October, 2017

• 2 October

  Cryptocurrency flash crash to draw scrutiny from CFTC

  

  Bloomberg A popular digital-coin exchange is drawing scrutiny from US regulators over a June flash crash that erased most of the value in the second-largest cryptocurrency before traders had time to blink their eyes. The Commodity Futures Trading Commission has requested information from Coinbase Inc. about a June 21 incident on its GDAX platform in which the ether digital token ...

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• 2 October

  Monarch files for insolvency in UK’s biggest airline collapse

  

  Bloomberg UK leisure carrier Monarch filed for insolvency in Britain’s biggest-ever airline collapse, leaving the government to arrange the return of 110,000 tourists and marking the third failure of a major European operator in five months. The airline and Monarch Travel Group have been placed under administration, leading to the suspension of the Luton, England-based company’s operating license, according to ...

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• 2 October

  Fastjet to begin Mozambique, S Africa units as losses shrink

  

  Bloomberg Fastjet Plc will begin flying from Mozambique this year and expects to commence internal South African services in 2018 as it rekindles growth plans put on hold as losses mounted. With the operating loss down 57 percent in the first half and break even forecast for the fourth quarter, Fastjet is ready to revive its pan-African ambitions, aided by ...

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• 2 October

  Lion Capital puts Dutch retailer Hema up for sale

  Bloomberg Hema, a 91-year-old Dutch retailer known for design housewares, is for sale. Private equity firm Lion Capital LLP, which bought the chain a decade ago, is considering strategic options for Hema and appointed Credit Suisse Group as an adviser to a possible sale, the Amsterdam-based retailer said. Hema, which opened its first store in 1926 in Amsterdam, owns more ...

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• 2 October

  P&G faces uphill fight against Peltz after proxy firms back him

  

  Bloomberg Procter & Gamble Co. is facing longer odds in its standoff with Nelson Peltz, the billionaire investor who is vying for a board seat in one of the most contentious proxy fights in years. Peltz won the approval of prominent shareholder-advisory firm Institutional Shareholder Services Inc , following a similar endorsement from Glass Lewis & Co. the previous week. ...

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• 1 October

  Aldar awards AED745mn contract for The Bridges

  

  Abu Dhabi / Emirates Business Aldar Properties PJSC (‘Aldar’), Abu Dhabi’s leading listed property development, investment and management company, appointed Construction Group Contracting House (CGCH) as the main contractor and early works package provider for an AED 745 million contract at The Bridges, its mid-market residential development on Reem Island. The contract, which commences with immediate effect, comprises the construction ...

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• 1 October

  1,610 items under selective tax harmful for health, says ministry

  

  Abu Dhabi / WAM The number of commodities covered by the UAE’s selective taxation has been announced as 1,610 items, 60% of which are classified as soft drink products, 26% as tobacco and its derivatives, and some 14% as energy drinks, all deemed as the most damaging to the public’s health. The Federal Tax Authority has prepared a list of ...

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• 1 October

  UAE remains South Africa’s top trade partner in region

  

  Abu Dhabi / Emirates Business As business links between South Africa and the UAE continue to grow across a number of core sectors, Brand South Africa and the South African Business Council UAE hosted an event at the Southern Sun Abu Dhabi under the theme ‘The Role of SA Business in Promoting the Nation Brand.’ The meeting was attended by ...

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• 1 October

  ADNOC-Norway varsity deal to extend life of UAE’s oil reservoirs

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (ADNOC), one of the world’s leading energy producers, signed an agreement with the Centre of Integrated Petroleum Research (CIPR), in Bergen University, Norway, to conduct applied research into Enhanced Oil Recovery (EOR), techniques that could extend the life of ADNOC’s oil reservoirs. Under the agreement, four Emirati ADNOC employees, with ...

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• 1 October

  WGS chooses India as guest of honour for sixth session

  

  Sharjah / WAM The World Government Summit (WGS) has announced that the Republic of India is the guest of honour for its summit, scheduled for February 11-13, 2018. The World Government Summit said that the hosting of India comes as part of the its endeavor to strengthen its partnerships with countries with pioneering and distinctive experiences in strategic areas that serve ...

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