September, 2019

• 17 September

  India’s mega mergers fail to lure funds to PSBs stocks

  

  Bloomberg India’s biggest bank overhaul in decades to merge state-run lenders beset with bad loans and low capital hasn’t convinced investors to increase holdings of the shares. Fund managers including Aberdeen Standard Investments Ltd and JPMorgan Chase & Co are shying away from increasing their positions in government-owned lenders. As well as poor asset quality at the banks, they cited ...

  Read More »
• 17 September

  H&M sales growth slows in July, Aug

  

  Bloomberg Hennes & Mauritz AB’s sales growth slowed in the key July and August months, hampering the Swedish retailer’s attempt to end a three-year slump in earnings. Sales growth probably slowed down to 6 percent in those two months from 12 percent in June, Berenberg analysts said, based on calculations from figures H&M reported. The shares dropped as much as ...

  Read More »
• 17 September

  Walmart tests fulfillment service to match Amazon

  

  Bloomberg Walmart Inc, looking to generate more profit from its online unit, wants to start storing and shipping products for third-party vendors for the first time, just as rival Amazon.com Inc has done for years. The world’s largest retailer is testing a fee-based service called “Fulfilled by Walmart,” US e-commerce chief Marc Lore said at an industry conference. Lore didn’t ...

  Read More »
• 17 September

  KLM ground staff plans new strike

  Bloomberg Air France-KLM’s Dutch arm will face a four-hour strike at Amsterdam’s Schiphol Airport, one of Europe’s busiest travel hubs, after negotiations over a salary increase for ground staff broke down, the FNV union said in a statement on its website. “KLM continues to refuse to come to a good collective labor agreement for ground staff. They leave their own ...

  Read More »
• 17 September

  Morrisons sales dip but sees better second half

  

  Bloomberg Wm Morrison Supermarkets Plc’s sales slumped in its second quarter as the grocer faced a tough comparison with 2018, when unseasonably warm weather, the World Cup and a royal wedding boosted spending. But it predicted an improvement in the second half, lifting the shares. Comparable group sales fell 1.9 percent for the quarter, slowing half-year growth to 0.2 percent. ...

  Read More »
• 17 September

  China Mengniu agrees to buy Bellamy’s for $1 billion

  

  Bloomberg China Mengniu Dairy Co agreed to buy organic infant formula maker Bellamy’s Australia Ltd for A$1.5 billion ($1 billion), securing a premium brand in one of the fastest-growing segments of the dairy market. The Hong Kong-based firm offered A$13.25 per share for Bellamy’s, a sizable 59 percent premium to the stock’s last closing price. The Launceston, Tasmania-based company’s board ...

  Read More »
• 15 September

  UAE to push for moderation and de-escalation at UNGA

  

  ABU DHABI / WAM The UAE’s largest ever delegation to the United Nations – led by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation (MoFAIC) – will seek diplomatic solutions to address the most pressing challenges to regional stability and security, and assert against extremism and hate. In a media briefing on Sunday at ...

  Read More »
• 15 September

  Saudi Aramco races to fix oil supply after drone attacks

  

  Bloomberg Saudi Arabia is racing to restore oil production after a brazen drone strike on a key Aramco facility slashed its output by half, or about 5% of world supply, an assault that the US has blamed on Iran. State energy producer Saudi Aramco lost about 5.7 million barrels per day of output after 10 unmanned aerial vehicles struck the ...

  Read More »
• 15 September

  Cheques worth AED805b handled in eight months

  Abu Dhabi / WAM A total of 17 million cheques worth AED805 billion were handled by the Image based Cheque Clearing System (ICCS) during the first eight months of 2019, according to a report issued by Central Bank of the UAE (CBUAE). A breakdown showed that 1.77 million cheques worth AED 82.6 billion were cleared in August 2019, as compared ...

  Read More »
• 15 September

  MoE discusses Emirati investments in HK, China

  

  HONG KONG / WAM The UAE Economic and Commercial Delegation concluded its participation in the 4th Summit of Belt and Road Initiative in Hong Kong. Abdullah Al Saleh, Under-Secretary at the Ministry of Economy for Foreign Trade Affairs and Head of the UAE Delegation, highlighted the success of the delegation’s mission and its contributions to the summit. Under the theme ...

  Read More »