July, 2022

• 6 July

  Emirates SkyCargo takes delivery of new freighter

    Dubai / WAM Emirates SkyCargo, a leader in the global airfreight industry, took delivery of its latest Boeing 777-F to boost its fleet capacity and cater to the phenomenal growth in the industry. Emirates’ freight division has seen significant increase in cargo loads across its products, including pharma and fresh produce. In 2021-22, annual tonnage carried crossed 2.1 million, ...

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• 6 July

  18th Liwa Date Festival kicks off on July 16

    Abu Dhabi / WAM Under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, the 18th Liwa Date festival will be held from July 16-24 in Liwa, Al Dhafra Region. During a press conference held virtually on Tuesday, the Cultural Programmes and Heritage Festivals Committee-Abu Dhabi announced the details ...

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• 6 July

  Jewels of Emirates Show records more than 5,000 visitors

  

    Sharjah / WAM The 3rd edition of the Jewels of Emirates Show, organised by Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI), has concluded on a high note after four days of fantastic show, attracting over 5,000 visitors from across the UAE. The event has brought together some 20 designers and around ...

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• 6 July

  Indonesia’s diplomacy can be more than empty miles

  

  Indonesian President Joko Widodo visited Kyiv and Moscow, offering to be a diplomatic bridge between the two. The first Asian leader to make the trip to both capitals since Russia’s invasion of Ukraine, he made a few headlines, but no real progress. Critics saw the journey as image politics. And yet, Widodo’s not wrong to see a role for states ...

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• 6 July

  Consumer debt isn’t stressing banks

  

  Everyone is stressing about consumer debt. Investors have been dropping the shares of big banks, credit-card specialists and younger fintechs because of fears about the pain that rising living costs and interest rates will inflict on borrowers. The weird thing is that households in the US, UK and much of Europe are in pretty good shape and showing few signs ...

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• 6 July

  Private equity’s woes go beyond deal freeze

    The most visible sign of trouble in the private equity industry right now is the collapse of one deal after another. You can’t do a leveraged buyout without the debt, and financing markets are seizing up. But buyout firms face bigger challenges than putting their stash of idle funds to work. The turn in credit markets has made banks ...

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• 6 July

  Chipmakers, Congress play $52b ‘chicken game’

    The global semiconductor industry has gone from imploring the US government to hand out corporate welfare, to threatening the cancellation of investments should the money not come through. They’re desperate moves that belie the tenuous economics upon which an American chip revival is being built, and Congress’s willingness to risk credibility to gain political points. Intel Corp pulled the ...

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• 6 July

  Singapore’s tiny second airport eyes future as flying taxi hub

  

    Bloomberg Just 20 minutes north-west of Singapore’s Changi Airport — regularly voted the world’s best — is Seletar Airport, the city-state’s second, and far well less known, airfield. It’s predominantly where the super-rich land in their private jets. It’s also where the future of aviation could be taking off. The neighbourhood, more known for its laid-back cafes in restored ...

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• 6 July

  Femsa to buy Valora for $1.2b to enter Europe

  

    Bloomberg Fomento Economico Mexicano agreed to buy Switzerland-based convenience store operator Valora for as much as $1.2 billion to expand into Europe. Femsa, as the company is known, offered 260 francs a share, a premium of 52% to the closing price, the companies said. Valora climbed as much as 51% to 258 francs in early Swiss trading. Based in ...

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• 6 July

  Scandinavia’s largest airline files for bankruptcy to cut debt

  

  Bloomberg Scandinavian airline SAS AB filed for Chapter 11 to tackle its debt burden for a second time in two years as the recovery from the disruption caused by the coronavirus pandemic has been slower than expected. Scandinavia’s largest airline has been in talks with its creditors to convert 20 billion Swedish kronor ($1.9 billion) of outstanding debt and hybrid ...

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