October, 2018

• 29 October

  ‘Brand-new’ Lion Air Boeing 737 crashes with 189 on board in sea

  

  Bloomberg A Boeing Co. 737 Max jet, operated by Indonesia’s Lion Air, crashed in the Java Sea with 189 people on board, making it the model’s first accident and potentially the worst commercial aviation disaster in three years. Flight JT610, an almost brand new 737 Max 8, took off from the capital Jakarta at 6:20 am local time on Monday ...

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• 29 October

  HNA’s plans to sell fleet of private jets

  

  Bloomberg HNA Group Co. is in talks to sell a fleet of private jets, including a $70,000-an-hour retrofitted Boeing 787 and some planes reserved for its leaders, as the debt-laden Chinese conglomerate continues to grapple with liquidity challenges, according to people familiar with the matter. HNA is offering to sell dozens of private jets operated by subsidiary Deer Jet Co. ...

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• 29 October

  Firm once sued for data breach to assist Cathay

  

  Bloomberg Cathay Pacific Airways Ltd. has enlisted a company that was itself once caught up in a hacking scandal to help deal with the fallout of a data breach that affected more than 9 million passengers. Asia’s biggest international carrier is offering customers hit by the hack — which saw passport details to emails illegally accessed — the option to ...

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• 29 October

  Walmart warehouse chain gets high-tech

  Bloomberg Warehouse clubs, purveyors of off-price denim and massive tubs of mayonnaise, aren’t usually on the cutting edge of retail. Walmart Inc.’s Sam’s Club wants to prove otherwise. The retailer is opening a test store in Dallas called Sam’s Club Now, where shoppers will make all their purchases on their smartphones, which they’ll also use to build shopping lists and ...

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• 29 October

  Amazon tumbles on disappointing forecast for holiday revenue

  

  Bloomberg Amazon.com Inc. issued a disappointing revenue and profit forecast for the busy holiday quarter, suggesting sales growth is slowing for the e-commerce giant while higher pay for warehouse workers could hurt the bottom line. Revenue will be $66.5 billion to $72.5 billion in the current period, the Seattle-based company said in a statement, falling short of analysts’ average estimate ...

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• 28 October

  UAE leads global Islamic economy

  

  DUBAI / WAM The UAE has been ranked first globally in five Islamic economic sectors, according to the latest results of the “Global Islamic Economy Report 2018-2019.” The Dubai Islamic Economy Development Centre (DIEDC) on Sunday published the results of the report, titled “An Inclusive Ethical Economy.” The sixth report in the series was commissioned by DIEDC and produced by ...

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• 28 October

  Agthia’s nine-month profit hits AED159mn

  Emirates Business Agthia Group PJSC, one of the UAE’s leading food and beverages companies, reported a net profit of AED 159 million during the first nine months of 2018, representing a 9% like-for-like increase compared to the same period last year. The group also reported AED 1.49 billion net revenues while gross profit margin reached a record-high 34.7 percent because ...

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• 28 October

  Sabic Q3 profit up 5.4%

  

  Bloomberg Saudi Basic Industries Corp (Sabic), the Middle East’s biggest petrochemicals producer, posted a 5.4 percent increase in third-quarter pro-fit on higher prices and sales, meeting analysts’ estimates. Net income rose to 6.1 billion riyals ($1.63 billion) from 5.8 billion riyals a year ago, the Riyadh-based company said in a statement. The average estimate of analysts was for a profit ...

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• 28 October

  CBI, Microsoft Gulf announce partnership

  DUBAI / Emirates Business Commercial Bank International (CBI) announced an enterprise partnership with Microsoft Gulf. The Bank will move to the trusted Microsoft Cloud, as a key step in its digital transformation journey. Over past three decades, CBI has established itself as a leading UAE bank helping individuals and businesses manage their finances. To achieve its strategic aspiration of providing ...

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• 28 October

  UAE has begun benefitting from fourth industrial revolution

  

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday inaugurated the fourth session of the 16th legislative chapter of the Federal National Council (FNC). Dr Amal Abdullah Al Qubaisi, Speaker of Federal National Council, delivered a speech welcoming Sheikh Mohammed and his inauguration of the ...

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