August, 2019

• 7 August

  Boeing conducts China workshops to bring Max back

  

  Bloomberg Boeing Co is holding workshops with Chinese airlines about the grounded 737 Max plane as it tries to bring the troubled jet back to operation. Boeing invited pilots and engineers from China Southern Airlines Co to a gathering in Guangzhou, according to an emailed statement from Boeing. More such workshops will be held with Air China, China Eastern Airlines, ...

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• 7 August

  American Air to spend $90m on LA stadium sponsorship

  

  Bloomberg American Airlines will pay $90 million over 10 years to sponsor the new home of the NFL’s Rams and Chargers, becoming the first official partner for billionaire Stan Kroenke’s new Los Angeles Stadium. American Airlines agreed to sponsor the 2.5-acre space that serves as main entrance to the $5 billion Inglewood, California, stadium, which doesn’t have a naming-rights partner ...

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• 7 August

  Cathay Pacific sees trade spats hurting demand

  Bloomberg Cathay Pacific Airways said geopolitical and trade tensions are likely to damage the business after the airline rebounded to a profit in the first half. Protests in Hong Kong cut inbound passenger traffic in July and are “adversely” affecting bookings, Cathay said in a statement Wednesday. First-half net income was $172 million compared with a year-ago loss of HK$263 ...

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• 7 August

  Walmart may sell ModCloth to curb online losses

  Bloomberg Walmart is reportedly looking to sell ModCloth, the women’s apparel site it acquired two years ago, as it looks for ways to pare losses at its online business. “I can confirm that Walmart has received outside interest from buyers for ModCloth,” the site’s CEO Silvia Mazzucchelli told Glossy magazine. “We are in the process of exploring potential opportunities.” Recode ...

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• 7 August

  Air freight in decline for eighth consecutive month, says IATA

  

  Geneva / Emirates Business The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometres (FTKs), decreased by 4.8 percent in June 2019, compared to the same period in 2018. This marks the eighth consecutive month of year-on-year decline in freight volumes. Signs of a modest recovery in recent months ...

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• 6 August

  Kizad cuts fees for over 75% services to spur investment

  

  ABU DHABI / WAM Khalifa Industrial Zone Abu Dhabi (Kizad), an Abu Dhabi Ports subsidiary, has waived the charges for over 75 percent of its services, in line with the Abu Dhabi Government directive to encourage further investment into the emirate. In an ongoing commitment to the growth and success of operations at Kizad, three-quarters of services will be offered ...

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• 6 August

  Dubai Aerospace Enterprise revenue hits $726.9m in H1

  Dubai / WAM Dubai Aerospace Enterprise (DAE) reported on Tuesday its financial results for the six months ended on June 30. According to the aerospace corporation the first half of 2019 saw total revenues of $726.9 million compared to $711.4 million during the same period last year. DAE’s net profits reached $197.1 million, compared to $195.2 million in H1 2018. ...

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• 6 August

  Mastercard buys Nets unit for $3.19b in largest deal

  

  Bloomberg Mastercard Inc agreed to buy a payments platform owned by Denmark-based Nets for 2.85 billion euros ($3.19 billion), using its biggest-ever acquisition to help extend a push into faster payments. With the purchase, Mastercard is getting an electronic-billing platform and clearing and instant-payment services, according to a statement on Tuesday. The company said the purchase will hurt profit for ...

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• 6 August

  Oil dips as trade row deepens

  

  Bloomberg Brent oil slid below $60 a barrel for a second day as investors weighed the prospects of a prolonged standoff between the US and China, following the Trump administration’s labelling of the Asian nation as a currency manipulator. London-traded futures erased an earlier rally to fall about 0.5 percent on Tuesday. A move by the People’s Bank of China ...

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• 6 August

  About 4k licences issued for top 10 economic activities

  Abu Dhabi / WAM The number of licences issued for the top ten economic activities in the UAE totalled 3,976 from the start of the year to the end of July, according to the National Economic Register. Public trade continued to be the most active economic sector in the UAE during the first seven months of the year, reflecting the ...

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