June, 2017

• 6 June

  Qatari riyal under pressure

  DOHA / Reuters The Qatari currency came under pressure on Tuesday as Gulf commercial banks began to hold off on dealing with Qatari banks because of the diplomatic rift in the region, banking sources said. Some Saudi Arabian, UAE and Bahraini banks were delaying business with Qatari banks, such as letters of credit, after their governments cut diplomatic ties and ...

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• 6 June

  Sri Lankan banks stop buying Qatar Riyal

  COLOMBO / Reuters Some Sri Lankan banks stopped buying Qatar Riyal on Tuesday, saying their counterpart banks in Singapore advised them not to accept the currency a day after the Arab world’s biggest powers cut ties with Qatar. Dealers at four local private banks said they have stopped buying Qatar Riyal. “Our counter-party in Singapore has asked us not to ...

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• 6 June

  Bank of Israel seeks to distance itself from Fed rate trajectory

  

  Bloomberg The Bank of Israel has a new message for the market: Don’t assume it will follow the US path on interest rates. Investors and economists long speculated that the Bank of Israel, anxious about a strengthening local currency, would keep rates on hold until the US Federal Reserve had raised its lending rate a few times. As the rate ...

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• 6 June

  Popular in fight to survive as bank updates ECB on situation

  

  Bloomberg Emilio Saracho’s plan to turn around Banco Popular Espanol SA has become a struggle for survival. Just four months after the former JPMorgan Chase & Co. banker took charge, the troubled lender is exploring ways to bolster its cash and short-term funds and may request additional central bank loans, a person familiar with the matter has said. Expansion newspaper ...

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• 6 June

  Qatar Airways to become biggest loser in GCC spat

  

  Bloomberg Qatar’s state airline is set to become the biggest loser from the diplomatic breakdown in the Persian Gulf—with competitors in Dubai and Abu Dhabi also set to suffer. Some 76 daily flights are likely to be grounded, of which 52 are operated by Qatar Airways, after Saudi Arabia, Bahrain, Egypt and the UAE suspended ties with Qatar, according to ...

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• 6 June

  Etihad open to ‘potentially deepening’ ties with Alitalia

  

  Bloomberg Alitalia has started an administration process aimed at finding investors willing to invest in the carrier Etihad Airways, the biggest single shareholder in Alitalia, is open to deepening its ties with the insolvent airline after investing about 1 billion euros ($1.1 billion) in the Italian company. “Strong ties continue to exist between Alitalia and Etihad Aviation Group and we ...

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• 6 June

  Etisalat launches new digital initiative

  

  Abu Dhabi / Emirates Business Etisalat on Monday announced a new digital initiative across key retail stores with the launch of its first self-interactive eLife and mobility experience zones to provide a real time digital experience of its innovative features and services. Customers can walk in to key retail stores to have a 360 degree real-time experience of our eLife ...

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• 6 June

  Airbus to swap Finnair’s Zodiac seats amid A350 quality concerns

  

  Bloomberg Airbus SE will refit Zodiac Aerospace seats on all of Finnair Oyj’s A350 wide-body jetliners because of quality issues, said the airline’s CEO, Pekka Vauramo. Entire business-class berths must be replaced on the nine A350s that Finnair has in operation, Vauramo said in an interview at the International Air Transport Association’s annual meeting in Cancun, Mexico. The changes will ...

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• 6 June

  Bombardier says Korean Air to get revised engine on C Series jets

  Bloomberg Korean Air Lines Co. will be the first Bombardier Inc. customer to fly C Series jets outfitted with Pratt & Whitney engines revamped to address a durability issue, according to the Canadian manufacturer. South Korea’s biggest carrier is set to become the third operator of the C Series when it takes delivery of its first CS300 jets in the ...

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• 5 June

  FTZ contribution to Islamic economy to reach $117bn

  

  Dubai / Emirates Business The UAE’s free trade zones are using advanced information management tools to drive the doubling of the global free trade zone GDP, experts announced. Globally, the contribution of free trade zones to the Islamic Economy is set to double to USD 117 billion by 2021, according to a recent report by researchers Salaam Gateway. The UAE ...

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