July, 2017

• 15 July

  Pound rises to nine-month high on weak US inflation

  Bloomberg The pound rose to its highest since September as weak inflation data in the U.S. weighed on the dollar, while traders are increasingly betting on tighter monetary policy in the U.K. Sterling, which crossed $1.30 and rose against all of its major peers, has largely defied signs that the UK economy is slowing, with some Bank of England policy …

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• 15 July

  South Africa central bank proceeds with action against ombudsman

  

  Bloomberg South Africa’s central bank will persist in seeking a court order to set aside an instruction from the nation’s anti-graft ombudsman that its mandate must be changed, even after Public Protector Busisiwe Mkhwebane said she won’t oppose the regulator’s application. In a report last month, Mkhwebane instructed the legislature to start a process to amend the nation’s constitution to …

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• 15 July

  UniCredit, Koc weigh capital raise for Turkish unit

  

  Bloomberg UniCredit SpA and Koc Holding AS are weighing a capital increase of about $1 billion for their Turkish venture Yapi & Kredi Bankasi AS to strengthen its buffers, according to people with knowledge of the matter. UniCredit, which together with Koc owns 82 percent of the Turkish bank, wants to carry out the fundraising by the end of the …

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• 15 July

  EasyJet to create new airline to shield its routes within EU

  

  Bloomberg EasyJet Plc will create a new airline based in Vienna that will shield its routes within the European Union against any fallout from Britain’s negotiations to exit the bloc. The approval process for an air operator certificate that has been filed with Austria’s aviation regulator is “now well advanced,” with clearance expected in the near future, Luton, England-based carrier …

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• 15 July

  Pratt engine fixes prompt IndiGo to ground 7 Airbus jets

  

  Bloomberg India’s biggest airline grounded at least seven Airbus SE jetliners as it awaits fixes for balky Pratt & Whitney engines, joining several carriers around the world that have pulled the planes from service. IndiGo stopped using one A320neo aircraft this month after grounding four in June and two in May, according to data from flight-tracking website Flightradar24. Including IndiGo’s …

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• 15 July

  ‘Better Surprises’ to lure shoppers at DSS

  

  Dubai / Emirates Business Better Life, one of the leading home appliance retailers in the UAE and a division of Easa Saleh Al Gurg Group, LLC has launched the ‘Better Surprises’ promotion as part of Dubai Summer Surprises (DSS) to provide attractive savings for customers. The promotion extends across its full range of appliances which includes built-in and major domestic …

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• 15 July

  J. C. Penney finance chief steps down

  

  Bloomberg J. C. Penney Co., already grappling with sluggish sales and an effort to close underperforming stores, is losing its chief financial officer. Edward Record, who had served as CFO since March 2014, will leave the company on Tuesday to “pursue other interests,” J.C. Penney said. He will remain an adviser until Aug. 7 to help with the transition, with …

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• 15 July

  Fined for arriving early? Wal-Mart puts its suppliers on notice

  

  Bloomberg Long known for squeezing its vast network of suppliers, Wal-Mart Stores Inc. is about to step up the pressure. The focus this time is delivery scheduling, and the company’s not messing around. Two days late? That’ll earn you a fine. One day early? That’s a fine, too. Right on-time but goods aren’t packed properly? You guessed it — fined. …

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• 12 July

  Non-oil businesses account for 72.5% of Abu Dhabi GDP

  

  ABU DHABI / WAM Abu Dhabi’s 2016 Gross Domestic Product (GDP) at current prices surged to AED791.371 billion, posting an annual growth of 2.8 percent over 2015 GDP of AED770.11, with non-oil activities contributing a staggering and unprecedented 72.5 percent of the GDP- the highest since the emirate’s shipment of its first crude in the 1960s , according to the …

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• 12 July

  FAB, Goldman, JPMorgan, HSBC vie for roles in listing ADNOC unit

  

  ABU DHABI / Reuters Abu Dhabi’s national oil company (ADNOC) is weighing proposals from Goldman Sachs, First Abu Dhabi Bank (FAB), HSBC and JPMorgan for lead roles in the listing of its retail business, sources familiar with the matter said. Rothschild is in a strong position for an advisory role to the deal that could raise $1.5 to $2 billion …

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