August, 2019

• 24 August

  NAB sued over alleged home loan ‘violations’

  

  Bloomberg National Australia Bank Ltd. (NAB) has been sued by the securities regulator for allegedly accepting home loan applications from unlicensed ‘introducers.’ Under its so-called Introducer Program, the bank’s staff accepted information and documents in support of 297 loan applications from 25 people who weren’t licensed to engage in credit activity, Australian Securities and Investments Commission said in a statement. ...

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• 24 August

  Sri Lanka cuts interest rates again to spur growth

  

  Bloomberg Sri Lanka cut interest rates for a second time this year, a day after Indonesia did the same, as central banks in the region move to cushion their economies against a global slowdown and trade tensions. The Central Bank of Sri Lanka lowered its benchmark standing lending facility rate to 8% from 8.5%, in line with the forecasts of ...

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• 24 August

  Ryanair snuffs out UK pilot strike as planes fly as normal

  

  Bloomberg The timing looked terrible. As the busiest travel weekend loomed and budget-minded Brits prepared for a quick holiday, UK pilots for Ryanair Holdings Plc called a strike, threatening ugly scenes at airports around the country. The chaos never happened. All of the discount carrier’s flights operated as scheduled, with minor delays from congestion, the airline said. In the end, ...

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• 24 August

  IndiGo’s Gangwal flags truce with airline co-founder

  

  Bloomberg Rakesh Gangwal, the billionaire co-founder of Indian budget airline IndiGo, will support company proposals at a shareholder meeting next week to expand its board after an agreement on policy changes, months after he accused his fellow co-founder of corporate-governance lapses. The board of IndiGo, Asia’s biggest budget airline by market value, has approved a new related-party transaction policy, Gangwal ...

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• 24 August

  Kohl’s rises as chief says sales picking up

  Bloomberg Kohl’s Corp rose in early trading after CEO Michelle Gass said comparable sales gained ground in the latter part of the second quarter and that store traffic is on the rise, thanks to its partnership with Amazon.com. While same-store sales fell 2.9 percent for the full quarter, missing analysts’ projections, according to Consensus Metrix, Kohl’s posted profit of $1.55 ...

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• 24 August

  Jumia finds wrongdoing in Nigeria sales force amid loss

  

  Bloomberg Jumia Technologies has identified improper transactions at the Africa-focused online retailer’s Nigeria business that amounted to as much as 4 percent of first-quarter sales. While the Berlin-based company says it’s taking measures to cut out instances of wrongdong, the findings backed up warnings made by short-sellers Citron in a report three months ago, which brought an abrupt end to ...

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• 24 August

  Qantas tests 20-hour non-stop flights

  Bloomberg Qantas Airways Ltd will run marathon ghost flights from New York and London to Sydney carrying just a few staff to see how the human body holds up before commercial services start. Qantas said it will simulate the world’s longest direct flights with Boeing Co Dreamliners as soon as October. The payload of 40 passengers and crew, most of ...

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• 24 August

  Cathay warns staff social media use may breach China rules

  

  Bloomberg Cathay Pacific Airways Ltd, trying to contain the damage it has suffered from staff taking part in Hong Kong’s anti-Beijing protests, cautioned employees that misuse of social-media platforms could be a breach of rules set by China’s authorities. In a message to employees, Cathay said that posting, responding and sharing content on social media could go against the demands ...

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• 21 August

  Adnoc awards AED13.2bn in ‘smart procurement’ contracts

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Wednesday the award of multi-billion-dollar contracts for the procurement of casing and tubing as it drives value through its smart approach to procurement. The combined scope of the three contracts awarded is one of the world’s largest in this category, maximising value for Adnoc across its drilling ...

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• 21 August

  UAE participates in WTO dispute proceedings

  GENEVA / WAM The United Arab Emirates is participating in dispute adjudication proceedings through the World Trade Organisation Dispute (WTO) Settlement Body during meetings being convened from August 21 to 23, in the presence of various states interested in the matter. The UAE affirms that the action and measures in question were intended to safeguard national security as a result ...

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