February, 2016

• 18 February

  Oil extends gains after report of USA crude inventory decline

  

  Bloomberg Crude extended gains after industry data showed U.S. inventories declined, while Iran cautiously supported a proposal by Saudi Arabia and Russia to freeze production at near-record levels. Oil rose as much as 4.3 percent in New York. U.S. crude supplies fell by 3.26 million barrels last week, the industry- funded American Petroleum Institute was said to report Wednesday. However, ...

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• 18 February

  China slowdown means flat still the trend at Prada

  

  Beijing / AFP Prada’s annual sales were broadly flat for a second consecutive year in 2015 as the slowdown in China continued to weigh on the high fashion and luxury goods brand. Weak sales in Asia Pacific outside of Japan and in the United States failed to offset an improved picture in Europe, where the weak euro bolstered sales to ...

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• 18 February

  JAL pegs at forecasting $1.8bn operating profit next year

  

  Tokyo / Bloomberg Japan Airlines Co. expects operating profit of at least 200 billion yen ($1.8 billion) in the financial year that begins in April, according to two people familiar with the situation. The profit forecast compares with 204 billion yen in operating profit expected in the fiscal year that ends in March. The country’s second-largest airline will update its ...

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• 18 February

  South African Airlines scraps Etihad alliance

  

  Cape Town / Bloomberg South African Airways (SAA) will cancel a code- sharing agreement with Etihad Airways PJSC as the unprofitable carrier prepares to end direct flights between its home base in Johannesburg and Abu Dhabi, less than a year after introducing the route. SAA and Etihad signed a route-sharing partnership in May 2013 before expanding the alliance with additional ...

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• 18 February

  Airlines extending leases on 747s on cheap oil bet

  Bloomberg Airlines are extending leases on gas- guzzling four-engine planes on a bet that fuel prices will stay low for as long as the next three years, the world’s biggest airplane lessor said on Thursday. “We’re getting a boost we did not think we would get,” AerCap Holdings NV Chief Executive Officer Aengus Kelly said in an interview on Thursday ...

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• 18 February

  From punch bag to saviour: Joyce’s rise echoes Aussie airlines’ rebirth

  

  Canberra / Bloomberg It’s tough to overstate the tide of troubles that faced Alan Joyce, the chief executive officer of Qantas Airways Ltd., just two years ago. Losses had ballooned amid a capacity war with Virgin Australia Holdings Ltd. and its foreign backers. Australia’s government wouldn’t guarantee Qantas’s debt, which was junk- rated at the time. The airline’s share price ...

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• 18 February

  Emirates Securities Market Index up by 1.04 percent

  

  ABU DHABI / EMIRATES BUSINESS The Emirates Securities Market Index has increased by 1.04% to close at 4210.71 points. Accordingly the Market Capitalization has gained AED7 Billion attaining AED683.03 Billion. A total of 0.84 Billion Shares were traded with a total value of AED0.99 Billion during the trading session of 18-02-2016 through 9380 transactions. The number of companies which has been traded ...

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• 18 February

  Asian markets track global rally

  

  Hong Kong / AFP Asian stocks mostly joined a global rally on Thursday with a surge in oil prices providing some much-needed confidence as key producer Iran praised an output freeze by Saudi Arabia and Russia. Crude, which last week flirted with 13-year lows, extended a surge that began Friday as dealers grow hopeful of an easing to the overproduction ...

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• 18 February

  Shares of oil companies, miners lift US stocks

  New York / AFP Shares of oil companies and miners surged on Wednesday behind higher commodities prices as US stocks notched gains for the third straight session. The Dow Jones Industrial Average jumped 257.42 points (1.59 percent) to 16,453.83. The broad-based S&P 500 rose 31.24 (1.65 percent) to 1,926.82, while the tech-rich Nasdaq Composite Index gained 98.11 (2.21 percent) at ...

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• 18 February

  UAE has huge digital growth opportunity

  

  Our Correspondent EMIRATES BUSINESS With his strong leadership skills, Usman Khalid, Founder and CEO, Centric, has been leading the Digital Marketing company since 2011. Today, he is one of the most recognized leaders in the Middle East and has brought Centric to the forefront in the digital media landscape with an aggregate yearly growth of over 400 percent. Prior to ...

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