June, 2018

• 20 June

  American Air to cut management jobs as merger work winds down

  

  Bloomberg American Airlines Group Inc. will cull its management ranks as it sets a course to complete five years of work merging with US Airways. “While not all integration work is complete, much of it is and as a result, now is the right time to look at the organisational structure we need for the future,” American Chief Executive Doug ...

  Read More »
• 20 June

  Kering hands $1.5bn Bottega Veneta to unknown designer

  

  Bloomberg Kering tapped an unknown designer who worked at luxury rival LVMH’s Celine to revamp the Italian handbag-maker Bottega Veneta. The 32-year-old British designer Daniel Lee will take over as creative director of the French luxury company’s third-largest brand in July. He’s succeeding Tomas Maier, the German designer who built Bottega Veneta into a $1.5 billion business but one whose ...

  Read More »
• 19 June

  UAE presents evidence of Iranian support for Houthi militia

  

  ABU DHABI / WAM The Ministry of Foreign Affairs and International Cooperation (MoFAIC) and the UAE Armed Forces on Tuesday presented evidence showcasing a wide range of military weapons and equipment acquired by the Arab Coalition during operations in Yemen on behalf of the legitimate Yemeni Government. The captured weapons, each of which bore distinctive links to Iran, provided physical ...

  Read More »
• 19 June

  Emirates Islamic bags two Banker Middle East awards

  DUBAI / WAM Emirates Islamic has received two awards at the Banker Middle East Product Awards that took place in Dubai. The bank claimed the ‘Best Mobile Banking app’ award and also won ‘Best Islamic Card’ for its Emarati Credit Card that is customised to meet the needs and lifestyles of the UAE’s national customers via exclusive privileges and offers. ...

  Read More »
• 19 June

  Connected aircraft to save aviation sector $15 billion a year by 2035

  

  Abu Dhabi / Emirates Business The connected aircraft, enabled by satellite communications, has the potential to save airlines $15 billion annually in operational efficiencies and 21.3 million tonnes of CO2 emissions by 2035, according to first-of-its-kind research from the London School of Economics and Political Science (LSE) in association with Inmarsat, the world’s leading provider of global, mobile satellite communications. ...

  Read More »
• 19 June

  Apple supplier BOE worst China performer

  

  Bloomberg BOE Technology Group Co.’s stock market reversal is dramatic even by China’s outsized standards. It took less than a year for the Apple Inc. supplier to go from one of the nation’s best-performing stocks to among its worst — a precipitous selloff that may not be over. China’s largest maker of screens for TVs and phones shed more than ...

  Read More »
• 19 June

  Deadly dust storms worsen India’s air

  

  Bloomberg Deadly dust storms sweeping over the densely-populated north Indian plains are part of a “new normal” of disruptive weather events worsening the country’s already-lethal air pollution and causing disruption in the $2.3 trillion economy. In recent months, dust clouds and storms have killed hundreds of people, destroyed thousands of homes and farmers’ crops and led to flight cancellations. The ...

  Read More »
• 19 June

  Mercari soars 77% in Tokyo debut

  

  Bloomberg Mercari Inc. soared on its first day of trading on the Tokyo Stock Exchange, underscoring investor optimism in its prospects. Shares of the Japanese online marketplace traded at around 5,300 yen in Tokyo on Tuesday, rallying from the 3,000 yen price at the initial public offering on June 11. Mercari raised $1.2 billion, Japan’s biggest for a technology company ...

  Read More »
• 19 June

  UAE ranks 17th globally in digital competitiveness

  

  Lausanne / Emirates Business The second edition of the IMD World Digital Competitiveness Ranking 2018 saw a slight improvement in the global ranking of the UAE, allowing it to reach 17th place, and lead its Arab neighbours in the report. The IMD World Digital Competitiveness Ranking 2018 studies 63 economies. This year the majority (29) of countries in the study ...

  Read More »
• 19 June

  Yemeni forces gain control of large parts of Hodeidah Airport

  HODEIDAH / WAM The Joint Yemeni Resistance Forces have successfully gained control of large parts of Hodeidah Airport in a qualitative and surprising military operation that destroyed the defences of the Iranian-backed Houthi militias, amid the escape of a large number of militias, and the killing of dozens under a barrage of fire of resistance with the participation and support ...

  Read More »