March, 2018

• 26 March

  SNB’s elusive German investor may be clue to bank’s big share gain

  

  Bloomberg The Swiss National Bank’s (SNB) biggest private shareholder sold 10 percent of his stake in 2017, capitalising on the thinly traded stock’s mystifying rally. Theo Siegert, a German businessman and professor, held 6,070 shares — or 6.07 percent of the SNB — as of Dec. 31, down from 6,720 a year earlier, the central bank said in its annual ...

  Read More »
• 26 March

  As trade war heats up, currency whales make their move

  

  Bloomberg For the first time in a decade, the world’s central banks are looking beyond the dollar to build their currency reserves. With US protectionism on the rise, a number of Wall Street strategists say the case for the euro has rarely been better. Existential crises that hobbled the European experiment have receded. A resurgent economy has spurred talk the ...

  Read More »
• 26 March

  Givaudan taps organic trend with $1.6 billion Naturex deal

  

  Bloomberg Going organic can come with a high price tag. Just ask Givaudan SA. The Swiss flavours and fragrance company agreed y to buy Naturex for about 1.3 billion euros ($1.6 billion), or 135 euros a share. That’s 42 percent above where the supplier of natural plant extracts closed in Paris trading. The deal values the Avignon, France-based company at ...

  Read More »
• 26 March

  JD Sports to acquire Finish Line for $558mn

  

  Bloomberg JD Sports Fashion Plc agreed to buy US sportswear retailer Finish Line Inc., seeking to snatch away a company in which Mike Ashley’s Sports Direct International Plc has built a stake. The agreement is valued at a total of $558 million. Ashley’s Sports Direct International, a UK rival of JD Sports, is the second-largest shareholder in Indianapolis-based Finish Line, ...

  Read More »
• 26 March

  Rolls-Royce 787 engine snag extends to Airbus new A330neo

  

  Bloomberg Glitches with Rolls-Royce Holdings Plc engines that have dogged Boeing Co.’s 787 wide-body jet are also an issue for the competing A330neo model from Airbus SE. Rolls-Royce’s Trent 7000 turbine, the only one available on the Airbus plane, shares durability problems afflicting the Trent 1000 from which it was developed, according to people familiar with the matter, who asked ...

  Read More »
• 26 March

  Argentina airport operator seeks new market deals

  Bloomberg Corporacion America Airports SA, the largest private airport operator in the world, is looking at growth opportunities in emerging markets such as Brazil and India, CEO Martin Eurnekian said. The company, which earlier this year raised $486 million when it listed its shares in New York, is already in a bidding process in Jamaica and is actively seeking to ...

  Read More »
• 26 March

  Best Buy to sever ties with Huawei on security concerns

  

  Bloomberg Best Buy Co., the large consumer electronics retailer, plans to sever ties to Chinese phone maker Huawei amid US government criticism of the phone maker, a person with knowledge of the matter said. Best Buy follows US mobile-phone carriers AT&T Inc. and Verizon Communications Inc. in distancing themselves from Huawei, which has come under scrutiny by US officials concerned ...

  Read More »
• 25 March

  DP World wins 30-year Congo port concession

  

  DUBAI / WAM DP World has won a 30-year concession with an option of a further 20-year extension for the management and development of a greenfield multi-purpose port project at Banana, Democratic Republic of the Congo (DRC). The Port of Banana will be the first deep-sea port in the country along its small coastline of 37 kilometres, which currently only ...

  Read More »
• 25 March

  Dubai, South Korea trade surges 8% to AED27.4bn

  ABU DHABI / WAM Dubai non-oil external trade with South Korea grew eight percent in 2017 to reach AED27.43 billion, of which AED22.1 billion were in imports, AED 4.47 billion in exports and AED866 million in re-exports, compared to 2016. South Korea is Dubai’s eighth biggest trade partner in imports and ninth in exports. Ahmed Abdul Salam Kazim, Director of ...

  Read More »
• 25 March

  Abu Dhabi utility folded into new energy department

  ABU DHABI / reuters Abu Dhabi has folded utility Abu Dhabi Water & Electricity Authority (Adwea) into the emirate’s newly established department of energy as part of a consolidation of state-owned entities, a spokesman for the department said on Sunday. The Regulation & Supervision Bureau (RSB), which oversees water, waste water and electricity in Abu Dhabi, will also become part ...

  Read More »