May, 2018

• 23 May

  United Air board faces a long to-do list, from chairman to jets

  

  Bloomberg United Continental Holdings Inc. directors face a series of momentous decisions as the board gathers this week at the airline’s Chicago headquarters. The to-do list ranges from naming a new chairman to initiating a search for a new chief financial officer. There’s also the debate about long-range planes that will make up the company’s future fleet. The deliberations will ...

  Read More »
• 23 May

  MH370 search in peril as Malaysia PM Mahathir cuts costs

  

  Bloomberg The search for Malaysia Airlines Flight 370 is in peril once again as new Prime Minister Mahathir Mohamad reins in government spending. After several extensions of what began as a three-month “no cure, no fee” contract signed by US exploration company Ocean Infinity in January, the government has given extra time until May 29 to wrap up the search ...

  Read More »
• 23 May

  Target’s online push pays off even as profit misses forecasts

  

  Bloomberg Target Corp.’s online sales push paid off in the first quarter even as profit missed forecasts, and the retailer said performance will improve further in the current period. Digital revenue rose 28 percent in the period ended on May 5, the company said. That contributed to a 3 percent lift in same-store sales, beating analysts’ average prediction, according to ...

  Read More »
• 23 May

  JC Penney seeks new chief as CEO exits

  

  Bloomberg Big Texas-based department-store chain seeks new leader: must be willing to tackle sluggish sales, failed fashion and $4 billion in long-term debt. JC Penney Co., once again, is searching for a new chief executive after Marvin Ellison was poached by home-improvement retailer Lowe’s Cos. on May 22, a surprise exit that sent JC Penney’s stock down to historic lows. ...

  Read More »
• 23 May

  M&S faces up to past errors as food, clothing sales fall

  

  Bloomberg Marks & Spencer Group Plc owned up to its mistakes, saying it needs to close more stores and catch up to rivals in e-commerce as Chairman Archie Norman tries to pull the UK retailer out of a crisis that has dragged on for more than a decade. A decline in sales of food and clothing in the fourth quarter ...

  Read More »
• 22 May

  Emirates NBD to buy Denizbank for $3.2bn

  

  Bloomberg By most accounts, Dubai’s biggest bank got a good deal when it agreed to buy Turkey’s Denizbank AS for $3.2 billion. Emirates NBD PJSC is buying the lender from Russia’s Sberbank at a time when the country is struggling with a plunging currency, a wave of debt restructurings, looming elections and political meddling in the finance industry. The purchase ...

  Read More »
• 22 May

  Central bank: M1 hits AED517.4bn

  ABU DHABI / WAM The Central Bank announced that the Money Supply aggregate M1 increased 1.3 percent, from AED510.6 billion at the end of March 2018 to AED517.4 billion at the end of April 2018. The Money Supply aggregate M2 increased 1.5 percent, from AED1293.8 billion at the end of March 2018 to AED1313.1 billion at the end of April 2018. ...

  Read More »
• 22 May

  ‘New 10-year visa rule reinforces UAE’s international competitiveness’

  ABU DHABI / WAM Mohammed Thani Murshid Al Rumaithi, Chairman of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry, praised the decisions of the UAE Cabinet related to the full ownership of Emirati companies by international investors and companies. This move will encourage more international companies to do business in the UAE and benefit from ...

  Read More »
• 22 May

  Mubadala to sell EMI Music stake to Sony in $1.9 billion agreement

  

  Bloomberg Sony Corp. is buying EMI Music Publishing, getting its hands on a catalog of 2.1 million songs from Beyonce, Carole King and other artists as it embarks on a new growth plan built on content and services. The Japanese company will buy about 60 percent equity interest from a consortium led by from Mubadala Investment Co. for about $2 ...

  Read More »
• 22 May

  UAE government expenditure tops AED48.57 billion in 2017

  ABU DHABI / WAM The actual expenditure of UAE federal government departments amounted to AED48.572 billion during 2017, with a 100 percent execution rate, according to the financial performance report issued by the Ministry of Finance. Spending on the general public services sector reached around AED16.190 billion, accounting for 33.3 percent of total expenditurein 2017, with the public order and ...

  Read More »