September, 2019

• 21 September

  Billionaire retailer Ashley loses court battle with Debenhams

  

  Bloomberg Billionaire Mike Ashley lost out to Debenhams Plc again as a court challenge to the embattled UK department-store chain’s restructuring plan failed. In a blow to Ashley’s Sports Direct International Plc, a judge in the High Court in London ruled that Debenhams’s deal with landlords to accept lower rents should be allowed to go ahead. Ashley, who failed in …

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• 21 September

  Next maintains guidance as online sales keep growing

  

  Bloomberg The cost of baby clothes could rise in the UK if the country crashes out of the European Union without an agreement, according to retailer Next Plc. Few sleep-suits and other newborn items are made in the UK, leaving these clothes exposed to tariffs under a temporary regime unlike some women’s garments, Next Finance Director Amanda James said in …

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• 18 September

  Values of Human Fraternity Document presented at UNHRC

  GENEVA / WAM An event to promote awareness on the principles of the Human Fraternity Document was held on the sidelines of the 42nd session of the Human Rights Council currently running in Geneva. The Permanent Mission of the UAE to United Nations in Geneva organised the event to define the Document signed by His Holiness Pope Francis, Head of …

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• 18 September

  Oil eases losses as Saudis say Iran sponsored attacks

  

  Bloomberg Oil trimmed losses after Saudi Arabia said Iran sponsored recent attacks to its oil production facilities. Futures fell as much as 2.2% in New York before easing declines on Wednesday. The weekend attacks on the kingdom’s critical oil infrastructure were “unquestionably sponsored by Iran,” according to a spokesman for the Saudi defense ministry. West Texas Intermediate crude for October …

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• 18 September

  Saudi joins US-led maritime coalition to secure oil shipping

  

  WAM / BLOOMBERG Saudi Arabia on Wednesday announced it has joined the International Maritime Security Construct to secure the Mideast’s waterways. The Saudi Press Agency (SPA), quoted a statement by the Ministry of Defence stating that, “The kingdom’s accession to this international alliance comes in support of regional and international efforts to deter and counter threats to maritime navigation and …

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• 18 September

  Exxon puts Australia ops back on block amid global sell off

  

  Bloomberg Exxon Mobil Corp. is again trying to sell its oil and gas operations in southeast Australia as part of a move to shed assets and boost shareholder returns. The US supermajor “will be testing market interest” for global assets, including what it operates in Australia, the company said in an emailed statement. No buyers have been identified and no …

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• 18 September

  India plans to build mega solar park

  

  Bloomberg India’s NTPC Ltd. plans to set up a 5 gigawatt solar park in the western state of Gujarat, which would be the biggest in the country, as the top electricity generator shifts towards cleaner energy. A site has been identified for the project, which is expected to cost as much as 250 billion rupees ($3.5 billion) and begin operations …

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• 18 September

  Zambia may double prices of electricity

  Bloomberg Zambia, Africa’s second-biggest copper producer, may double power tariffs as the government seeks more costly imports to offset a shortfall from its drought-stricken hydropower dams. The southern African nation has an electricity deficit of more than 700 megawatts, about a quarter of total capacity, and wants to buy 300 megawatts from South Africa, Energy Minister Matthew Nkhuwa told reporters …

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• 18 September

  StanChart targets retail banking for Nigerian unit

  

  Bloomberg Standard Chartered Plc’s Nigerian unit is joining the rush to grab a larger share of the consumer-banking market in Africa’s most populous nation, targeting a five-fold increase in customers over the next two years. “Retail is where we’re going to see exponential growth,” Lamin Manjang, the chief executive officer for Standard Chartered’s Lagos-based subsidiary, said in an interview. “It’s …

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• 18 September

  UBS ‘raid’ of rival Credit Suisse in US prompts $9m slap

  

  Bloomberg A public spat between a pair of Swiss banking giants that erupted almost four years ago is now finally ending with a payment. It began in 2015, when Credit Suisse Group AG accused crosstown rival UBS Group AG of unfairly poaching staff from its US private banking business. UBS Chief Executive Officer Sergio Ermotti personally shot back, insisting at …

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