July, 2018

• 2 July

  Investor presses Nestle to fix strategy, sell L’Oreal stake

  

  Bloomberg One year after buying a stake in Nestle SA and watching his holding lose value, activist investor Dan Loeb is running out of patience. Loeb fired off a 34-page presentation over the weekend, demanding a far more radical transformation than the world’s largest food company has so far embraced. Accusing Nestle of a “muddled strategic approach” that threatens its ...

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• 2 July

  Tesco forms purchasing alliance with Carrefour to cut costs

  

  Bloomberg Tesco Plc is forming a purchasing alliance with French retailer Carrefour SA to increase its leverage with suppliers in a consolidating and price-squeezed supermarket business. The alliance between two of Europe’s largest retailers, with combined annual sales of about $171 billion, aims to enhance the companies’ clout in buying branded goods and private-label items as competition from discounters like ...

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• 2 July

  Competition gets tougher for Air France-KLM in Paris

  

  Bloomberg Competition just got even tougher for Air France-KLM as yet another low-cost operator offers cheap transatlantic flights from Paris, while the Franco-Dutch carrier struggles with a top management void and labour strife. British Airways parent IAG SA started discount links between the French capital and Montreal on Monday through its low-cost arm Level, taking direct aim at Air France-KLM ...

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• 2 July

  Singapore’s Trax raises $125mn pre-IPO funding

  Bloomberg Trax, a Singapore-based startup serving the retail industry, raised $125 million in a funding round led by Boyu Capital as it advances plans for an initial public offering. The IPO could take place in the next 18 to 24 months and the company is already in talks with both the Nasdaq and New York Stock Exchange, CEO Joel Bar-El ...

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• 1 July

  UAE provides urgent food aid to Somalia

  PUNTLAND / WAM Teams from the Khalifa bin Zayed Al Nahyan Foundation have begun the distribution of emergency relief assistance to Somali families in villages in Puntland State, northeastern Somalia, as part of phase two of a campaign launched to assist those ravaged by drought in the region. 900 tonnes of food aid is being delivered to help recipients endure ...

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• 1 July

  Automakers call on US to forgo car tariffs

  

  Bloomberg BMW AG and Hyundai Motor Co urged the US not to impose tariffs on auto imports, joining General Motors Co in pressing their case to the Commerce Department even as a top aide to President Donald Trump dismissed the concerns as “smoke and mirrors.” “It seems that the threat to impose these sanctions is designed to achieve certain goals,” ...

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• 1 July

  Credit lending to industrial, business sectors up 3.4%

  Abu Dhabi / WAM The balance of loans lent by banks operating in the UAE to the industrial and business sectors rose 3.4 percent at the end of May 2018 to AED 774.5 billion, from AED748.9 billion in December 2017, according to figures released by the UAE Central Bank (CBUAE) on Sunday. The two sectors borrowed 48 percent of aggregate ...

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• 1 July

  SCA, ministry to launch platform for funding SMEs

  

  ABU DHABI / WAM The Securities and Commodities Authority (SCA) is working with the Ministry of Economy (MoE) and the Organisation for Economic Co-operation and Development (OECD) to launch a new international initiative to create a platform for funding small and medium-sized enterprises (SMEs), said Dr Obaid Al Zaabi, CEO of the SCA. In his statement to the Emirates News ...

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• 1 July

  Strong ties among Arab countries vital to future food security in Mena

  

  DUBAI / Emirates Business HE Mariam bint Mohammed Almheiri, Minister of State for Future Food Security, said that the future food security of the Middle East and North Africa region (Mena) depends primarily on strengthening economic and trade cooperation between regional countries, and elevating these ties to newer heights, especially in agriculture and agricultural production. “With similarities in the climatic ...

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• 1 July

  Report confirms UAE’s strong human rights record: Hanif Al Qasim

  

  Dubai / WAM Dr Hanif Hassan Al Qasim, Chairman of the Geneva Centre for Human Rights Advancement and Global Dialogue, said that the adoption by the United Nations of the UAE’s Universal Periodic Review Report reflects the country’s leading record in human rights. In a statement, Dr Al Qasim praised the UAE leadership’s efforts in human rights development, which it ...

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