November, 2019

• 16 November

  S African Airways cancels more flights over workers’ strike

  

  Bloomberg South Africa Airways (SAA) extended flight cancellations to four days as a strike over pay and job cuts at the loss-making state carrier got under way. Regional and domestic routes will remain suspended through Monday, two days longer than previously announced, the airline said in an emailed statement. International services will resume on November 17, it said. Two labour ...

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• 16 November

  Boeing pitches stopgap deal to win Qantas order for ‘777X’

  

  Bloomberg Qantas Airways said Boeing has offered a stopgap deal in a bid to persuade the airline to select its delayed 777X plane for planned direct flights from Australia to New York and London. Boeing pitched the workaround as it grapples with holdups to the upgraded 777, Chief Executive Officer Alan Joyce said in an interview in London, declining to ...

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• 16 November

  Walmart retreats as investors poke holes in earnings

  

  Bloomberg Investors in the retail industry are a tough crowd. Just ask Walmart Inc, which matched sales growth estimates, raised its forecast — and watched its shares drift lower in midday trading as analysts picked over the numbers. The shares fell as much as 1.2% after earlier hitting a record high. What changed? After all, the key gauge of same-store ...

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• 16 November

  Business-class seats blamed for CO2 emissions

  Bloomberg Wizz Air Holdings Plc, Europe’s fastest-growing low-cost airline, escalated a spat with full-service rivals over carbon emissions, saying their reliance on lucrative business-class fares is at the heart of the industry’s problems with environmental campaigners. Airlines like Deutsche Lufthansa AG, which has attacked discounters for stimulating non-vital travel, rely on transporting corporate flyers in heavy seats with a CO2 ...

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• 13 November

  Adnoc invests AED1.8bn to upgrade giant onshore field

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), on Wednesday announced a significant investment to upgrade its giant Bab onshore field, one of its largest onshore producing assets, located 160 kilometres southwest of Abu Dhabi city. The investment valued at AED1.8 billion will re-energise Adnoc’s first field producing Murban grade crude to sustain long-term crude oil production ...

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• 13 November

  NPCC accelerates five-year digital transformation plan

  ABU DHABI / WAM The National Petroleum Construction Company (NPCC), a part of Senaat Abu Dhabi, on Wednesday announced an ambitious five-year plan, backed by multimillion dirham investments, to transform its digital capabilities and meet the evolving needs of its clientele, employees and the region’s oil and gas industry. As part of the digital transformation, the NPCC marked a strategic ...

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• 13 November

  Damac Properties reports AED2.8 billion in revenue

  

  ABU DHABI / WAM Damac Properties announced its financial results for the nine months of 2019, reporting a total revenue of AED2.8 billion, with booked sales reported at AED2.4 billion. According to a press release issued by Damac Properties on Wednesday, gross profits for the same period stood at AED838 million reflecting gross profit margins of 30.3 percent. Total assets ...

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• 13 November

  Oil falls amid concerns over trade disputes

  

  BloomBerg Oil fell for a third day amid concerns over the US-China trade dispute, and signs of another increase in American crude stockpiles. Futures declined as much as 1.1% in New York. President Donald Trump’s speech disappointed investors after he gave little insight on how the impasse with Beijing will be resolved, and warned of higher tariffs if a deal ...

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• 13 November

  Hub71, Saudi’s Misk Foundation ink MoU for cross-market access

  

  ABU DHABI / WAM Hub71, Abu Dhabi’s global tech ecosystem, signed a Memorandum of Understanding (MoU) with Misk Foundation – during the three-day Misk Global Forum in Riyadh – that outlined steps towards creating a more dynamic market for startups between the UAE and Saudi Arabia. The MoU outlines steps towards building a larger shared ecosystem aimed at helping startups ...

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• 13 November

  France backs European bank mergers before key meeting

  

  Bloomberg France added to the growing chorus of lawmakers and executives seeing consolidation as an avenue to revive Europe’s ailing banks, ahead of a key meeting that may jumpstart a plan to create a single market for the industry. Prime Minister Edouard Philippe, speaking in an interview in Paris, said mergers to create “critical-size, global actors” in European finance would ...

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