG Barclays Plc is preparing to cut hundreds of jobs as soon as next week as the firm looks to trim costs amid quieter markets. The lender is planning to dismiss about 5% of client-facing staff in the trading division as well as some dealmakers globally as part of the cuts, according to people familiar with the matter. Separately, the ...

BLOOMBERG Wells Fargo & Co’s $1 billion settlement of a shareholder lawsuit over unauthorised customer accounts was approved by a federal judge, bringing the total amount the bank has agreed to pay to resolve claims over the scandal to nearly $5 billion. US District Judge Jennifer L Rochon authorised the agreement following a hearing in New York, more than three ...

BLOOMBERG Apple Inc’s most important new product unveiling of the year gets underway on Tuesday, when the company will introduce the iPhone 15, new smartwatches and the latest AirPods. The event kicks off from the company’s headquarters in Cupertino, California, on September 12 at 10 am local time. The most significant new product will be the iPhone 15 Pro line, ...

DUBAI / GULF TIME Seeds for the Future, sponsored by Huawei & ignited by PIM (Purpose in Motion), is thrilled to announce an exclusive and invite-only In-Person Demo Day event that concludes the Tech4Good Program following a two-week intensive program that brought together students from 15 countries together from the Middle East and Central Asia. The Demo Day takes place ...

ABU DHABI / WAM The Institute at NYU Abu Dhabi (NYUAD) on Friday launched its 15th season focusing on the environment, titled “A Series of Wonder and Reflection”. A series of talks and conferences will mark the region’s efforts to provide sustainable solutions to the rapid and urgent environmental changes, while championing international collaboration and preserving the past as inspiration ...