July, 2017

• 5 July

  UBS overhauls its European wealth business

  Bloomberg UBS Group AG is consolidating its wealth management business in Europe and emerging markets to streamline operations, expanding the role of top executives in much of the region. Cross-border operations will be combined with domestic businesses in a set-up that will reduce the number of offshore booking centers from about 10 to three — Switzerland, Germany, and the UK. ...

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• 5 July

  BOE’s Saunders warns of 1st UK rate hike in a decade

  

  Bloomberg Ten years since the Bank of England (BOE) last raised interest rates, policy makers are warning Britons to prepare for the next one. “Our foot is pretty much on the floor with the accelerator,” Michael Saunders, a member of the rate-setting Monetary Policy Committee, told The Guardian in an interview published late on Tuesday. “Households should prepare for interest ...

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• 5 July

  Italian banks hit reset as taxpayer billions bail out lenders

  

  Bloomberg Italians may be about to experience something they haven’t felt in some time: confidence in their country’s financial system. European Union officials capped years of turmoil in Italy’s banking industry by approving a plan to salvage Banca Monte dei Paschi di Siena SpA, a onetime pillar of the financial establishment brought to the edge of ruin by bad loans ...

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• 5 July

  US lifts electronics ban on Emirates US-bound flights

  

  Bloomberg / WAM Emirates, the world’s biggest long-haul airline, said measures barring laptops from the cabins of aircraft departing its Dubai base for the US have been lifted. The moratorium, imposed in March, was removed on Wednesday following work with local authorities and regulators on implementing the ‘heightened security measures and protocols’ required by the US Department of Homeland Security ...

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• 5 July

  Gulf Air boosts security, customer service

  

  Dubai / Emirates Business Gulf Air on Wednesday revealed a cybersecurity step-change as part of an ongoing campaign to safeguard its operations and deliver industry-leading customer service. Gulf Air, the national carrier of the Kingdom of Bahrain, has reinforced its network perimeter to pre-empt and combat Distributed Denial-of-Service (DDoS) attacks, improve data centre and application-level security and further enhance data ...

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• 5 July

  Embraer faces tougher US market if JetBlue drops E190 jet

  

  Bloomberg Embraer SA’s E190 aircraft is flown by airlines around the world, but has struggled to find much of a home in North America. Now the largest U.S. operator of the plane may walk away, casting doubts on whether the next version of the jet can succeed in the market. JetBlue Airways Corp. plans to decide by the end of ...

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• 5 July

  British Airways partners with White Company

  

  Emirates Business British Airways on Wednesday announced its plans to give customers a great night’s sleep in the sky through a partnership with the luxury lifestyle brand, The White Company. The iconic British retailer will supply bedding and amenity kits in Club World as part of the airline’s £400m customer investment plan, with a focus on excellence in the premium ...

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• 5 July

  Airbus A380 ‘could be broken up’ for spare parts

  

  Bloomberg Airbus SE’s A380 superjumbo faces the ignominy of being broken up for spare parts if second-hand operators for the oldest jets can’t be found in coming months. The double-deckers could be “parted out” to recover engines and other spares worth at least $100 million per plane, according to German fund manager Dr. Peters, which owns four A380s due to ...

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• 4 July

  Senaat revenues reach AED13.4 billion in 2016

  ABU DHABI / WAM Senaat, one of the largest industrial investment holding companies in the UAE, announced its group financial results for the fiscal year ended 31st December, 2016. The group’s operating companies delivered a solid performance in 2016, reflecting the resilience of its business model. Revenues of AED 13.4 billion (2015: AED 14.0 billion) were marginally lower compared to ...

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• 4 July

  UAE non-oil sector growth improves

  Dubai / Emirates Business Following May’s weakest improvement in six months, the upward growth trajectory of the non-oil private sector gained steam in June. The latest improvement was supported by sharper rises in both new orders and output. The ongoing upturns in output and new order book volumes encouraged companies to engage in input buying, leading to further increases in ...

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