October, 2018

• 31 October

  Amazon dealt $250bn blow from market jitters, confusion

  

  Bloomberg Fears of a prolonged market downturn, slowing international sales, stepped-up competition in the US and flat-out confusion about how Amazon.com Inc. makes money are all reasons behind the company’s dizzying 25 percent drop in value from its September high. The world’s largest online retailer had been an investor darling, with shares more than doubling over the past two years ...

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• 31 October

  HNA tries to offload Airbus planes to leasing companies

  

  Bloomberg HNA Group Co. has been trying for months to offload passenger planes it ordered from Airbus SE, according to people familiar with the matter, as the indebted airline-turned-glo-bal acquirer wrestles with liquidity challenges. The Chinese group asked the leasing arms of Industrial & Commercial Bank of China Ltd. and China Minsheng Banking Corp., amo-ng others, to take over at ...

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• 31 October

  Lufthansa trims expansion plans as profit miss hits stock

  

  Bloomberg Deutsche Lufthansa AG is paying the price of chasing market share in its own backyard as the cost of integrating jets from collapsed rival Air Berlin Plc weighs on earnings. Lufthansa shares fell 9.5 percent, the biggest intraday drop in more than 2 years, after the German carrier’s latest results missed analyst estimates, forcing it to trim expansion plans ...

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• 31 October

  Airline black boxes are a throwback in a world of cloud data

  

  Bloomberg Once again, the world is transfixed with an undersea search to solve the mystery of why an airliner plunged into the ocean. With images of the years-long unsuccessful search for Malaysia Airlines Flight 370 still fresh, the Indonesian government has dispatched 34 boats and more than 800 military and civilian personnel in search of a Lion Air plane that ...

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• 30 October

  New UAE decree aims to attract investments

  

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan, issued a Decree-Law No. (19) of 2018 on Foreign Direct Investment (FDI) which aims to promote and develop the country’s investment environment, and attract foreign direct investment in line with the national development policies. In accordance with Article II, the decree-law aims to consolidate the country’s position ...

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• 30 October

  Dubai-Korea trade hits AED8.7bn

  DUBAI / WAM Dubai trade with South Korea grew eight percent from AED 25.3 billion in 2016 to AED 27.4 billion in 2017, standing at AED8.7 billion during first six months of 2018. The figures were revealed during a meeting between Ahmed Mahboob Musabih, Director of Dubai Customs, and a South Korean delegation led by the Consul-General in Dubai, Chun ...

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• 30 October

  Emirates Islamic profit up 32%

  

  DUBAI / WAM Emirates Islamic bank has delivered a strong set of financial results for the period ended on September 30. The bank’s net profit increased by 32 percent year-on-year reaching AED657 million, and total income (net of customers’ share of profit and distribution to sukuk holders) increased by two percent year-on-year to AED1.8 billion. Financing and investing receivables at ...

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• 30 October

  Oil slides to two-month low over demand anxiety

  

  Bloomberg Oil slid to a two-month low as escalating US-China trade tensions imperiled global growth at a time when American crude inventories are swelling. Futures declined as much as 2.6 percent in New York on Tuesday. The US is preparing another round of tariffs on Chinese imports if talks between the presidents of the world’s two largest econo-mies falter. Meanwhile, ...

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• 30 October

  King Hamad praises UAE’s achievements

  

  Manama / WAM King Hamad bin Isa Al Khalifa of Bahrain has received HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, in the presence of Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development. King Hamad commended the results of the joint UAE-Bahrain committee that convened on October 29-30, during which a ...

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• 30 October

  GIES plays key role in development of Islamic economy: Al Mansouri

  

  DUBAI / WAM His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, officially inaugurated the Global Islamic Economy Summit 2018 (GIES), the world’s largest forum dedicated to all aspects of the Islamic economy, which got underway in Dubai on Tuesday. Held under the theme “A Shared Future”, the two-day ...

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