June, 2018

• 9 June

  Gucci aims to rival Louis Vuitton with $12 billion target

  

  Bloomberg After surpassing Hermes, Gucci has Louis Vuitton in its sights. The Italian fashion brand, owned by Kering SA of France, aims to lift revenue to 10 billion euros ($12 billion) from last year’s 6.2 billion euros, according to an investor presentation Thursday. That would rival LVMH’s Louis Vuitton, long the biggest and most profitable name in luxury. With a ...

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• 9 June

  Delta drags down airlines after fuel cost spurs cut to forecast

  

  Bloomberg Delta Air Lines Inc. dragged down US airlines after the carrier trimmed its profit outlook, citing the rising price of jet fuel. Second-quarter earnings will be no more than $1.75 a share, Delta said in a statement. That’s down from a previous forecast of as much as $2 a share. Fuel prices have risen about 12 percent since the ...

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• 9 June

  Airlines have bigger nightmare than fuel, a runway shortage

  

  Bloomberg Pity the airlines: fuel prices are soaring, pilots are in short supply and political spats threaten global trade. And worse may be to come. With global passenger numbers forecast to almost double to 7.8 billion by 2036, runways, airports and even airspace could rapidly become too crowded to cope. In Asia, which will contribute more than half of the ...

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• 7 June

  First Saudi-Emirati Coordination Council meet held in Jeddah

  

  JEDDAH / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince, Deputy Prime Minister, Minister of Defense of the Kingdom of Saudi Arabia and President of Saudi Council of Economic and Development Affairs chaired the first meeting ...

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• 6 June

  AED50bn stimulus fund to fuel Abu Dhabi’s growth

  

  ABU DHABI / WAM Officials from the Department of Culture and Tourism — Abu Dhabi said the AED50 billion stimulus package, announced by HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supr-eme Commander of the UAE Armed Forces, will sharpen the emirate’s competitive edge. Mohamed Khalifa Al Mubarak, Chairman of the Department of Culture ...

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• 6 June

  Immensa: First UAE firm to submit 3D-printing patent

  Emirates Business Immensa Technology Labs (Immensa), the UAE’s leading Additive Manufacturing (AM or 3D printing) company, has submitted the first 3D printing related patent from a UAE-based company. The patent — an Immensa proprietary met-hod for the production of moulds for concrete and other aggregates utilising 3D printing — is an exclusive innovation that aims to revolutionise the way regional ...

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• 6 June

  Aramco raises Asia oil pricing to 4-year high

  

  Bloomberg Saudi Arabia, the world’s largest oil exporter, raised pricing on key crude grades for buyers in Asia to the highest since 2014 as demand builds in the country’s biggest market amid threats to rival suppliers. State-owned Saudi Arabian Oil Co. raised its official selling price for Arab Light crude for July shipment to Asia by 20 cents to $2.10 ...

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• 6 June

  Chinese blockchain firm Tai Cloud enters UAE

  DUBAI / Emirates Business Beijing Tai Cloud Technology, the first blockchain company in China’s new OTC market, has announced the launch of its UAE operations aimed to leverage opportunities of trading in blockchain technology. Tai Cloud is a pioneer in the research and application development of the blockchain technology system in the People’s Republic of China. The company established the ...

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• 6 June

  Global growth poised to slow over next two years, says World Bank

  

  Bloomberg Global growth is set to slow over the next two years as central banks raise borrowing rates and US fiscal stimulus starts to fade, the World Bank said. The world economy will grow 3.1 percent this year and 3 percent in 2019, the development lender said in its latest Global Economic Prospects report. Both forecasts were unchanged from January, ...

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• 6 June

  Arab Coalition fighter jets destroy Houthi positions in Yemen

  Yemen / WAM The Arab Coalition forces in the Red Sea Coast of Yemen, have launched aerial strikes against the Iranian-backed Houthi militias east of Al Mesharie, Al Jarahi, Al Tahita, Al Hussainya and Zubaid, destroying their positions. The strikes and artillery shelling also targeted Houthi vehicles and reinforcements in several sites near the city of Zubaid, crippling Houthi military ...

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