July, 2018

• 14 July

  Pakistan adds red tape to access dollars as reserves drop

  

  Bloomberg Pakistan’s central bank has increased the amount of red tape needed to access dollars, according to people with knowledge of the matter, as the nation’s foreign-exchange reserves drop at the fastest pace in Asia. The State Bank of Pakistan has told banks after a currency devaluation last month that importers will need to inform the regulator of any requests ...

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• 14 July

  Bombardier flying high on Airbus deal, luxury aircraft

  

  Bloomberg Bombardier Inc. is flying high — and analysts from Goldman Sachs Group Inc. to AltaCorp Capital Inc. say the rally has plenty of room to continue. The Canadian planemaker is heading for its biggest annual stock gain in almost three decades, only two years after its shares dipped below C$1. The private-jet market is rebounding just in time for ...

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• 14 July

  China Southern in talks with British Airways on JV

  

  Bloomberg China Southern Airlines Co., one of the nation’s top three state carriers, is exploring a joint venture with British Airways for flights between the Asian country and the UK, according to the company’s global sales director. Asia’s biggest carrier by fleet size is discussing with IAG SA’s BA on how to extend cooperation beyond the existing basic code-share agreement ...

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• 14 July

  Norwegian shares jump after surprise profit

  

  Bloomberg Norwegian Air Shuttle ASA rose the most in three weeks after record revenue and a surprise profit added an unexpected sheen to the low-cost carrier that’s getting takeover interest from competitors. The shares gained as much as 8.2 percent after Norwegian reported record second-quarter revenue of $1.3 billion and net income of 296 million kroner, when analysts expected a ...

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• 14 July

  Dunkin CEO sees immigrants as way to ease ‘labour snags’

  

  Bloomberg As Dunkin’ Brands Group Inc.’s new chief executive officer takes the reins, the tight US labour market has his attention. One solution to the staffing crunch, according to Dave Hoffmann, who assumed the top post at the coffee-and-doughnut chain this week, is for the US to provide more student visas for foreigners participating in work-study programmes. “There may be ...

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• 14 July

  Ryanair scraps flights as Irish pilot strike tests resolve

  

  Bloomberg Ryanair Holdings Plc grounded dozens of flights as pilots in its Irish home market walked out after failing to agree to new contracts as part of a move towards unionisation at the discount giant. As of 6 am local time, Dublin Airport’s website listed as cancelled departures to 16 cities including London, Birmingham and Manchester, England, with a similar ...

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• 11 July

  ERC reiterates commitment to meet needs of Yemenis

  ADEN / WAM The Emirates Red Crescent (ERC) has renewed its commitment to fulfil the urgent needs of Yemeni communities, through its support of the country’s Ministry of Social Affairs and Labour. During a meeting with Dr Abtahaj Al-Kamal, Yemeni Minister of Social Affairs and Labour, Saeed Al Kaabi, ERC’s Representative in Aden, reviewed the activities carried out by ERC ...

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• 11 July

  Cabinet okays VAT refund for tourists

  

  ABU DHABI / WAM The UAE Cabinet has adopted a decision to implement the value added tax (VAT) refund system for tourists, which will integrate between retail outlets with tax refund points in line with the government’s efforts to achieve the efficient implementation of the tax system in the UAE. According to a press statement, the new tax refund system ...

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• 11 July

  CBD net profit up 68.7%

  Dubai / WAM The Commercial Bank of Dubai (CBD) on Wednesday reported its financial results for the first half of 2018. H1 profit was AED 561 million, 68.7% higher on the back of a 1.1% increase in operating income and a 5.6% decline in operating expenses. The impairment allowances meanwhile decreased by 35.5%. Operating income increased by 1.1% to AED ...

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• 11 July

  China vows retaliation against Trump’s $200bn trade threat

  

  Bloomberg China vowed to fight back against the Trump administration’s plans to impose tariffs on an additional $200 billion in Chinese goods, escalating a trade war between the world’s two biggest economies. Beijing described the latest US move as “totally unacceptable” bullying, and urged other countries to join China to protect free trade and multilateralism. China promised to lodge complaints ...

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