May, 2019

• 29 May

  EU cautions on Max return with no FAA stamp

  

  Bloomberg European regulators assessing changes to Boeing Co’s grounded 737 Max will scrutinise the jet’s entire flight-control system before a return to the skies can be approved. The review by the European Union Aviation Safety Agency (EASA) will include the plane’s displays, alerts and air-data systems, as well as the aircraft’s autopilot function, EASA Director Patrick Ky wrote in a ...

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• 29 May

  Walmart appoints Google, Amazon veteran as CTO

  

  Bloomberg Walmart Inc hired an executive who has held senior roles at Google, Microsoft Corp and Amazon.com Inc as its new technology chief, while expanding and elevating the role. Suresh Kumar will join Walmart on July 8 as the retailer’s chief technology officer and chief development officer, reporting to chief executive officer Doug McMillon. He’ll be based out of the ...

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• 29 May

  Wow Air collapse triggers recession in Iceland

  Bloomberg It’s not often that an entire economy is thrown off course by a single corporate event. But that’s what appears to have happened in Iceland. The recent bankruptcy of budget airline Wow Air has delivered such a blow to the Icelandic tourist industry, and the wider economy, that the central bank cut its main interest rate by half a ...

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• 29 May

  Amazon poised to unleash purge of small suppliers

  

  Bloomberg Two months ago, Amazon.com Inc halted orders from thousands of suppliers with no explanation. Panic ensued — until the orders quietly resumed weeks later, with Amazon suggesting the pause was part of a campaign to weed out counterfeit products. Suppliers breathed a sigh of relief. Now a larger, more permanent purge is coming that will upend the relationship between ...

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• 28 May

  UAE waives fees for federal services to boost economy

  

  DUBAI / WAM The UAE Cabinet adopted a decision to amend and waive fees for a number of federal services within the framework of government’s effort to enhance the national economy, reduce costs to business owners and increase the competitiveness of the UAE. The decision promotes economic growth in the UAE and it includes the amendment or cancellation of fees ...

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• 28 May

  UAE’s non-oil foreign trade hit AED1.628trn in 2018

  

  ABU DHABI / WAM The UAE’s non-oil foreign trade, including direct and free zone trade, and customs warehouses, reached a total of AED1.628 trillion in 2018, announced the Federal Customs Authority (FCA) on Tuesday. In a statement, the authority noted that direct non-oil foreign trade accounted for 63 percent (AED1.025 trillion) of the total value, while free zone trade and ...

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• 28 May

  Mubadala revamps MRO unit as ‘Sanad Aerotech’

  

  ABU DHABI / WAM Mubadala Aerospace’s Turbine Services and Solutions, a maintenance repair and overhaul (MRO) provider for aircraft engines, gas turbines and driven equipment, has unveiled a new identity for its MRO business, which will now be known as Sanad Aerotech. The new brand positioning reflects the focus of Mubadala Aerospace on engineering excellence, underpinned by industry-leading reliability, innovation ...

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• 28 May

  Careem enters micro-mobility space with Cyacle acquisition

  Dubai / Emirates Business Careem has entered the micro-mobility space with the acquisition of UAE-based bikeshare service company Cyacle. Cyacle stations run 24-hours a day via an app, a touch screen kiosk and docking system that releases bikes using a ride code or a member key. Careem’s CXO and co-founder Magnus Olsson said, “This deal means Careem will be able ...

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• 28 May

  Ministry, Novartis ink deal to boost strategic drug stockpile

  

  DUBAI / WAM The Ministry of Health and Prevention (MoHAP) signed an agreement with Novartis Middle East on the provision and recycling of the strategic drug stockpile in severe and emergency situations. The agreement includes 31 life-saving and emergency dr-ugs. The one-year-agreement aims at strengthening pharmaceutical security and appropriate response to emer- gency cases, with formation of a joint committee ...

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• 28 May

  Brent oil steadies after rally as Trump not ready for trade deal

  

  Bloomberg Brent crude traded around $70 a barrel as a two-day rebound eased on signs the US and China are still far from reaching a trade deal, but prices remained supported by supply risks in the Middle East. Futures in London held steady after rallying 3.5 percent. President Donald Trump said on a state visit to Japan that the US ...

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