October, 2019

• 6 October

  After Thomas Cook collapse, EasyJet CEO sees more business

  

  Bloomberg EasyJet Plc could develop more business with hotel chains after the collapse of tour operator Thomas Cook Group Plc, the low-cost airline’s chief executive officer said in an interview to Die Welt. The airline has begun to expand its package tour business and was over the summer able to take advantage of its relationship with hotel chains already concerned ...

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• 6 October

  Costco profit falls short of investors’ expectations

  Bloomberg Costco Wholesale Corp reported quarterly profit that fell short of estimates, and US sales, while still brisk, also slightly missed. The company’s shares fell in late trading. Same-store US sales excluding gas rose 5.2% in the quarter, falling just short of analysts’ projections compiled by Consensus Metrix. Earnings per share were $2.47, below the average estimate of $2.54. Costco ...

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• 6 October

  Barneys New York mulls buyout plan from retail investor group

  

  Bloomberg Barneys New York Inc is in advanced talks with a group of retail industry investors looking to buy the company out of bankruptcy for about $220 million, according to people with knowledge of the situation. The effort is being led by Sam Ben-Avraham, known for his roles in starting New York retail store Atrium and streetwear brand Kith, the ...

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• 6 October

  Bed Bath & Beyond sales dip 10th quarter

  Bloomberg Bed Bath & Beyond reported a tenth straight quarter of falling sales, but assured investors it’s making progress towards stabilsation and an organisational overhaul. The shares bounced between losses and gains in late trading. Same-store sales, an important measure for retailers, fell 6.7% in the company’s second quarter. That’s more than analysts’ average estimate for a 5.3% decline, according ...

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• 6 October

  H&M earnings return to growth after two-year slump

  

  Bloomberg Hennes & Mauritz (H&M) AB rose to the highest in almost two years after a popular summer collection helped the Swedish retailer put a dent into its bulging inventory. The stock rose as much as 7.5% after quarterly earnings gained for the first time this year. The third-quarter report was a rare bright spot in the gloomy world of ...

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• 5 October

  International delegates attend FNC elections as observers

  

  ABU DHABI / WAM An international delegation is visiting the UAE to learn about the country’s experience in organising the 2019 Federal National Council (FNC), elections and implementing a state-of-the-art electronic voting system that has been in use since the first cycle of the elections. The National Election Committee (NEC), has organised the 2019 FNC Elections Visit Programme which includes ...

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• 5 October

  Dubai non-oil trade up 5% to AED676bn in H1

  

  Dubai Dubai recorded a non-oil foreign trade of AED 676 billion in the first half of 2019, an increase of 5% year-on-year from AED 644 billion in the corresponding half last year. The first-half figures, which represent a staggering growth of 87% from 2009, reflect the ability of the emirate’s trade sector to raise its strength and competitiveness despite a ...

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• 5 October

  AED410m in housing subsidies approved for UAE citizens

  Abu Dhabi / WAM The Sheikh Zayed Housing Programme has approved 522 housing assistance applications for Emirati citizens valued at AED410 million. They range from housing loans and grants to government housing. This follows the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the follow-up of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President ...

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• 5 October

  PayPal quits Facebook’s cryptocurrency project

  

  Bloomberg PayPal Holdings Inc. pulled out of the Libra Association, a blow to Facebook Inc.’s efforts to develop a digital currency. “PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratise access to financial services for ...

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• 5 October

  Gitex kicks off in Dubai today

  Dubai / Emirates Business The worlds’ most global and disruptive technology events, Gitex Technology Week and Gitex Future Stars, will bring together world-class industry innovators, government leaders, technology creators and forward thinkers begin on October 6, until October 10 at Dubai World Trade Centre. With a spotlight on next-generation technology and innovations that will evolve promising startups into transformative enterprises, ...

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