October, 2019

• 2 October

  UPS drones win FAA milestone permission to take off shackles

  

  Bloomberg United Parcel Service (UPS) Inc won US certification to fly drones under regulations similar to those for airlines, a milestone that allows the company to vastly expand airborne deliveries. The Federal Aviation Administration (FAA) gave the courier permission to use delivery drones at hospital, university and corporate campuses with few restrictions, for example, letting operators fly the aircraft at …

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• 2 October

  Billionaire owners’ feud at IndiGo heads to court

  

  Bloomberg Rahul Bhatia, co-founder of Indian budget airline IndiGo, has filed an arbitration request against his partner Rakesh Gangwal in a London court, involving the judiciary for the first time in a feud between the two billionaire owners over allegations of corporate governance lapses. Bhatia and his holding company filed the claim to the London Court of International Arbitration, IndiGo’s …

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• 2 October

  EU braces for US tariffs over Airbus, pledges to retaliate

  

  Bloomberg European Union officials appeared to lose hope of dodging additional punitive US tariffs, as the bloc’s calls for a negotiated settlement over aircraft subsidies have gone unanswered by President Donald Trump’s administration. EU’s trade chief Cecilia Malmstrom told reporters in Brussels that she expects the World Trade Organization to unveil a specific figure, authorising the US to hit the …

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• 2 October

  Waitrose boss to resign as John Lewis cuts one third of top roles

  Bloomberg John Lewis Partnership Plc plans to cut one-third of the top jobs at its headquarters as it integrates grocer Waitrose with its department-store operations in response to tough UK retail competition. The reduction of 75 senior managers will save about 100 million pounds ($123 million) over time, the company said. Waitrose managing director Rob Collins plans to step down …

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• 2 October

  Tesco CEO to step down after turnaround drive

  

  Bloomberg After Tesco Plc said Chief Executive Officer Dave Lewis will hand the baton to drugstore executive Ken Murphy, one analyst summed up his surprise by quipping, “Ken who?” While Murphy is known inside Walgreens Boots Alliance Inc for spearheading its push into China, he’s a relative unknown in London financial circles. Next summer he’ll take over the top job …

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• 1 October

  UAE launches Global Hub on Governance for SDGs

  NEW YORK / WAM The UAE Government, in partnership with the Organisation for Economic Cooperation and Development (OECD), and the United Nations Development Programme (UNDP), launched the Global Hub on Governance for Sustainable Development Goals (SDGs). The announcement was made on the sidelines of the United Nations General Assembly (UNGA 74). The high-level side event was hosted by the governments of …

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• 1 October

  WTO slashes global trade outlook to lowest in decade

  

  Bloomberg The World Trade Organisation (WTO) cut its global trade growth forecast for this year to the weakest level in a decade, warning that further rounds of tariffs in an environment of heightened uncertainty could spark a “destructive cycle of recrimination.” The volume of merchandise trade will increase by 1.2% this year and 2.7% next year, after a 3% advance …

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• 1 October

  DGCX registers highest ever quarterly volumes

  

  Bloomberg The Dubai Gold and Commodities Exchange (DGCX), continued its record-breaking performance this year, registering its best quarter since inception with over 7.98 million contracts traded in third quarter of 2019, with over 2.37mn contracts traded in September, valued at $41 billion. The Exchange also recorded a monthly Average Open Interest (AOI), of 410,847 contracts in September, its highest AOI since …

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• 1 October

  Oil rebounds after worst quarter of 2019, but demand fears persist

  

  Bloomberg Oil rose after its biggest quarterly slump of the year, yet ongoing concerns that a faltering global economy will erode demand continued to weigh on the market. Futures increased 1.1% in New York, having tumbled 7.5% in the past three months as Saudi Arabia fully restored its output following devastating attacks that had temporarily halved its production. Attention is …

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• 1 October

  Aramco fully restores oil output

  

  Bloomberg Saudi Aramco is producing more than 9.9 million barrels a day of crude as it fully recovers from the worst-ever attacks on its energy infrastructure. Output reached that level on September 25 and is a “little bit” higher now, Ibrahim Al-Buainain, chief executive officer of state-owned Aramco’s energy trading unit, said. Saudi Arabia has also restored some spare capacity …

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