January, 2019

• 29 January

  Absa CEO Ramos to retire after steering split from Barclays

  

  Bloomberg Absa Group Ltd Chief Executive Officer Maria Ramos will step down after overseeing the split from Barclays Plc, an alliance blamed for the loss of retail market share at South Africa’s third-largest bank. The stock rallied the most among its Johannesburg-based peers on Tuesday in the wake of her pending exit. Absa, once the nation’s largest mortgage lender, fell ...

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• 29 January

  Norwegian gets lifeline with Norway’s richest man backing

  

  Bloomberg Norwegian Air Shuttle ASA gained the backing of Norway’s richest man, providing some stability to the struggling discount carrier as it searches for a new suitor following IAG SA’s decision to abandon its eight-month pursuit. The shares fell the most on record after Norwegian said it had raised 3 billion kroner ($353 million) in a rights issue underwritten by ...

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• 29 January

  Jet Air poised for help as SBI set to take stake

  

  Bloomberg Debt-laden Jet Airways India Ltd. may be poised to get some help in its bid to stay afloat. India’s largest lender State Bank of India is set to swap part of its loans into a stake of at least 15 percent in Jet Airways as lenders to the carrier plan similar conversions of some debt into equity to help ...

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• 29 January

  Hong Kong retailers miss a rally amid dull outlook

  

  Bloomberg Hong Kong retailers are one group of shares being left behind as the city’s benchmark stock index trades near a four-month high. Cosmetics seller Sa Sa International Holdings Ltd and Chow Tai Fook Jewellery Group Ltd are near the lowest levels in at least a year versus the benchmark Hang Seng Index, which has climbed 6.5 percent in 2019. ...

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• 29 January

  No-deal Brexit means empty shelves: Retailers

  

  Bloomberg The UK’s biggest supermarket companies have joined forces to warn the government of significant disruption and rising food prices if Britain leaves the Eu without a deal. Retail giants including J Sainsbury Plc, Walmart Inc.’s Asda, Marks & Spencer Group Plc and John Lewis Partnership Plc’s Waitrose have signed a letter from the British Retail Consortium to members of ...

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• 29 January

  Alibaba shows signs of strain as China’s economy shudders

  

  Bloomberg Alibaba Group Holding Ltd. is feeling the heat as China’s economy decelerates. China’s dominant e-commerce company will offer clues to the health of the nation’s middle-class, and how it’s navigating the slowdown, when it unveils earnings on January 30. While revenue is expected to have risen 44 percent during the December quarter, that’s its slowest pace of expansion since ...

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• 28 January

  UAE, Saudi and Kuwait keen to foster health sector cooperation

  

  DUBAI / WAM Abdul Rahman Mohammad Al Owais, Minister of Health and Prevention (MOHAP) met with Dr Tawfiq bin Fawzan Al Rabiah, Saudi’s Minister of Health, and Dr Basel Al-Sabah, Kuwaiti Minister of Health, and discussed ways of boosting cooperation in the health sector between the UAE, Saudi Arabia, and Kuwait. During the meeting, which was held on the sidelines ...

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• 28 January

  ERC constructs 6 artesian wells in Hadramaut

  

  HADRAMAUT / WAM The Emirates Red Crescent (ERC) has completed the digging of six artesian wells, connected them to the main water line, installed pumping units and ran extensions to their targeted locations, to benefit regions and villages in the edge of Hadramaut Desert. The construction of the wells is part of a project launched by the ERC to provide ...

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• 28 January

  Aramco buys 20% stake in Korean refinery for AED5.9b

  

  Bloomberg Saudi Arabian Oil Co is taking a nearly 20 percent stake in South Korean oil refiner Hyundai Oilbank Co for $1.6 billion (AED5.87 billion), tightening the grip of the world’s top crude exporter on the biggest oil consuming region. The Saudi state-owned giant, known as Aramco, is seeking to firm up its customer base and market share in Asia ...

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• 28 January

  EGA Al Taweelah refinery enters final testing phase

  

  Abu Dhabi / WAM Emirates Global Alumin-ium (EGA) announced that commissioning of its new Al Taweelah alumina refinery has entered its final stages. Commissioning is the detailed process of testing equipment and systems in a new plant before start-up. First production from Al Taweelah alumina refinery is expected during the first half of this year. EGA has begun hot water ...

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