January, 2020

• 14 January

  Vietnam’s Vingroup grounds aviation unit

  

  Bloomberg Vietnamese conglomerate Vingroup JSC is abandoning plans to launch Vinpearl Air so it can focus on other businesses, including electric vehicle manufacturing. “The aviation market of Vietnam has a lot of potential and is developing strongly, but it also has large companies already in operation,” Vingroup Vice Chairman Nguyen Viet Quang said in an email statement. “Vingroup’s strong investment ...

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• 14 January

  Hong Kong jewellery giant to shut stores amid protests

  

  Bloomberg Chow Tai Fook Jewellery Group Ltd said it plans to shut about 15 of its Hong Kong stores after their leases expire this year, in a sign that major retailers are starting to withdraw from the city’s economy as anti-China protests continue. In the first significant pullback by a luxury retailer after months of fiery demonstrations that have driven ...

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• 14 January

  Flybe puts Boris Johnson on the spot as Brexit day looms

  

  Bloomberg With UK airline Flybe Group Plc teetering on the brink of collapse, prime minister Boris Johnson faces a dilemma. Should the government stick to its long-held policy and let market forces take their course, or step in and help Flybe owners including Virgin Atlantic Airways and private-equity firm Cyrus Capital with a rescue? The decision would normally be a ...

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• 14 January

  Muji owner suffers drop on profit problems

  Bloomberg Shares of Ryohin Keikaku Co tumbled 19%, the most on record, after the Muji operator cut its profit forecast, citing uncertainty in its East Asian operations. The retailer of everything from furniture to clothing and food lowered its full-year operating profit target 17% to 37.8 billion yen ($343 million). It reported third-quarter operating profit of 9.2 billion yen versus ...

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• 13 January

  ADDC reinforces commitment to drive sustainability

  

  Abu Dhabi / WAM Abu Dhabi Distribution Company (ADDC) – a subsidiary of Abu Dhabi Power Corporation, ADPower – illustrated a number of its most advanced initiatives at Abu Dhabi Sustainability Week (ADSW) 2020, reinforcing its firm commitment to driving sustainability within its operations and customer base, and accelerating the emirate’s progress alongside the UAE’s sustainability goals. Commenting on the ...

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• 13 January

  Foundation laid for Mena’s first automotive facility

  

  DUBAI / WAM HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Silicon Oasis Authority, (DSOA) on Monday laid the foundation stone for the W Motors Automotive Facility at the Dubai Silicon Oasis, UAE, the first manufacturing facility of its kind in the Middle East, with an investment of AED370 million. The groundbreaking event was also attended by ...

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• 13 January

  Dubai Ruler enacts amendments to DIFC employment law

  DUBAI / WAM Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA), region, on Monday announces that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in his capacity as the Ruler of Dubai, has enacted the Employment Law Amendment Law No. 04 ...

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• 13 January

  Mohamed honours winners of Zayed Sustainability Prize

  

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, presented awards to the 10 winners of the Zayed Sustainability Prize with the participation of a number of world leaders, at the Prize’s annual awards ceremony on Monday, coinciding with the start of Abu ...

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• 13 January

  Adnoc unveils comprehensive sustainability goals for 2030

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (ADNOC), announced on Monday a set of comprehensive sustainability goals, extending its legacy of responsible oil and gas production and reinforcing its longstanding commitment to environmental stewardship. The announcement was made by Dr Sultan Al Jaber, Minister of State and Adnoc Group CEO, while speaking at the opening ceremony of ...

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• 13 January

  UAE to invest $22.8 billion in Indonesia infra projects

  

  Bloomberg The United Arab Emirates will invest $22.8 billion in Indonesia through a sovereign wealth fund being set up by President Joko Widodo as the Southeast Asian nation seeks to finance billions of dollars of infrastructure and energy projects. The UAE plans to invest in building Indonesia’s new capital and also develop properties in Aceh province, the cabinet secretariat said ...

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