January, 2019

• 7 January

  Thriving on Bitcoin’s bust, lenders aid fans and shorts

  

  Bloomberg As a growing number of cryptocurrency ventures struggle for funding, cut staff or shut down, all is well in one small corner of the industry: lending. Creditors focussing on the crypto arena say they’re finding strong demand from borrowers who don’t want to sell their virtual coins at depressed prices, as well as from big investors eager to borrow ...

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• 7 January

  Jet Airways seeks to rework vendor contracts to cut costs

  

  Bloomberg Debt-laden Jet Airways India Ltd. is trying to renegotiate contracts with its vendors as lenders demand a revival plan by month-end from India’s second-largest airline by passengers, according to people with knowledge of the discussions. The Naresh Goyal-led airline is in talks to defer or reduce payments to vendors including aircraft lessors and those providing engineering, spare parts, credit ...

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• 7 January

  Temasek explores stake in AS Watson

  

  Bloomberg Singapore state investment firm Temasek Holdings Pte is exploring options for its stake in global retailer AS Watson Group, including a partial sale, people with knowledge of the matter said. Temasek is working with an adviser to consider possibilities for its 25 percent holding in AS Watson after receiving some preliminary interest, according to the people, who asked not ...

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• 7 January

  Saks shuts down its store in Manhattan retail wars

  

  Bloomberg For department stores, the fight for New York is fiercer than ever. In a sign of retrenchment ahead of rivals’ expansion, luxury retailer Saks Fifth Avenue is shutting the doors of its women’s store at Manhattan’s Brookfield Place this week — a location it opened just two years ago. While Saks’s smaller men’s store will stay open, the failure ...

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• 7 January

  As China cuts back on iPhones, LVMH handbags could be next

  

  Bloomberg After Apple Inc.’s shock profit warning, investors were quick to make the connection: if Chinese consumers are cutting back on iPhones, Louis Vuitton handbags could be next. Apple’s sales revision cascaded through global markets, hitting suppliers and rivals, but also a raft of luxury-goods companies that rely on the same clientele that likes to splurge on Apple’s latest products. ...

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• 6 January

  Adnoc among top 10 energy firms globally

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) is among the top 10 most influential companies and organisations in the energy sector, a new ranking from research and intelligence firm GlobalData found. The only Middle Eastern company featured on the GlobalData’s list, Adnoc was ranked sixth, and third among big oil firms, after Exxon Mobil and China’s ...

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• 6 January

  Kizad Polymers Park to add $2.5bn to UAE GDP by 2025

  

  Abu Dhabi / Emirates Business Kizad, one of the fastest growing industrial zones in the Middle East and part of Abu Dhabi Ports, on Sunday launched Kizad Polymers Park, which will form an integral part of the polymers conversion ecosystem in the emirate. The park aims to be a major economic driver for the UAE, producing 300-400 kilo tonnes of ...

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• 6 January

  Emirates NBD launches VAT-based loan solutions

  DUBAI / Emirates Business Emirates NBD announced the launch of a new VAT-based enhanced loan solution for small and medium-sized enterprise (SME) customers. The new loan program makes it easier for SMEs to apply for financing by providing copies of their VAT (value added tax) returns filed with the UAE’s Federal Tax Authority to serve as validation of business turnover ...

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• 6 January

  ‘Houthis loot 65% of humanitarian relief’

  

  ADEN / WAM The Houthi militia has seized and looted 65 percent of the humanitarian aid sent for the people of Yemen through the port of Hodeidah, according to the Yemeni Minister of Local Administration, Abdul Raqeeb Fatah. “Over the past three years, the Houthis have been showing wilful disregard for the tough humanitarian circumstances being faced by the Yemeni ...

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• 6 January

  UAE, Pakistan explore ways to enhance ties in vital sectors

  

  Islamabad / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Sunday held talks with Prime Minister Imran Khan, focusing on strengthening the relations between the UAE and Pakistan, in addition to the current regional and international developments. His Highness Sheikh Mohamed affirmed his keenness ...

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