July, 2019

• 6 July

  S Africa’s banking rush surprises regulator

  Bloomberg Shortly after being appointed South Africa’s Registrar of Banks in 2015, Kuben Naidoo asked his colleagues where the banking license division was. He was told that there wasn’t one because the registrar hadn’t received an application for 11 years. After Naidoo received his first application from TymeBank that year, the activity hasn’t stopped. The regulator has received applications from ...

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• 6 July

  Deutsche Bank’s US dreams to be unraveled in revamp

  

  Bloomberg A little over two decades ago, Deutsche Bank AG set out to become a Wall Street giant. Its CEO Christian Sewing will probably pull the plug on that dream for good soon. Sewing is poised to unveil the biggest job cuts programme in the bank’s history, including a major retreat across its briefly held US empire, people familiar with ...

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• 6 July

  Boeing 737 Max’s autopilot has problem, reports EASA

  

  Bloomberg Europe’s aviation regulator has outlined five major requirements it wants Boeing Co to address before it will allow the planemaker’s 737 Max to return to service, according to a person familiar with the matter. One of them, about the jet’s autopilot function, hasn’t surfaced previously as an area of concern. The European Union Aviation Safety Agency (EASA) has sent ...

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• 6 July

  Modi renews vow to sell Air India after last attempt flopped

  

  Bloomberg India will revive plans to sell Air India Ltd, after an attempt to partially exit the loss-making carrier failed to find a single buyer last year. The high-profile divestment would be part of PM Narendra Modi’s efforts to raise $15.3 billion selling stakes in state-run companies, finance minister Nirmala Sitharaman said in her budget speech. The administration will also ...

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• 6 July

  Amazon faces review by UK watchdog into Deliveroo deal

  

  Bloomberg Amazon.com is facing an initial review by the UK competition regulator into its bid to buy a slice of fast-growing food delivery startup Deliveroo. The Competition and Markets Authority (CMA) said it has “reasonable grounds” to believe that Amazon and Deliveroo have either ceased to be separate businesses, or will merge in the near future, according to the enforcement ...

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• 6 July

  BA turns to state mediator to avert pilot strike

  Bloomberg British Airways (BA) is entering conciliation talks with pilots in a bid to head off a walkout over pay at the height of the summer travel season. The unit of IAG SA will meet with the BALPA union at the UK’s Advisory, Conciliation and Arbitration Service on Monday, spokespeople for the two sides told Bloomberg. The talks, which will ...

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• 6 July

  Jet suppliers hit merger spree to match Boeing, Airbus output

  

  Bloomberg Airbus SE and Boeing Co’s record output of jetliners is spurring a blistering pace of mergers among aerospace suppliers as companies seek growth to keep up with demand, according to a Lazard Ltd investment banker. The market for deals, which reached an all-time high of $120 billion last year, is “extremely robust,” Michael Richter, head of aerospace and defense, ...

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• 3 July

  Masdar, FAB support energy-saving project for rehabilitation centre

  ABU DHABI / WAM Abu Dhabi Future Energy Company (Masdar) and First Abu Dhabi Bank (FAB) are celebrating Year of Tolerance in UAE by helping an Abu Dhabi-based school for people of determination to drastically reduce its electricity and water bills. Funds raised from a special co-branded, biodegradable credit card, launched at Abu Dhabi Sustainability Week 2013, are now being ...

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• 3 July

  Abu Dhabi invites bids for record-breaking solar plant

  

  ABU DHABI / WAM The Emirates Water and Electricity Company (Ewec), the UAE’s leading procurer of water and electricity, has issued a tender for the construction and development of a new 2,000 MW solar photovoltaic (PV) power project to be located at Al Dhafra, Abu Dhabi. The new project forms part of a series of projects approved by the higher ...

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• 3 July

  Al Jaber Group agrees to $1.5b debt restructuring

  Bloomberg Al Jaber Group agreed with banks to restructure $1.5 billion of debt for a second time, people with knowledge of the plan said. The group is close to signing a deal with about 20 creditors to push out loan maturities to December 2026, said the people, asking not to be identified because the information is private. In return, Al ...

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