June, 2019

• 17 June

  Boeing says 737 Max may resume service this year

  

  Bloomberg Boeing Co. Chief Executive Officer Dennis Muilenburg said he’s confident the grounded 737 Max aircraft will re-establish its position as a single-aisle workhorse for decades to come, as the company works through an in-depth review of the airframe design and its internal processes in the wake of two deadly crashes. “The long-term, multi-decade strategy hasn’t changed,” Muilenburg said in …

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• 17 June

  Lufthansa lowers profit forecast after European fare war bites

  

  Bloomberg Deutsche Lufthansa AG shares slumped the most in three years after the company said it fears a European fare war will squeeze profits at least for the rest of the year. A Europe-wide fight for market share forced Lufthansa to lower profit expectations for 2019, the German carrier said. Falling revenues at its low cost Eurowings subsidiary were chiefly …

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• 17 June

  H&M sees slowdown in revenue growth

  

  Bloomberg Hennes & Mauritz AB (H&M) revenue growth showed a slowdown in April and May, stymieing the Swedish clothing retailer’s attempts to reduce a buildup of inventory that’s been weighing on earnings. Sales in the latest quarter were above analysts’ estimates as compiled by Bloomberg News. But the figures suggest growth slowed to 5.5 percent in April and May from …

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• 17 June

  Oppo to expand in Mideast with Lulu partnership deal

  

  Dubai / Emirates Business Oppo — a leading global smartphone brand — is extending its presence in the region with the announcement of new distributors for its smartphones, including UAE’s Lulu Hypermarket, one of the biggest organised retailers across GCC. The new partnership with Lulu in the UAE marks the beginning of a relationship that will evolve to cover the …

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• 16 June

  UAE fund buys AED2.3b stake in du holding

  

  Bloomberg The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator du, snapping up a stake valued at about $630 million (AED2.3 billion). The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2 percent …

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• 16 June

  UAE, Uzbekistan review bolstering economic ties

  

  SHARJAH / WAM Abdullah Sultan Al Owais, Chairman of Sharjah Chamber of Commerce and Industry, met with Alisher Selmov, Consul-General of Uzbekistan in Dubai, and explored ways of enhancing mutual cooperation for the benefit of both sides. During the meeting, Al Owais briefed the guest on the chamber and its missions in trade and economic relations with friendly countries. He …

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• 16 June

  Saudi hopes to extend Opec production cuts by early July

  

  Bloomberg Saudi Arabia hopes Opec and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister. “We are hoping that we will reach consensus to extend our agreement when we meet in two weeks …

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• 16 June

  Greece’s Energean bids for EDF oil & gas assets

  

  Bloomberg Energean Oil & Gas Plc, the Greek energy producer that sold shares in London last year, is bidding for the oil and gas business of Electricite de France SA’s Italian unit, people familiar with the matter said. Energean has submitted a final offer for Edison SpA’s exploration and production assets, the people said, asking not to be identified as …

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• 16 June

  Foreigners bolster Saudi stocks as tension in region mounts

  

  Bloomberg Rising tensions in the Gulf region aren’t stopping foreign investors from supporting Saudi Arabian stocks, just four years after funds from abroad were first allowed to trade directly in Riyadh. International funds helped contain losses in the final trading session last week, when Gulf stocks were sold off amid escalating tensions in the region. Qualified foreign funds have been …

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• 16 June

  Hong Kong liquidity tightens as markets fall

  

  Bloomberg Hong Kong’s short-term borrowing costs haven’t been this high for a decade, and the impact is starting to show on the city’s financial markets. The tightness has weighed on demand for stocks at a time when street clashes have undercut sentiment towards the city’s assets. A gauge of Hong Kong property companies tumbled the most in five months as …

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