March, 2020

• 11 March

  Airbus delivery goal at risk as virus sees airline deferrals

  

  Bloomberg Airbus SE’s target for record jetliner deliveries this year may be at risk as virus-shocked customers postpone taking new planes, according to people familiar with the matter. Some Chinese airlines have deferred deliveries through April, the people said, asking not to be named discussing private information, while Malaysia’s AirAsia X has already said it will pare handovers. Qantas Airways ...

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• 11 March

  Vietnam Air to disinfect all aircraft from abroad

  Bloomberg Vietnam Airlines is disinfecting all of its aircraft that arrive from abroad and checking the temperatures of passengers boarding in Europe after an outbreak of 14 novel coronavirus cases tied to its March 2 London to Hanoi flight. The planes will be disinfected soon after landing in Vietnam, the national carrier said in an emailed statement. The airline will ...

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• 11 March

  Waltons transfer $48bn of Walmart shares

  Bloomberg The world’s wealthiest family moved $48 billion of Walmart Inc stock to a different holding company in an action that may signal future share sales and bolster their philanthropy. Walton Enterprises LLC, the main investment entity of the retailer’s founding clan, transferred about 15% of Walmart’s outstanding shares to the Walton Family Holdings Trust, according to regulatory filings. The ...

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• 11 March

  Henkel, KKR advance in bidding for $8bn Coty unit

  

  Bloomberg Henkel AG, the German shampoo maker, and buyout firm KKR & Co are among a small group of suitors proceeding to the second round of bidding for Coty Inc’s professional hair and nail products business, people familiar with the matter said. Advent International and a separate consortium of Cinven weren’t chosen to advance to the next round after they ...

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• 10 March

  UAE, US begin joint military exercise ‘Native Fury 20’

  

  ABU DHABI / WAM The UAE-US joint military exercise, “Native Fury 20” kicked off in Abu Dhabi, with the participation of the UAE forces and their US counterpart. The joint exercise comes within the framework of exchanging military experiences and developing joint action between the two friendly countries in the military field, so as to enhance strategic relations between the ...

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• 10 March

  DP World cuts license fees upto 70% for Jafza firms

  

  Dubai / Emirates Business DP World, UAE Region, the region’s premier logistics and business hub operator, has announced across-the-board reductions in license registration and administration costs for companies operating in its flagship Jebel Ali Free Zone (Jafza) as well as for new investors. The far-reaching Jafza Customer Support Initiative is designed to slash business-related fees by between 50 percent and ...

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• 10 March

  UAE condemns ‘attack’ on presidential palace in Kabul

  ABU DHABI / WAM The UAE condemned the terrorist attack that targeted the presidential palace in Afghan capital, Kabul, while Dr Mohammad Ashraf Ghani, President of Afghanistan, performed his constitutional oath on Monday. In a statement, the Ministry of Foreign Affairs and International Cooperation affirmed UAE’s utter condemnation of such criminal acts and firm rejection of all forms of violence ...

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• 10 March

  Mashreq Bank to distribute AED710 million dividends

  

  DUBAI / WAM The shareholders of Mashreq Bank have approved to distribute 40 percent of the bank’s paid-up capital as cash dividends for fiscal year 2019. The distribution of cash dividends stands at AED4.00 per share, amounting to AED710.123 million ($193.3 million), according to the company’s disclosure to Dubai Financial Market (DFM), on Tuesday. During the ordinary general meeting, the ...

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• 10 March

  Ofid, Badea sign pact to bolster cooperation

  

  VIENNA / WAM The Opec Fund for International Development (Ofid), and the Arab Bank for Economic Development in Africa (Badea), signed a new agreement to strengthen cooperation in common partner countries. During past four decades, the Opec Fund and Badea have collaborated on 240 development operations in sub-Saharan Africa. The two institutions have between them contributed equally to development financing ...

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• 10 March

  European banks face $34 billion coronavirus hit, says Goldman

  

  Bloomberg European banks will see about 30 billion euros ($34 billion) erased from their net income over the next three years as a result of the fallout from the coronavirus, analysts at Goldman Sachs Group Inc. estimated. The profit erosion, equivalent to 7% of their total, will be driven by increased credit risk, weaker revenue and broadly flat costs, analysts ...

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