May, 2017

• 3 May

  Most US homes are worth less than before the crash

  

    Bloomberg You can’t blame a homeowner in Fresno, California, for viewing the thriving metropolis to its northwest with both envy and dismay. While San Francisco home values have surged since the recession, Fresno’s housing market is stuck in a rut. Less than 3 percent of homes in the city and its environs have returned to their pre-recession peak, according ...

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• 3 May

  Euro-area recovery maintains pace

    Bloomberg The euro area maintained its growth momentum at the start of 2017, strengthening the case of those pressuring the European Central Bank to sketch out an end to extraordinary stimulus measures. Gross domestic product rose 0.5 percent in the first three months of the year, according to an initial estimate published by the European Union’s statistics office on ...

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• 3 May

  Oman Air to buy wide-body jets from Airbus, Boeing in 2018

  

    Bloomberg Oman Air Transport plans to move ahead with a multi-billion dollar order for wide-body jets early next year even though it won’t now break even in 2017 as the low oil price curbs growth in the Gulf. The carrier is now aiming to end losses by the end of next year, contingent on demand not deteriorating further, Chief ...

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• 3 May

  Global air freight demand increases 14% in March

  

    Geneva / Emirates Business The International Air Transport Association (IATA) released demand growth results for global air freight markets showing a 14% expansion measured in freight tonne kilometers (FTKs) compared to the same period last year. This was the fastest pace of growth recorded since October 2010. Freight capacity, measured in available freight tonne kilometers (AFTKs), grew by 4.2% ...

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• 3 May

  Saudia starts sale of $500mn medical business

    RIYADH / Reuters State-owned Saudi Arabian Airlines (Saudia) has started the sale of its medical services business in Jeddah, valued at around $500 million, as part of a drive to reduce non-core assets, sources familiar with the matter said. The medical business, which is called Saudia Medical Services and owns a major hospital, could be attractive for investors as ...

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• 3 May

  Sainsbury loses ground to Tesco

  

    Bloomberg J Sainsbury Plc is struggling to keep up with supermarket rivals and discounters in a UK grocery market under pressure from a Brexit-induced fall in the pound. Data from researcher Kantar Worldpanel showed on Wednesday that as well as lagging the growth of cut-price grocers Aldi and Lidl, Sainsbury’s food sales are also trailing rivals Tesco Plc and ...

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• 3 May

  China’s HNA becomes Deutsche Bank’s biggest shareholder

  

    Bloomberg HNA Group Co., the Chinese aviation-to-hotels conglomerate, increased its stake in Deutsche Bank AG to almost 10 percent to become the top shareholder in Europe’s largest investment bank. HNA’s holding in Germany’s biggest bank rose to 9.92 percent, according to a regulatory filing Tuesday by investment entities acting on HNA’s behalf. The conglomerate initially reported a 3 percent ...

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• 3 May

  JPMorgan to move hundreds of staff to three EU offices on Brexit

  

    Bloomberg JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the UK to lose easy access to the European Union’s single market after Brexit, the firm’s head of investment banking said. “We are going to use the three banks we already have in Europe as ...

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• 3 May

  AUB hits $159.4mn net profit in Q1

    Dubai / Emirates Business Ahli United Bank (AUB) reported a net profit attributable to its equity shareholders of US$159.4 million for the quarter ended March 31. The net profit reflected an increase of 3.1% in the first quarter of this year as compared to the comparative net profit figure of US$ 154.6 million achieved in Q1 2016. The first ...

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• 3 May

  BNP records 33% surge in trading revenue

    Bloomberg BNP Paribas SA posted trading revenue that trounced its European rivals, helping drive a surprise increase in first-quarter profit. Revenue at the global-markets division climbed 33 percent from a year earlier to 1.75 billion euros ($1.9 billion), the Paris-based bank said Wednesday. Net income rose 4.4 percent to 1.89 billion euros, topping the 1.5 billion-euro average estimate of ...

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