May, 2018

• 20 May

  Aeromexico follows United in scaling back on crowded routes

  

  Bloomberg Grupo Aeromexico SAB, Mexico’s largest airline, is trimming its expansion plans as a seating glut drags down fares. Capacity will expand 7 percent the rest of this year, said Chief Executive Officer Andres Conesa. That’s down from a previous forecast of about 9 percent, he said, citing the need for increased discipline as rising fuel prices add to earnings …

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• 20 May

  India’s Jet Airways taps diaspora with new route

  

  Bloomberg Jet Airways India Ltd. will offer the first ever direct flights from Mumbai to northern England with services to Manchester starting in November. The carrier will initially connect the cities four times a week using 254-seat Airbus SE A330-200s, with a daily service planned with the start of next year’s summer schedule in March, it said. Jet currently serves …

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• 20 May

  South African seeks urgent funding after latest loss

  

  Bloomberg South African Airways said executives will meet National Treasury officials every two weeks to address urgent funding needs after the embattled national airline reported a seventh consecutive year of losses — and the worst since 2015. The carrier’s precarious balance sheet is among the most urgent tasks on the to-do list of Finance Minister Nhlanhla Nene, who is already …

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• 20 May

  JetBlue names new president, CEO shifts to ‘strategy’

  

  Bloomberg JetBlue Airways Corp. is promoting Joanna Geraghty to president, tasking her with running day-to-day operations while freeing up Chief Executive Officer Robin Hayes to focus on long-term planning. Geraghty, 45, will also oversee the airline’s commercial team, JetBlue said in a statement. Hayes, 51, will manage efforts to improve profit margins and the company’s expansion into related travel and …

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• 20 May

  Zara concept store greets shoppers with robots, holograms

  

  Bloomberg At Zara’s new flagship store in London, shoppers can swipe garments along a floor-to-ceiling mirror to see a hologram-style image of what they’d look like as part of a full outfit. Robot arms get garments into shoppers’ hands at online-order collection points. iPad-wielding assistants also help customers in the store order their sizes online, so they can pick them …

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• 19 May

  UAE’s AI initiatives, projects highlighted

  GENEVA / WAM The UAE participated in the 2nd edition of the AI for Good Global Summit, which was organised by ITU in Geneva, in partnership with other UN organisations. Addressing the three-day event, Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, spoke about the UAE’s role in leading the international drive for AI governance to serve …

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• 19 May

  Property developers urged to expedite realty projects’ registration

  

  Abu Dhabi / WAM The Abu Dhabi City Municipality has called upon property developers to expedite the registration of their real estate development projects under the Real Estate Regulatory Law No. 3/2015. A statement to this effect was made during a meeting with escrow account managers and developers and licensing of property units team at the Municipality. Attendees of the …

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• 19 May

  Oil posts 6th straight weekly gain since ’11

  

  Bloomberg Crude in London posted the longest stretch of weekly gains since 2011 in a market seen as being increasingly balanced as a result of OPEC’s produ-ction cuts. Both Brent and West Texas Intermediate crude slipped, paring weekly gains. Global prices have been supported this week by concerns over US sanctions against Iran, shrinking stockpiles and production shortfalls in Venezuela. …

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• 19 May

  Big oil investors say more needed to tackle climate change

  

  Bloomberg Some of the world’s biggest fund managers are ratcheting up the pressure on oil and gas companies, expressing fear that a lack of action over tackling climate change could risk their investments. The comments come days before Big Oil kicks off annual shareholder meetings, where they are already facing calls from smaller investors to set clear targets on climate …

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• 19 May

  BP in talks for Conoco’s UK field stake in swap

  

  Bloomberg BP Plc and ConocoPhillips are in discussions for an asset swap deal that would see the UK energy major gain a greater foothold in a key project in the North Sea and the US explorer get Alaskan assets, according to people familiar with the talks. BP is considering taking Conoco’s 24 percent interest in the Clair field, in which …

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