June, 2016

• 26 June

  Brexit clouds horizon for UK’s airlines

  

    London / AFP Britain’s vote to leave the EU could open a period of turbulence for the country’s airline industry, which has soared under the EU’s Single European Sky system over the last two decades. Among the mass of agreements that Britain will have to renegotiate with Brussels are those governing flights between Britain and the rest of the European ...

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• 26 June

  Indian airlines cut flight fares by 30%

  

    New Delhi / TNS It can’t get any cheaper. Major Indian low-fare airlines have slashed fares by at least 30% to beat the lean season. From June to mid-October, it is lean season for airlines, while the summer quarter of April to June is peak travel season as schools close for holidays. “We have noticed that fares have come ...

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• 26 June

  Finish Line rallies after Adidas sales fuel results

  

    Indianapolis / Bloomberg Finish Line Inc. surged the most in more than seven years after beating first-quarter expectations in a weak retail environment, helped by strong sales of Adidas brand shoes. Sales rose 2.3 percent to $453.5 million in the quarter ended May 28, the Indianapolis-based company said in a statement. Analysts estimated $567.9 million, on average. Profit was ...

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• 26 June

  Veritas may acquire Airbus repair unit Vector

    New York / Bloomberg Veritas Capital, a New York based private-equity firm, is the leading bidder to acquire Airbus Group SE’s aircraft maintenance and repair unit Vector Aerospace Corp., according to people familiar with the matter. If successful, the buyout firm plans to combine the unit, which could fetch as much as $800 million, with its existing portfolio company ...

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• 26 June

  Costly divorce for UK: Business warns of Brexit impact

  London / Bloomberg As executives digest the news of the UK’s vote to leave the European Union, they’re cautioning that business will suffer — affecting everything from beach vacations to wristwatch ads to initial public offerings of stocks. Companies exposed to the U.K. economy warned that the decision could slow growth and prompt them to cut their investments in the ...

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• 25 June

  UAE financial bodies unaffected by uncertainty about UK, EU relations

    ABU DHABI / WAM The Central Bank of the UAE stated that due to limited interconnectedness between the UAE and the UK financial systems, there are only few channels through which uncertainty about future UK and EU relations could affect the UAE financial institutions. Banks based in the UAE do not depend on foreign interbank markets to fund their ...

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• 25 June

  Innovation key to UAE’s growth in post-oil era

  

    Abu Dhabi / Emirates Business The UAE can achieve a whole new level of excellence and prosperity by making innovation a highlight of its strategic direction in a post-oil era, according to a new market analysis issued on Saturday. The report by PA Consulting Group says the UAE is a perfect example of how nations can emerge from being ...

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• 25 June

  Ramadan Night Market opens its doors to public

  

    Dubai / Emirates Business Dubai’s largest night souq, Ramadan Night Market, opened its doors to public among much anticipation and excitement. The 10-day event, will be held untill July 2, at Za’abeel Hall 5, Dubai World Trade Centre, was inaugurated by HE Sami Al Qamzi, Director General of Dubai Department of the Economic Development, in the presence of organisers ...

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• 25 June

  UAE attends AIIB meeting in China

  

    Abu Dhabi / WAM The UAE participated in the first annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), the newly formed infrastructure development body, which was held from June 25 – 26 in Beijing, China. The Beijing meeting, attended by representatives of 57 member states, looked at measures to accelerate infrastructure development across Asia ...

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• 25 June

  DCA offers iftar in Spain to underprivileged children

  

    Dubai / WAM The Dubai Charity Association (DCA), under the supervision of the UAE Consulate-General in Lisbon, implemented an iftar project for the underprivileged and Muslims with Special Needs in Catalonia region on the occasion of the holy month of Ramadan. The project is the largest of its kind in Catalonia. The UAE Consulate-General in Barcelona has distributed 62 tonnes ...

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