December, 2018

• 19 December

  Ceconomy latest victim of retail crisis

  

  Bloomberg Ceconomy AG, Europe’s biggest consumer-electronics retailer, eliminated its dividend and warned that earnings will decline another year in the retail industry’s latest disaster. The stock fell as much as 16 percent to a record low as the departure of Chief Financial Officer Mark Frese leaves the company facing a leadership void. The 54-year-old executive, who has been helping to ...

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• 19 December

  Retailer accuses Amazon of copying furniture

  

  Bloomberg Williams-Sonoma Inc. sued Amazon.com Inc. in a case that challenges the online retailer’s private label push that started with batteries, baby wipes and phone chargers and has expanded to include clothing, toys and high-end furniture. Amazon’s “Rivet” line includes products that are “strikingly similar” to Williams-Sonoma’s West Elm brand, including a $300 orb chair the household goods maker introduced ...

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• 19 December

  UK retail bonds decline amid shopping season

  Bloomberg Bonds of UK retailers extended declines as the industry’s crisis deepens in the run-up to the Christmas holiday. New Look Retail Group Ltd.’s 700 million pounds ($886 million) of notes due in July 2022 fell for a 16th day to about 46 pence, the lowest in six months, according to data compiled by Bloomberg. The British fashion chain is ...

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• 18 December

  Saudi Arabia boosts spending in 2019 budget to SAR1.106 trillion

  

  RIYADH / WAM The Saudi Council of Ministers, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, has approved the largest budget in the Kingdom’s history with SAR1.106 trillion spending in 2019, approximately 7 percent higher than the projected expenditure by the end of the fiscal year 2018. This came in a session held ...

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• 18 December

  Adnoc, Cepsa award Spanish firm key contract in Ruwais

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) and its project partner Cepsa have announced the awarding of a key contract, as both companies move forward with plans to develop a world-scale linear alkyl benzene (LAB) plant in the Ruwais Derivatives Park. The LAB project is the first of the derivative units to be advanced under Adnoc’s ...

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• 18 December

  UAE handles AED1.2trn cheques in 11 months

  ABU DHABI / WAM A total of 22.5 million cheques worth AED1.2 trillion were handled by the UAE Clearing Cheque System during the first 11 months of 2018, according to statistics released by the Central Bank of United Arab Emirates (CBUAE). The cheques handled from January through November account for 80 percent of the total value of cheques handled throughout ...

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• 18 December

  Mubadala, Dubal, EGA to sign AED1bn JV deal

  

  ABU DHABI / WAM Emirates Global Aluminium (EGA), Mubadala and Dubal Holding will sign an agreement worth over AED1 billion to develop a state-of-the-art power block and a water desalination plant at EGA’s smelter at Jebel Ali in Dubai. The new facilities will improve efficiency of power for EGA’s aluminium smelting, reducing environmental emissions and natural gas consum- ption. Mubadala ...

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• 18 December

  Cosco, Abu Dhabi Terminals enter cooperation pact

  ABU DHABI / Emirates Business Abu Dhabi Terminals (ADT) and CSP —Abu Dhabi sign an MoU to strengthen collaboration and ensure smooth transactions between the two facilities. The MoU promises to increase cooperation between two companies, benefitting Abu Dhabi and UAE trade and supporting Abu Dhabi Leadership vision 2030. The two parties will facilitate a significant increase in contribution to ...

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• 18 December

  Investment Corporation of Dubai records AED10bn net profit in H1

  Dubai / WAM Investment Corporation of Dubai (ICD) announced its consolidated financial results for the six month period ended on June 30, having achieved revenues of AED115.1 billion and net profit of AED10 billion. Revenues grew across all operating segments with the largest increases in oil and gas and transportation services. Net profit reached AED10 billion. Net profit benefited from ...

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• 18 December

  Masdar-backed wind farm in UK gets AED5.9bn refinancing

  

  ABU DHABI / WAM The owners of the 402-megawatt (MW) Dudgeon wind farm in Britain’s North Sea, Masdar, Equinor and China Resources Group, have announced the signing of a hybrid refinancing that includes approximately GBP561 million (AED 2.6 billion) of commercial bank debt and GBP706 million (AED 3.275 billion) of senior secured notes privately placed with institutional investors, finally maturing ...

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