August, 2018

• 13 August

  This isn’t the moment to bet against Hong Kong property sector

  

  Hong Kong’s banks are finally raising mortgage rates. This won’t stem price gains in the world’s most expensive city for real estate. Already up 14 percent this year, Hong Kong’s home prices now overshadow those of New York and London relative to incomes. A key reason behind the unstoppable gains: The big banks, flush with liquidity, have held off passing ...

  Read More »
• 13 August

  Carmakers are choking on blue-sky emission rules

  

  Mazda Motor Corp’s struggle to save the internal combustion engine from extinction threatens to choke in a cloud of faulty emissions tests. It may not be the only casualty: The widening global emissions scandal perhaps says as much about badly designed standards as the failings of automakers. Mazda has eschewed the industry’s rush to develop electric vehicles, seeking to prove ...

  Read More »
• 13 August

  Air Arabia reports net profit of AED230mn in H1 2018

  

  Sharjah / Emirates Business Air Arabia (PJSC) announced strong financial results for the first half ending on June 30, 2018 as the Middle East and North Africa’s first and largest low-cost carrier continued to deliver solid and sustained financial performance. Air Arabia reported a net profit of AED 230 million for the first half ending on June 30, 2018; a ...

  Read More »
• 13 August

  Japan’s Don Quijote signals interest in Walmart chain Seiyu

  Bloomberg Don Quijote Holdings Co.’s chief is interested in buying the Seiyu retail chain if Walmart Inc. is selling its Japanese operations. The Japanese discount store operator would take a serious look at Seiyu if Walmart puts it up for sale, according to comments made by Chief Executive Officer Koji Ohara at a briefing in Tokyo. He added that real ...

  Read More »
• 13 August

  Virgin, BA criticise long wait times at Heathrow

  Bloomberg Virgin Atlantic has joined British Airways in criticising long waiting times at passport control at Heathrow Airport, releasing figures showing that the Border Force hit its target for processing passengers from outside the European Economic Area on just one day in July. Virgin says passengers are “frustrated” as waits of more than two hours are becoming the norm. The ...

  Read More »
• 13 August

  Aeroflot shares plunge as US sanctions raise flight-ban risk

  

  Bloomberg Aeroflot PJSC, Russia’s largest air carrier, plunged to an almost two-year low after the US threatened sanctions that could include flight restrictions. The State Department announced new sanctions against Russia to punish President Vladimir Putin’s government for allegedly using a chemical weapon against former double agent Sergei Skripal in the UK earlier this year. A second round of sanctions ...

  Read More »
• 13 August

  StanChart and Commerzbank targeted in suit over Steinhoff

  

  Bloomberg Standard Chartered Plc and Commerzbank AG are among companies targeted by investors suing Steinhoff International Holdings NV to recover as much as 12 billion euros ($13.8 billion) they claim they lost because of accounting irregularities at the retail giant. The suit was filed in Johannesburg and seeks class-action status to cover shareholders who bought Steinhoff stock from June 26, ...

  Read More »
• 13 August

  VF to spin off Wrangler, Lee Jeans to focus on active wear

  

  Bloomberg VF Corp. plans to spin off its Lee and Wrangler jeans business to focus on faster-growing outdoor products and active wear such as its North Face and Vans brands. The spinoff to shareholders should be completed in the first half of next year, Greensboro, North Carolina-based VF said in a statement. The jeans business, which has yet to be ...

  Read More »
• 12 August

  Empower records 250,000 e-service transactions till July

  

  DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) reported that the number of its online transactions is continuously growing. The company recorded a total of 250,000 transactions performed through its e-services system from January to July 2018. Empower aims to increase the number of e-services subscribers to achieve 100 percent online transactions. The e-services allow customers to pay bills ...

  Read More »
• 12 August

  FAB extends rally as index review nears

  

  Bloomberg First Abu Dhabi Bank PJSC’s stock has gained in six of the past seven weeks, bringing the rally for the year to 37 percent. A beckoning index-weighting upgrade means more joy could be in store for shareholders. The biggest lender in the United Arab Emirates is expected to have its weighting in the MSCI Emerging Markets Index doubled to ...

  Read More »