October, 2019

• 1 October

  Nigeria ups the ante on banks with tougher lending demands

  Bloomberg Nigeria’s central bank is increasing pressure on lenders to keep providing credit to boost economic growth in Africa’s biggest oil producer. The West African nation’s banking regulator raised the minimum loan-to-deposit ratio to 65 percent from 60 percent to “sustain the momentum” seen in lending since it first lifted the measure in July, it said. Banks have until December ...

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• 1 October

  Credit Suisse’s COO resigns after spying scandal probe

  

  Bloomberg Credit Suisse Group AG exonerated Chief Executive Officer Tidjane Thiam as one of his key allies took the fall for a corporate spying scandal that shook Zurich’s financial elite and tainted the bank’s reputation. Chief Operating Officer Pierre-Olivier Bouee, the CEO’s chief lieutenant at three companies for more than 10 years, stepped down after ordering detectives to shadow former ...

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• 1 October

  Boeing 737 Max may not return until March

  

  Bloomberg Pilots at Southwest Airlines Co, the largest operator of the beleaguered Boeing Co 737 Max, warned that the grounded plane may not resume commercial flights until as late as March. The carrier’s internal plans call for the Max to carry its first paying customers 45 to 60 days after US regulators lift a no-fly order on the plane, Greg ...

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• 1 October

  Holiday shoppers weighing carbon footprint in delivery

  

  Bloomberg Mother Nature is figuring into consumers’ holiday spending plans this year. The environmental impact of fast-delivery options, which may include using planes and shipping multiple items separately, is a concern resonating with Americans, according to Accenture’s Annual Holiday Shopping Survey. Half of respondents said they’d choose options that leave a smaller carbon footprint, such as slower shipping or in-store ...

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• 1 October

  Richemont buys Italian luxury jeweller

  

  Bloomberg Richemont is acquiring Italian jewellery brand Buccellati to bolster its existing portfolio of Cartier and Van Cleef & Arpels. The Swiss luxury-goods maker bought the Milan-based brand from Gangtai Group Corp, a Chinese investment company, for an undisclosed price. Luca Solca, an analyst at Sanford C Bernstein, said it probably paid less than the $250 million the Shanghai-based investment ...

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• 1 October

  Audit watchdog opens probe after Thomas Cook collapse

  

  Bloomberg The UK’s accounting watchdog opened an investigation into Ernst & Young’s audit of Thomas Cook Group Plc’s financial statements after the 178-year-old tour operator collapsed. The Financial Reporting Council began the probe amid a growing political outcry over the failure last month, which cost thousands of jobs and left tourists stranded across Europe. The Big Four accounting firms have ...

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September, 2019

• 30 September

  UAE affirms support for UN chief, special envoy for Yemen

  GENEVA / WAM The UAE affirmed its support for the efforts of the UN Secretary-General and UN Special Envoy for Yemen to encourage conflicting Yemeni parties to implement all relevant Security Council resolutions, particularly Resolution 2216/2015, without conditions. The UAE’s statement was delivered by Ambassador Obaid Salem Al Zaabi, UAE Permanent Representative to the UN and Other International Organisations in ...

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• 30 September

  Adnoc, Dutch firm OCI close deal, establish fertiliser JV

  

  AMSTERDAM / WAM OCI N.V. and Abu Dhabi National Oil Company (Adnoc), on Monday announced the completion of their transaction to combine Adnoc’sfertiliser business into OCI’s Middle East and North Africa (Mena), nitrogen fertiliser platform, creating a world-leading joint venture. The combined company, which has been named Fertiglobe and is headquartered in the international financial centre Abu Dhabi Global Market, ...

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• 30 September

  Hamdan okays Dubai e-commerce strategy

  

  DUBAI / WAM His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, chaired on Monday a meeting of the Executive Council at Emirates Towers, Dubai, in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai. The meeting proceedings saw the Executive Council ...

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• 30 September

  DAE signs new $300 million 7-year unsecured term loan

  DUBAI / WAM Dubai Aerospace Enterprise (DAE), on Monday announced that it had signed a $300 million seven-year unsecured term loan with a group of six banks. Abu Dhabi Commercial Bank served as initial mandated lead arranger, bookrunner and underwriter. The loan will be used to repay secured debt and support the future financing needs of the business. FirozTarapore, CEO of ...

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