September, 2018

• 2 September

  United Continental joins JetBlue with $30 bag fee

  Bloomberg The $30 bag fee is gaining traction across US airlines as summer travel winds down and carriers look to boost revenue to offset higher fuel prices. United Continental Holdings Inc. increased the charge for passengers’ first checked bag by $5 last week, matching a move by JetBlue Airways Corp. earlier in the week. The fee changes apply to United ...

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• 2 September

  Dollar stores may not be able to get away without e-commerce

  

  Bloomberg All of a sudden, big box stores are beating out their bargain bin brethren. Walmart Inc. and Target Corp. are reporting comparable sales at higher rates than the dollar stores, according to Quo Vadis Capital’s John Zolidis. Part of the pain? The dollar outlets have no strong e-commerce presence, which now “looks like a liability.” Target’s quarterly results reflected ...

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• 2 September

  China says ‘no way’ to United’s workaround Taiwan reference

  

  Bloomberg An attempt by United Airlines to duck the sticky issue of Taiwan has invited rebuke from China’s foreign ministry. After China told global carriers earlier this year to tweak their websites and list the separately ruled island as part of China — a directive the White House termed “ Orwellian nonsense” — American airlines are still finding themselves in ...

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• 1 September

  Record trading, Shariah partnership boosts DGCX

  DUBAI / Emirates Business The Dubai Gold and Commodities Exchange (DGCX) has recorded its highest ever daily Indian Rupee (INR) volume, trading 126,055 contracts on August 13. On the same day, the Exchange’s overall volume touched 185,630 contracts worth $4.17 billion, its second highest daily notional value since inception. Amidst continued market volatility, the DGCX traded over 2.08 million contracts ...

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• 1 September

  Trump threatens to leave Canada out of Nafta deal

  

  Bloomberg President Donald Trump slammed what he termed ‘decades of abuse’ by Canada with a new threat to terminate the North American Free Trade Agreement (Nafta), a day after talks with the US’s northern neighbor stalled hours before a deadline. “There is no political necessity to keep Canada in the new Nafta deal. If we don’t make a fair deal ...

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• 1 September

  Crude records monthly gain

  

  Bloomberg Crude rose this month as sanctions on Iranian oil stoked concern that supplies will contract, overshadowing speculation that a US-China trade war will weaken demand. Futures in London settled 4.3 percent higher in August, the biggest monthly gain since April and US crude also rose for the month. Yet, both benchmarks faltered as Saudi Arabia was said to raise ...

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• 1 September

  India records 8.2% GDP growth

  

  Bloomberg India’s economy expanded at the fastest pace in nine quarters, as strong domestic consumption and robust manufacturing growth stamped out global trade-war worries. Gross domestic product grew a stunning 8.2 percent in the three months ended June from a year earlier, the Statistics Ministry said in a statement in New Delhi. That was faster than the 7.6 percent median ...

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• 1 September

  Damac awards AED512mn contract for Aykon City

  

  DUBAI / Emirates Business Damac Properties has awarded an AED512 million construction contract to China State Construction Engineering Corporation (CSCEC) to build tower C of AYKON City, DAMAC’s luxury mixed-use development on Sheikh Zayed Road. The new contract covers civil construction works for tower C, the residential tower in the award-winning $2 billion development, overlooking the Dubai Water Canal. “CSCEC ...

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• 1 September

  PetroChina pays out lucky 8s as oil’s rally doubles profits

  

  Bloomberg PetroChina Co. is rewarding shareholders with a higher — and symbolic — payout after its best half-year profit in more than three years. The nation’s biggest oil and gas producer raised total dividends for the first six months by almost one-third to 0.0888 yuan per share. The lucky payout — eight is widely considered an auspicious number in China ...

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• 1 September

  California scuppers bill for ‘power grid’

  

  Bloomberg California isn’t ready yet to give up autonomy when it comes to its electric grid. State lawmakers declined to advance legislation that would have laid the groundwork to connect California’s grid to as many as 13 other states. Under the measure, a multi-state regional authority would have managed the flow of power across the U.S. West, allowing more electricity ...

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