May, 2017

• 18 May

  ECB official cites risk of jolting markets

  

  Bloomberg The European Central Bank (ECB) can’t wait too long to signal the winding down of its stimulus measures, Executive Board member Benoit Coeure warned on Thursday, citing the risk of jolting the markets. “Too much gradualism in monetary policy bears the risk of larger market adjustments when the decision is eventually taken,” Coeure said in an interview with Reuters ...

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• 18 May

  Wells Fargo, consumers made last ditch efforts to rescue $142mn bogus-account settlement

  

  Bloomberg Both sides of Wells Fargo & Co.’s $142 million settlement over its fake-accounts scandal made last-ditch efforts to salvage the class-action pact after a federal judge voiced misgivings about some of its terms. Lawyers for the bank and customers submitted new information in an attempt to address U.S District Judge Vince Chhabria’s concerns that the deal shortchanges consumers and ...

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• 18 May

  Steinhoff plans Africa spinoff after US$3 billion expansion

  

  Bloomberg Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after ...

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• 18 May

  Etihad, Ellery mark 10-year milestone at Mercedes-Benz Fashion Week Australia

  

  Abu Dhabi / Emirates Business Distinguished Australian designer, Ellery, co-hosted an exclusive event – ELLERY X ETIHAD AIRWAYS – together with the Abu Dhabi-based airline at Mercedes-Benz Fashion Week Australia. The event celebrated ELLERY’s 10th year since showing for the first time at Australian Fashion Week with a retrospective of iconic looks from the ELLERY archive. Etihad Airways celebrated its ...

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• 18 May

  Burberry cleans up its wardrobe to make way for a new chief

  

  Bloomberg Burberry Group Plc says a sleeker cut will help Chief Executive Officer Marco Gobbetti lift the brand’s image when he takes over in July. The UK trenchcoat maker said on Thursday that it has sacrificed some sales in the short term in order to strengthen its luxury credentials in a bid to raise profitability down the road. It said ...

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• 18 May

  Singapore Airlines reports $99.3mn loss on cargo provisioning

  

  Bloomberg Singapore Airlines Ltd., Southeast Asia’s biggest carrier, posted a surprise fourth-quarter loss after making a provision for its cargo unit, while the main carrier had a loss amid competition from budget operators in the region. The carrier reported a net loss of S$138.3 million ($99.3 million), compared with an estimate for a profit for S$54.3 million in a Bloomberg ...

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• 18 May

  Deer Jet’s 787 ‘Dream Jet’ makes ME debut in Qatar

  

  Doha / Emirates Business Leading global business aviation company Deer Jet, presented the world’s first 787 ‘Dream Jet’, with its Middle East debut, making a stopover at Doha International Airport. The ‘flying’ visit is part of a series of showcases across the globe in Deer Jet’s ‘Dreams Encounter the World’ tour of key international charter destinations. Established 22 years ago ...

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• 17 May

  ADNOC appoints Penthol to sell Group III base oil into US

  ABU DHABI / Emirates Business The Abu Dhabi National Oil Company (ADNOC) announced that it has signed an exclusive agreement with Penthol, a global organization in the supply and distribution of oil products and petrochemicals, appointing them as exclusive seller of ADNOC’s Group III base oil into the United States of America (USA). In line with its strategy to maximise ...

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• 17 May

  UAE, Sweden explore prospects in innovation

  ABU DHABI / WAM UAE and Swedish minister have discussed prospects of co-operation in innovation, small and medium-sized enterprises, research and development, R&D, as well as smart cities, as trade between the two countries stood at US$1.1 billion in 2016, according to the Ministry of Economy. As well as underlining cooperation between the two countries in these vital sectors, Abdullah ...

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• 17 May

  MoE, India’s CII discuss ways to boost trade, economic ties

  

  ABU DHABI / Emirates Business HE Eng Sultan bin Saeed Al Mansoori, UAE Minister of Economy, discussed ways to further deepen the existing economic and trade ties with the Republic of India during a meeting with a high-level delegation of Indian businessmen and private sector representatives headed Shobana Kamineni, President of the Confederation of Indian Industry (CII). The Minister also ...

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