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Bloomberg Reynolds Consumer Products Inc, the maker of Reynolds Wrap aluminum foil and Hefty trash bags, rose 9.8% in its trading debut after raising $1.23 billion in the biggest initial public offering by a household goods maker. Reynolds, backed by New Zealand billionaire Graeme Hart’s Rank Group, sold 47.17 million shares for $26 each after marketing them for $25 to ...
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February, 2020
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3 February
Coronavirus may keep Europeans’ travel plans closer to home: Ryanair
Bloomberg Ryanair Holdings Plc said demand for air travel within Europe could receive an unlikely boost if the Chinese coronavirus epidemic persists, prompting people to holiday closer to home. Trends from 2003, when travellers shunned Asia after the Severe Acute Respiratory Syndrome (Sars) outbreak, suggest consumers may begin to alter their travel habits, Ryanair Chief Financial Officer Neil Sorahan said. ...
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3 February
Levi’s profitability rises on higher prices
Bloomberg Levi Strauss & Co’s profitability rose in its latest quarter, with the jeans maker citing higher prices and fewer sales to off-price retailers. The company also reported continuing weakness in its US wholesale business, however. The shares alternated between losses and gains in late trading. Gross margin, a key gauge of profitability, rose 1.1 percentage point from a year ...
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3 February
British mall owner signals further drop in asset values
Bloomberg Intu Properties Plc has written down the value of one of the UK’s largest malls, offering a glimpse at its parlous finances ahead of a planned equity raise. The company notified holders of 485 million pounds ($631 million) of bonds secured against Intu Metrocentre, a large mall in northeast England, that the debt secured against the property now accounts ...
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3 February
Luckin Coffee’s value drops as virus forces store closings
Bloomberg Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, has lost nearly a third of its value since the outbreak of the coronavirus. However, at least one analyst maintains this may be just a blip for the company. The upstart has closed all of its coffee shops in Wuhan, the capital of the Hubei province and the epicenter of ...
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2 February
Opec, allies weigh response as oil plunges on virus panic
Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies considered how to respond to a plunge in oil prices, with Russia signaling for the first time it was open to Saudi Arabia’s push for an emergency meeting. Potential dates being discussed are February 8-9 and February 14-15, though for now the next regular meeting on March 5-6 remains ...
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2 February
Abu Dhabi Airports to back humanitarian initiatives
ABU DHABI / WAM Abu Dhabi Airports has announced the signing of a cooperation agreement with the Emirates Red Crescent (ERC), to enhance its role in community, charitable and humanitarian initiatives. The new agreement also defines frameworks of cooperation humanitarian services and fundraising and supports relevant government strategies at a local and international level. Under the agreement, Abu Dhabi Airports ...
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2 February
China’s $22 billion injection may help in easing global market rout
Bloomberg A $22 billion injection into Chinese markets won’t be enough to prevent the country’s stocks and currency falling on Monday, but it may ease a global sell-off sparked by the spread of the coronavirus. That’s according to analysts after the People’s Bank of China and other regulators announced a slew of measures to shore up their financial markets when ...
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2 February
Dubai Economy sees 34% rise in trademark file registration
DUBAI / WAM The Commercial Compliance and Consumer Protection (CCCP), sector at Dubai Economy announced a 34 percent increase in trademark files and a 127 percent increase in commercial agency files registered in 2019 compared to the previous year. Trademark files registered at the CCCP in 2019 reached 5,157 and 50 commercial agency files were also registered during the same ...
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2 February
ION developing infra for electric vehicle mobility
SHARJAH / WAM ION, a UAE-based sustainable and smart transportation company, has partnered with the Sharjah City Municipality (SCM), and the Sharjah Electricity and Water Authority (Sewa), to supply, install and operate public electric vehicle charging stations across Sharjah. The move comes as part of accelerating the UAE’s ongoing electrification of its transportation and supporting the current electric vehicle network. ...
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