March, 2019

• 25 March

  India’s Jet Airways chairman quits amid creditors pressure

  

  Bloomberg Naresh Goyal, a former ticketing agent who went on to build one of India’s biggest airlines, has stepped down as chairman of cash-strapped Jet Airways India Ltd after caving in to pressure from creditors. Jet’s board approved resignation of Goyal, 69, and his wife Anita, the second biggest full-service airline in India said in a filing on Monday. Banks, ...

  Read More »
• 25 March

  Boeing plans to meet regulators and pilots about 737 Max fixes

  

  Bloomberg Boeing Co plans to meet this week with customers and regulators to explain plans for getting its 737 Max back into service, after the aircraft was grounded following two deadly crashes in less than five months. The planemaker invited more than 200 pilots, technical leaders and regulators for an informational session in Renton, Washington, Boeing said in an emailed ...

  Read More »
• 25 March

  Asiana Airlines liquidity at risk on junk rating warning

  

  Bloomberg Concern about Asiana Airlines’ liquidity is rising after two rating firms warned its debt score may be cut to junk due to a lack of transparency in its 2018 financial report. The South Korean carrier’s BBB- rating, the lowest investment-grade level, was put on negative review by both Korea Investors Service and NICE Investors Service after Asiana got a ...

  Read More »
• 25 March

  Nike’s N American sales miss estimates

  Bloomberg This might sound familiar to Nike Inc investors. The world’s largest sportswear company delivered strong third-quarter earnings, but missed on one important metric: North American sales. The home market dogged Nike for much of 2017 and early 2018, and the latest sales miss sent the shares down as much as 4.3 percent in New York. Third-quarter sales in Nike’s ...

  Read More »
• 25 March

  France-Italy leadership clash dims Ray-Ban maker’s outlook

  

  Bloomberg France and Italy, already tussling over everything from immigration to economics, have added sunglasses to their list of grievances. When Ray-Ban owner Luxottica and French prescription lens-maker Essilor completed a $53 billion merger last October, the deal seemed to clear the way for the Italian company’s 83-year-old founder Leonardo Del Vecchio to hand over management duties and start transferring ...

  Read More »
• 24 March

  Senaat revenues rise 3.5% to AED16.3 billion in 2018

  ABU DHABI / WAM Senaat on Sunday announced that it has achieved steady revenue growth in 2018 to reach AED16.3 billion, a 3.5% increase over the previous year (2017 revenue: AED15.7 billion). More notably, EBITDA increased to more than AED2.5 billion in 2018, a 20% increase compared to 2017, reflecting margin enhancement realised by capitalising on market opportunities and through ...

  Read More »
• 24 March

  Abu Dhabi Financial Group, Shuaa in talks for merger

  

  Bloomberg Dubai’s Shuaa Capital PSC started talks for a potential combination with an Abu Dhabi entity, joining a stream of mergers in the Gulf’s financial industry. The shares surged. The investment banking firm formed a working group “to review the commercial potential along with any legal and structural aspects of the transaction” with Abu Dhabi Financial Group, according to a ...

  Read More »
• 24 March

  UAE consolidated government revenues reach AED455.5bn

  ABU DHABI / WAM The UAE consolidated government revenues increased to AED455.5 billion by the end of 2018, with expenses picking up to AED388.147 billion by the end of the year, creating a surplus of around AED67.5 billion, according to the Ministry of Finance statistics. The consolidated government revenues increased to as much as AED304.5 billion during the first nine ...

  Read More »
• 24 March

  Dewa, consortium complete financing for Dubai solar park

  

  Abu Dhabi / WAM Dubai Electricity and Water Authority (Dewa) and the consortium led by Saudi Arabia’s Acwa Power and Silk Road Fund, which is owned by the Chinese Government, annou-nced financial closing of the 950-megawatt fourth phase of Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. The solar park will produce 5,000 ...

  Read More »
• 24 March

  UAE, Hungary strengthen ties in key sectors

  Abu Dhabi / WAM The UAE and Hungary agreed to strengthen their cooperation in the fields of science, technology and innovation. This came as senior representatives of both countries discussed creating new partners- hips in various sectors that will serve their development in areas of trade, industry, investment, renewable energy, insurance, tour-ism, science, technology, telecom- munications, aviation, education, culture and ...

  Read More »