Peter Bittner SPECIAL TO EMIRATES BUSINESS The Mongol Post, the newly-privatized national Mongolian mail carrier, plans to adopt a new and wildly innovative address system this summer in partnership with what3words, a U.K.-based tech company. Each address will be denoted by a three-word phrase representing a specific 9-square-meter GPS coordinate. Effective on August 1, the Mongol Post’s new nomenclature ...

  Leonid Bershidsky Volkswagen made every effort to leave its diesel emissions scandal behind this week. It planned to announce a $10 billion deal with U.S. car owners and a fix for their cars, hold a general shareholders’ meeting on Wednesday and settle down to implement its new strategy, announced on June 16. VW’s management and top shareholders haven’t, however, ...

  Bloomberg London home builders are counting on a weaker pound to tempt buyers back into the city’s beleaguered luxury-homes market if the U.K. votes to leave the European Union. “We have seen a lot of overseas interest and they are waiting until the result,” said Rob Perrins, chief executive officer of Berkeley Group Holdings Plc. “When you have got ...

  Bloomberg Lennar Corp., the second-largest U.S. homebuilder, reported fiscal second-quarter earnings that beat analysts’ estimates as the improving job market helped boost sales. Net income for the three months through May was $218.5 million, or 95 cents a share, compared with $183 million, or 79 cents, a year earlier, the Miami-based company said in a statement on Tuesday. The ...

  Bloomberg The Federal Reserve warned that prices in the commercial real-estate market may have run up too far too fast. Valuations in commercial real estate “appear increasingly vulnerable to negative shocks, as CRE prices have continued to outpace rental income,” the Fed said in its semiannual Monetary Policy Report to Congress. The Fed noted that prices exceed their pre-crisis ...

  Bloomberg It’s getting hot in the Amsterdam property market. The Netherlands, the nation of tulipmania almost 400 years ago, saw prices in its capital city surge almost 21 percent in the first quarter. While the blame partly falls on a simple supply-and-demand imbalance, the signs are pointing to a potential squeeze. In London, by comparison, government data show prices ...

  Larnaca / AFP As Cyprus emerges from a deep financial crisis, a new low-cost airline will launch next month to tap into the Mediterranean island’s resurgent tourism market. The country has been without a national carrier since the collapse of Cyprus Airways, the victim of a credit crunch that brought the country close to bankruptcy in 2013. But numbers of ...

  Jeddah / Tribune News Service Work is undergoing at Prince Mohammed bin Abdul Aziz International Airport in Madinah to ensure preparedness with the arrival of a large number of pilgrims and visitors to perform Umrah and visit the Prophet’s Mosque. Airport officials have reached out to operating parties to ensure preparedness of the plan to facilitate arrivals and departures ...

  New Delhi / Tribune News Service Swedish fashion retailer Hennes and Mauritz (H&M) on Monday said it will double the number of its stores in the country from six to 12 by year-end. The Indian unit of Hennes & Mauritz AB, which entered India in October and currently operates stores in Delhi, Punjab and Bengaluru, will expand to Mumbai, ...

  Washington / Bloomberg FedEx Corp. is buying six Boeing 767 freighters valued at $1.2 billion as the world’s biggest cargo airline continues to modernize its fleet. The six aircraft are scheduled for delivery in fiscal 2019 and 2020, according to a FedEx spokesman. They were among the options included in a 50-jet order that FedEx placed almost a year ...