July, 2016

• 24 July

  Brexit is not Asia’s only worry

  

    The “spanner in the works” thrown by Brexit at the global economy has failed to massively dent Asia’s growth prospects. But amid warnings of another Asian financial crisis, not everyone is sanguine on the outlook. In its latest “World Economic Outlook” report, the International Monetary Fund (IMF) decided on Tuesday to cut its forecasts for global economic growth for ...

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• 24 July

  The cost of interlinking India’s rivers

  

    Sudha Ramachandran SPECIAL TO EMIRATES BUSINESS India’s ambitious plan to interlink rivers to achieve greater equity in the distribution of water in the country reached an important milestone on July 6, when water from the Godavari, its second-longest river, rushed to meet the fourth-longest, the Krishna. The two became the first of 30 rivers to be linked under the ...

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• 24 July

  Saudi stocks lead Gulf equity drop as trading volumes plummet

  

    Bloomberg Saudi Arabian stocks led a retreat across Gulf Arab equities as trading volumes plunged. Four benchmark gauges in the six-nation Gulf Cooperation Council declined, with Bloomberg’s GCC 200 Index posting its longest losing streak in two months. Saudi Arabia’s Tadawul All Share Index dropped 1.2 percent as trading volumes sank 23 percent below the six-month average. Dubai’s DFM ...

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• 24 July

  Buying deepest stock dips in 2016 returned three times S&P 500

  

    Bloomberg It’s been a great year for catching falling knives. The buy-the-dip strategy that’s been a hallmark of the U.S. stock rally is outdoing itself in 2016, where buying stocks in the most extreme state of free fall is paying like rarely before. An index tracking shares in the Russell 3000 Index that register as “oversold” on a momentum ...

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• 24 July

  American to defer 22 Airbus A350s to slow spending

  

    Bloomberg American Airlines Group Inc. will defer delivery of 22 wide-body aircraft to spread out more than $1 billion in spending. The world’s largest airline reached an agreement with Airbus Group SE to take A350 XWB aircraft from late 2018 through 2022, deferring each plane’s arrival by an average of 26 months. American previously was to get the first ...

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• 24 July

  Solar Impulse 2 leaves Egypt for final leg to AUH

  

    CAIRO / AFP The first solar-powered plane to circle the world took off from Cairo on Sunday for Abu Dhabi, in the final leg of its journey. Swiss pilot Bertrand Piccard was behind the controls of Solar Impulse 2, which can fly for days on only energy from the sun. “It’s a project for energy, for a better world,” ...

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• 24 July

  Ahold, Delhaize finalise mega-merger on US nod

  

    HAGUE / AFP Dutch retail giant Ahold and Belgian rival Delhaize have announced that they have finalised their mega-merger after US regulatory authorities gave the union the green light. Both groups said they had inked an agreement to take effect from 2201 GMT after the Federal Trade Commission gave its assent. The FTC had earlier said the sale of ...

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• 24 July

  Wizz Air cuts UK growth plans by half

  

    Bloomberg Wizz Air Holdings Plc cut UK capacity-growth plans for the rest of this year by half as Britain’s vote to exit the European Union is set to weigh on fares and demand. Wizz Air will add just two aircraft to serve new UK routes instead of four and won’t increase the number of flights serving existing routes to ...

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• 24 July

  United to undergo mega makeover to boost profits

  

    Bloomberg United Continental Holdings Inc. rose to its highest value in almost three months after Chief Executive Officer Oscar Munoz said he is reviewing all aspects of the airline’s operations in an effort to boost profitability. “It is a top-to-bottom, full-scale view on everything that we do,” Munoz said. “It’s something that we have to do and acknowledge, and ...

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• 24 July

  The bitter taste of splendour

  

    Lisbon / AFP Alfama, one of the oldest and most picturesque areas of Lisbon, is becoming a victim of its own charm. Short-term lets to tourists are driving up rents and driving out old residents. “They want to throw me out to rent my home to tourists,” complained retired salesman Antonio Melo, 70. His house has changed owners four ...

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