May, 2018

• 7 May

  OCBC drops on concern profit growth relied on loan provisions

  Bloomberg Oversea-Chinese Banking Corp (OCBC) shares fell the most in a month after the Singaporean bank posted first-quarter profit growth that relied largely on a drop in loan provisions as lending margins stagnated. Southeast Asia’s second-largest bank slid as much as 3.2 percent in Singapore on Monday morning after Chief Executive Officer Samuel Tsien signaled that last quarter’s decline in ...

  Read More »
• 7 May

  China set to give global finance sector the chance of a lifetime

  

  Bloomberg China’s $42 trillion financial sector is set to open up to the world like never before. To deliver on longstanding pledges and help stave off the threat of tariffs from US President Donald Trump, Chinese officials have set a June 30 deadline to ease ownership and business restrictions for banks, securities firms, asset managers and life insurers. Securities firms ...

  Read More »
• 7 May

  Nestle bets $7bn on Starbucks to revive its global coffee sales

  

  Bloomberg Starbucks Corp. is giving Nestle SA a shot at revitalising its global coffee business. In the third-biggest transaction in Nestle’s 152-year history, the Swiss food giant will spend $7.15 billion for the right to market Starbucks-branded products from beans to capsules, marrying its international distribution network with the allure of arguably the biggest name in java. Nestle won’t get ...

  Read More »
• 7 May

  Africa’s e-commerce firm sets sights on Egypt market

  

  Bloomberg Africa’s leading online shopping platform, Jumia, wants to make Egypt its biggest market on the continent, and it’s turning to an unexpected corner for help: the country’s vast network of unlicensed vendors. Often touted as Africa’s answer to online retail giant Amazon, Jumia wants 10-fold growth in revenue from Egypt and six-fold growth in the number of products offered ...

  Read More »
• 7 May

  China hits back after US blasts ‘Orwellian’ rule for airlines

  Bloomberg China isn’t backing down after the White House called an order for airlines to stop referring to Taiwan, Hong Kong and Macau as countries “Orwellian nonsense.” The foreign ministry in Beijing said that all three places “are indivisible parts of China.” Hong Kong and Macau answer to Beijing, despite having different currencies, separate financial systems and elected legislators, while ...

  Read More »
• 7 May

  Air France tumbles as CEO prepares to quit

  

  Bloomberg Air France-KLM Group is facing its biggest crisis in years as CEO Jean-Marc Janaillac prepares to quit amid a deepening labour conflict that the French government has warned is threatening its very survival. The stock dropped as much as 14 percent, the most since 2002. Even before today, the shares had lost 40 percent in value this year, making ...

  Read More »
• 7 May

  Tom Brady’s meal-kit maker gets boost from Del Monte

  Bloomberg Purple Carrot, the meal-kit company that partnered with Tom Brady to create the quarterback’s TB12 line of food, is getting a boost from the fruit and vegetable giant Fresh Del Monte Produce Inc. Del Monte, which generates more than 40 percent of its revenue selling bananas, is investing $4 million in the Needham, Massachusetts-based startup. The deal gives Purple ...

  Read More »
• 7 May

  US airlines are ready to party in Hawaii with a flood of seats

  

  Bloomberg Who doesn’t love a Hawaiian holiday? Airlines have recognized strong traveller demand for the Aloha State and are pouring on new service — even before Southwest Airlines Co. launches its planned entry into the market. American Airlines Group Inc. plans to begin a daily winter flight from Chicago to Honolulu on December 19. Hawaiian Holdings Inc. also plans additional ...

  Read More »
• 6 May

  Aldar contributes AED36 million to Sandooq Al Watan

  Abu Dhabi / WAM Aldar Properties has announced a contribution of AED36 million to Sandooq Al Watan, the National Fund entrusted with the responsibility of promoting sustainable development, a decent life and a bright future for all the people of the UAE. The contribution was personally made by Aldar’s Chairman, His Excellency Mohamed Khalifa Al Mubarak. Aldar’s latest contribution to ...

  Read More »
• 6 May

  Enoc sales volumes reach 249mn barrels

  DUBAI / WAM Enoc Group unveiled on Sunday that its sales volume in 2017 reached 249 million barrels, underpinned by the group’s strategic expansion of trading activities, retail operations, energy storage and petroleum product marketing efforts. Saif Humaid Al Falasi, Group CEO of Enoc, said, “The UAE is an integral player in the global energy landscape and is at the ...

  Read More »