January, 2018

• 28 January

  Malaysia raises key rate as analysts bet no more this year

  

  Bloomberg Malaysia’s central bank raised its benchmark interest rate for the first time since 2014, with economists guessing that it won’t need to tighten again this year. Bank Negara Malaysia increased the overnight policy rate to 3.25 percent from 3 percent, it said in a statement in Kuala Lumpur, as predicted by 16 of the 20 economists in a Bloomberg ...

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• 28 January

  Walmart joins Rakuten to counter Amazon’s dominance

  

  Bloomberg Wal-Mart Stores Inc. has forged another alliance to counter Amazon.com Inc., partnering with Japan’s Rakuten Inc. to sell e-books in the US and improve its online grocery business in Asia’s second-largest economy. The collaboration will bring Rakuten’s Kobo device and e-book catalog to Walmart’s US stores later this year, the companies said in a statement. The partnership also includes ...

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• 28 January

  Airlines tumble as ‘risky’ growth bet stirs fare worries

  

  Bloomberg US airlines tumbled for a second day as more carriers announced plans to add seating capacity— compounding fears of a fare war that would crimp revenue as fuel costs climb. Alaska Air Group Inc. said it expects to increase capacity 7.5 percent this year, while JetBlue Airways Corp. projected as much as 8.5 percent. Economists predict gross domestic product ...

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• 28 January

  Asos trumps retail rivals with strong holiday sales in UK

  Bloomberg Asos Plc’s domestic sales growth rebounded over the holidays as the UK’s largest online-only fashion retailer profited at the expense of store-based rivals. Sales in the UK, Asos’s largest market, rose 23 percent to $429 million in the four months ended on December 31, the London-based company said. The shares rose as much as 1.3 percent, recouping early losses. ...

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• 28 January

  Southwest demands fixes for bugs in $500mn booking upgrade

  

  Bloomberg Southwest Airlines Co. is pushing its supplier to fix customer service problems that emerged following a $500 million upgrade of its outdated reservations system. The carrier is leaning on Amadeus IT Group SA to resolve issues with its Altea programme that replaced Southwest’s 30-year-old, mostly home-grown technology. There have been at least five technical outages since August, with most ...

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• 27 January

  UAE encourages global solutions for supporting innovation at WEF

  DAVOS / WAM Innovation, entrepreneurship and future economies were the main theme of a panel session organised by the UAE during the 2018 World Economic Forum (WEF) in Davos. The sessions aimed to share experiences regarding successful innovation policies and actions that can help address some of the current global innovation challenges. The attendees underlined the fact that innovation and ...

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• 27 January

  $370mn Expo road contracts issued

  Dubai / WAM Following the directives of the Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, to immediately start the construction of roads and transport projects associated with hosting Expo 2020 Dubai, the Roads and Transport Authority (RTA) has awarded two contracts of Phase I and 2 of ...

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• 27 January

  SCA proposes first-of-its-kind carbon emissions trading

  

  ABU DHABI / WAM The Securities and Commodities Authority (SCA) announced an initiative for launching the region’s first-of-its-kind form of trading in emissions that specifically targets carbon dioxide. The initiative reflects the significant growth in passenger and cargo air traffic in the country, with the UAE ports now considered a main destination for a large number of international air carriers, ...

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• 27 January

  EGA to recruit 50 Emirati STEM professionals

  ABU DHABI / WAM Emirates Global Aluminium (EGA) is looking to recruit as many as 50 UAE nationals at Tawdheef, the Abu Dhabi career fair for roles in science, technology, engineering and mathematics-related fields, collectively known as STEM. The positions are for experienced hires, graduate trainees, and young people to join its craft apprenticeship programmes. The EGA also has openings ...

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• 27 January

  UAE, Switzerland boost trade ties

  

  DAVOS / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, met Federal Councillor Johann N Schneider-Ammann, the Head of the Swiss Federal Department of Economic Affairs, Education and Research, during the World Economic Forum 2018. The meeting, attended by Hessa Essa Buhumaid, Minister of Community Development, and Mariam Hareb Almheiri, Minister of State for Future Food Security, saw discussions ...

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