December, 2018

• 5 December

  Ryanair faces British regulator action over strike compensation

  

  Bloomberg Ryanair Holdings Plc is facing “enforcement action” by Britain’s regulator after the discount carrier rejected passenger compensation claims linked to flight disruption from strikes this summer. The walkouts didn’t amount to extraordinary circumstances and Ryanair should therefore have compensated customers in line with European Commission regulations, the Civil Aviation Authority said in a statement, adding that it warned the …

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• 5 December

  Unilever CEO mends fences after joust with Goldman analyst

  Bloomberg After striking a pugnacious tone at Unilever’s capital markets day last year, Paul Polman extended an olive branch in his final investor presentation as chief executive officer of the consumer-goods giant. Polman, who’s preparing to hand over to Alan Jope in January, told analysts and shareholders that he’d been texting his wife Kim about how to leave things. Her …

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• 5 December

  Swedish home improvement chain to shut UK, Germany stores

  

  Bloomberg Swedish home improvement chain Clas Ohlson will close all its stores in the UK and Germany following years of losses at its operations there and as the retail market increasingly shifts to online sales. The closures will affect about 150 employees, cost some $23 million, and set forth a “completely new direction” for the company’s operations outside the Nordics, …

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• 5 December

  Hard-line Air France pilot union chief loses re-election bid

  

  Bloomberg The leader of a French pilots’ union who emerged as a poster boy for strikes at Air France has lost his bid for re-election within the group, heralding a possible unblocking of labour talks at the troubled carrier. Philippe Evain, head of the airline’s powerful SNPL union, lost a majority in an election, a union spokesman said by phone. …

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• 4 December

  Aramco awards key well services contract to BHGE

  

  Dammam / Emirates Business Saudi Aramco has awarded a major simulation and well-testing contract to Baker Hughes — a GE company — to be a partner in optimising production from new and existing wells across conventional fields in Saudi Arabia. Demonstrating the strength and breadth of its expertise and portfolio of oilfield services, BHGE will deliver a comprehensive well services …

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• 4 December

  Dubai Chamber promotes emirate at Russia forum

  

  DUBAI / WAM The Dubai Chamber of Commerce and Industry participated in a seminar organised as part of the Interregional Export Forum in Perm, Russia, where participants were briefed on the various competitive advantages that Dubai offers to Russian exporters, companies and investors. During the forum, Sanan Nasibli, Head of Dubai Chamber’s Azerbaijan office, delivered a detailed presentation titled “Doing …

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• 4 December

  Canada oil cut stirs investor worries

  

  Bloomberg While Alberta’s plan to mandate Opec-style production cuts already is boosting oil prices and shares, the revival of Canada’s resource nationalism adds another layer of risk for investors to consider. The removal of millions of barrels of crude from the market will help shareholders of smaller producers who are exempt from the cuts, like Bonterra Energy Corp, as well …

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• 4 December

  Greenworks secures $440mn for clean energy real estate

  Bloomberg Greenworks Lending, which provides financing to commercial-property owners working to boost building efficiency, has arranged $440 million in funding for sustainability and clean energy. The deals are in three parts: CarVal Investors committed $250 million to fund new projects, along with a $40 million corporate investment, according to a statement. Greenworks, which finances clean-energy systems through a model called …

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• 4 December

  Stocks decline as trade hopes fade; curve flattens

  

  Bloomberg The rally in risk assets sparked by the trade truce faded as investors grew skeptical that the US and China made any meaningful breakthrough. The Treasury yield curve continued to flatten and the dollar retreated. The S&P 500, Dow Jones and Nasdaq indexes all gave up a chunk of Monday’s gains at the New York open, while the Stoxx …

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• 4 December

  Pound rallies as market grabs sign Brexit is reversible

  Bloomberg The pound rallied after an adviser to the European Union’s top court suggested that the UK should be allowed to reverse its notice to leave the bloc. Sterling snapped three days of losses following the non-binding opinion from Advocate General Manuel Campos Sanchez-Bordona of the EU Court of Justice, who said “the possibility continues to exist” to revoke the …

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