March, 2019

• 27 March

  Deutsche Bank hires SCB’s Suntichok as Thailand head

  Bloomberg Deutsche Bank AG has hired Siam Commercial Bank (SCB) Pcl’s Pimolpa Suntichok to head its business in Thailand, according to people with knowledge of the matter. She will join the German lender in May as chief country officer and head of the financing and solutions group for Thailand, one of the people said, asking not to be identified because ...

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• 27 March

  Boeing launches campaign to restore faith in 737 Max

  

  Bloomberg After two deadly crashes in five months, Boeing Co is embarking on a campaign to restore confidence in the 737 Max so that its best-selling jet can return to the skies. In Renton, Washington, the company was expected to gather customers and news media to walk through the details of a software update designed to help pilots more easily ...

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• 27 March

  Tata, GIC buy $1.2bn stake in New Delhi’s airport operator

  

  Bloomberg A consortium of India’s Tata Group, a unit of Singapore’s sovereign wealth fund GIC and SSG Capital Management will invest 80 billion rupees ($1.2 billion) to buy a stake in GMR Airports Ltd, which runs India’s biggest airport. The deal will pump 10 billion rupees into GMR Airports, a unit of GMR Infrastructure Ltd and purchase 70 billion rupees ...

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• 27 March

  Cathay enters no-frills market with Hong Kong Express deal

  

  Bloomberg Cathay Pacific Airways Ltd agreed to pay $287 million in cash for Hong Kong’s only budget airline to enter the no-frills market, after more than a decade resisting such a move to focus on premium services. Cathay plans to operate Hong Kong Express Airways, part of HNA Group, as a standalone carrier after the transaction is completed by December ...

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• 27 March

  Steinhoff raises $332mn by selling KAP stake

  Bloomberg Steinhoff International Holdings NV raised $332 million by selling its remaining shares in KAP Industrial Holdings Ltd as the embattled retailer looks to shore up its balance sheet. The owner of Conforama in France and Mattress Firm in the US sold its 26 percent stake in the South African industrial company at a 9.4 percent discount, Steinhoff said. The ...

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• 27 March

  Bed Bath & Beyond surges most since 2000 on activist plans

  

  Bloomberg Bed Bath & Beyond Inc soared as much as 30 percent — the most intraday in 19 years — on news that activist investors plan to challenge the home-goods retailer’s directors in a proxy fight. The company responded by saying the investors have ignored its requests for feedback and only appear interested in gaining ammunition for an activist battle. ...

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• 26 March

  UAE’s GDP to expand 3.5% in 2019

  Dubai / WAM The UAE’s GDP is set to expand 3.5 percent this year against 2.8 percent in 2018, thanks to a stimulus package worth AED 50 billion announced last year along with a host of other mea-sures for ease of doing business in all emirates, said Director of Dubai Customs, Ahmed Mahboob Musabih, while chairing the first quarterly Consultative ...

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• 26 March

  Mubadala inks strategic pacts with Uzbekistan on energy investment

  ABU DHABI / WAM Mubadala Investment Company, Abu Dhabi’s strategic investment and development fund, has exchanged a set of strategic agreements with the Republic of Uzbekistan, in which future partnerships can be explored across three key strategic sectors; the conventional power generation, renewables, and the oil and gas sectors of Uzbekistan’s economy. This will build on the existing strategic government-to-government ...

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• 26 March

  Uber buys Careem in $3.1 billion deal

  

  Dubai / WAM Uber and Careem have reached an agreement for Uber to acquire Careem for $3.1 billion, consisting of $1.7 billion in convertible notes and $1.4 billion in cash. The acquisition of Careem is subject to applicable regulatory approvals. The transaction is expected to close in Q1 2020. Uber will acquire all of Careem’s mobility, delivery, and payments businesses ...

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• 26 March

  Foreign assets at UAE central bank reach AED359bn

  ABU DHABI / WAM Continuing its upward streak for the second straight month, the total foreign currency assets held by the Central Bank of the UAE increased to AED359 billion by the end of February 2019, a growth of 3.2 percent from AED348 bn in the preceding month, as current account balances and deposits with foreign banks strengthened to AED289.76 ...

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