December, 2017

• 24 December

  ‘Egypt should be ready to act if inflation heats up’

  

  Bloomberg The International Monetary Fund lauded Egypt’s economic reform efforts but urged the central bank to be ready to take action if slowing inflation heats up. The fund sounded its note of caution as its executive board signed off on the latest review of Egypt’s reform program. The seal of approval opened the door to another $2 billion tranche of ...

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• 24 December

  Sweden won’t fight for more power over Nordea’s mega bank branch

  

  Bloomberg Sweden’s financial regulator says giving national supervisors additional powers over bank branches — even systemically important ones like Nordea Bank AB — is bad policy. According to Martin Noreus, deputy director general of the Financial Supervisory Authority in Stockholm, national regulators risk missing the big picture. “It is sub-optimal and risky when different supervisors act too much in silos,” ...

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• 24 December

  UBS urges jury to reject self-proclaimed whistleblower’s claim

  

  Bloomberg A lawyer for UBS Group AG urged a New York jury to reject the tale of a former senior bond strategist who claims he was fired for refusing to let the Swiss bank’s traders influence his research reports. Trevor Murray, a onetime UBS strategist for commercial mortgage-backed securities, alleges he was dismissed in 2012 for blowing the whistle on ...

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• 24 December

  Boeing takes aim at Airbus with Embraer talks

  

  Bloomberg Boeing Co. is weighing a potential combination with Embraer SA of Brazil, setting the stage for a blockbuster deal that would fuel the US aerospace giant’s rivalry with Airbus SE in the highly competitive market for smaller jets. The planemakers have been exploring a takeover for more than a year, with senior-level talks that gained urgency in recent months ...

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• 24 December

  XPO logistics surges on report of possible Home Depot bid

  

  Bloomberg Freight hauler XPO Logistics Inc. jumped the most two years after Recode reported that Home Depot Inc. is weighing a possible acquisition as part of a push to compete with Amazon.com Inc. The home-improvement retail giant has held internal discussions in recent months about making a bid, according to the report, which cited an unnamed person familiar with Home ...

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• 24 December

  LVMH designer Phoebe Philo to quit in 2018

  Bloomberg Phoebe Philo, the widely praised creative director of LVMH’s Celine label, is leaving her position in January, the company said. LVMH didn’t announce a successor in its emailed statement. Philo’s departure was well-telegraphed, with the trade publication Business of Fashion reporting in October that the luxury conglomerate was interviewing potential replacements. Still, the move is significant for Celine, which ...

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• 24 December

  Nike suffers worst decline in 9 months as US sales plunge

  

  Bloomberg Nike Inc. shares fell the most in nine months after its North American sales slump worsened, overshadowing strong growth in other regions. The world’s largest sports brand posted quarterly sales that fell short of estimates in its home market, while beating them in Greater China and Europe, the Middle East and Africa. The results show that Nike still faces ...

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• 23 December

  Value of GCC transport projects tops AED1.4trn

  

  Dubai / Emirates Business The combined value of the 1,424 active transport projects in the GCC has exceeded $392.2 billion (AED1.4 trillion) at the end of 2017, according to latest GCC Construction Analytics report issued by BNC Network, the larg-est and most comprehensive project research and intelligence provider in the Middle East and North Africa (MENA) region. Of these, 139 ...

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• 23 December

  UAE world’s top aid donor

  

  Abu Dhabi / WAM The UAE has been ranked the world’s largest donor of official development aid, relative to its national income, according to a data published on Saturday by the Organisation for Economic Co-operation and Development (OECD). The official development aid provided by the UAE in the year 2016 reached AED15.57 billion, making up 1.21 percent of the country’s ...

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• 23 December

  Hamriyah Free Zone inks deal to expand its global footprint

  

  Sharjah / WAM The Hamriyah Free Zone Authority (HFZA), signed a strategic partnership agreement with Gulf Publishing Company (GPC), the world’s largest independent media company devoted exclusively to the global energy industry for more than 100 years with a readership of over 100,000. World Oil, Hydrocarbon Processing, Pipeline & Gas Journal, Petroleum Economist and Gas Processing are the major publications ...

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