October, 2021

• 20 October

  Adda, AWS partner to drive cloud computing capacity building

  

  Dubai / WAM The Abu Dhabi Digital Authority (ADDA), the government entity leading the digital transformation in the government of Abu Dhabi, has signed a joint collaboration agreement with Amazon Web Services (AWS) during its participation at Gitex Technology Week 2021, which runs until October 21 at the Dubai World Trade Centre. The collaboration agreement comes as part of ADDA’s ...

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• 20 October

  Abu Dhabi Customs, Tamm unveil ‘Invisible Customs’ at Gitex

  ABU DHABI / WAM The General Administration of Abu Dhabi Customs has launched, in cooperation with the Government Services Platform “Tamm”, the “Invisible Customs” initiative through the smart “Digital Customs Dashboard” to request and track customs transactions, during Gitex Technology Week 2021. The launch of the initiative is in line with the directives of the wise leadership and the efforts ...

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• 20 October

  Hydrogen’s role in renewable energy mix to be in focus at Adipec

  

  ABU DHABI / WAM Taking place immediately after the UN climate meeting COP 26, Adipec will bring together hundreds of ministers, policymakers and business leaders from across the world to share perspectives on how hydrogen can potentially deliver a holistic, clean, integrated approach to the Middle East and North Africa (Mena) region’s energy sector. Held under the patronage of President ...

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• 20 October

  Covid made London, Paris cheaper — for the rich

  

  Betting on the “death of the city” after Covid always looked extreme — Classical Athens survived far worse plagues and disasters. Yet places like London and Paris are once again having to confront the risk of hardening into enclaves for the rich. Even as the scars of past lockdowns keep tourism subdued and some workers in far-flung locales, house prices ...

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• 20 October

  737 Max crisis wasn’t one man’s fault

  

  The first indictment in the Boeing Co 737 Max crisis should not be the last. Late last week, a federal grand jury charged the company’s former chief technical pilot, Mark Forkner, with deceiving Federal Aviation Administration (FAA) officials in their evaluation of the Max and scheming to defraud the plane maker’s customers. Forkner is the only person to be indicted ...

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• 20 October

  Hedge funds need new M&A playbook in Berlin

  Merger arbitrageurs once found it easy to force bidders for German companies to pay a full price for a takeover target. But acquirers are adopting a new playbook to keep meddlesome hedge funds at bay. For the German corporate sector, it’s a pyrrhic victory. The key battle in German M&A used to be over securing a 75% holding — the ...

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• 20 October

  BOE is made for hiking, that is what it will do

  Clunk! With all the subtlety of a dropped hammer, Bank of England (BOE) Governor Andrew Bailey dispelled what little doubt was left that UK interest rates would be raised before the end of this year. The central bank would “have to act” to reduce inflationary pressures, he declared at an online panel held by the Group of 30, an organisation ...

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• 20 October

  Luxury retail chains losing grip in HK’s shopping street

  

  Bloomberg Luxury retail chains are losing their once-iron grip on Hong Kong’s shopping streets, as Covid-19 keeps visitors away and forces the city to shift towards restaurants catering to residents. Across the Asian financial hub, one in five shops targeting mainly Chinese tourists and selling jewellery, medicine, cosmetics, clothing and leather goods has closed since the third quarter of 2018 ...

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• 20 October

  AirAsia X proposes paying creditors 0.5% of $8b owed

  

  Bloomberg AirAsia Group Bhd’s long-haul arm has offered to pay creditors just 0.5% of the more than $8 billion total debt they are owed and terminate all existing contracts as it tries to restructure, a document seen by Bloomberg shows. The carrier, AirAsia X Bhd, told creditors it is unable to meet immediate debt and other financial commitments based on ...

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• 20 October

  Saks Fifth Avenue online unit eyes IPO with $6b valuation

  

  Bloomberg Saks Fifth Avenue’s e-commerce unit is interviewing potential underwriters this week for an initial public offering that could take place in the first half of 2022, Dow Jones reported, citing people familiar with the matter. The luxury retailer is targeting a valuation of around $6 billion, triple its worth in March, it added. After steps earlier this year to ...

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