July, 2017

• 22 July

  UBF launches unified platform for handling customer complaints

  Abu Dhabi / Emirates Business The UAE Banks Federation (UBF), a professional body representing 48 member banks operating in the UAE, announced that it has secured support of the Central Bank for its initiative which aims at developing a unified framework for handling complaints of bank customers in the country. “The proposed framework was developed as part of UBF’s continued ...

  Read More »
• 22 July

  BofA chooses Dublin for main EU hub after Brexit

  

  Bloomberg Bank of America Corp. (BofA) has picked Dublin to locate its main European Union hub in preparation for Britain quitting the bloc in 2019, the latest global bank to finalize its contingency arrangements after Brexit. The bank will move some roles from London to the Irish capital and other cities across the EU, it said in a statement. Bank ...

  Read More »
• 22 July

  Andbank targets wealthy Brazilians in Miami for growth plan

  

  Bloomberg Andbank, the Andorran private bank with $26 billion under management, is joining the rush to grab market share among wealthy Brazilians living in Miami. The micro-state’s largest bank has hired seven people for its Latin America private-banking business in Miami in 2017, bringing the total to 22, and could add as many as eight more by year-end, Carlos Moreno ...

  Read More »
• 22 July

  UK plan puts Heathrow at core of post-Brexit era

  

  Bloomberg Britain’s strategy for boosting the aviation sector will seek to enhance international connectivity as the UK quits the European Union, tighten noise and pollution curbs, tap new anti-terrorist technologies and improve the travel experience with everything from personal baggage collection to smoother border controls. The plan would also seek to safeguard Britain’s aerospace manufacturing base, advance the development of ...

  Read More »
• 22 July

  Louis Vuitton opens e-commerce store in China

  

  Bloomberg Louis Vuitton launched an e-commerce service in China, seeking to capitalize on a rebound in the world’s largest luxury-goods market, where online sales have been dominated by local Internet giants. The site will let customers buy Louis Vuitton leather goods, shoes, accessories, watches, jewelry, luggage and perfume, the LVMH-owned brand said in a statement Friday. The site will cover ...

  Read More »
• 22 July

  Spring Air to restore flights to South Korea

  

  Bloomberg Spring Airlines Co., China’s biggest budget carrier, plans to resume some flights to South Korea as easing tensions between the two neighbors encourage mainland tourists to return to the peninsula’s popular destinations. Relations between China and South Korea are better than a few months ago, and that should enable the airline to boost its services, Chairman Wang Yu told ...

  Read More »
• 22 July

  IndiGo’s parent to pick banks for institutional share sale

  

  Bloomberg InterGlobe Aviation Ltd., operator of India’s largest airline, has picked banks including Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley to work on an institutional share sale, according to people with knowledge of the matter. InterGlobe, which operates the IndiGo carrier, is planning the sale to help cut its owners’ stake to achieve the minimum public shareholding of ...

  Read More »
• 22 July

  Pratt & Whitney faulted as biggest F-35 engine deal’s cost rises

  

  Bloomberg United Technologies Corp.’s Pratt and Whitney unit has been slow to incorporate promised cost savings techniques for the latest and biggest batch of engines to power F-35 jets, the Pentagon’s costliest weapons program, according to a new report. Pratt is producing 102 engines for the fighters built by Lockheed Martin Corp. under what’s now a $2.1 billion contract, including ...

  Read More »
• 22 July

  OPEC, Russia to stand pat on oil deal even as glut persists

  

  Bloomberg OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet this weekend. Oil has slumped into a bear market and inventories remain stubbornly high despite a deal between OPEC and 10 countries outside the group to cut output. The ...

  Read More »
• 22 July

  Oil slides most in two weeks as OPEC production rises

  

  Bloomberg Oil dropped the most in two weeks as a report that OPEC’s July supply will be the highest this year fueled worries over a global glut. Futures tumbled 2.5 percent in New York, erasing gains from earlier this week. Supply from OPEC is set to exceed 33 million barrels a day this month as members including Saudi Arabia and ...

  Read More »