January, 2020

• 26 January

  Fairway returns to bankruptcy, aims to sell its stores

  

  Bloomberg Fairway Group Holdings Corp has gone bankrupt for the second time since 2016, overwhelmed by its lingering debt load and cutthroat price competition in the grocery business. The New York grocer filed for Chapter 11 bankruptcy with an agreement to sell five stores and a distribution facility to Village Super Market Inc, owner of 30 ShopRite supermarkets. The deal, ...

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• 26 January

  Morrisons cuts 3,000 managerial roles

  Bloomberg Wm Morrison Supermarkets Plc is cutting thousands of managerial roles from its grocery stores across the UK in favour of increased shop-floor staff. The British grocer is changing the way stores are staffed in a bid to serve customers better as competition intensifies in the supermarket industry, Morrison said. The changes will result in the removal of about 3,000 ...

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• 25 January

  Abu Dhabi set to host largest global meet on urbanisation

  

  NAIROBI / WAM Policy makers, mayors, academics, business people, community leaders, artists and urban planners are among thousands of participants to attend the world’s leading conference on urbanisation, the World Urban Forum (WUF), in Abu Dhabi from February 8-13. It will be the first time that the World Urban Forum, which is convened by the UN agency focused on sustainable ...

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• 25 January

  Oil records worst week in a year as virus selloff deepens

  

  Bloomberg Crude posted the worst weekly decline in more than a year on concern that the spread of China’s coronavirus will cripple fuel demand. Brent futures sank 2.2% in London. Deaths from the coronavirus rose to at least 26 and China expanded travel restrictions for about 40 million people in an attempt to halt contagion. The US is monitoring more ...

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• 25 January

  All Emiratis in Houston safe: UAE consulate

  ABU DHABI / WAM The UAE Consulate in Houston has confirmed that all Emiratis in Houston are safe following the explosion that occurred in a factory in the city, advising all UAE citizens in Houston to register for the online “My Presence” service via the Ministry of Foreign Affairs’ website or its smart application and to communicate with the consulate ...

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• 25 January

  Sharjah Islamic Bank’s net profit rises by 7%

  

  SHARJAH / WAM Sharjah Islamic Bank (SIB) recorded a seven percent increase in its total net profit, making a total of AED545.5 million in 2019, in comparison to the AED510.4 million recorded in 2018. In a statement on Saturday, the bank said its balance sheet reflects strong performance and sound financial position, with total assets reaching AED46.4 billion at the ...

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• 25 January

  UK to use high tariff threat to accelerate trade talks

  

  Bloomberg UK Prime Minister Boris Johnson plans to use high tariffs as “leverage” to accelerate trade talks with the European Union, US and other nations, The Times of London reported. The tariffs could result in taxes of 30% on some French cheeses and 10% tax on German cars, the newspaper said. Britain currently has trade deals with a number of ...

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• 25 January

  Mubadala signs agreement for power complex in Uzbekistan

  

  TASHKENT / WAM In the presence of Sardor Umurzakov, the Uzbekistan Minister of Investments and Foreign Trade, an implementation agreement was signed at a ceremony in Tashkent, Uzbekistan, by the Ministry of Investment and Foreign Trade, and JSC Thermal Power Plants of the Republic of Uzbekistan (JSC), and Mubadala Investment Company (Mubadala). The agreement establishes a roadmap for the future ...

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• 25 January

  Boeing mulls another cut to 787 output

  Bloomberg Boeing Co. is considering another cut to production of its marquee 787 Dreamliner as the aerospace giant contends with sluggish demand. Executives are studying whether to trim monthly output by two planes to 10 a month from a reduced pace that was announced in October. While no final decision has been made, a new production schedule for the twin-aisle ...

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• 25 January

  ‘Urban Treasures’ initiative to support Abu Dhabi eateries

  

  ABU DHABI / WAM A new initiative launched by the Department of Culture and Tourism – Abu Dhabi aims to provide a significant boost to the most established, longest-running local eateries and shops in the emirate by raising their profiles as ‘places of cultural significance’, and by encouraging more people to try them out. The initiative, called Urban Treasures, sees ...

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