May, 2018

• 28 May

  African wave of easing mostly ends as price pressures build

  

  Bloomberg Interest rate decisions across Africa in the next two weeks are likely to confirm the continent’s biggest economies have mostly ceased a wave of easing that’s been going since last year. Factors from sticky inflation to rising crude prices may persuade central bankers to freeze borrowing costs. Institutions in Nigeria, South Africa, Angola, Kenya and Mauritius will probably keep ...

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• 28 May

  China gives airlines extension over ‘Taiwan’

  

  Bloomberg Most of the foreign airlines that agreed to tweak references to Taiwan to reflect the island as part of the mainland China have been given more time to comply as Beijing extends a crackdown on companies over its stance on disputed territories. Air France-KLM and Deutsche Lufthansa AG are among airlines that have made changes to their websites, while ...

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• 28 May

  Kenya Air CEO open to SAA pact as embattled carriers restructure

  

  Bloomberg Kenya Airways Plc could cozy up to rival South African Airways as the embattled companies seek to narrow the gap with the continent’s biggest carrier, Ethiopian Airlines Enterprise. The Nairobi-based airline, sub-Saharan Africa’s third largest by passenger traffic, views a closer relationship with SAA, the No. 2, as a possibility amid turnaround efforts at the unprofitable operators, Chief Executive ...

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• 28 May

  Philippine carriers set to raise prices on peso, fuel

  

  Bloomberg Airlines in the Philippines are under pressure to raise ticket prices to offset rising fuel costs and the peso’s plunge to an almost 12-year low, risking lower demand from travelers also hurt by the currency’s decline. “We will have to adjust prices accordingly,” said Lance Gokongwei, president of Cebu Air Inc., which owns the nation’s largest budget carrier. Cebu ...

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• 28 May

  Nestlé launches new UAE-produced KitKat range

  

  Dubai / Emirates Business KitKat announced the launch of the first of a kind KitKat Mini Moments Desserts in the Middle East featuring four unique flavours inspired from some of the most renowned desserts in the world. The new mini chocolate bars are produced locally in the UAE with a mini portion, same indulgent taste and sourced from 100% certified ...

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• 28 May

  Reality sets in for big-box retailers after Amazon awakening

  Bloomberg With Amazon now gobbling up more than 40 percent of all online spending in the US, that’s left traditional retailers scrambling for the rest. Walmart Inc., Target Corp. and Best Buy Co. have all made big investments in recent years in e-commerce — sprucing up websites, offering more delivery options and making acquisitions like Walmart’s $16 billion deal for ...

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• 27 May

  Abu Dhabi issues 2935 licenses in first quarter

  ABU DHABI / WAM The Abu Dhabi Business Centre of the Department of Economic Development (DED) has registered 2,935 licences during first quarter of 2018, an increase of 26% compared to the same quarter last year, which only saw 2,328 new licenses, according to the report issued for the first quarter of 2018. The report monitors commercial activities in Abu ...

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• 27 May

  Fujairah’s foreign trade rises 5.9% to AED14.4bn

  

  FUJAIRAH / WAM The total foreign trade of Fujairah during 2017 was valued at AED14.377 billion, 5.9 percent higher than the 2016 figure of AED13.577 billion, according to the 2017 Yearbook issued by the Fujairah Statistical Centre. Direct foreign trade rose from AED5.995 billion in 2016 to AED6.372 billion in 2017, an increase of 6.3 percent. Of this, imports accounted ...

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• 27 May

  OPEC, allies reach goal of wiping out oil glut

  

  Bloomberg OPEC and allied oil producers including Russia concluded that the crude market re-balanced in April, when their collective production cuts achi- eved a key goal of draining the surplus in global stockpiles. The excess in oil inventories, which has weighed on prices for three years, plun-ged in April to less than the five-year average for stockpiles in developed nations, ...

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• 27 May

  Dewa, Finnish firm discuss ties in renewables

  DUBAI / WAM Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (Dewa) received a delegation from the Finnish company, Valmet in the renewable energy sector. Saeed Mohammed Al Tayer welcomed the Finnish delegation and discussed enhancing cooperation and exchanging best international experiences and expertise between Dewaand Finnish companies in renewable, clean energy and environmental sustainability.

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