June, 2017

• 7 June

  Account error at Philippine bank spurs social media storm

  

  Bloomberg Bank of the Philippine Islands (BPI) blamed an internal data-processing error for inaccurate customer-account balances amid a flurry of claims on social media over unauthorized withdrawals and missing funds. Some deposit accounts don’t reflect their correct balances because the processing error had caused past transactions to be either debited or credited twice, the third-largest Philippine lender by assets said ...

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• 7 June

  QNB trading at cheapest in four years as crisis swirls

  

  Bloomberg Qatar National Bank QPSC, the biggest lender in the Middle East, is trading at the cheapest relative to emerging-market peers since 2013 as a regional political storm engulfs its home country. That doesn’t mean analysts are suggesting it’s a good time to buy the stock. The Doha-based bank is trading at close to nine times its expected earnings, the ...

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• 7 June

  London’s big bang banking hub pivots for post-Brexit reinvention

  

  Bloomberg For 30 years, an army of UBS Group AG traders packed the football-field-sized floors of a building in the City of London’s largest office project. Now teams of laborers in high-visibility jackets are busily transforming the property for a different type of worker. Broadgate, a 32-acre (13-hectare) complex built to accommodate the banks and law firms that mushroomed out ...

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• 7 June

  Qataris banned from boarding flights to UAE

  

  DUBAI / Reuters Qatari nationals will not be allowed to board flights to Dubai or Abu Dhabi because the UAE has banned them from passing through its airports after Arab powers cut ties with Qatar, Etihad Airways said on Wednesday. Foreigners living in Qatar with residence visas will no longer be eligible for visas on arrival into the United Arab ...

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• 7 June

  Qantas to host 74th IATA AGM in Sydney in 2018

  

  Cancun / Emirates Business The International Air Transport Association (IATA) announced that Qantas will host the 74th IATA Annual General Meeting (AGM) and World Air Transport Summit. The event will attract the top leadership of the air transport industry to Sydney, Australia, from June 3-5, 2018. “Sydney is an excellent choice to become the capital of the global air transport ...

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• 7 June

  Etihad Cargo, Royal Air Maroc Cargo sign pact to increase cooperation

  

  Casablanca / Emirates Business Etihad Cargo and Royal Air Maroc Cargo have signed a Memorandum of Understanding (MoU) which will see the two airlines cooperate in a number of areas including network development, freighter deployment and increasing traffic on several trade lanes over the next nine months. The MoU was signed at Royal Air Maroc’s headquarters in Casablanca by David ...

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• 7 June

  Steinhoff operating profit rises to $1bn

  Bloomberg Steinhoff International Holdings NV said first-half earnings rose 13 percent as the acquisitive retailer that was started in South Africa reported revenue and margin growth across its household goods and general merchandise business. Operating profit increased to 903 million euros ($1 billion) in the six months through March, the Amsterdam-based company said on Wednesday in a statement. Sales advanced ...

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• 7 June

  Macy’s new CEO vows to keep shoppers’ attention as malls fade

  

  Bloomberg Macy’s Inc. Chief Executive Officer Jeff Gennette is optimistic about the future of the largest department-store chain, even if it doesn’t look much like the store R.H. Macy imagined. Gennette, 55, wants to build Macy’s into a fashion destination where shoppers looking for exclusive products can buy online or on their phones as easily as in a store. In ...

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• 6 June

  DEWA signs AED1.7bn contract with Siemens

  

  DUBAI / WAM Dubai Electricity and Water Authority (DEWA) has signed an AED1.7 billion Operating Plant Service Agreement (OPSA) contract with German company Siemens. The 12-year contract includes providing maintenance, spare parts and gas turbine rehabilitation for the second phase of K-Station at Jebel Ali Power and Desalination Station, and the third phase of H-Station at the Al Aweer Power ...

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• 6 June

  Foreign shares value on UAE markets hit AED97bn

  ABU DHABI / WAM As much as AED97 billion is the total market value of shares owned by foreign investors on UAE stock markets in May 2019, accounting for a 12.8 percent of the total value of equities traded during the same period, which is estimated as much as AED756.5 billion. As per latest market statistics, stocks owned by UAE ...

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