June, 2019

• 17 June

  Lufthansa lowers profit forecast after European fare war bites

  

  Bloomberg Deutsche Lufthansa AG shares slumped the most in three years after the company said it fears a European fare war will squeeze profits at least for the rest of the year. A Europe-wide fight for market share forced Lufthansa to lower profit expectations for 2019, the German carrier said. Falling revenues at its low cost Eurowings subsidiary were chiefly ...

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• 17 June

  H&M sees slowdown in revenue growth

  

  Bloomberg Hennes & Mauritz AB (H&M) revenue growth showed a slowdown in April and May, stymieing the Swedish clothing retailer’s attempts to reduce a buildup of inventory that’s been weighing on earnings. Sales in the latest quarter were above analysts’ estimates as compiled by Bloomberg News. But the figures suggest growth slowed to 5.5 percent in April and May from ...

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• 17 June

  Oppo to expand in Mideast with Lulu partnership deal

  

  Dubai / Emirates Business Oppo — a leading global smartphone brand — is extending its presence in the region with the announcement of new distributors for its smartphones, including UAE’s Lulu Hypermarket, one of the biggest organised retailers across GCC. The new partnership with Lulu in the UAE marks the beginning of a relationship that will evolve to cover the ...

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• 16 June

  UAE fund buys AED2.3b stake in du holding

  

  Bloomberg The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator du, snapping up a stake valued at about $630 million (AED2.3 billion). The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2 percent ...

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• 16 June

  UAE, Uzbekistan review bolstering economic ties

  

  SHARJAH / WAM Abdullah Sultan Al Owais, Chairman of Sharjah Chamber of Commerce and Industry, met with Alisher Selmov, Consul-General of Uzbekistan in Dubai, and explored ways of enhancing mutual cooperation for the benefit of both sides. During the meeting, Al Owais briefed the guest on the chamber and its missions in trade and economic relations with friendly countries. He ...

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• 16 June

  Saudi hopes to extend Opec production cuts by early July

  

  Bloomberg Saudi Arabia hopes Opec and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister. “We are hoping that we will reach consensus to extend our agreement when we meet in two weeks ...

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• 16 June

  DFM roadshow in New York attracts 21 new institutions

  

  Dubai / WAM The Dubai Financial Market (DFM), International Investors Roadshow in New York 2019 has witnessed significant participation from international investment institutions. The roadshow enabled listed companies to hold 81 one-on-one meetings with senior representatives of 35 international institutions, managing approximately $3.2 trillion in assets. The roadshow was organised last week, in conjunction with the Global Emerging Markets Investor ...

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• 16 June

  du launches 5G mobile devices in UAE

  Dubai / Emirates Business Next generation connectivity is one step closer for du, from Emirates Integrated Telecommunications Company (EITC), customers with the announcement that the telco is the first to launch 5G-enabled devices in the UAE. Customers will also be able to enjoy du’s 5G network without any additional charges to their existing postpaid plans. du has started selling the ...

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• 16 June

  Abu Dhabi gears up for 26th PIARC World Road Congress

  

  Abu Dhabi / WAM A record number of exhibitors are expected to showcase the latest transport, road and planning innovations at the 26th PIARC World Road Congress in Abu Dhabi from October 6-10, at the Abu Dhabi National Exhibition Centre (Adnec). Organised by Abu Dhabi Department of Transport and the World Road Association (PIARC), around 5,000 road transport professionals, a ...

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• 16 June

  Ajman Digital Government launches ‘Open Data Project’

  Ajman / WAM The Ajman Digital Government launched the “Open Data Project,” in cooperation with local government departments. The project, which encourages the community and non-governmental sectors to help meet the goals of Ajman Vision 2021, includes over 90 data categories available on the Ajman website (ajman.ae), such as commercial activities, transportation, infrastructure, commerce, industry, laws, tourism, economy and money. ...

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