October, 2018

• 15 October

  Sears goes bankrupt, deserted by shoppers and mired in debt

  

  Bloomberg Sears Holdings Corp, the 125-year-old retailer that became an icon for generations of American shoppers, filed for bankruptcy, saddled with billions of dollars of debt racked up as it struggled to adjust to the rapid shift towards online consumption. The company filed for Chapter 11 protection from creditors with the US Bankruptcy Court in White Plains, New York, early ...

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• 15 October

  Emirates SkyCargo marks two years of Oslo freighter service

  

  Dubai / Emirates Business Emirates SkyCargo, the freight division of Emirates, has completed two years of operating its Boeing 777 freighter aircraft to Oslo. The air cargo carrier operates a weekly freighter service to the Norwegian capital offering close to 100 tonnes of cargo capacity per flight, facilitating international trade between Norway and the rest of the world. In addition ...

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• 15 October

  Air India Express to operate from Abu Dhabi airport Terminal 1

  

  Abu Dhabi / Emirates Business Air India Express flights, wholly subsidiary of Air India, arriving to and from the UAE capital are now arriving and departing from Terminal 1 at Abu Dhabi International Airport (AUH). Originally the airline departed from Terminal 1, and arrived to Terminal 2. The transition from Terminal 2 to Terminal 1 for the arrivals occurred on ...

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• 15 October

  Private-plane market turns the tables on buyers

  

  Bloomberg Buying a used business jet is getting harder — and that’s a sign of a long-awaited shift in the market for luxury planes. Only a dozen or so pre-owned Falcon 7X planes are on the market now, down from about 35 a year and a half ago, says Steve Varsano, an aircraft broker in London. When a client wanted ...

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• 14 October

  Sheikh Khalifa issues federal law on netting

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued Federal Decretal Law No.10 of 2018 on Netting, where its provisions shall apply to all qualified financial contracts, netting agreements specified under this law or collateral arrangement, which are entered into by any person in the state. This decretal law does not apply to the ...

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• 14 October

  Global finance chiefs urge trade war solution

  

  Bloomberg Global finance chiefs used the closing sessions of talks in the tropical resort of Bali to hammer home the message that simmering trade tensions are already denting global growth and need to be resolved. Bank of Japan Governor Haruhiko Kuroda said it’s essential to have dialogue on trade; Brazil’s central bank President Ilan Goldfajn flagged the tensions as one ...

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• 14 October

  Adnoc Distribution nods AED735mn dividends

  ABU DHABI / WAM Adnoc Distribution’s shareholders have approved the Board of Directors’ recommendation to pay an interim dividend of AED735 million, at the company’s General Assembly meeting. Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Chairman of the Adnoc Distribution Board of Directors, said: “Adnoc Distribution has maintained its com- mitment to a progressive and consistent ...

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• 14 October

  Abu Dhabi Ports inks deal to boost tech capabilities

  

  ABU DHABI / WAM Abu Dhabi Ports and Etisalat have signed a Memorandum of Understanding (MoU) focussing on advancing technological capabilities and business opportunities in support of Abu Dhabi Economic Vision 2030. The partnership, signed at Gitex Technology Week, focusses on building shared electronic projects, exchanging knowledge, simplifying procedures, securing fixed and wireless telecommunications coverage, and managing operational risk. Etisalat ...

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• 14 October

  UAE team is preparing to launch KhalifaSat from Japan

  

  DUBAI / WAM A team from Mohammed bin Rashid Space Centre (MBRSC), have conducted the final technical tests on KhalifaSat, which arrived at Tanegashima Space Centre in Japan. KhalifaSat was prepared for mating with the launch vehicle, Rocket H-IIA, and has been successfully installed into it and is awaiting launch on October 29. The satellite is stored within a specially ...

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• 14 October

  UAE to participate in BiznEX 2018 Egypt

  CAIRO / WAM­­­­­ The UAE will participate in the Egypt’s inaugural International Business and Franchise Expo (BiznEX 2018). The expo will run from November 8-10 at the Egypt International Exhibition Centre, and will see the participation of 200 public and private investment organisations from across several Arab countries. Mohsen Adel, Chairman of the General Investment Authority of Egypt, said that ...

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