May, 2019

• 14 May

  Air France to cut hundreds of jobs as it slashes capacity

  

  Bloomberg Air France plans to cut as many as 465 jobs as it slashes short-haul capacity in a bid to stem losses amid competition from low-cost airlines and high-speed trains. The biggest division of Air France-KLM Group will eliminate the positions on French domestic routes over the coming year, it said in a statement. Consultation with unions and other stakeholders ...

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• 14 May

  Hackers access 460,000 accounts at Uniqlo, GU

  

  Bloomberg Fast Retailing Co, Asia’s largest retailer, said hackers may have gained access to the personal information of about half a million users of its Uniqlo and GU brand e-commerce portals. Hackers accessed at least 460,000 accounts registered on Fast Retailing’s Japanese shopping websites, the company said. Users’ personal information, purchase history and parts of credit card numbers may have ...

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• 14 May

  Airbus Indonesia supplier targets ‘parts orders’

  

  Bloomberg Dirgantara Indonesia, a supplier of aluminum wing components for Airbus SE’s A320 and A380 model jets, is developing the production capability to supply non-metal aircraft parts as well. The company is “exploring opportunities” to produce so-called composite parts — typically made from fiberglass or carbon fiber — for both Airbus and Boeing Co within the next two years, President ...

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• 14 May

  LandSec cuts mall values as UK retail crisis erodes rents

  Bloomberg Land Securities Group wrote down the value of its UK shopping centres by 11.7 percent as rental income declined and battered retailers shuttered more stores. Britain’s second-largest real estate investment trust lost about 10 million pounds ($13 million) of rent from retailers in the financial year that ended on March 31. That was outweighed by rising rents in the ...

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• 13 May

  UAE leads Mena region in adopting holistic sustainability strategies

  

  Dubai / Emirates Business The UAE currently leads the Mena region in organisations adopting a holistic strategy towards sustainability, according to a study sponsored by Emirates NBD that sheds light on the practices of sustainability and Corporate Responsibility management in the region. The study, which was conducted by Sustainable Square, a boutique advisory firm specialised in responsible investment, sustainability and ...

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• 13 May

  Oil stuck between trade-talk gloom, multiple supply risks

  

  Bloomberg Oil was caught between the specter of a full-blown US-China trade war damping demand and a supply backdrop ripe with potential risks. Futures in New York edged higher after swinging between a 0.7% loss and a 0.3% gain. US officials were expected to release details of additional tariffs of 25% on all remaining Chinese imports. That came after Beijing ...

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• 13 May

  Himalaya set to open new global research centre in Dubai in 2021

  Dubai / WAM Dubai Science Park (DSP) announced that it is leveraging its new built-to-suit model to construct a new Global Research Centre for Himalaya Drug Company, a producer of over 300 cosmetics, nutritional supplements, herbal medicines and pharmaceutical-grade Ayurvedic products in over 90 countries. The centre is due to open in 2021. The Himalaya Global Research Centre has been ...

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• 13 May

  Dubai Islamic Bank, Noor Bank hire advisers for merger talks

  

  Bloomberg Dubai Islamic Bank (DIB) hired HSBC Holdings Plc to advise on its possible acquisition of Noor Bank, according to people with knowledge of the matter. Noor Bank is working with Barclays Plc on the deal, the people said, asking not to be identified because the discussions are private. An acquisition would create a lender with AED278 billion ($76 billion) ...

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• 13 May

  Pakistan to get $6 billion IMF lifeline to ease crisis

  

  Bloomberg Pakistan and the International Monetary Fund (IMF) reached an agreement on a loan of about $6 billion designed to help the South Asian nation avert an economic crisis. The lender’s executive board will meet to appr- ove the agreement for the 39-month loan, “subject to the timely implementation of prior actions and confirmation of international partners’ financial commitments,” IMF’s ...

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• 13 May

  ‘Sabotage attack’ on Saudi tankers off UAE coast condemned

  CAIRO / WAM The Arab League Secretary-General Ahmed Aboul Gheit has condemned in the strongest terms the sabotage of four commercial vessels near the territorial waters of the UAE. In a statement denouncing the incident, Aboul Gheit said that these criminal acts represent a serious violation of the freedom and safety of trade and maritime transport routes, and would raise ...

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