April, 2019

• 14 April

  Steinhoff’s Conforama raises $357 million to shore up finances

  

  Bloomberg Steinhoff International Holdings NV said its struggling French furniture retail unit Conforama raised about 316 million euros ($357 million) to help fund the business amid a mounting debt load. The fundraising took place as the South African retailer announced Deputy Chief Executive Officer Alexandre Nodale, who is also CEO of Conforama, is giving up those roles. Sales at Conforama ...

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• 14 April

  Tyson Ventures invests in food safety testing firm

  Bloomberg Tyson Ventures has already made splashes buying stakes in alternative protein companies. Now, the venture capital arm of giant Tyson Foods Inc is betting the meat industry will beef up its food-safety platforms. The unit is investing in Clear Labs Inc, a food safety testing company that uses a robotic platform to detect pathogens like salmonella. The technology shortens ...

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• 14 April

  Date of Boeing 737 jet return to service still unknown, says pilot

  

  Bloomberg Federal regulators briefed pilots and US airlines on progress in restoring Boeing Co’s grounded 737 Max to flight, according to a pilots union spokesman who gave no indication when the jet will return to service. “We’ve taken off our watches and put the calendars in the drawer,” Dennis Tajer, an American Airlines pilot and spokesman for the Allied Pilots ...

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• 14 April

  Delta reduces seat reclines on some planes

  Bloomberg Delta Air Lines Inc reduces the amount that seats recline on some planes by about two inches (five centimetres), aiming to preserve the workspace of multitasking business travellers. The first Airbus SE A320s with the modified seats debuted recently, the carrier said. The distance that seats recline will drop to 3.5 inches from 5.4 in first class, and to ...

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• 14 April

  J Crew weighs Madewell IPO in crowded jeans market

  

  Bloomberg Blue jeans are having a moment. At least that’s what J Crew Group Inc is hoping as it considers bringing its Madewell business to the public markets in the wake of rival Levi Strauss & Co’s own $623 million offering. Madewell, the denim focussed starlet of the J Crew family, could go public as soon as the second half ...

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• 13 April

  Abu Dhabi signs deal with Microsoft to create ‘cloud centre of excellence’

  Emirates Business The Abu Dhabi Smart Solutions and Services Authority (ADSSSA) announced it has signed a memorandum of understanding (MoU) with Microsoft to establish a ‘cloud centre of excellence’ that will aim to build its capacity for the delivery of cloud services and platforms, as well as upskill the emirate’s public sector workforce. This partnership is aligned with ADSSSA’s strategy ...

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• 13 April

  Oil bullishness at 2019 high as price rally stays

  

  Bloomberg Oil optimists pushed bullish wagers to a six-month high as the rally in prices continued. Money managers raised optimistic wagers on Brent crude for a fifth straight week while closing out pessimistic bets by the most since January as turmoil in major oil-producing nations heightened supply concerns. Short-selling bets on the global benchmark plunged by 18 percent, according to ...

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• 13 April

  IMF urges nations to avoid trade wars risking growth

  

  Bloomberg The International Monetary Fund (IMF) warned governments not to rock the boat with trade wars and other disruptions at a time when the global economy is already sailing through choppy waters. “We see downside risk and that means one has to be very careful,” IMF First Deputy Managing Director David Lipton told Bloomberg Television. “With trade tensions, not knowing ...

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• 13 April

  Dubai Customs records 2.6mn Q1 transactions

  DUBAI / WAM Dubai Customs announced an 8.5 percent increase in customs transactions for the first quarter in 2019. Customs transactions grew to 2.6 million from 2.4 million in the same period of 2018. According to Dubai Customs, if this momentum is kept up, the customs authority is expected to reach 10.5 million transactions by year-end compared to 9.6 million ...

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• 13 April

  First-of-its-kind coral reef garden project launched in Fujairah

  

  Dubai / Emirates Business The Ministry of Climate Change and Environment (MOCCAE) on Saturday launched the Fujairah Cultured Coral Reef Gardens, the largest project of its kind in the UAE, in collaboration with Fujairah Municipality, Dibba Fujairah Municipality and the Fujairah Adventures. In line with the Ministry’s strategy to protect the UAE’s biodiversity and ensure its sustainability, the project is ...

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