November, 2019

• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 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 ...

  Read More »
• 13 November

  Brexit’s derivatives spat needs urgent fix: Banks

  

  Bloomberg The world’s biggest banks pressed policy makers to pass an urgent Brexit fix to ensure European traders’ access to London derivatives clearinghouses and avoid rupturing 61 trillion pounds ($78 trillion) in contracts. The industry’s top lobbying associations told the European Commission, the European Union’s executive arm, that it must act fast or risk turmoil when the stopgap solution elapses ...

  Read More »
• 13 November

  New Zealand keeps interest rates unchanged

  

  Bloomberg New Zealand’s central bank (RBNZ ) left interest rates unchanged — defying widespread expectations of a cut — saying there are signs the domestic economy will stop slowing and that inflation will pick up. The local currency jumped. “Economic developments since the August Statement do not warrant a change to the already stimulatory monetary setting at this time,” the ...

  Read More »
• 13 November

  Canada’s Home Capital group makes comeback

  

  Bloomberg It took two years, but Home Capital Group Inc shares have regained all their lost ground since the Canadian alternative mortgage lender almost collapsed in 2017. Home Capital has doubled this year to become the sixth-best performing stock on Canada’s benchmark S&P/TSX Composite Index. The Toronto-based lender closed at C$29 on the Toronto Stock Exchange for a market value ...

  Read More »