September, 2019

• 4 September

  Ex-UK bankers stand trial in first German tax fraud case

  

  Bloomberg Two former London investment bankers appeared in court in Germany’s first trial targeting a complex trading strategy that racked up massive tax losses for the nation’s treasury. The British men, who can only be identified as Martin S, 41, and Nicholas D, 38, appeared in a court in the city of Bonn, charged with helping to orchestrate so called ...

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• 4 September

  Cathay’s chairman resigns weeks after CEO steps down

  

  Bloomberg Cathay Pacific Airways Ltd Chairman John Slosar followed the chief executive officer in resigning after the carrier faced scrutiny from China for its employees’ involvement in the anti-Beijing protests in Hong Kong. Slosar, 63, will be replaced by Patrick Healy, a 31-year veteran at parent Swire Group, Cathay said on Wednesday in a filing. The changes are scheduled to ...

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• 4 September

  Air Canada files challenge over Onex buyout of WestJet

  

  Bloomberg Air Canada is calling on the country’s transportation regulator to take a closer look at Onex Corp’s takeover of WestJet Airlines Ltd, arguing that the C$3.5 billion ($2.6 billion) deal may run afoul of foreign-ownership rules. “I am writing to express the concern that, due to the structure of the transaction and the capital and corporate governance structure of ...

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• 4 September

  Kenya Air looking to renegotiate its alliance with Air France-KLM

  

  Bloomberg Kenya Airways Plc is looking to renegotiate a 24-year long partnership with Air France-KLM to gain more control over their cost and revenue-sharing deal and the ability to make agreements with other airlines. The partly state-owned company has removed all staff that came from the European airline, including Chief Operations Officer Jan de Vegt, and replaced them with local ...

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• 4 September

  Campbell to sell Europe potato chips business

  

  Bloomberg Campbell Soup Co agreed to sell its European potato chips business to Valeo Foods Group Ltd for about 66 million pounds ($80 million), the soupmaker’s latest divestment as it simplifies operations. Valeo, a Dublin-based food producer, will acquire the Yellow and Kettle brand chips for the European market, according to a statement. Campbell will retain the Kettle brand for ...

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• 4 September

  Uniqlo founder wants a woman to succeed him as CEO

  

  Bloomberg Tadashi Yanai, Fast Retailing Co’s 70-year-old billionaire founder, said he would prefer to be succeeded by a woman, which would be better for Asia’s largest retailer. “The job is more suitable for a woman,” Yanai, the chief executive officer behind clothing giant Uniqlo, said in an interview. “They are persevering, detailed oriented and have an aesthetic sense.” As Yanai ...

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• 3 September

  Abu Dhabi first in region to adopt integrated system for district cooling

  

  ABU DHABI / WAM The Abu Dhabi Department of Energy (DoE), issued the District Cooling Regulations and the District Cooling Applicability Regulations, recently approved by the Abu Dhabi Executive Council. The Abu Dhabi Government is thus the first in the Middle East and North Africa region to set up a complete integrated system for district cooling. This, in turn, reflects ...

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• 3 September

  Manufacturing sector adds $33b to UAE’s non-oil GDP

  

  ABU DHABI / WAM The manufacturing sector’s contribution to the UAE’s non-oil gross domestic product (GDP) grew 2.5 percent to AED122 billion ($33.21 billion) in real prices in 2018 from AED119.7 billion in 2017, according to figures revealed by the Federal Competitiveness and Statistics Authority. Being a mainstay to a diversified economy, the sector has maintained its steady growth over ...

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• 3 September

  UAE-based banks receive AED21bn in commission

  ABU DHABI / WAM UAE-based banks received AED21 billion in commission income in 2018, with national banks getting 82.8 percent thereof, i.e. AED17.4 billion, according to statistics revealed by the Central Bank of the UAE. The foreign banks’ commission income amounted to AED3.4 billion, with the remaining amount claimed by branches of Gulf banks operating in the country. It’s noteworthy ...

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• 3 September

  Emaar hires banks for dollar Islamic bonds

  

  Dubai / WAM Emaar Properties said on Tuesday it has hired banks to arrange a potential issuance of dollar Islamic bonds. In a statement on Dubai Financial Market where it’s listed, the property giant said that the planned issuance is part of Emaar’s $2 billion Trust Certificate Issuance Programme. It was also announced that Emaar Properties is seeking to issue ...

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