July, 2019

• 31 July

  Singapore Air earnings fall 20% in first quarter

  

  Bloomberg Singapore Airlines Ltd posted a 20 percent decline in first-quarter earnings, weighed down by rising fuel costs and expenses from the grounding of six Boeing 737 Max aircraft. Net income in the three months to June fell to S$111.1 million ($81.2 million), from S$139.6 million a year ago, Singapore Air said in a statement. Sales climbed 6.7 percen to ...

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• 31 July

  L’Oreal says North American makeup sales are slowing

  

  Bloomberg L’Oreal SA shares tumbled as a drop in North American sales raised concerns that a makeup boom fuelled by beauty bloggers and selfies has lost steam. The stock fell as much as 4.9 percent in Paris trading, the most in three years. The sales decline in a crucial region came even as demand from China lifted the world’s biggest ...

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• 30 July

  Singapore’s GIC to invest in $5b Adnoc pipeline unit

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Tuesday that it has entered into a further follow-on pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. GIC will invest $600 million in select Adnoc crude pipeline infrastructure, following BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) who earlier this year ...

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• 30 July

  Dubai regulator fines Abraaj firms $315mn

  

  DUBAI / WAM The Dubai Financial Services Authority (DFSA) imposed financial penalties of $299,300,000 and $15,275,925 (AED56,062,645) on Abraaj Investment Management Limited (AIML) and Abraaj Capital Limited (ACLD) respectively. In a press statement, DFSA said that the investigation, which began in January 2018, was complex and spanned multiple jurisdictions. Bryan Stirewalt, Chief Executive of the DFSA, said, “The size of ...

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• 30 July

  Pound slumps as no-deal Brexit concerns intensify

  

  Bloomberg The pound slumped for a fourth day as investor concerns over a no-deal Brexit intensified. Sterling continued its slide versus both the dollar and the euro, with investors pricing a higher chance of the UK crashing out of the European Union on October 31. As differences between the two sides increase, Prime Minister Boris Johnson’s office said the UK ...

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• 30 July

  Air Arabia receives 2nd A321neo LR

  SHARJAH / WAM Air Arabia, the Sharjah-based low-cost carrier (LCC) has received its second Airbus A321neo Long Range. The aircraft flew nonstop from Hamburg, Germany to Sharjah International Airport. The addition of the second A321neo LR will enable Air Arabia to expand to new medium-haul markets in addition to strengthening its existing routes, the company said. The A321 neo LR ...

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• 30 July

  Trump’s bid to dismantle global trading system poised for a win

  

  Bloomberg US President Donald Trump’s assault on the World Trade Organization — and the global system of rules that guide inte- rnational businesses — may be quietly scoring a major victory. Thanks to a US veto on new appeals judges, the WTO’s dispute arm is expected to start slipping into the institutional equivalent of a coma at the end of ...

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• 30 July

  Mohamed, Malaysian minister discuss ties

  

  KUALA LUMPUR / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, met on Tuesday with Mohamed Azmin Ali, Malaysia’s Minister of Economic Affairs. The two sides discussed bilateral ties between the two countries, and means to enhance them across multiple sectors, particularly in the trade ...

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• 30 July

  Abu Dhabi’s AED600m mega fund to boost leisure, business events

  

  ABU DHABI / WAM A specialised fund launched by the Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi) worth AED600 million, has been announced as part of an initiative to enhance Abu Dhabi’s portfolio of world-class leisure and business events and attract global event organisers to the UAE capital. The new financial stimulus announced by DCT Abu ...

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• 30 July

  Value of ERC local aid hits AED94mn in H1

  ABU DHABI / WAM A total of 562,589 people have benefitted from local aid campaigns and programmes launched by the Emirates Red Crescent (ERC) between January and June 2019, with the total value of the programmes reaching AED94 million for the period. The cost of social aid provided by the ERC amounted to AED71,108,670 while the value of seasonal projects ...

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