October, 2016

• 5 October

  Saudi telcos diverge, rest of region weak

    Dubai / Reuters Saudi Arabia’s top three telecommunication operators suffered mixed fortunes on Wednesday after all three had risen in heavy trade the previous day while other markets in the region sagged. Mobile Telecommunication Company (Zain KSA) jumped 6.8 percent, taking its gains since Sunday to 17 percent. Its chief competitor Saudi Telecom (STC) retreated 2.8 percent on Wednesday ...

  Read More »
• 5 October

  US stocks rebound as crude-oil rally spurs broader advance

    Bloomberg U.S. stocks rose as a rally in crude oil boosted energy producers, overshadowing concerns that central banks could begin to tighten monetary policy. The S&P 500 Index rose 0.3 percent to 2,157.02 at 9:33 a.m. in New York, after two days of losses following hawkish comments from Federal Reserve officials. Equity markets have seen a revival of volatility ...

  Read More »
• 5 October

  Tesco surges as CEO seeks to restore margins amid revival

  

    Bloomberg Tesco Plc shares surged the most in almost two years as CEO Dave Lewis vowed to double the UK supermarket’s profit margins in the next three years, helped by an additional 1.5 billion pounds ($1.9 billion) in cost cuts and more premium items. The stock rose as much as 11 percent to 210.15 pence, the highest since August ...

  Read More »
• 5 October

  Air Berlin in talks to transfer planes to new airline

  

    AFP German airline Air Berlin said on Wednesday it would discuss transferring part of its fleet to a new group founded by package tour giant TUI and Gulf carrier Etihad as part of a major overhaul. Air Berlin will discuss bringing 35 of its aircraft, including 14 already leased from TUI subsidiary TUIfly, into a “new airline group to ...

  Read More »
• 5 October

  Embraer, Marcopolo lead Brazil struggle to sell to Iran

  

    Bloomberg Brazilian companies such as Embraer SA and Marcopolo SA are scrambling to close multibillion-dollar deals to sell planes and buses to Iran, seeking to navigate remaining U.S. financial sanctions, senior officials have said. The plane-maker is in advanced negotiations to sell at least 20 E195 jets with a total list price of more than $1 billion, while the ...

  Read More »
• 5 October

  Ryanair steps up push into Germany

  

  Bloomberg Ryanair Holdings Plc will add 10 new routes from Hamburg next summer as the low-cost giant seizes on a meltdown at Air Berlin Plc to offer 20 percent more flights in Germany in 2017. Ryanair will open a base in Hamburg next month, stationing two jets there and adding seven routes from the north German city to take the ...

  Read More »
• 5 October

  Costs of airline climate deal may be peanuts for passengers

    Bloomberg The proposed United Nations accord to limit pollution from international flights could cost airlines billions. For passengers, the price may be less than an in-flight glass of pinot noir. Airlines estimate the measure being debated this week in Montreal will cost the industry between $2.9 billion and $12.4 billion annually by 2030. Based on a handful of sample ...

  Read More »
• 5 October

  Barclays agrees to sell Egypt operations in $500mn deal

  

    Bloomberg Barclays Plc agreed to sell its Egyptian business to Morocco’s Attijariwafa Bank as the British firm shrinks its global operations and speeds up the sale of unwanted assets. The deal will probably be completed by the end of this year, the London-based lender said in a statement. The disposal will boost the bank’s common equity Tier 1 ratio ...

  Read More »
• 5 October

  Saxo Bank posts DKK158mn profit

  

    Emirates Business Saxo Bank Group (‘The Group’) reported a net profit of DKK 158 million for the first six months of 2016. During the same period, client collateral deposits continued to rise, increasing by DKK 6 billion, compared to H1 2015, to reach a record high of DKK 82 billion. The operating income for the group reached DKK 1.5 ...

  Read More »
• 5 October

  Citigroup to invest $1bn in Mexico unit

  

    Bloomberg Citigroup Inc., seeking to move beyond a 2014 fraud case in Mexico and settle doubts over its commitment to the nation, plans to rename its local unit Citibanamex and invest $1 billion over four years in technology and branch upgrades. “These investments in Citibanamex reaffirm our commitment to Mexico and our confidence in its prospects,” Chief Executive Officer ...

  Read More »