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Bloomberg UniCredit SpA Chief Executive Officer Jean Pierre Mustier accelerated a long-running cleanup and bore down on costs as the Italian bank prepares to move from a strategy of recovery to growth. Italy’s biggest bank reduced operating expenses by 4.2 percent in the first quarter from a year earlier and set aside less money for bad loans. That helped the ...
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May, 2019
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11 May
Amazon’s one-day shipping lifts startups serving Walmart
Bloomberg Amazon.com Inc’s pledge last month to pump $800 million into making next-day delivery the new standard upped the pressure on its brick-and-mortar rivals to spend more trying to catch up all over again. That’s good news for logistics startups helping Walmart Inc, Best Buy Co, Macy’s Inc and other retailers compete online. These upstarts, often led by Amazon alumni, ...
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11 May
US pilot unions get subpoenas for Boeing 737 Max documents
Bloomberg Pilots’ unions at Southwest Airlines Co, United Continental Holdings Inc and American Airlines Group Inc received federal grand jury subpoenas for documents relating to Boeing Co’s grounded 737 Max. The Southwest Airlines Pilots Association was given until May 24 to comply with the demand from the US Justice Department’s criminal division, union President Jon Weaks said. The Air Line ...
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11 May
Delta Air Lines to test free Wi-Fi on some US routes
Bloomberg Delta Air Lines Inc will provide free Wi-Fi on some domestic flights starting from May 13, testing a plan to make the offering a standard feature. The pilot programme will include about 55 daily flights of varying length and across economy and premium cabins, Delta said. Passengers will be notified ahead of time by email if they’re on such ...
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11 May
Garuda defends financials of 2018 amid regulator scrutiny
Bloomberg PT Garuda Indonesia defended the validity of its 2018 finances after a regulator raised questions about how the national carrier accounted for certain transactions, including with a startup technology company. The airline booked revenue of $211.9 million from PT Mahata Aero Teknologi, its annual report showed. The contribution helped Garuda to report a net income of $809,846 last year ...
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11 May
Manufacturing defect caused F-35’s first crash, says GAO
Bloomberg The crash of a US Marine Corps F-35 that temporarily grounded the entire fleet of next-generation jets in 2018 was caused by a manufacturing defect in a fuel tube made by a United Technologies subcontractor, according to congressional investigators. The defect “caused an engine fuel tube to rupture during flight, resulting in a loss of power to the engine,†...
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8 May
Oil slips near 5-week low as trade fear offsets supply risk
Bloomberg Oil traded near a five-week low as concern over supply losses from Iran to Russia were offset by high American stockpiles and fears that if US-China trade talks fail it could dent global demand. Futures erased earlier gains to fall as much as 0.5 percent in New York after a 1.4 percent plunge. Russian tankers continue to hold Urals ...
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8 May
UAE, Uzbekistan activate strategic partnership pact
DUBAI / WAM Joint task forces comprising representatives of the governments of the UAE and Uzbekistan held a four-day series of meetings and workshops to discuss 17 areas of cooperation in modernising government work. The workshops’ agenda falls within the framework of an official visit of a high-level Uzbek government delegation to the UAE, aimed at activating a strategic partnership ...
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8 May
Abu Dhabi hotel revenues surge 16% in first quarter
Abu Dhabi / WAM The latest figures released by the Department of Culture and Tou-rism — Abu Dhabi for emirate’s hospitality sector reveal that total hotel revenues for the emirate for Q1 of 2019 have increased by more than 16 percent compared to the same period in 2018. In total 1,291,482 visitors were guests of Abu Dhabi’s 169 hotels and ...
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8 May
Bahrain plans first bond since $10 billion lifeline
Bloomberg Bahrain is planning to return to international bond markets this year for first time since the kingdom’s Gulf allies pledged a $10 billion package to help repair its finances and support its currency, according to people familiar with the matter. Government officials are in talks with banks for a possible issuance in the second half of the year and ...
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