June, 2019

• 29 June

  BofA to stop lending to private-prison firms

  

  Bloomberg Bank of America Corp (BofA) the second-biggest US bank, will stop lending to companies that run private prisons and detention centers. “We have decided to exit the relationship’’ with companies that provide prison and immigration-detention services, Vice Chairman Anne Finucane said in an interview. “We’ve done our due diligence that we said we would do at the annual meeting, ...

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• 29 June

  Pilots flagged ‘problems’ on Boeing jets besides 737 Max

  

  Bloomberg Pilots flying Boeing aircraft in recent years have reported flight-control problems they blamed on malfunctioning software — not on the company’s maligned 737 Max jets, but widely used earlier versions of the plane that are still in the air. Commercial pilots flying Boeing’s NG, or “Next Generation,” models have registered concerns on a variety of computer problems through the ...

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• 29 June

  PepsiCo to test out selling water in cans

  

  Bloomberg PepsiCo Inc, facing an industry wide backlash against plastic, will experiment with putting its Aquafina water in cans. The beverage giant will begin selling the cans next year, offering them to partners such as stadiums and restaurants, PepsiCo said. The company also will try out the repackaged product at some retail stores. If the new packaging catches on, it ...

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• 29 June

  Europe’s airports pledge net-zero C02 emissions

  Bloomberg Almost 200 airports run by 40 operators backed a pledge for net-zero carbon emissions at European hubs by 2050 as the aviation industry responds to pressure over its contribution to climate change. Airports Council International also called for the sector to develop additional measures to those set by the Carbon Offsetting and Reduction Scheme for International Aviation. CORSIA has ...

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• 29 June

  Steinhoff seeks $59mn from ex-CEO after accounting crisis

  

  Bloomberg Steinhoff International Holdings NV is seeking more than 850 million rand ($59 million) from former Chief Executive Officer Markus Jooste for his role in the accounting crisis that triggered the global retailer’s near-collapse. The owner of Poundland in the UK and Pep stores throughout Africa is looking to claw back base salaries, bonuses and other incentives paid to Jooste ...

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• 29 June

  H&M gains as retailer shows progress towards turnaround

  

  Bloomberg Hennes & Mauritz AB surged after the struggling Swedish clothing retailer showed progress coping with a buildup of unsold garments, raising hopes that the worst may be over after a three-year slump in earnings. Inventory dropped slightly as a proportion of sales, easing to 18.2 percent at the end of May from a record 18.9 percent as of last ...

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• 26 June

  UAE does not point fingers at any state for tankers’ attack: Abdullah

  WASHINGTON / WAM The United Arab Emirates said on Wednesday that circumstantial and compelling evidence is needed to apportion blame for the last month’s attacks on four oil tankers in the country’s territorial waters. “The UAE is not pointing fingers of accusation at any state for the recent attacks on four oil tankers in the country’s territorial waters since clear, ...

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• 26 June

  ADFG-Shuaa merger to create AED2.8bn entity

  

  Bloomberg Abu Dhabi Financial Group (ADFG) agreed to a reverse merger with Shuaa Capital PSC that will create an investment bank managing $12.8 billion of assets. The deal values the Abu Dhabi firm’s equity at AED1.5 billion ($408 million) to AED1.6 billion, ADFG Chief Executive Officer Jassim Alseddiqi said in an interview on Wednesday. It also gives the combined entity ...

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• 26 June

  Investment Corporation of Dubai revenues hit $63b

  DUBAI / WAM The Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended on December 31, 2018, achieving record revenues of AED232.4 billion ($63 billion) and a net profit of AED21.4 billion. Revenues increased 15.7 percent from the prior year with increases achieved in all key segments and net profit was AED21.4 billion, a decrease ...

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• 26 June

  Oil jumps to 4-week high as US stockpiles drop

  

  Bloomberg Oil rose to a four-week high after an industry report signalled a bigger-than-forecast drop in US crude stockpiles, adding impetus to a rally that’s been driven by a tense standoff between Washington and Tehran. Futures in New York gained as much as 2.3 percent. The American Petroleum Institute reported that inventories fell by 7.55 million barrels last week, according ...

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