January, 2019

• 28 January

  Credit Suisse loses $60mn on Canada Goose trade

  

  Bloomberg Credit Suisse Group AG lost about $60 million late last year after it was left holding shares in the luxury parka maker that slumped during tensions between Canada and China, according to people with knowledge of the matter. Credit Suisse acted as an underwriter on the sale of 10 million shares by Canada Goose Holdings Inc stockholders in late ...

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• 28 January

  KFC, Walmart Canada vow to reduce use of plastics

  

  Bloomberg Plastic has been a hot topic in Davos and more big-name companies are stepping up commitments to reducing plastic waste — playing catch-up to other industry leaders. Fast-food chicken chain KFC said that all plastic-based, consumer-facing packaging will be recoverable or reusable by 2025. Walmart Canada announced plans that include reducing plastic bag use by 2025 that will take ...

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• 27 January

  Adnoc seals $5.8bn deal with Eni, OMV

  

  Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed, on Sunday, the signing of two new strategic equity partnerships between the Abu Dhabi National Oil Company (Adnoc), Eni and OMV covering both Adnoc Refining and a new trading joint venture, which will ...

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• 27 January

  UAE’s non-oil foreign trade hits AED1.2trn in 9 months

  

  Abu Dhabi / WAM The UAE’s non-oil foreign trade has achieved remarkable growth in re-exports by 5 percent during the first nine of 2018, compared to the same period last year, in a move that reflects the high competitive advantage of the re-export activity in UAE, and its global standing in this field, according to preliminary statistical data of the ...

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• 27 January

  Saudi Arabia set to launch $425bn infrastructure plan

  

  Bloomberg Saudi Crown Prince Mohammed bin Salman, who’s already embarked on the biggest overhaul of the Saudi economy in its modern history, is preparing to roll out details of a sweeping plan to develop infrastructure and industry across the Middle East’s biggest country by area. Saudi Arabia is seeking 1.6 trillion riyals ($425 billion) of investment in railways, airports and ...

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• 27 January

  Strata delivers 1st shipset for PC-24 jet

  

  AL AIN / WAM Strata Manufacturing, the advanced composite aero structures manufacturing company, wholly-owned by Mubadala Investment Company, is celebrating delivery of its first shipset of belly fairings for the PC-24, a twin-engine business jet produced by Pilatus Aircraft of Switzerland. The delivery of the first shipset follows the two companies’ landmark agreement signed during Abu Dhabi Global Aerospace Summit ...

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• 27 January

  UAE broadcasters lead $16bn media innovation industry

  

  Dubai / WAM UAE broadcasters are leading innovation in the world’s $16 billion digital media and entertainment market, optimising how customers experience content on any device at any time, according to Condo Protego, a UAE-based IT infrastructure and information management consultancy. Media free zones — such as Dubai Production City, Dubai Media City and Dubai Studio City, and TwoFour54 in ...

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• 27 January

  WTO likely to probe Trump’s China tariffs

  Bloomberg Tensions between the US and China are about to get more complicated, with the World Trade Organization poised to begin an investigation into President Donald Trump’s tariffs on $250 billion of Chinese goods. On Monday, the Geneva-based arbiter of trade disputes will likely launch an inquiry into whether the US duties run afoul of a requirement that all WTO ...

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• 27 January

  UAE’s experience in tackling e-waste highlighted on global stage

  

  DAVOS / WAM On the sidelines of the UAE delegation’s participation in the 49th session of the World Economic Forum in Davos, Switzerland, Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, participated in a panel discussion on ‘Closing the Loop on Electronics’. The session tackled the issue of electronic waste and provided recommendations on implementing public-private ...

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• 27 January

  FTA launches consumer awareness campaign

  

  DUBAI / WAM The Federal Tax Authority (FTA) announced the launch of a new field campaign to engage business and consumers in the local markets and raise awareness about the legal standards that must exist when issuing tax invoices. Organised to cover all emirates, the campaign will run throughout Q1 of 2019, under the slogan ‘Tax Invoices: Your Right and ...

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