May, 2019

• 12 May

  Crisis-hit Steinhoff’s report reveals ‘conflicts of interest’

  

  Bloomberg Steinhoff International Holdings NV was for many years run by a board of tight-knit people, many of whom had done business together for decades. Just how close they were became apparent with the release of Steinhoff’s 2017 annual report, which identified a plethora of related-party transactions that the company now says weren’t properly disclosed according to best corporate governance ...

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• 12 May

  Tariff war: Coach bags languish in Vietnam port

  Bloomberg With President Donald Trump slapping 25% tariffs on $200 billion in Chinese goods, those companies who’d already started moving production outside China are looking pretty smart. But those shifts come with their own headaches. Take Tapestry Inc, owner of the Coach and Kate Spade brands. As it relocates more manufacturing outside China, interim finance chief Andrea Shaw Resnick says ...

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• 12 May

  Morrison posts slowest quarterly revenue growth

  

  Bloomberg Wm Morrison Supermarkets Plc reported its slowest quarterly revenue growth in at least a year and said it’s loosening a pact with online retailer Ocado Group Plc so that it can add other digital partners. Comparable retail sales rose 2.3% in the first quarter. The figure missed analysts’ 2.5% estimate. Chief Executive Officer Dave Potts faces the challenge of ...

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• 12 May

  British Airways owner scrapes profit despite fare war

  

  Bloomberg IAG SA eked out a profit in the first quarter even after the impact of a European fare war that pushed its biggest rivals to a loss. Shares of the British Airways owner rose as much 5.1% after it posted an operating profit of 135 million euros ($151 million), while reiterating its full-year guidance and predicting that pricing will ...

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• 11 May

  US gives China one month for trade deal as talks deadlocked

  

  Bloomberg US President Donald Trump’s administration told China it has a month to seal a trade deal or face tariffs on all its exports to the US, even as both sides sought to avoid a public breakdown in negotiations despite a developing stalemate. The threat was made during talks in Washington, hours after Trump upped the ante by imposing a ...

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• 11 May

  Yemen’s Houthi rebels begin withdrawal from key ports

  Bloomberg Yemen’s Iran-backed Houthi rebels have started to withdraw from the Red Sea port city of Hodiedah, a key lifeline for food and supplies, months after the UN brokered a pact to spare it from a prolonged conflict. The rebels said they were also withdrawing from ports of Salif and Ras Eisa, in line with a UN announcement about their ...

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• 11 May

  Sharjah, Brazil seek to boost trade and investment ties

  

  SHARJAH / WAM Abdallah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI) met with Luis Limos Iqerga, the Brazilian Ambassador to the UAE, at the chamber’s headquarters. During the meeting, the two sides discussed ways of boosting cooperation in various sectors, especially trade and investment, as well as promoting friendly ties between business communities in ...

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• 11 May

  Oil short-selling hits 8-month high as US-China talks darken outlook

  

  Bloomberg Pessimism is back in vogue in the oil markets, as investors bet sputtering trade talks and swelling US output can kill crude’s rally. Hedge funds lifted bearish bets on West Texas Intermediate crude by 39%, the biggest short-selling surge in more than eight months. Meanwhile, bets on a rally retreated for the second straight week. Crude futures slipped to ...

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• 11 May

  ERC commissions number of vocational facilities in Beirut

  

  BEIRUT / WAM UAE Ambassador to Lebanon Hamad Saeed Sultan Al Shamsi has commissioned a number of facilities at the Vocational Centre of Beirut after they have been revamped by the Emirates Red Crescent. The facilities include heating, ventilating and air conditioning units as well as a computer lab. They fall within the ‘Year of Tolerance’ initiatives implemented by the ...

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• 11 May

  Adnec names Hala Abu Dhabi travel partner for key events

  

  Abu Dhabi / Emirates Business Abu Dhabi National Exhibitions Company (Adnec) on Saturday announced that it has signed a strategic partnership with Etihad Airways appointing Hala Abu Dhabi, the Destination and Leisure Management division of Etihad Airways, the national airline of the UAE, as the official travel and destination management partner of its key events. Under the strategic partnership, Hala ...

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