February, 2020

• 26 February

  Citi shuffles top bankers in two investment units

  Bloomberg Citigroup Inc is shuffling the bankers overseeing two of its largest investment banking units as the firm seeks to boost revenue from advising and providing financing to corporations. The lender promoted Stefan Wintels, the head of its German unit, and Christian Anderson, who helps oversee the global asset manager group, to run its global financial institutions business. The firm ...

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• 26 February

  Crisis-hit Cathay says 25,000 workers to take unpaid leave

  

  Bloomberg More than 25,000 Cathay Pacific Airways Ltd staff are taking unpaid leave, underscoring the depth of the airline’s troubles as it contends with the coronavirus. Chief Executive Officer Augustus Tang said in an internal memo that Cathay’s challenges “remain acute,” and he thanked employees for their support. The Hong Kong-based airline this month asked its 33,000 workers to take ...

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• 26 February

  FAA proposes another safety fix for 737 Max

  

  Bloomberg The US Federal Aviation Administration (FAA) is recommending another safety fix for Boeing Co’s grounded 737 Max jet, adding a new hurdle as the US planemaker pushes to return the grounded plane to service. The proposed order would require inspection and possible replacement of a metallic lining that protects wiring from lightning strikes, the regulator said in the Federal ...

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• 26 February

  Forever 21 taps H&M’s Daniel Kulle to take over as new CEO

  

  Bloomberg The new owners of Forever 21 Inc have hired an executive from another fast-fashion chain to steer the troubled retailer outside of bankruptcy. Daniel Kulle, who worked at Hennes & Mauritz AB for more than two decades, will take over as Forever 21’s chief executive officer, Authentic Brands Group Inc said in a statement. Authentic Brands is part of ...

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• 26 February

  Amazon merchants curtail ad spending amid virus

  

  Bloomberg Chuck Gregorich, who sells China-made patio furniture on Amazon.com Inc expects to lose as much as $2 million in sales this year due to factory closings and other coronavirus-related slowdowns. So he’s cutting his ad spending on Amazon and thinking about raising prices to avoid running out of inventory. The sudden shift in sales tactics by merchants like Gregorich ...

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• 26 February

  Jet Airways creditors to ask court to extend ‘deadline’

  Bloomberg Creditors of Jet Airways India are seeking court action to save the bankrupt carrier from liquidation as a key deadline looms. Lenders to Jet Airways plan to request an Indian court extend a mid-March deadline for creditors to agree on a resolution plan or allow the carrier go into liquidation, said people familiar with the matter. Potential buyers of ...

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• 26 February

  US airlines hit biggest two-day drop in 3 years

  Bloomberg US airlines posted the biggest two-day drop in more than three years on deepening fears that the spread of the coronavirus will further stymie travel. American Airlines Group Inc led the decline, tumbling the most on the S&P 500 and reaching the lowest since its 2013 merger with US Airways. President Donald Trump’s administration is considering whether to adopt ...

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• 25 February

  UAE offers condolences on death of Hosni Mubarak

  

  Agencies President His Highness Sheikh Khalifa bin Zayed Al Nahyan, sent a cable of condolences to President of Arab Republic of Egypt, Abdel Fattah el-Sisi on the death of the former Egyptian President, Hosni Mubarak. In the cable, His Highness Sheikh Khalifa expressed his heartfelt condolences and solace on the death of Hosni Mubarak. His Highness Sheikh Mohammed bin Rashid ...

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• 25 February

  UAE ranks first in Arab world in soft power index 2020

  ABU DHABI / WAM The UAE has been named the Middle East’s highest ranked soft power nation in Brand Finance’s ‘Global Soft Power Index 2020’. According to Brand Finance, the UAE is in 18th position worldwide in the index and has received a soft power score of 45.9 out of 100. “The UAE’s main soft power strength is its appealing ...

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• 25 February

  Adnoc, Added sign deal to drive in-country value for Abu Dhabi

  

  ABU DHABI / WAM The Abu Dhabi Department of Economic Development (Added), and the Abu Dhabi National Oil Company (Adnoc), on Tuesday signed a Memorandum of Understanding (MoU), to enhance cooperation and drive in-country value (ICV), for Abu Dhabi following the success of Adnoc’s ICV programme. Under the terms of the agreement, Added will integrate and standardise Adnoc’s ICV certification ...

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