November, 2018

• 3 November

  Danske says it can absorb ‘large’ fines amid laundering row

  

  Bloomberg Danske Bank A/S said it will be able to absorb “large” fines as Denmark’s biggest bank awaits the outcome of criminal investigations into its role in one of Europe’s worst ever money laundering scandals. The bank, which said it faces a “huge task” trying to restore trust with customers and investors, hasn’t yet set aside provisions for a potential ...

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• 3 November

  German, Italian lenders to feel the pain from Europe’s toughest-ever bank test

  

  Bloomberg It’s not just Italian lenders that should be worried about Europe’s toughest-ever bank test: German firms will also feel the pain. Deutsche Bank AG will be particularly hard hit because of the more severe stress scenario applied to German lenders, according to two people familiar with the matter, who asked not to be named because the results haven’t been ...

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• 3 November

  India RBI spat a flashpoint as easy money era ends

  

  Bloomberg India is the latest country to see age-old tensions between governments and central banks flare up as the era of easy money draws to a close. Prime Minister Narendra Modi’s government sent the central bank letters that cited a never-used power to overrule the Reserve Bank of India in a bid to push through measures that would unleash spending ...

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• 3 November

  Divers spot wreckage of crashed Lion Air jet

  

  Bloomberg Indonesian divers found the main wreckage of the Lion Air plane that crashed into the Java Sea, a breakthrough in a week-long search for victims and the cockpit voice recorder that holds the key to unraveling the reason for the accident. Divers who have been scouring a 270-square-mile area since the jet crashed on October 29 spotted the Boeing ...

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• 3 November

  Norwegian to sell jets to boost finances

  

  Bloomberg Norwegian Air Shuttle ASA agreed to sell five Airbus SE A320neo narrow-body planes in a move that will boost liquidity amid a cash squeeze and rising oil prices. The discount carrier’s Arctic Aviation Assets unit signed an accord covering the jetliners, which are currently leased out to another operator, Norwegian said, without naming the buyer. The deal will lift ...

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• 3 November

  Montreal-based Gildan wins Walmart contract

  

  Bloomberg Gildan Activewear Inc. said it won a contract to produce men’s underwear for a major retailer, part of the clothing maker’s bid to capitalise on companies’ growing preference to sell their own lines of apparel. The Montreal-based company, which also owns American Apparel, said it secured a contract for 2019 to manufacture men’s innerwear for its “largest mass retail ...

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• 3 November

  Ryanair’s plan to close a Dutch base gets expensive

  

  Bloomberg Ryanair Holdings Plc was prevented by a Dutch court from involuntarily transferring workers from Eindhoven, raising the cost of the carrier’s plan to shut down the base following clashes with unionised staff. The decision in Den Bosch marks a setback for Ryanair, which recently recognised unions and is now in negotiations across Europe. The court ruled the carrier misused ...

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• 3 November

  Starbucks jumps as menu revamp boosts US sales

  Bloomberg Starbucks Corp. broke out of its home-market slump, posting better-than-expected sales in the US that sparked a share rally in late trading. Comparable sales — the key gauge of retail performance — rose 4 percent in the Americas, beating analysts’ estimate for a gain of 2.8 percent and far-outpacing the previous quarter’s sluggish pace. Sales also beat globally. Starbucks ...

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October, 2018

• 31 October

  UAE to contribute $4.5 million for green projects

  DUBAI / WAM Dr Thani bin Ahmed Al-Zeyoudi, Minister of Climate Change and Environment, announced the UAE will contribute $1.5 million annually for the period 2019 to 2021, cumulatively amounting to $4.5 million, to fund the projects carried out by the Global Green Growth Institute (GGGI). The announcement was made at GGGI’s Assembly and Council, held at the South Korean ...

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• 31 October

  Adnic profit up 22.6%

  

  ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) announced its financial resu- lts for first nine months of the year. Adnic reported net profit of AED218.8 million for the period, up 22.6% compared with the same period of last year. Sheikh Mohamed bin Saif Al-Nahyan, Chairman of Adnic, said, “The results stand as testament to the company’s continuous ...

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