February, 2020

• 11 February

  Philippine carriers suspend Taiwan flights due to virus

  Bloomberg Philippine Airlines Inc and Cebu Air Inc have suspended their Taiwan flights after the Southeast Asian nation expanded its travel ban on the novel coronavirus. The order temporary barring the entry and departure of foreign nationals from China, Hong Kong and Macau will also cover Taiwan, the Bureau of Immigration said. Both carriers suspended the Taiwan flights starting from ...

  Read More »
• 11 February

  Simon buying Taubman for $3.6bn to fight retail slump

  

  Bloomberg Simon Property Group Inc agreed to buy rival US shopping-mall operator Taubman Centers Inc for about $3.6 billion, a combination that comes as e-commerce continues to roil brick-and-mortar retail. Simon will pay $52.50 a share in cash for all of Taubman’s common stock, the companies said in a statement. That’s about 51% more than Taubman’s closing share price on ...

  Read More »
• 11 February

  JD Sports takeover of Footasylum raises concern

  Bloomberg JD Sports Fashion Plc’s purchase of Footasylum may harm competition and leave shoppers worse off, the UK’s antitrust regulator said. The UK’s Competition and Markets Authority (CMA) said its provisional view is that the transaction could lead to “a substantial lessening of competition in the retail supply of sports-inspired casual footwear.” The regulator, asked for feedback on its findings. ...

  Read More »
• 11 February

  Ocado expects 15% retail growth as M&S deal advances

  

  Bloomberg Ocado Group Plc forecast retail revenue growth of as much as 15% this year as it starts to sell products from Marks & Spencer Group Plc and sets up the first of its robot-run delivery systems for supermarkets abroad. The UK online grocer says it’s on track to launch its joint venture (JV) with M&S in September and open ...

  Read More »
• 10 February

  UAE central bank withdraws AED22bn surplus liquidity

  

  ABU DHABI / WAM The value of the liquidity withdrawn by the Central Bank of the UAE (CBUAE), from the market in 2019 totalled AED22 billion, highlighting the surplus liquidity in the UAE’s banking system. The CBUAE manages the country’s monetary policy to serve the national economy in general, through a variety of instruments. Certificates of Deposit (CDs) represent one ...

  Read More »
• 10 February

  Oil holds near $50 as Opec+ hesitate despite signs of glut

  

  Bloomberg Oil held near $50 a barrel in New York on signs that the Organisation of Petroleum Exporting Countries (Opec) and its allies probably won’t go ahead with an emergency meeting, even as a global oversupply piles up. While the coalition’s technical experts have recommended a production cutback as Asia’s coronavirus batters demand, Azerbaijan’s Energy Minister Parviz Shahbazov told the ...

  Read More »
• 10 February

  NMC suspends chairman from board discussions

  

  Bloomberg NMC Health Plc, the operator of the biggest network of hospitals in the UAE, said its chairman will be removed from board discussions after he said he may have misreported the size of his stake. Chairman Bavaguthu Raghuram Shetty is conducting a legal review into the size of his stake, NMC said on Monday. The company is asking its ...

  Read More »
• 10 February

  Aramex revenue surges to AED5.2 billion in 2019

  

  DUBAI / WAM Aramex announced its financial results for fourth quarter and full year (FY), ending December 31, 2019. According to a press statement issued by Aramex on Monday, full year 2019 revenue increased by 3 percent to AED5,246 million, compared to AED5,086 million in FY 2018. FY 2019 net profit increased 1 percent to AED497.4 million, compared to AED492.6 ...

  Read More »
• 10 February

  Etihad partners with WebCargo to expand digital air cargo reach

  

  Abu Dhabi / WAM Etihad Cargo, the cargo and logistics arm of Etihad Aviation Group, on Monday announced inking a new partnership for Digital Air Cargo with WebCargo by Freightos to expand digital air cargo reach. The WebCargo partnership extends Etihad Cargo’s digital reach to more than 1,700 logistics providers and forwarder customers globally, with the platform serving as an ...

  Read More »
• 10 February

  UAE tops as most popular destination for Indians

  

  WAM / Emirates Business A whopping 65 per cent of Indians living outside their country have made the six Gulf Cooperation Council (GCC), states their expatriate home, the Lok Sabha, the lower House of Indian Parliament was informed during its ongoing budget session. Of these six GCC states, the UAE tops the list as home to the largest number of ...

  Read More »