April, 2019

• 9 April

  EU-US trade war escalates over disputed aviation subsidies

  

  Bloomberg The European Union is preparing retaliatory tariffs against the US over subsidies to Boeing Co, significantly escalating transatlantic trade tensions hours after Washington vowed to hit the EU with duties over its support for Airbus SE. The two sets of planned punitive measures are the latest twists in a 14-year-old dispute that the US and EU have fought at ...

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• 9 April

  Boeing 737 output cut echoes across aviation industry

  

  Bloomberg Boeing Co’s plan to cut its 737 jetliner production by 19 percent this year is expected to have negative spillover effects across the aerospace industry, from parts suppliers to engine makers and even airlines. The planemaker said it would cut output to 42 airplanes a month by mid-April, as the company fights global criticism about the safety of its ...

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• 9 April

  Lenders seize Debenhams in snub to Ashley

  

  Bloomberg Debenhams Plc, the 241-year-old UK department-store chain that anchors many of the country’s troubled shopping streets, was taken over by lenders after rebuffing a last-minute offer from billionaire Mike Ashley. The retailer entered a form of UK insolvency proceedings that allowed US hedge funds and other lenders to take control. Stores employing about 26,000 people will continue to operate ...

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• 9 April

  UK consumer spending declines over Brexit deal

  

  Bloomberg Consumer spending declined in March as concerns over Brexit and the late timing of the Easter holiday held back shoppers. Total retail sales decreased by 0.5 percent, compared to a 2.3 percent gain a year earlier when the holiday was in March, the British Retail Consortium and KPMG said. That’s below the three- and 12-month averages. On a like-for-like ...

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• 9 April

  Burger King follows D&G with chopsticks ad blunder

  

  Bloomberg Burger King is the latest brand to spark criticism on social media with an ad depicting diners struggling to eat western food with chopsticks. The fast-food chain showed a video clip of diners trying to eat its new “Vietnamese Sweet Chilli Tendercrisp Burger” with large red chopsticks. Social media users say the ad, which was posted on Instagram, is ...

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• 8 April

  ‘Martyrs Mosque’ opens in Dubai

  

  DUBAI / WAM Mohammed Ibrahim Al Shaibani, Director-General of His Highness the Ruler’s Court in Dubai, officially opened the new ‘Martyrs Mosque’ located at Muhaisnah area in Dubai. The mosque was built following a generous donation from HH Sheikha Hind bint Maktoum bin Juma Al Maktoum, Wife of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister ...

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• 8 April

  Mubadala sells stake worth $4.8bn in Cepsa to Carlyle

  

  Abu Dhabi / AGENCIES Mubadala Investment Company and Carlyle Group on Monday announced that funds affiliated with Carlyle will acquire a significant minority interest in Compania Espanola de Petroleos, Cepsa, from Mubadala. Carlyle Group LP plans to buy a stake valued at as much as $4.8 billion in Cepsa from Mubadala Investment Co. The US company will acquire 30 percent ...

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• 8 April

  Dubai non-oil private sector sees faster growth in March

  

  DUBAI / Emirates Business Dubai’s non-oil private sector economy expanded at a faster rate in March, while the total business activity (output) increased at the fastest rate since January 2015. Two of the three key monitored sectors — travel & tourism and wholesale & retail — posted series record increases in activity. With new business growth also accelerating, expectations for ...

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• 8 April

  Oil hits 5-month high on weak dollar, Libya crisis

  

  Bloomberg Oil spiked to its highest level in five months as a drop in the US dollar and conflicts from Iran to Libya helped make the barrel look like an increasingly strong bet for investors. Crude futures rallied as much as 2.1 percent in New York on Monday. The dollar fell, improving the lure of commodities priced in the greenback. ...

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• 8 April

  Khalifa Fund to support SMEs at AIM Startup

  ABU DHABI / WAM The pavilion of the Khalifa Fund for Enterprise Development at AIM Startup 2019, which is being held in conjunction with the 9th Annual Investment Meeting (AIM), is attracting a large number of representatives of small and medium enterprises (SMEs), entrepreneurs and consultants. The fund is showcasing its innovative services and financing solutions for national SMEs. It ...

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