August, 2018

• 25 August

  China selfie app giant disenchants investors amid losses

  Bloomberg The slide in Meitu Inc.’s shares makes for grim viewing. The company behind a photo-retouching app used by hundreds of millions tumbled 13 percent, the most in five months. That came after Meitu posted a first-half loss of $19 million and said it would “de-emphasize net profit generation” until it transformed into a social media platform. The shares fell ...

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• 25 August

  Electric trucks facing long road to unseat diesel engines

  

  Bloomberg The next battleground for replacing fossil fuel-guzzling vehicles will be US interstate highways, where long-haul trucks keep the economy moving. Electric trucks are coming, and they’ll be cleaner and cheaper to operate than conventional models that burn diesel, according to Tesla Inc., which already has prototypes on the road. Diesel advocates say range and recharging will be bigger hurdles ...

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• 25 August

  Air Canada ends Aimia battle with Aeroplan deal

  

  Bloomberg Aimia Inc. soared after a group led by Air Canada agreed to buy its Aeroplan business for $345 million in cash, ending a takeover battle for one of Canada’s most popular loyalty programs. Air Canada and its banking partners sweetened their bid for Aeroplan, winning over Aimia’s board and an activist shareholder that was seeking a higher price. Air ...

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• 25 August

  Air China targets private money for $1.5bn cargo unit

  

  Bloomberg Air China Ltd.’s parent is seeking private money for an air-cargo and logistics venture with planned total investment of $1.5 billion as part of Beijing’s mandate for state-owned firms to diversify their ownership. China National Aviation Holding Co., the state-owned controlling shareholder of Beijing-based Air China, is among companies looking for private partners under the nation’s so-called mixed-ownership reform, ...

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• 25 August

  Air Arabia signs pact with SAP for cloud-based HR system

  

  Sharjah / Emirates Business Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier (LCC), has announced that it has signed an agreement with SAP — a global market leader in enterprise application software for a new cloud-based Human Resources system. The new system “SAP SuccessFactors” will provide Air Arabia with advanced capabilities across all HR functions. ...

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• 25 August

  Ryanair seals deal with Irish pilots, sending stock higher

  

  Bloomberg Ryanair Holdings Plc reached a new labour deal with protesting Irish pilots after a marathon negotiating session, pointing to the end of a dispute that’s disrupted travel for thousands of passengers across Europe. Shares of Ryanair rose the most in three months in Dublin, where the company is based, following 22 hours of discussions. The accord will now be ...

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• 25 August

  Toys ‘R’ Us secured lenders reject paying for worker severance

  

  Bloomberg The private equity owners of Toys ‘R’ Us may be taking unprecedented steps towards supporting the company’s former workers, but the lenders that financed its bankruptcy — and ultimate liquidation — are making no such promises. Angelo Gordon & Co. LP and Solus Alternative Asset Management don’t plan to contribute any more cash to benefit Toys ‘R’ Us employees ...

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• 18 August

  Gulf Air receives first A320neo

  

  Bahrain/ Emirates Business Gulf Air, the flag carrier of the Kingdom of Bahrain, took delivery of its first A320neo. The aircraft, powered by CFM LEAP-1A engines, made its maiden journey from Toulouse to Bahrain, landing at the Bahrain International Airport at 16:00 local time. The aircraft is the first of the 29 A320neo Family aircraft ordered during the 2016 Bahrain ...

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• 18 August

  Arab coalition: Saudi intercepts, destroys Houthi ballistic missile

  RIYADH / WAM Saudi Arabia’s Royal Air Defence Forces intercepted a ballistic missile launched by Iranian-backed Houthi militias towards the Kingdom, said the Arab Coalition Command in a statement. No injuries or casualties were reported. Colonel Turki Al Malki, the Arab Coalition official spokesman, said that at 21:25 on Friday, the Coalition Air Defence detected the launch of a ballistic ...

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• 18 August

  Ibtikari initiative aims to help Emiratis advance tech start-ups

  

  ABU DHABI / WAM The Khalifa Fund for Enterprise Development has issued a final call for applications for the fourth edition of “Ibtikari” (My Innovation), an intensive six-month incubator aimed at helping Emiratis advance their technology start-ups. The deadline to apply is August 31. This year’s updated version of “Ibtikari” is a result of a new partnership between the Khalifa ...

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