December, 2018

• 18 December

  Virgin Atlantic pilots extend strikes to March

  Bloomberg A breakaway union of Virgin Atlantic pilots that called strikes during the Christmas and New Year’s holidays extended the job action to the first eight weekends of 2019, according to an emailed statement. The Professional Pilots Union sought help from the conciliation service ACAS to resolve the dispute, but Virgin Atlantic Airways Ltd. won’t negotiate until it calls off ...

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• 18 December

  Burberry skeptics dominate as CEO seeks turnaround

  

  Bloomberg Burberry Group Plc Chief Executive Officer Marco Gobbetti and star designer Riccardo Tisci may be the saviors who finally deliver on the UK trench-coat maker’s long-promised turnaround. Analysts aren’t buying it yet. Burberry is running neck and neck with Hermes International for the dubious distinction of being the lowest ranked by analysts among Europe’s 10 biggest luxury and apparel ...

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• 17 December

  UAE stresses need for decisive global climate action at COP24

  

  DUBAI / WAM The UAE reiterated its position on the issue of global warming and climate change at the closing meetings of the 24th Conference of the Parties (COP24) to the United Nations Framework Convention on Climate Change (UNFCCC) calling for quick enforc- ement of the procedures and global standards adopted by the nearly 200 nations and territories to implement ...

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• 17 December

  Ajman okays AED4.14bn budget for 2019-2021

  

  AJMAN / WAM HH Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, approved the general budget of the Ajman Government for 2019- 2021. The budget amounts to AED4.140 billion, a growth of 17 percent. The general budget for the 2019 fiscal year was also approved, as part of a financial plan valued at AED1.380 billion ...

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• 17 December

  UAE monetary base expands 6% to AED371.6bn in Nov

  ABU DHABI / WAM The UAE monetary base expanded 6 percent to an 11-month high of AED371.6 billion by end of November from AED350.6 billion in October, according to Central Bank of UAE statistics. Certificates of deposits purchased by banks slightly declined to AED125.8 billion. Current accounts of banks at CBUAE multiplied to AED36.3 billion in November from AED18.2 billion ...

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• 17 December

  GCC petchem companies’ earnings reach AED28bn

  

  Dubai / WAM Borouge, Khalifa Industrial Zone Abu Dhabi (Kizad), National Industrialisation Company (Tasnee) and Oman Oil Refineries and Petroleum Industries Company (Orpic) have announced their association with ArabPlast 2019, which is set to take place from January 5 to 8, at Dubai International Convention and Exhibition Centre. In a press conference, it was announced that Borouge will serve as ...

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• 17 December

  Adnoc opens first service station in Dubai

  

  ABU DHABI / WAM Adnoc Distribution has announced the opening of its first service station in Dubai Investment Park. The solar-powered station will include a charger for electric vehicles. Commenting on the opening, Saeed Al Rashdi, Adnoc Distribution Acting Chief Executive Officer, said, “We are extremely pleased to have opened in Dubai and to be serving customers across the UAE’s ...

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• 17 December

  UAE-China ‘work plan’ to bolster economic, customs cooperation

  

  ABU DHABI / WAM The UAE and China signed an Economic Development Work Plan, with the aim of promoting commercial and customs cooperation. The work plan involves five stages of detailed procedures, which will see further trade and investment agreements between the two countries coming into fruition. The Economic Development Work Plan was signed during the first meeting of the ...

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• 17 December

  DAE to sell 18 mid-life aircraft

  DUBAI / WAM Dubai Aerospace Enterprise (DAE) entered into a definitive sale agreement to sell a portfolio of 18 mid-life aircraft to institutional investors. The 18 aircraft in this portfolio are on lease to 15 airlines in 13 countries and have a weighted average age of approximately nine years with a weighted average remaining lease term of 4.5 years. The ...

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• 17 December

  Empower to set up first unmanned ‘cooling plant’

  

  DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) is building a new 50,000 Refrigeration Tonnesm (RT) unmanned district cooling plant in Jumeirah Village Circle (JVC). Being built at a total cost of AED250 million, the project is part of company’s expansion plan of increasing the number of district cooling plants across Dubai, to serve major projects. This is also ...

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