July, 2016

• 31 July

  End could be nigh for the iconic Boeing 747

  

    Relaxnews It could be the end of an era for one of aviation’s most iconic airplanes, with Boeing hinting at the end of the production line for its double-decker 747 aircraft. Weak sales and encroaching competition are forcing the planemaker to re-evaluate the production of its legendary 747 aircraft, the original Jumbo Jet which changed the face of the ...

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• 31 July

  Lufthansa is now an Airbnb host

  

    Bloomberg German carrier Lufthansa has posted a seat on a plane as an Airbnb listing, in a new, interesting sales tactic aimed at filling seats. Posted under the heading, “Luxury Awaits Above the Clouds,” the listing is for a return flight from Frankfurt to New York in a premium economy seat for €699 ($775 USD). “Our cabin isn’t in ...

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• 31 July

  India signs $1 billion contract for 4 new sub-hunter planes

  

    The Diplomat On July 27, India’s Ministry of Defense signed a $1 billion deal with U.S. aircraft maker Boeing for the purchase of four additional Poseidon 8I Neptune advanced maritime patrol/anti-submarine warfare aircraft, according to Indian media reports. The contract was inked during an official visit to New Delhi by U.S. Under Secretary of Defense for Acquisition, Technology and ...

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• 31 July

  Reclaimed city off Singapore triggers ecology fears

  

    Johor Bahru / AFP A planned multi-billion-dollar new city near Singapore is attracting interest from investors with promises of luxury living but there are questions over its future owing to China’s economic woes and warnings of environmental catastrophe. Forest City, a $42 billion futuristic “eco-city” of high-rises and waterfront villas, will sit on four man-made islands on the Malaysian ...

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• 31 July

  Morocco’s new bridge lits up

    Relaxnews To celebrate its title as the longest cable-stayed bridge in Africa, the new Mohammed VI bridge has been adorned with multicolored, variable LED lighting. A RECORD-BREAKING BRIDGE The Mohammed VI bridge was inaugurated by its namesake the King of Morocco earlier in July. At 950 meters long and 6 lanes wide, with two 200 meter-tall towers and 160 ...

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• 31 July

  Obama Foundation announces library’s Chicago site

    AP The Obama Foundation formally announced on Friday that Chicago’s Jackson Park will be home to Barack Obama’s presidential library. “Michelle and I are thrilled that the Obama Presidential Center will be developed in the heart of Chicago’s South Side, a community we call home and that means the world to us,” the president said in a statement. “With ...

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• 31 July

  India’s plan to double road goal could revive builders

  

    Bloomberg Indian Transport Minister Nitin Gadkari’s plan to expand the highway network in the world’s fastest-growing major economy could help revive struggling construction stocks. The nation will aim to add 41 kilometers (25 miles) of roads daily from March next year, up from 20 kilometers a day currently, Gadkari said in an interview. A project logjam had slowed the ...

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• 31 July

  Trump, Brexit mar Iran’s global banking ambition

  

    Reuters Britain’s vote to leave the European Union and the rise of US presidential nominee Donald Trump have paralysed efforts by Western governments to encourage already highly reluctant international banks to do business with Iran. Uncertainty is frustrating Tehran’s push for foreign investment to revive its struggling economy: over Britain’s political and economic future, over whether Trump – who ...

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• 31 July

  Italy’s Monte Paschi flunks stress test, plans to raise capital

  

    Bloomberg The world’s oldest bank is also Europe’s riskiest. Italy’s Banca Monte dei Paschi di Siena SpA was the only one of 51 lenders tested by European regulators to have its capital wiped out in the exam’s toughest scenario. The bank, which has been bailed out twice by the government since 2009, said it plans to sell as much ...

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• 31 July

  Saudi Arabia offers $4 billion loan injection to banks

  

    Bloomberg Saudi Arabia’s central bank offered lenders short-term loans in late June to help ease liquidity constraints, according to five people familiar with the matter. The Saudi Arabian Monetary Agency, or SAMA, as the central bank is known, offered about 15 billion riyals ($4 billion), two of the people said, asking not to be identified as the information is ...

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