February, 2020

• 12 February

  Biggest Chinese stocks are giving up their wins

  Bloomberg A rally in stocks seen to benefit from China’s deadly virus outbreak is fading. The small-cap ChiNext index fell as much as 1.3% on February 11 before finishing down 0.7%. The gauge’s rapid rebound last week, when it took just two days to recoup all losses after China’s stock market saw a record stock sell-off, set the stage for ...

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• 12 February

  Boeing to resume 737 Max output before ban is lifted

  

  Bloomberg Boeing Co will resume production of the 737 Max before the best-selling plane is allowed back in the air as the company attempts to recover from one of the worst crises in its 104-year history. The Chicago-based manufacturer halted production in January, 10 months after the jet was grounded worldwide following two crashes that killed 346 people. Boeing failed ...

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• 12 February

  Airbus scandal spurs SriLankan Airlines to pursue compensation

  

  Bloomberg The government of Sri Lanka is considering ways of recovering damages, including claiming compensation from Airbus SE, after the European planemaker admitted to bribing executives to win aircraft orders. “The reputational damage was huge, enormous,” Vipula Gunatilleka, chief executive officer of state-run SriLankan Airlines Ltd, said in an interview at the Singapore Airshow on Wednesday. “That’s why our government ...

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• 12 February

  US judge to approve Forever 21 sale

  

  Bloomberg Forever 21 Inc is moving out of its parents’ house. US Bankruptcy Judge Kevin Gross said in a hearing that he would approve the sale of the retailer to its two largest landlords — Simon Property Group Inc and Brookfield Property Partners LP — and Authentic Brands Group LLC, marking the end of control by the Chang family. Forever ...

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• 12 February

  Under Armour stumbles on path to recovery

  

  Bloomberg For the past few months, Under Armour Inc executives have promised that 2020 would be the coming-out party of a brand-new company, a shift from defense to offense after a multiyear restructuring and a change in leadership. After revealing fourth-quarter results and 2020 projections that trailed analysts’ expectations, the company issued a sobering set of expectations for investors. Revenue ...

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• 12 February

  Bed Bath & Beyond falls on ‘sales doldrums’

  Bloomberg Bed Bath & Beyond Inc fell sharply after reporting that a key measure of sales contracted in December and January, the latest sign the home-furnishings retailer faces a tough road back to growth. “We are experiencing short-term pain in our efforts to stabilise the business, including the pressures of store traffic trends,” Chief Executive Officer Mark Tritton said in ...

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• 11 February

  UAE medicine stockpiles ‘sufficient’ for coronavirus outbreak: Minister

  

  ABU DHABI / WAM Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, has stressed that the UAE was among the first countries that stocked up sufficient quantities of materials required for state-of-the-art checkups to detect the new coronavirus. More than 500 staff members work round the clock on communication, medical investigations and logistical support related ...

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• 11 February

  DIP attracts investments worth AED42 billion over two decades

  

  DUBAI / WAM Dubai Investments Park (DIP), unveiled that the master-planned complex, designed and developed to provide immaculate facilities, setting new standards in the region, attracted investments in excess of AED42 billion over two decades, signifying the emergence of DIP as a successful business model, facilitating a conducive environment. Considered one among the largest integrated developments in the Middle East, ...

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• 11 February

  UAE, UK discuss ways to bolster cooperation

  

  LONDON / WAM The 19th UAE-UK Taskforce meeting took place on Tuesday in London, co-hosted by Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, and Dr Andrew Murrison, UK Minister of State for the Middle East and North Africa. The high-level UAE delegation, which included officials from the Ministries of Foreign Affairs and International Cooperation, Justice, Defence, ...

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• 11 February

  ADFD inks deal with US agency on private sector investments

  

  ABU DHABI / WAM The Abu Dhabi Fund for Development (ADFD), on Tuesday signed a Memorandum of Understanding (MoU) with the United States International Development Finance Corporation (DFC), an independent agency of the US Government. The areas of collaboration outlined by the MoU include the exchange of knowledge and expertise between the two parties especially in the field of financing private ...

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