November, 2018

• 6 November

  Icelandair to buy no-frills Wow, marrying ailing Atlantic rivals

  

  Bloomberg Icelandair Group Hf reached a surprise agreement to buy discount rival Wow Air, bringing together the island nation’s two financially embattled airlines. The carriers will continue to operate under separate brands while aiming to better compete on routes linking Europe with North America, they said. Shares of Icelandair surged on the deal, which will create a combined company with ...

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• 6 November

  Hong Kong privacy watchdog probes Cathay data breach

  

  Bloomberg Hong Kong’s privacy watchdog is investigating Cathay Pacific Airways Ltd. after the carrier last month disclosed the world’s biggest airline data breach that exposed personal information of 9.4 million customers. The compliance probe will examine security measures taken by Cathay Pacific to safeguard its customers’ private data and the airline’s information retention policy and practice, the city’s Privacy Commissioner ...

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• 6 November

  Lowe’s abandons smaller store format in retreat from Manhattan

  

  Bloomberg Lowe’s Cos. is leaving Manhattan. The home-improvement retailer announced the closing of 51 under-performing stores, including two New York locations that the company hailed just three years ago as way to win over city dwellers. The move is part of new Chief Executive Officer Marvin Ellison’s push to get rid of distractions and focus on improving its core business ...

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• 6 November

  Lego wins intellectual property lawsuit against Lepin in China

  

  Bloomberg Lego A/S has won a new intellectual property lawsuit in China after a court agreed with the Danish toy manufacturer that local companies had copied its building blocks and miniature figures under the Lepin brand. The Guangzhou Yuexiu District Court ruled that the four defendants should immediately cease the production, sale and promotion of the toys and pay about ...

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• 6 November

  Self-styled Airbus ‘Whisperjet’ is too loud for Zurich residents

  

  Bloomberg Swiss Air greeted the arrival of its latest plane with great fanfare, dubbing the Airbus SE A220 model the “Whisperjet” and promising neighbourhoods around Zurich Airport that it would be 50 percent quieter than older aircraft. But that tag has come back to haunt the Deutsche Lufthansa AG unit as the narrow-body’s twin engines emit what locals have described ...

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• 5 November

  Strategy of Resolve initiatives aim to reinforce UAE-Saudi integration

  

  ABU DHABI / WAM The joint project working teams of the Saudi-Emirati Coordination Council held a seminar to implement the strategy of resolve initiatives, which was attended by Mohammed bin Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future and Chairman of the Executive Committee, to begin the launch of joint strategic projects, achieve the aspirations of the leadership ...

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• 5 November

  Hospitality sector to play key role in Emiratisation

  

  DUBAI / WAM As the UAE’s hospitality industry continues its rapid growth, it presents highly promising career opportunities for skilled professionals, especially Emirati youth. Hotels are increasingly looking out for local talent across operational and functional areas as part of their commitment to Emiratisation. At the Najah higher education fair in Abu Dhabi, Emirati job-seekers were seen showing a keen ...

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• 5 November

  Oil slides to 6-month low as supply fears subside

  

  Bloomberg Oil traded near a six-month low as the prospects of a tight global market at the end of the year further receded after the US softened the restart of sanctions against Iran. Crude advanced 0.6 percent in New York. Sanctions against Iran were reimposed on Monday, though eight countries were allowed to continue temporarily buying some crude from the ...

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• 5 November

  Shuaa Capital records 31% jump in Q3 profit

  

  Emirates Business Shuaa Capital reported its financial results for the quarter ended on September 30, with AED30.1 million in net profits, up 31% year on year, the group’s highest quarterly figure since 2008. Year to date, net profits stood at AED56.4 million (YTD 2017: net profit of AED 59.8 million). The group’s asset management business line saw a 35% increase ...

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• 5 November

  FAB unveils new brand for its Islamic business

  ABU DHABI / WAM First Abu Dhabi Bank (FAB) said it is launching a new FAB Islamic logo inspired by FAB brand identity, and that its wholly- owned subsidiary Abu Dhabi National Islamic Finance, changed its legal name to First Abu Dhabi Islamic Finance. Fahad Al Shaer, CEO of First Abu Dhabi Islamic Finance, said, “Since we laun-ched our company ...

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