March, 2016

• 9 March

  Plunge in oil prices raises Cathay net profit by 90pc

  

  Hong Kong / AFP Hong Kong flag carrier Cathay Pacific said net profit almost doubled last year as tumbling oil prices slashed fuel costs and boosted passenger numbers, although global demand dented the cargo unit. With fuel accounting for a huge chunk of most airlines’ outlay, the slump in crude since mid-2014 has provided a much-needed boost to their bottom ...

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• 9 March

  Urban Outfitters jumps after merchandise sales boost profit

  Philadelphia / Bloomberg Urban Outfitters Inc. shares rose the most in more than three years after fourth-quarter profit topped analysts’ estimates, helped by a shift toward higher-margin merchandise. Excluding some items, earnings were 61 cents a share, the Philadelphia-based retail chain said in a statement on Monday. Analysts had projected 56 cents on average, according to data compiled by Bloomberg. ...

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• 9 March

  United board fight breaks out as activists turn to Bethune

  

  Bloomberg Two United Airlines shareholders will nominate Gordon Bethune, renowned for resurrecting merger partner Continental, to head an insurgent director slate as the carrier’s top executive returns from a heart transplant. Hedge funds Altimeter Capital Management LP and PAR Capital Management Inc. are backing six new board members led by Bethune, the former chief executive officer of Continental Airlines, which ...

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• 9 March

  Customer defections lead RWE to post loss at UK biz

  

  Bloomberg RWE AG’s UK unit will reduce its workforce by 21 percent after reporting a full-year loss and a customer exodus amid billing system failures. Germany’s biggest power producer posted its second net loss in three years. Npower’s operating loss was 137 million euros ($151 million) compared with a profit of 227 million euros a year earlier, the Essen, Germany-based ...

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• 9 March

  Ikea to invest $300 mn in northern India

  

  NEW DELHI / AFP Ikea has announced that it would invest nearly $300 million in a north Indian state as it forges ahead with plans to start selling its low-cost furniture in the giant market next year. The Swedish flat-pack behemoth said it had signed a memorandum of understanding with the state of Haryana, which neighbours the capital New Delhi, with ...

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• 9 March

  Spanish owner of Zara sees profits, sales rise

  MADRID / AP Spanish fashion retailer Inditex, which owns the Zara store chain, said on Wednesday that net profit for its 2015 financial year was up 15 percent thanks to booming sales worldwide in the last few months. Inditex said that profit for February 2015 through January 2016 was a whopping 2.9 billion euros (nearly $3.2 billion) compared with only 2.5 ...

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• 8 March

  Mohamed bin Zayed tours ADAAW

  

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Tuesday toured the ongoing Abu Dhabi Aviation and Aerospace Week (ADAAW), being held at the Abu Dhabi National Exhibitions Centre (ADNEC). Sheikh Mohamed’s tour covered a number of national and international pavilions at ...

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• 8 March

  AED2.45bn deals in 3 days at UMEX

  

  ABU DHABI / WAM The Unmanned System Exhibition (UMEX 2016) and the pilot edition of the Simulation Conference and Exhibition, on Tuesday concluded its activities, which were being held as part of Abu Dhabi Aviation and Aerospace Week, under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander ...

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• 8 March

  APICORP lists US$500mn Sukuk on Nasdaq Dubai

  DUBAI / WAM Dr Aabed Al Saadoun, Chairman of the Arab Petroleum Investments Corporation, APICORP, on Tuesday rang the market-opening bell to celebrate the listing of a US$500mn Sukuk on Nasdaq Dubai. The total nominal value of Sukuk currently listed in Dubai has now reached US$37.81 billion, reinforcing its position as the largest centre in the world for Islamic bond ...

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• 8 March

  ‘Vanuatu project’ marks UAE-PPF success

  

  ABU DHABI / WAM The recent completion of a solar power project for the Pacific nation of Vanuatu marks the latest stage of the ground-breaking United Arab Emirates-Pacific Partnership Fund (UAE-PPF). The installation of three new solar PV plants represents another milestone for an imaginative and innovative initiative that has captured international attention with its potential for developing countries. Mohamed ...

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