October, 2018

• 13 October

  ‘Great bank heist’ sees $130mn plundered in South Africa

  

  Bloomberg A probe into the failure of VBS Mutual Bank found that at least 53 people and companies may have benefited from the looting of 1.9 billion rand ($130 million) from the South African lender before its collapse. Investigator Terry Motau, who was appointed by the central bank to lead the inquiry, is calling for arrests to be made and ...

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• 13 October

  Airbus could beat Boeing to market with range-boosting jet

  

  Bloomberg Airbus SE could build a longer-range version of its newest narrow-body jet by 2023, according to prospective buyer Air Transat, beating a competing Boeing Co. model to the market. The Canadian carrier’s president, Jean-Francois Lemay, has been briefed by Airbus on its thinking regarding service entry for the proposed aircraft, as well as by leasing firm AerCap Holdings NV, ...

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• 13 October

  Boeing is delaying US return to space: NASA

  

  Bloomberg Boeing Co.’s construction of the largest rocket in NASA’s history is projected to cost $8.9 billion—double the initial budget. While taxpayer-funded cost overruns are de rigueur when talking about the US military industrial complex, the massive aerospace company is also two years behind schedule, a gap that could widen further, according to an audit by NASA’s inspector general. The ...

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• 13 October

  American Airlines files lawsuit over its logo copyright denial

  

  Bloomberg American Airlines isn’t pleased with the US Copyright Office’s conclusion that its logo lacks creativity. So the airline is upholding a distinctly American tradition — it’s taking the agency to court. The logo, introduced in 2013 amid a major rebranding by the company, depicts an abstract white eagle’s head poking through a diagonal band with blue on top and ...

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• 13 October

  Sears’s demise has Best Buy, JC Penney licking their chops

  

  Bloomberg The increasing pain at Sears Holdings Corp. could mean big gains for competitors, with appliances the biggest moneymaker up for grabs. The struggling retailer has been giving away market share for years, but its Kmart and Sears chains still generate about $14 billion in annual sales. And if the company ultimately files for bankruptcy and liquidates its roughly 800 ...

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• 13 October

  UK regulator lands Heathrow slots as first target post Brexit

  

  Bloomberg The UK’s competition watchdog is setting out what it wants to look like in a post-Brexit world — and the first step is filling the regulatory gap. The Competition and Markets Authority plans to probe control of the take-off and landing slots at London’s Heathrow Airport as part of an investigation into a British Airways alliance on tran- satlantic ...

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• 10 October

  UAE has become an international symbol of tolerance: Sheikh Nahyan

  

  ASTANA / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister for Tolerance, said that the UAE, since its establishment by the late Sheikh Zayed bin Sultan Al Nahyan, has become a regional and international symbol of tolerance and humanitarian coexistence, through its initiatives and efforts to support international organisations that call for tolerance, love and peace around the world. He ...

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• 10 October

  UAE, Spain boost collaborations in healthcare

  

  MADRID / WAM The UAE Embassy in Spain has signed an agreement with the country’s four leading healthcare providers to facilitate knowledge-sharing and exchange of expertise in the healthcare sector. Dr Hissa Abdullah Al Otaiba, UAE Ambassador to Spain, signed the agreement on behalf of the government. The agreement includes facilitating mutual exchange of knowledge and expertise in different medical ...

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• 10 October

  Oil demand reaching record high: Al Jaber

  

  ABU DHABI / WAM There are opportunities for expansion, investment and growth in the oil and gas industry, as demand for energy continues to rise, particularly from the high-growth economies of Asia, according to Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (Adnoc). Speaking in London at the 39th ...

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• 10 October

  New sister port pact to enhance UAE-US trade

  

  SHARJAH/ WAM Gulftainer hosted the signing of a sister port agreement between the Department of Seaports & Customs of the Government of Sharjah and the Diamond State Port Corporation (DSPC), a corporate entity of the State of Delaware, USA. Under the terms of the partnership, the two entities are mandated to cooperate in the development of international trade and logistics, ...

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